San Diego Real Estate News
INFO THAT HITS US WHERE WE LIVE It was reported last week that foreclosure filings FELL 10% from December to January. Foreclosure prevention efforts by lenders and the government seem to be having an impact. In addition, Treasury Secretary Geithner announced last Tuesday a $50 billion initiative to help borrowers stay in their homes. Expect specifics in a few weeks.
We also had the median price for single family resale homes dropping in a majority of metro areas, year over year. But Q4 sales increased in six states, a sign that prices are adjusting to levels buyers don't want to pass up. We even had home prices RISING in ten metro areas across the country. On Tuesday The Wall Street Journal reported the number of homes listed for sale declined 2.5% in January in 29 major metro areas. This is particularly encouraging because January is a month when the inventory normally increases after the holiday sales lull.
Finally, interest rates on fixed-rate mortgages dropped last week. Freddie Mac's weekly survey of conforming mortgages reported that 30-year fixed-rate mortgages averaged 5.16% for the week ending February 12, down from 5.25% the previous week. To get this rate, borrowers had to pay an average of 0.7 points. The 30-year fixed rate is now down almost 1.5% from its peak last year. This post information was provided by: Greg Brooks southwest area manager San Diego Mortgage Network (800) 287-8292 x 225 San Diego homes for sale
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Tough times in real estate may change the San Diego conventional wisdom that you can never lose in real estate.
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To those who think only low income people are losing their homes. WRONG….middle-class folks are losing their homes MORE than low income folks are. I think it makes some people feel good to try to put a rationale on this that it has to be people with low income, than to accept the fact that it is middle income folks more so.
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Our economic condition was caused by lack of regulation, politicians, Greenspan, or any other government entity. It was caused by people taking out mortgages that they are not repaying. Derivatives were only risky investments if borrowers defaulted on their loans. Bank funds only dry up if people default on their loans. Look up and down your neighborhood streets to find the culprits responsible for the economic catastrophy.
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