San Diego real estate
San Diego real estate
San Diego real estate — We’ll start off with the good news for the housing market: The latest monthly data shows that towards the end of the first quarter prices started to fall at a more modest rate.
Following with the bad news: It’s been predicted by many insiders that even though the market decline has slowed, it’s very probable that we will still see a 5% drop in values in 2011.
Now, the ugly news about the housing market: According to Dataquick, a San Diego real estate tracking company, San Diego home sales for the month of May were off by 20% compared to May in 2010. Also, San Diego County median home prices in May were down 4.6%.What makes me call these figures ugly, are not so much the figures themselves. Though a 20% drop in home sales is an eye-opener, the more important fact is that the sales drop in home value decline is occurring in the seasonally best marketing time for real estate. Plus, the rate for a 30 year conventional mortgage is around 4 1/2%, just above the historic low of 4.2% in October 2010. The ratio measuring mortgage cost to renting is 7% below its’ normal, while the price to income ratio is 23% below its’ average. All this is occurring in an environment where home prices have fallen some 33% since the housing market’s peak.
Since I’m a San Diego California-based real estate broker, I’m naturally much more in tune with our local San Diego real estate market than the national market in general. From trade and financial publications I get a pretty good picture of the residential real estate markets across the country. There are bright spots for real estate activity and real estate prices. Recently there has been improvement in the real estate market in Alaska, Iowa, South Dakota, Michigan, Nevada, and perhaps one of the strongest real estate markets, in Washington DC. Washington DC’s real estate market is doing great from all the new government hiring and exceptional starting salaries and benefits. Read more 
San Diego Home Sales Double Dip
San Diego home sales fell 20% in May according to a report issued today by Dataquick. DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Keep in mind that from March through August is typically the hottest time for real estate activity. So, a 20% drop in home sales right in the middle of this period is a harsh reality for those in double dip denial. Read more
San Diego Rock & Roll Marathon
Bob Schwartz @ San Diego Rock and Roll Marathon 2011
Can’t believe we got up at 2:40am to see a Flash Mob. Worth it!
Plus saw about 32,000 leave the starting line for the R&R Marathon.
Loved the zanier characters, especially those English blokes in top hats and tidy whities. 
San Diego lasik
Government To Buy Distressed Homes
What would you say to the government purchasing homes from homeowners who’s values have fallen below the current sales value of the homes? Then add the fact that the government will build new homes for those evicted for defaulting on their mortgages! Yes, it’s all true! Read more
Existing Home Sales Take Huge Drop
The National Association of Realtors recently reported that contracts signed to buy existing homes dropped down month over month by 11.6%. This means that the number of homes expected to close..the best predictor of the future health of the real estate market…are showing very dire signs.
Year over Year (April 2010 vs April 2011) pending home sales are down 26.5%. Anyone still need proof that real estate is in a double dip? Read more