San Diego Housing Turnaround
San Diego real estate market… I have the idea that many think our economic downturn will last forever, near capitulation point, so all the doom and gloom today, is to be expected. Even though I'm more optimistic than some, a mid-2009 recovery seems a bit early to me; late '09 or sometime in '10 seems more likely.
In Orange County Calif., housing economist Mark Schniepp said:
Home sales sharply higher (to their highest levels since October of 2005). Prices appear to be stabilizing in some areas; overall, prices during February were not off as sharply as they had been. For the state, off only 2.2 percent from January. We appear to be at bottom in prices or nearly at the bottom; it is a regional issue now.
It is not surprising that 1st time buyers are jumping in. For years they were crowded out by speculators armed with easy money. There is certainly a segment of pent-up demand.
All the same, the stock market appears to be bottoming out. It's getting pulled down by uncertainty more than anything; once that uncertainty is removed, it will start to recover. San Diego real estate agents
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It’s a great time to buy rental properties. The pool of renters keeps getting bigger and bigger.
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We’re only seeing the last of the 1 and first of the 3 year ARMs getting their bumps now. Remember that even though housing was slowing refinancing were very strong. Not only that but most people that played that game pulled equity out too which means they essentially lump themselves in with the last of the buyers. Even if you say the top was at the end of ’06, and it wasn’t, we still need to get through all of ’09 just to clear out the last of the 3 year ARMs. And the only way those people don’t get hit hard is if property values not just stabilize but actually rise a bit as lending standards are tighter and they will have to come up with some equity.
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Homes will always be unaffordable to the average person in high priced CA as long as government subsidize home owners in the form of mortgage tax deductions, and Fannie Mae bailouts. Remove the interest tax deduction and watch the prices correct 50%. This place a bottom on home prices and increase home ownership than further government meddling. The issue is affordability, not unemployment. Prices are still too high due to government tax policies and bad lending practices.
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