San Diego Affordability Index is now 38.7% which represents the percent of homes on the market affordable to San Diego households earning the median income.  San Diego’s median income has increased in the past year from $69,400 to $72,100.  The Affordability Index was at it’s low at 6% in 2005.

It’s hard to predict a bottom of a market, but the data continues to suggest that the time is now.  The number of foreclosures continue to decline.  The demand for San Diego real estate is still strong.  Eventually, the supply will decrease and there will be upward pressures on housing prices in San Diego.

San Diego Weekly Foreclosure Lists 

Please click on the link below to receive the latest recorded foreclosures (Notices of Default, Trustee Sales, & Bank Owned) for the week ending 10/31/08.  The lists are searchable by zip code or city by using the find function under the edit pull down menu.  If you have any questions please call me at 760-431-8724.   

http://www.easyhouserewards.eme01.com/files_landing_page.php

Courtesy of Ellen Kiss

San Diego Weekly Foreclosure Lists

Please click on the link below to receive the latest recorded foreclosures (Notices of Default, Trustee Sales, & Bank Owned) for the week ending 10/15/08. The lists are searchable by zip code or city by using the find function under the edit pull down menu. If you have any questions please call me at
760-431-8724.

http://www.easyhouserewards.eme01.com/files_landing_page.php

My wife and I are combining households after getting married in May. We are offering her home in Huntington Beach for $3600 a month rent including gardener and pool maintenance. The home is 4 bedrooms 2.5 baths 2300 sf with a nice private pool and spa located just 1.5 miles to the beach. I’ll be using this blog site as a place to post the information and pictures.

It really doesn’t matter if it’s in a box or a bag if you really want to sell. Click here to find to answer to everything you need to know about home selling in this article by James Wexeler Realtor from the Phoenix and Scottsdale area. Actually, these really aren’t secrets. They are just common sense. Most articles and PR pieces that use the word “secret” really mean common sense in a way that implies the reader doesn’t have any. And these secrets have been around for at least 20 years or more. But if you want to sell fast in this market they work.

Pre-release prices under consideration at the time for a front unit with a full Monte ocean view were in the one million dollar range which was pricey but not bad. Now the prices have come down and a 2 bedroom with an ocean view can be had for the low $600,000’s. This price is way below comparable resale product.

To sweeten things a bit, I’ve discovered some incentives you’ll like to know about.

“The National Association of Realtors says pending U.S. home sales rose in June in an unexpected piece of positive news for the beleaguered market.

The group’s seasonally adjusted index of pending sales for existing homes rose 5.3 percent to 89 from a downwardly revised May reading of 84.5. The index was 12 percent below year-ago levels.

Wall Street economists surveyed by Thomson/IFR had predicted the index would fall to 84.3. The index, which sunk to a record low of 83 in March, stood at 101.4 in June 2007.”

August 6, 2008 The Associated Press.

San Diego Foreclosure Update

Last week the US Congress and President Bush bailed out Fannie Mae and Freddie Mac, the nation’s two largest mortgage finance companies which own or guarantee about $5.2 trillion of the nation’s $12 trillion in mortgages. The new housing bill gives the Treasury Department authority to lend money to Fannie Mae and Freddie Mac, or buy their stock. It is called the “Housing and Economic Recovery Act of 2008.” The Treasury Department can spend up to $800 billion.

So, how does this housing bill affect foreclosures? The bill sets aside $300 billion for troubled homeowners facing foreclosure to refinance their loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.

Now will this bill have an effect on foreclosures in San Diego? I do not know about you, but this provision seems pretty convoluted. Banks have to write down to 85% of the current value, and the troubled homeowner has to come up with 10% cash down-payment for the new FHA loan which is limited to $550,440. I do not think either of these two things will happen. This bill has no control over the mortgage interest rates. People are defaulting because they cannot afford the monthly mortgage payments that were initially established at low rates, but are now resetting at higher rates. I do not believe this bill will have any affect on foreclosures in San Diego.

This bill will prevent the collapse of our home mortgage financing market and allow new homeowners to obtain financing. This is good for all of you out there looking to take advantage of the falling home prices! The bill also offers a $7,500 tax credit for first time home-buyers and permanently fixes the FHA insured loan limit & Fannie and Freddie conforming loan limit to $625,500.

San Diego Weekly Foreclosure Lists

Please click on the link below to receive the latest recorded foreclosures (Notice of Defaults, Trustee Sales, & Bank Owned) for the week ending 07/28/08. The lists are searchable by zip code or city by using the find function under the edit pull down menu. If you have any questions please call me at 760-431-8724.

http://www.easyhouserewards.com/Foreclosure_List2.html

From 6/1/2008 to 7/27/2008 a whopping 337 single family homes and condos SOLD in Oceanside CA.  Other local areas Vista, San Marcos and Escondido are experiencing similar sales volume. That is an incredible number and can only mean that the Real Estate Market is far from being dead as the Fear de jour Media would have you believe.  Have you seen a headline anywhere that says “Houses selling like hotcakes”?  The fact is investors and first time buyers are stepping up to the plate in a big way while rates remain near record lows. 

Many sales are reported closed at more than list price.  To check out the action click here.  En Fuego.

Bring your pajamas and some hot chocolate. And Teddy.