San Diego Housing 2010 Forecast
San Diego housing forecast
How easy it would be to go along with the Industry line and jump on the over-hyped small increases in real estate sales and in some cases monthly home price increases. But, to me at least, it seems very clear that home price stabilization is temporary unless something new is done.
Here are some facts to help project what housing will be like in 2010:
- 13.54% of the 44.7 million mortgages tracked by the Mortgage Bankers Association are delinquent.
- 7.57 million homeowners are delinquent, applying the same percentage to the 11.2 million mortgages not tracked by the MBA (55.9 million total mortgages in the U.S.). That means that 10% of all homeowners in the country are delinquent.
- Based on historical trend analysis by Amherst Securities, 6.94 million homes that are already delinquent will be liquidated, which is more than a one year supply of distressed sales poised to hit the market sometime in 2010 and 2011. During Q1 2005, that figure was only 1.27 million.
- Defaults continue to grow at the rate of approximately 300,000 per month, assuring that the number of distressed sales will grow and will continue through 2012.
San Diego real estate agents
Government Subsidized Real Estate
housing market
If all the media outlets are correct and housing is showing signs of a real recovery, would there still be a need to continue subsidizing the RIGHT (privilege) of home ownership? All the talk of an end to the $8,000 1st. time home buyer credit is just to push potential buyers into homes.
The $8,000 government home buyer credit will NOT end in November! If anything, it may be increased to $15,000 and expanded! Government housing handouts will continue!
All of these government handouts (and that is what they are) simply equals pulled forward demand that will “crash” the housing market once the punch bowl is pulled.
Do you think our government policy makers knows a darn thing about the real business world? Right, that’s why they went into government
WELCOME TO THE FULLY SUBSIDIZED MARKET Read more 
New Real Estate Laws for California
Just this month, Schwartzinager signed over 700 new laws. Summaries of a few of these new laws affecting real estate are shown below:
- REO Buyer Can Select Escrow and Title: Effective October 11, 2009, the Buyer’s Choice Act prohibits an REO lender selling residential property up to four units from directly or indirectly requiring the buyer to purchase escrow services or title insurance from any particular company. A buyer, however, who has received written notice of the right to make an independent selection, may agree to the REO lender’s escrow or title recommendations. An REO lender that violates this law can be held liable for three times the charges the buyer incurred, whereas a violation by the seller’s agent may be subject to license disciplinary action. This law expires on January 1, 2015. Assembly Bill 957. Read more
Yale’s Shiller Discusses U.S. Housing Market
Robert Shiller, an economics professor at Yale University and co-creator of the S&P/Shiller home-price index, talks with Bloomberg’s Carol Massar about the U.S. housing market. Shiller also discusses U.S. stocks. (This report is an excerpt of the full interview. Source: Bloomberg)
Point Loma real estate
Mortgage Fraud Becomes a State Crime in California
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California mortgage fraud
Mortgage Fraud Becomes a State Crime: As of January 1, 2010, anyone who deliberately makes any misrepresentation or omission during the mortgage lending process with the intent of influencing that process will be guilty of mortgage fraud under California law. A violation of this law is a crime punishable by one-year imprisonment. Under existing federal law, loan fraud against a federally-insured lender is a crime punishable by a $1 million fine, plus one-year imprisonment (18 U.S.C. section 1014). Senate Bill 239.
San Diego Real Estate 2010 Forecast
2010 real estate forecast
Fiserv, a financial information and analysis firm, which forecast the home price crash, but underestimated the scope, is now predicting a further drop in national median home prices of 11.3% by June 30, 2010.
According to this forecast, those areas with high concentrations of foreclosure sales will experience the steepest drops. Miami is cited as an example and home prices there are forecast to plunge 29.9% by next June — after having already fallen a whopping 48% during the past three years. Read more