home equity recovery
No doubt, San Diego is seeing a few green shoots in the housing market. This is especially evident in the low end of the San Diego real estate market. However, I don”t advise joining the overly optimistic crowd who are expecting four years of home value erosion to be quickly recaptured.
In a report from HSH associates, a Pompton Plains, N.J., financial publishing house, they stated:
“According to the Standard & Poor’s Case-Schiller Home Price Index, the popular measurement that tracks changes in the value of residential real estate in 20 metropolitan regions, prices have fallen 32.6 percent, peak to trough, between 2006 and the third quarter of 2009.
“Then from July 2010 through August 2011, a period of 14 months, prices are projected to increase at a rate of about 2.5 percent a year. And from then on out, the company is figuring on a yearly gain of 3 percent.” read more…
home loan delinquencies
A recently released report, showed that home loan delinquency rates in the U.S. have now surpassed 10 percent. Factoring in foreclosures in process, for one huge mortgage database, the total non-current rate sits at 13.3 %. When extrapolated to reflect the entire mortgage industry, this rate indicates that more than 7.2 million mortgage loans are now behind on payments. In addition, an estimated one million properties are now owned by banks. The January 2010 Mortgage Monitor report is an in-depth summary of mortgage industry performance indicators based on data collected as of December 31, 2009. read more…
home sales
NAR’s Pending Home Sales Index (PHSI) increased 1 percent to 96.6 in December from 95.6 in November, and is 10.9 percent higher than December 2008’s 87.1 index reading. Although the index declined 3.8 percent to 119.9 in the West, which includes California, it is 18.64 percent higher than December 2008.
“For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” said NAR Chief Economist Lawrence Yun. “As a result, the housing wealth for many middle class families has begun to stabilize.”
San Diego Realtor
San Diego County real estate for sale. 3Br./2.5Ba. home located in the San Carlos-Del Cerro-SDSU area of San Diego. This is a great value in a very desirable area just next to Mission trails Regional Park and appx. 10 minutes to downtown San Diego. Brokerforyou.com Bob Schwartz Lic#00706331
brokerforyou.com Bob Schwartz 619-286-5604
Fannie Mae - Freddie Mac
Goodbye and good riddance says Rep. Barney Frank to Fannie Mae and Freddie Mac. In his opinion, both mortgage agencies need to be closed for good. Once that’s accomplished, the housing finance system can be rebuilt right.
$6,500 home buyer tax credit
Long time resident of the same main home credit by the IRS – supplements the popular $8,000 credit for first-time purchasers. Owners of existing homes – specifically taxpayers who have occupied the same property as a principal residence for any five consecutive years during the previous eight years – may not be able to claim a tax credit on a purchase of another house they intend to use as a principal residence.
The credit is for up to 10 percent of the price of the replacement home, capped at $6,500. The purchase contract must be dated anywhere from Nov. 7, 2009, to April 30, 2010, and the closing must occur no later than June 30, 2010. Members of the armed forces and federal diplomatic and intelligence personnel stationed overseas get an extra year to claim the credit.
