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San Diego California Home Prices … Worst is Over
San Diego – Strongest Hosing Market in the Nation
San Diego home prices are on the rise, but, does this mean that the worst is over for the San Diego real estate market? Personally, I believe the governement tax credits( which may be mostly speeding up sales that would have occurred normally) and the fact that there is a huge number of loans due to have their first adjustment this year, could cause a double dip in San Diego housing values.
Year-over-year, the index for San Diego was up 7.6 percent.
San Diego was one of the first metropolitan areas where house prices started to tumble, and now is the only metropolitan area in the nation to show increased home prices between January and February.
Nationally, the S&P index was down .9 percent between January and February, but up .6 percent from the same period last year. Read more 
San Diego California Home Prices
San Diego California home prices for selected San Diego neighborhoods. The data is from MDA Dataquick and the graph was produced by www.websitetrafficbuilders.com
San Diego California Home Prices
Pacific Beach real estate
San Diego Real Estate – Time To Buy
Is now the best time to purchase a San Diego home?
San Diego housing
Compelling Reasons to Buy Now:
- Lowest mortgage interest rates in over 30 years
- High supply of inventory from which to choose their next home
- Sellers willing to make many more concessions than in a more balanced market
- Low home prices
- Lower property tax rates
- Deals from distressed properties in many areas
- Government financial incentives for first time homebuyers
- Income tax refunds for cash for down payments
- Los Angeles California attorneys
San Diego Home Prices Drop
San Diego homes for sales
San Diego-based MDA DataQuick reported yesterday, that an estimated 27,858 new and resale houses and condos were sold statewide last month. That’s compared to 41,837 in December and 29,458 statewide in January 2009. California home sales dipped 33.4 percent in January from December, and 5.4 percent compared to January 2009. Read more
San Diego Real Estate Recovery or Eye of the Storm?
San Diego California real estate market - www.brokerforyou.com
The California Association of Realtors released a report yesterday that showed the median price of an existing single-family home in San Diego rose to $340,190 last month, up 5.2 percent from $323,320 in March. Even with this small increase, the median price of a single-family home in San Diego is down 23.3 percent from $443,520 a year ago.
Considering some San Diego home prices are off 40%+, large home buyer credits are available, home interest rates are near 40 year lows, and the seasonably high time to purchase real estate is here, the reported small uptick in median San Diego home prices does not come as a surprise.
To my mind the key economic news yesterday was mortgage delinquency rate of 9.12% According to Bloomberg, 1 in 8 American households are either in arrears or in foreclosure. Maybe people have simply decided to stop paying and wait for their bailout. The other real estate related news yesterday was the jump in the 10 year treasury bill rates and home mortgage rates.
With the economy showing at least some signs of a “moderation” in it’s decline, we are left to wonder if the worst of the storm has pastsed or if we are simply in a lull, as the eye of the hurricane provides us with temporary relief. San Diego real estate market
4 Keys to Buying a San Diego Bank Foreclosed Home
Thinking of buying a San Diego foreclosed home?
#1. Use a Realtor.
#2. Inspect the home prior to placing an offer.
#3. Condition your offer on a complete physical inspection.
#4. If the seller is not providing a termite clearance, either insist on one or condition your offer on your approval of a California licensed pest control inspector.
Though this video shows obvious physical damage, there can be other hidden damage that only a competent physical inspector can detect. Personally, I would never write an offer to purchase any San Diego home if it was not contingent of my approval of the physical inspection report.
Banks know nothing about the vast majority of homes they sell through foreclosure. AS IS means just that! This is where the advice of an experienced San Diego real estate professional can prove invaluable!
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
San Diego Real Estate to Drop 20% in 2009?
With the industry talk of a possible San Diego bottom to the real estate market, is now the time to buy San Diego homes? It’s very possible they are correct! Who can really say? Everyone likes to be optimistic. With three years of a falling San Diego real estate market and home values that at 40 to 50% off their 2005 market highs ,we might see a market turn in 2009.
Sadly, I have my personal doubts on a significant San Diego real estate market reversal in 2009. I sincerely hope I'm wrong on this, and there is, in fact, a rebound next year.
Though it's not talked about much, there is another huge number of homes that may be newly heading into foreclosure which may accelerate the housing value decline. (There is a large number of regular adjustable loans resetting next year – for more information read: (Jumbo Financing and the Impact on The San Diego Real Estate Market.) If this occurs in the numbers forecast, San Diego home values could be down another 20-30% in 2009.
So, is it correct that if you buy today and plan to hold for at least five years you'll come out way ahead? Being just a local San Diego real estate broker and not an economist, I really cannot answer this question with any conviction. All I will say is that my three decades of real estate experience, and knowledge of the San Diego housing market, I can assure my clients that I will endeavor to achieve the best possible value, buying or selling, San Diego homes.
Prior related posts:
San Diego Real Esate Sales Increase
San Diego Condominium Sales Price Appreciation
29% of Homeowners Have Larger Mortgage Than Home’s Value
Real Estate Record Home Price Declines
San Diego Real Estate – 5th Largest Decline Through July
Southern California Home Prices Drop 34% in August
San Diego California Home Sellers Lose Big
The San Diego California Real Estate Great Depression
Yale Professor … House Price Decline Could Be Worse than Great Depression
Survey Says Home Values Must Fall Another 14%
California Home Sales Up 43.4% – Home Prices Down 40.3%
Home Value Loss … Homeowner Perception vs. Reality
San Diego CA real estate agents
Home Value Index – Largest Drop In History
The Standard & Poor's/Case-Shiller 20-city housing index dropped a record 16.6 percent from August last year, the largest drop since its inception in 2000. The 10-city index plunged 17.7 percent, its biggest decline in its 21-year history.
Home value declines in Las Vegas and Phoenix surpassed 30 percent in August, according to Case-Shiller, prices in Miami, Los Angeles, San Francisco and San Diego all fell more than 25 percent.
No city in the index had a price increase for the last year. The lowest declines were in Dallas (2.7%) and Charlotte North Carolina (2.8%).
Prior related posts:
Real Estate Record Home Price Declines
San Diego Real Estate – 5th Largest Decline Through July
Survey Says Home Values Must Fall Another 14%
May Home Prices Take Biggest Drop Ever
Real Estate Prices Back to 2004 Levels
Home Prices … Sharpest Rate Drop in Two Decades
San Diego Home Values Fall 16.7%
Standard & Poor’s Index Shows Home-Price Declines As The Largest on Record
Home Prices — Largest Drop in 16 Years!