Real Estate Market 2011 Double Dip
www.brokerforyou.com
Back on July 7th, 2010, I posted “San Diego real estate 2010 2nd. Half Outlook … double-dips” where I predicted the San Diego real estate market was headed for a double dip.
The latest Standard & Poor’s/Case-Shiller National Home Price Index showed that U.S. home prices fell 3.9 percent during the last three months of 2010, back to where they were at the beginning of 2003.
New Home Sales Drop 36.5%
home sales
Today the Commerce Department reported new home sales tumbled 12.6 percent to a seasonally adjusted 284,000 unit annual rate after a downwardly revised 325,000-unit pace in December. But, the big news in this report was a 36.5 percent drop in new home sales in the West.
The report showed that for January there were 188,000 new homes available for sale, the lowest since December 1967. The new home sales for January were down by 18.6 percent compared to a year ago.
Now from the ‘It’s always a good time to buy real estate crowd’ National Association of Realtors today, released a separate report that showed existing home sales in the U.S. rose for the third consecutive month in January.
The existing home sales rose 2.7 percent in January to an annual rate of 5.36 million. Many had expected the existing home sales to have also been down in January.
San Diego condominium sales
Decline in Real Estate Sales Much Greater Than Reported
Real Estate Sales
When the major services want the latest on real estate trends they almost inevitably report (verbatum) the news release from the National Association of Realtors. Personally, I’ve never seen any news service question the accurracy of the NAR Statistics, at least until now.
CoreLogic, collects public and private sector data and has more than 10,000 employees. Read more 
Housing Deflation
housing deflation
Initially it was the ridiculous bubble that preceded it both in land and the stock market. everyone was paying huge prices for condos that were overbuilt. It took about 6 years for land prices to stabilize but deflation continues to be a persistent problem. Prices were simply too high as a result of the bubbles initially and falling prices were expected. However, it has become a spiral that continues today. By the way, the Fed invented quantitative easing and from what I have seen, it hasn’t helped at all except pile on massive debt. The economy is still in the dumps and in San Diego we still have housing deflation.
San Diego defense attorney
Home Loan Modification Programs
Standard & Poor’s says: Almost 80% of the loans modified or cured for the first time during first-quarter 2008 re-defaulted within the first year of modification, compared with 50%-55% of those modified or cured in third-quarter 2009. Nonetheless, the volume of modified loans (about 15% of the total overhang) is minimal relative to the balance of the remaining loans that are still distressed.”
Also, Standard & Poor’s analysts stated “We estimate that it will take nearly 10 years to clear the inventory in the New York MSA at the current liquidation rate. That is at least twice as long as it will take in any of the other top 20 MSAs and nearly three times the average time to clear for the entire U.S.”
San Diego criminal defense lawyer
California Real Estate Propositions 60 & 90 – Reappraisal Exclusion for Seniors
With the first wave of Baby-Boomers reaching retirement age this year, I thought it appropriate to revisit a California law that can save seniors a lot on property tax:
Reappraisal Exclusion for Seniors – Propositions 60 & 90
Disabled property owners or persons over age 55 can sell their home and buy a replacement residence of equal or lesser value and transfer the tax value of the home sold to the new home one time only. The effect of this is to avoid a reappraisal of the value of the new home up to the purchase price. Time limits do apply. Read more