California Homes – 3 Top Reasons To Buy Now
California homes
The real estate industries top reasons to purchase a California home today:
- Home prices have declined approximately 30 percent from their peak, according to Standard & Poor’s Case-Shiller Index, which is good news for home buyers hoping to purchase a house at an affordable price. As a result, statewide affordability reached 64 percent in the second quarter of this year, meaning 64 percent of California households could afford to purchase an entry-level
home in the state. Read more
San Diego Real Estate – After The Fall
San Diego homes
For many homeowners in San Diego we reach the fourth stage of housing-bubble grief — Depression.
We’ve somehow managed to traverse the first three stages of the crisis: 1) Denial, “What housing bubble? Buy now before you’re priced out of the market!”; 2) Anger, “Those evil banks, SOBs”; 3) Bargaining, “HAMP, $8K Tax Credits, Stimulus, etc.”.
Now we find ourselves facing the crisis with eyes wide open, and it is enough to sober up the drunkest of drunks after a three-day bender. Read more
San Diego Foreclosures Rise
San Diego foreclosures
Data from ForeclosureRadar shows San Diego home foreclosures fillings took a 19.81% rise from July into August. On the good news side, this figure was down 24.38% from a year ago.
For California, notices of Default filings, the first step in the foreclosure process, jumped 16.6 percent in August, the fourth successive increase in as many months. Fewer homeowners found foreclosure relief as foreclosure cancellations dropped 11.2 percent while more homes were lost, up 15.6 percent to 17,841 foreclosure sales.
Sean O’Toole, CEO for ForeclosureRadar said: “We’ve seen these kinds of upticks before, my guess is, we’re still just bouncing around in this range.”
Home Mortgage Loan Demand Drops
home mortgage loans
The Mortgage Bankers Association just reported that its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended September 10 decreased 8.9 percent.
Mortgage applications for home loan refinancing fell for a second straight week, dropping to its lowest level since early August.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.47 percent, down 0.03 percentage point from the previous week.
San Diego real estate agents
California Home Sales Fall 14%
California home sales
San Diego-based MDA DataQuick said in a report released today showed home sales in Southern California fell nearly 14% last month from August 2009 to reach their lowest level for the month of August since 2007.
Also this same report said the median home price in Southern California rose about 5% last month from August 2009. August’s median of $288,000 was up from the year-ago figure of $275,000 but down about 2% from $295,000 in July.
Foreclosures accounted for approximately 35% of August’s sales.
San Diego Little Italy condominiums
Home Mortgage Delinquency and Foreclosure Rates
California home foreclosures short sales
The high levels of unemployment coupled with excessive and irresponsible home purchases last decade has resulted in disturbing mortgage delinquency and foreclosure rates. Currently, this paints a dismal picture of homeowners struggling to stay current despite the numerous federal programs aimed at keeping people in their houses. This continues to reinforce my assumption that the economy and the housing markets are nowhere near being out of the woods yet.