San Diego California real estate market has been improving & many are saying a bottom is in place. However, the San Diego real estate market activity after the end of the federal tax credit, indicates that San Diego home values have actually entered into a double dip down!
Dallas Texas lawyers
housing market
U.S. housing Starts were down 5.8 percent from the same month last year, while permits decreased 2.3 percent.
Construction of single-family houses fell 0.7 percent to a 454,000 rate, a 13-month low, after the prior month’s 19 percent slump.
Work on multifamily homes, such as townhouses and apartment buildings, decreased 22 percent to an annual rate of 95,000.
New housing starts
The Commerce Department says housing starts dropped 5.0% to a seasonally adjusted annual rate of 549,000 units, the lowest level since October. It was the second straight month of decline in activity and was well below market expectations. Compared to June last year, starts were down 5.8%, the biggest decline since November. Driving the June decline was a more than 20% drop in the volatile condominium and apartment market. Construction of single-family homes, the biggest part of the market, was down slightly by 0.7%. Plus, May’s housing starts were previously reported as a 10.0% drop, but are now revised down to show a 14.9% decline. read more…
home buyers
More than 80 percent of first-time homebuyers believe now is a good time to buy a home, according to a recent survey by a national real estate company. Both first-time buyers and sellers say they feel the current housing market is more affordable today than it was a year ago, despite the fact that 40 percent of respondents are more worried about the economy today than they were at this time last year.
Nearly two-thirds (60 percent) of first-time home-buyers say they feel they do not have a good handle on the real estate process. But a huge majority of buyers and sellers (85 percent) say using a real estate professional to help them with their transaction is important. Both buyers and sellers say the three most important attributes agents should have are knowledge of an area, trustworthiness and responsiveness.
home mortgages
Nearly one-quarter of all homeowners who have mortgages – approximately 27 million people – believe they owe more on their mortgage than the home is worth, according to a recent Harris Poll. Nearly 30 percent of homeowners say they are having either great difficulty (11 percent) or some difficulty (18 percent) paying off their mortgage. Approximately two-thirds of all adults (65 percent) say they are concerned that their incomes will not be enough to cover all their costs and expenses this year, and nearly 70 percent of homeowners have a mortgage that they need to pay off, the study finds.
San Diego condominium
Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac last week released guidelines for implementing the Treasury Dept.’s Home Affordable Foreclosure Alternatives Program (HAFA). The new guidelines apply to loans owned or guaranteed by the GSEs; servicers are required to implement the new policies no later than Aug. 1. read more…
