San Diego Homeowners Frozen Out Of The Housing Market
Bob Schwartz, brokerforyou.com
“If a potential buyer believes that housing prices may fall more, then mortgage rates of 3-5 percent won’t attract home buyers. Rates could even drop to zero and it might not outweigh consumers’ negative perceptions”
Or, more likely, consumers still couldn’t act on such low rates if they can’t sell their existing homes. This is is the fact the interest rate geeks don’t seem to get; rates alone don’t govern consumer behavior, some homeowners are frozen out of the market by circumstances…
New Government Housing Program
housing program
The U.S. Dept. of Housing and Urban Development recently announced a new agreement with the nation’s top mortgage lenders to offer select state and local governments, including California, and nonprofit organizations a “first look” or right of first refusal to purchase foreclosed homes before making the properties available to private investors. Read more 
Housing Market Woes
housing market
Housing woes are now the way they should be, a more accurate representation of the country as a whole.
Housing CANNOT recover until one of two things happens. Either prices need to fall to make homes affordable to our new, lower, wages (excepting government wages, government gifted businesses & auto unions) or good paying, family supporting jobs need to return. Read more
Is Housing Really The Problem
housing market
It ain’t housing, it is jobs. Jobs have to improve before a real bottom can be in place for real estate.
Obamacare is stopping industry from hiring. It will only get worse! Jobs are headed overseas or to government.
Tax policies that hit the rich won’t create jobs. Since when did the poor start hiring people?
Lots of cash sitting around in the corporations. Look for more M&A and consolidation resulting in more job losses.
Fannie and Freddie won’t save us this time.
See how your Congressional Rep voted and vote accordingly in November.
Pending Home Sales Increase
home sales
The National Association of Realtors reported that its seasonally adjusted index for existing home sales rose 5.2 percent in July vs. June.
But, don’t start to jump up & down yet, because the index was still down 19 percent from the same month last year. June’s reading was the lowest on records dating to 2001. Read more
San Diego Home Prices … Have They Hit Bottom?
In the just released Case-Shiller home price index, the leading measure of U.S. home prices, San Diego house values rose 0.4 percent in June compared with May, and 11.2 percent compared with June 2009.
This report showed the U.S. National Home Price Index rose 4.4% in the second quarter of 2010, after having fallen 2.8% in the first quarter. Nationally, home prices are 3.6% above their year-earlier levels. In June, 17 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were up; and the two composites and 15 MSAs showed year-over-year gains. Housing prices have rebounded from crisis lows, but other recent housing indicators point to more ominous signals as tax incentives have ended and foreclosures continue. Read more