Big Home Value Drops in San Diego Home Values
|
November 2006 Selected San Diego Median Home Prices Compared w/same Month in 2005 – Information compiled by DataQuick Information Systems |
San Diego zip codes:
| 92120 | -17.6% |
| 92103 | -15.2% |
| 92037 | -21.8% |
| 92107 | -19.1% |
| 92119 | -9.3% |
| 91935 | -26.2% |
| 92040 | -15.5% |
| 92071 | -7.9% |
To put the above in money terms, if we take the 92120 zip cvode which had a 17.6% drop, this equaled a median money value drop of $105,000!
For the most current news and ‘inside’ opinion on our San Diego real estate market, please subscribe to my blog. The RSS feed for your browser/reader is: http://www.brokerforyou.com/brokerforyou/?feed=rss2 [tags] San Diego real estate, home values, San Diego homes, home prices, California real estate, California home values[/tags]
Housing Market to remain weak Through 2008
"The housing market is profoundly weak,” said Ken Mayland, president of Clearview Economics. “The economic slowdown really took hold in the third quarter, and, I think, it is going to basically continue through the first half of next year.”This underscores an important fact about the economy. It can be temporarily bolstered by an irrational buying trend, but eventually it returns to reality. 2007 appears to be headed for a reality check." real estate San Diego [tags] real estate market real estate, housing, housing market, San Diego real estate, real estate bubble, California real estate, San Diego home values[/tags]
Both Home Prices & Sales Decline in Many Areas of California
November 2006 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
|
Median Price |
Percent Change in Price from Prior Month |
Percent Change in Price from Prior Year |
Percent Change in Sales from Prior Month |
Percent Change in Sales from Prior Year |
||
|
|
Nov-06 |
Oct-06 |
|
Nov-05 |
|
Oct-06 |
Nov-05 |
|
Statewide |
|
|
|
|
|
|
|
|
Calif. (sf) |
$555,290 |
0.7% |
|
1.4% |
|
1.7% |
-22.2% |
|
Calif. (condo) |
$424,740 |
-0.1% |
|
-2.2% |
|
-1.8% |
-23.1% |
|
C.A.R. REGION |
|
|
|
|
|
|
|
|
Central Valley |
$340,370 |
-1.4% |
|
-3.9% |
|
-12.0% |
-29.7% |
|
High Desert |
$332,340 |
1.1% |
|
3.6% |
|
-7.5% |
-36.7% |
|
Los Angeles |
$590,790 |
1.3% |
|
2.7% |
|
2.4% |
-21.6% |
|
Monterey Region |
$698,220 |
-0.6% |
|
-3.2% |
|
6.0% |
-12.0% |
|
Monterey County |
$660,000 |
0.8% |
|
-3.6% |
|
-4.0% |
-26.4% |
|
Santa Cruz County |
$719,000 |
-4.6% |
|
-8.9% |
|
17.9% |
8.9% |
|
Northern California |
$394,150 |
1.7% |
|
-7.7% |
|
-11.7% |
-8.9% |
|
No. Wine Country |
$615,150 |
4.6% |
|
-1.0% |
|
-13.5% |
-23.1% |
|
Orange County |
$699,200 |
2.6% |
|
0.5% |
|
-11.3% |
-16.7% |
|
P. Spgs/Lwr Desert |
$369,900 |
8.5% |
|
-2.1% |
|
-14.2% |
-34.8% |
|
Riverside/S. Bern. |
$401,460 |
-1.6% |
|
4.0% |
|
9.9% |
-45.9% |
|
Sacramento |
$365,000 |
-0.6% |
|
-3.9% |
|
-10.0% |
-24.5% |
|
San Diego |
$578,120 |
0.6% |
-6.3% |
-9.8% |
-20.2% |
||
|
San Francisco Bay |
$738,900 |
0.5% |
|
2.2% |
|
-10.9% |
-18.3% |
|
San Luis Obispo |
$532,900 |
-5.0% |
|
-11.9% |
|
17.2% |
-21.9% |
|
Sta. Barbara County |
$497,780 |
-40.4% |
|
-23.4% |
|
2.8% |
0.0% |
|
Sta. Barb. S. Coast |
$1,083,000 |
-2.9% |
|
-1.1% |
|
-38.5% |
-12.5% |
|
N. Sta. Barb. County |
$435,560 |
-1.6% |
|
-6.3% |
|
63.6% |
8.4% |
|
Santa Clara |
$775,000 |
0.0% |
|
4.0% |
|
-2.5% |
-20.2% |
|
Ventura |
$663,760 |
-1.1% |
|
-2.0% |
|
0.9% |
-16.3% |
na – not available
*Based on closed escrow sales of single‑family, detached homes only (no condos). Reported month‑to‑month changes in sales activity may overstate actual changes because of the small size of individual regional samples. Movements in sales prices should not be interpreted as measuring changes in the cost of a standard home. Prices are influenced by changes in cost and changes in the characteristics and size of homes actually sold.
sf = single‑family, detached home
Source: CALIFORNIA ASSOCIATION OF REALTORS® San Diego mls listings
[tags] real estate, housing, housing market, San Diego real estate, real estate bubble, California real estate, San Diego home values[/tags]
CALIFORNIA HOME SALES DECREASE 22.2 PERCENT IN NOVEMBER
The median price of an existing single-family home in California increased 1.4 percent in November and sales decreased 22.2 percent compared with the same period a year ago, the California Association of Realtors reported.
Also last month, closed escrow sales of existing, single-family detached homes in California totaled 450,930 at a seasonally adjusted annualized rate, down 22.2 percent compared with the sales pace recorded one year earlier and up 1.7 percent from home resale activity in October.
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in November 2006 was 7.4 months, compared with 3.6 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. [tags] real estate, housing, housing market, San Diego real estate, real estate bubble, California real estate, San Diego home values[/tags] San Diego real estate agent
Home Refinance Transactions Expected to fall a whopping 31% through 2008
[tags] home refinance, real estate market, real estate, housing, housing market, real estate refinance, real estate bubble, California real estate, home values[/tags] 
The Mortgage Bankers Association (MBA) recently released their mortgage finance forecast for December. Total origination volume for 2006 is expected to be just shy of $2.5 trillion, which is about half a trillion dollars lower than the 2006 volume. According to the MBA estimates volume will continue to plummet through 2008 even though rates are predicted to remain fairly stable and remain between 6.4% to 6.6%. The hardest hit sector will continue to be refinance transactions which are expected to fall a whopping 31% through 2008 and account for only 37% of all originations. downtown San Diego condos
National Home Pending Sale Index Off 13.2%
The Pending Home Sales Index, based on contracts signed in October, slipped 1.7 percent to a reading of 107.2 and is 13.2 percent lower than October 2005. The index had trended up from a cyclical low of 105.6 in July, and a decline from year-ago levels is narrowing. In September, the index was 13.6 percent below a year earlier, while in August the decline was 14.0 percent. San Diego real estate agent
[tags] real estate market, real estate, housing, housing market, real estate bubble[/tags]
San Diego real estate in 2007?
With a huge amount of interest only, 100% loans set for their first rate adjustment next year, the stage is set for real trouble. Even though some lenders are ‘behind the scenes’ getting ready to ‘assist’ homeowners in trouble by extending loan terms to 40/50 year terms, the real question is….What will these no/low down homeowners do when the realize their homes value has suffered double digit depreciation? Looking for a unique investment, check out gold. No, not any gold but natural gold nuggets.
[tags] San Diego homes, San Diego real estate market, real estate, housing, housing market, San Diego real estate, real estate bubble, California real estate, San Diego home values[/tags]
Fed Says Housing slowdown is substantial
As expected, today, the Fed decided to leave short-term interest rates unchanged at 5.25 percent. However, the committee did suggest that future rate hikes could still be an option.POPULATION GROWTH IN SAN DIEGO COUNTY
San Diego County’s population continues to grow and the problem of land use is increasingly difficult to solve. Many planners try to foster the idea of smart growth; building up and close in. For some time the region has had plans of mixed-use development, including the city of San Diego. Garnering considerable attention among other planning experts, the “City of Villages” blueprint for growth has not gotten far from the drawing tables.
The plan was approved four years ago but communities so opposed the idea that the City Council backed off on increased densities that call for as many as 37,000 more homes to be built beyond what existing land-use plans allow. Older communities have made a stand that they will not accept significantly more growth until there is a commitment from the city to upgrade aging or inadequate public facilities, such as streets, parks, and fire stations. The price tag is in the three billions of dollars range.
Regionally, similar efforts of smart growth have been undertaken, with the added effort to tie the urban development to mass transit. The San Diego Association of Governments (SANDAG), a group of representatives from the 18 cities and the county, approved a region-wide plan for growth two years ago. That blueprint is similar to the City of Villages plan. The agency has no land-use authority but the plan allows SANDAG to dole out extra transportation funds to cities that make a commitment to smart growth projects.
Regional cooperation has not always worked well. Clearly, there seems to be a difference between employment centers and the affordable housing areas. The proof is in the traffic-clogged freeways.
However, a prime example where regional cooperation has worked well is the San Dieguito River Valley project. This is a broad greenbelt running continuously from Volcan Mountain near Julian, all the way to the ocean in Del Mar, 55 miles away. The cities of Del Mar, Escondido, Poway, San Diego and Solana Beach have had joint powers of authority for the project since 1989. It is their vision that the river valley will not follow the same fate the once pristine river valley of Mission Valley has by attracting residential and commercial growth. downtown San Diego real estate
[tags] San Diego population, San Diego real estate market, population growth, housing, housing market, San Diego real estate, real estate bubble, California real estate, San Diego home values[/tags]
Real Estate Prices to Continue to Fall Until 2008 or 2009
Moody's Economy.com Inc., a research firm in West Chester, PA, released a report in mid-October that said that median house prices are likely to decline more than 10% over the next few years in 20 metro areas, and that the slump won't end quickly. According to the report, prices may keep falling until 2008 or even 2009 in some areas. In all, prices are falling or likely to decline soon in about 100 metro areas. San Diego home listings
[tags] real estate, housing, housing market, San Diego real estate, real estate bubble, California real estate, San Diego home values[/tags]