Downtown San Diego Real Estate News
The following section of the website is devoted to news articles that have information or an impact on the Downtown San Diego Real Estate Market. I always tell clients to not “take my word for it”. I encourage clients to do their own research and form their own opinions. These are the same resources that I refer to, in order to collect my opinions and facts on the state of the Downtown Market and lifestyle. In this section, it is our opinion that the articles we include do not only present one side of the story. We include EVERY interesting article that we find not only the ones that shed a positive outlook on the state of the Downtown Market. For your organizational convenience, we have separated the articles into three sections: Downtown, San Diego County, and National Real Estate/Urban Living General. Many of these articles are used in our blogs and monthly newsletters to stimulate thought and debate.
Please feel free contacting us should you have any questions, comments, or opinions on any of the follow articles. We have done everything possible to make this an interactive site for Buyers and Sellers of Downtown Real Estate. To that commitment, please let me know if you have come across an article (published or personal) that you feel needs to be included on the website. If Downtown is, or is going to be your home, then let us share your information with the Downtown San Diego Urban Community!
DSnews and the recent article “Deadline to file mortgage settlement claim nears” reports that the deadline is coming up when you will have to file a claim that is a part of the $25 billion national mortgage settlement. Should you be an eligible borrower you will have until Friday, January 18 to submit the claim. Click the link below to access the full article.
30-Year Mortgage Rates Are Going Up
The Los Angeles Times and their article “Freddie Mac: 30-year mortgage rate hits 3.4%, highest in 8 weeks” informs that mortgage rates are starting to go up. This weeks rate went up to 3.4 percent, the highest its been since the last two months.
One Third of Home Owners Don’t Have a Mortgage
According to Realtor Magzine and their recent article “Nearly One-Third of Home Owners Are Mortgage-Free” informs that nearly 30 percent of home owner don’t have a mortgage. This number is pretty much the same as it was in the year of 2000. Click the following link to access the full article.
Home prices Expected to Go Up in 2013
The article “Housing Recovery Pushes Ahead As Prices Rise” published by Realtor Magazine is reporting that home prices are to increase with 2.1 percent in the year of 2013.
2012 Shows New Record Year for Housing Prices
According to Realtor Magazine and their recent article “Housing Affordability Index to Set Annual Record” reports that the year of 2012 was a record year for home buyers who could get a mortgage.
The project that will include colorful LED lighting to the Coronado Bay Bridge is moving forward with The Port of San Diego and the San Diego Foundation working toghether to collects funds. Read the Port of San Diego’s article “Port Partners with San Diego Foundation on Bridge Lighting Funding Strategy” for more info by clicking the link below.
Home Prices Expected To Go Up in 2013
The Washington Post and the article “Housing a Sweet Spot for Economy as Rebound Extends to 2013″ reports that housing prices are expected to rise in 2013 with 3.3 percent. Click the following link to access the full article for more info.
Tax Break Extended to End of 2013
The mortgage tax debt relief that was to expire at the end of 2012 has been extended through the end of 2013. Realtor Magazine and the article “Mortgage Debt Tax Relief Extended” informs that the tax break will allow home owners in short sale not having to pay taxes on debts still owed to the bank. Click the following link to access the full article and more info.
Shadow Inventory Show Slight Decline
DSnews and the article “Shadow inventory shrinks in October” reports that about 2.3 million homes is still classified as shadow inventory. Compared to October 2011 the supply shows a decline of 12.3 percent to Ocotber 2012. Only 1 percent decline of shadow inventory shows if you compare September to October 2012.
The new year of 2013 is bringing home owners more protection as the governor signed a bill of rights where banks are to help home owners through the foreclosure process.
Realtor Magazine and their recent article “Getting a Mortgage Likely Wont Get Any Easier Soon” reports that it might get harder to get approved for a mortgage after the new year as credit standards, appraisals, income and bank statements reviews are still a very complex process and is not in the process of getting easier.
Pending Homes Keeps Climbing Up
Realtor Magazine and their recent article “Pending Home Sales Rise Again” reports that homes currenlty in pending status rose with 1.7 percent from October to November. This is the highest its been the last two and a half years. Click the link below to access the full article and for more info.
Five-Year Tax Break Might Not Get Extended
The Washington Post and their article “Struggling homeowners may lose critical tax break in fiscal cliff talks” informs that the five-year tax break that was created to help struggling home owners might not get extended and home owners will receive an extra tax bill. Click the link below to access the full article for more information.
The New York Times and their article “Fewer first-time buyers” informs that a decline of first time home buyers have been revealed recently through two national surveys among real estate agents. Two reasons could be eager investors with cash and getting access to the real estate market due to blocked and tight credit. Click the link below to access the full article.
Home Prices and Sales Up in November 2012
CNNMoney and their recent article “Home sales, prices jump in November” reports that a 5.9 percent increase in sales of existing homes occured this month. November shows a total of $5.04 million dollar in sales compared to $4.76 million in October. Click the following link to access the full article for more information.
Realtor Magazine and the article “Home Owners Overly Optimistic About Home’s Value” reports that 75 percent of current home owners believe that their homes are worth more than what their Real Estate Professional suggest as the selling price. On the other hand, most home buyers think that home prices are too high.
DSNews and the article “Survey: Rising prices motivate buyers to purchase now” reports that 71 percent of homebuyers think that home prices will rise in the next 12 months. This is up 10 percent from the month before. Click the link below to access the full article.
The Washington Post and the article “What to do when an appraisal comes in below the selling price” informs that there are some steps you can take to prevent a low appraisal. First would be to acutally meet with the appraiser in person at the property instead of giving them a key or day code to a lockbox. This way you would be able to give them recent comps and more specific information about the home for sale. For more steps click the link below to read the full article.
Home Prices Are Starting to Rise
Realtor Magazine and the article “Home Affordability Shifts as Market Heats Up” reports that the home markets six year trend is about to go the other way as home prices are starting to rise.
Mortgage Rates Almost Back to Record Low
The Los Angeles Times and the article “Mortgage rates dip slightly, back to near record, Freddie Mac says” reports that the 30-year fixed mortgage rate went down to 3.32 percent this week getting closer to the record low number. The 3.32 percent is down from lasts weeks number of 3.34 percent.
San Diego Median Home Prices Are Going Up
The San Diego Business Journal and the recent article “Cash Buyers Snap Up a Third of Homes in November” reports that the San Diego median home prices went up with 14 percent compared to the month before.
HUD Is Trying to Help Distressed Borrowers
To be able to help some distressed borrowers from potentially saving their homes, the U.S. Department of Housing and Urban Development has started to sell thousands of delinquent mortgages that are insured by the Federal Housing Administration. There is a major concern that is raising questions about fairness as this leaves thousands of distressed FHA borrowers without any help. Read the InmanNews article HUD stepping up sales of seriously delinquent FHA loans for more information.
Downtown San Diego Quiet Zone Now In Effect
The very longed for Downtown San Diego Quiet Zone is finally in effect as of November 24th, 2012. The train horn used to be of concern to Downtown San Diego Condo home owners living close to the tracks but they are now pleased with the outcome of no train horns. You will still hear the trolley, train and crossing noise but this is nothing compared to the train horns. For more information click the link below to visit the Quiet Zone website.
No More Foreclosures Until After The Holidays
Realtor Magazine and the article “More Banks Halt Foreclosures for the Holidays” reports that most bank will stop the foreclosure until after the holidays. The reason is to try to help families who are experienceing hardship some stability during the holiday.
HARP is Starting to Decrease Among Big Lenders
Housingwire and the article “HARP refinancing narrows among big lenders” reports that the availability of mortgages that qualify for HARP (Home Affordable Refinance Program) are starting to decrease among the lenders such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo.
Foreclosures have been something that many home owners have been choosing over short sales. The third quarter of 2012 is now showing a reverse trend where pre foreclosures have been outnumbering the sales of bank owned homes. The third quarter shows that 22 percent of all sales go to pre foreclosures. 41 percent goes to all distressed sales. Compared to last quarter, short sales have increased with 15 percent for the third quarter of 2012. Read Realtor Magazine and their recent article Short Sales Make Up Bigger Share of Market for more information by clicking the link below.
Realtor Magazine and their recent article “Short Sales Surge Before Potential Tax Hike” reports that many real estate professionals are doing everything in their power to close their short sale deals as the new year will expire the tax break that would have borrowers pay for any uppaid mortgage debt.
The Housing Market Might Recover Very Slow
Many Downtown San Diego real estate professionals as well as current and future home owners are according to Realtor Magazine and the article Is the Housing Recovery at Risk? concerned that that housing market will have a slow recovery. According to the analytics firm Fiserv and their recent study, about two-thirds of the U.S. housing market will see home prices go down until June 2013. Read the article for more information by clicking the link below.
Foreclosure Sales Are Still Going Down
The Los Angeles Times and their recent article “Foreclosures down in October as housing market continues healing” reports that October numbers show that about 1.3 million homes around the country that were in any stage of the foreclosure process went down from 1.4 milion homes in September.
Homebuyers Are Getting Ready for Competition
The national Association of Realtors and their recent article “Agents Prepare Home Buyers to Compete” report that many buyers are getting ready for the bidding war. This is something we have not seen on the real estate market in years. For more information click the link below.
The Downtown San Diego Convention Expansion has been on the plans for some time now and the City Council has approved a $54.4 million interim bond as financing for the project. This money will provide financing for site acquisition, utility relocation and construction drawings. But before the bonds can be issued, the California Coastal Commission will have to approve the project and have the court confirm legality. It might not be able to get the approval until March 2013. The project would also include extending the convention center closet to the waterfront as well as a roof top park. For more information visit The San Diego Union Tribune and the article Convention Center funding plan Okd.
Horton Plaza down in the Gaslamp Quarter of Downtown San Diego has started the demolition of the north located building of the shopping center. The plans are to build a new additional plaza on these grounds that would also include the restoration of the exciting historic fountain and Horton Plaza, a project calculated to cost $14.7 million. For more information read The San Diego Business Journal and their recent article Work Begins on Horton Plaza’s Latest Revival.
Pending Homes For Sale is Increasing
According to the National Association of Realtors, pending homes for sale has been increasing as Octobers number is showing us an increase of 5.2 percent since September. For more information visit the article Pending Home Sales Rise in October posted by Realtor Magazine.
Both Fannie Mae and Freddie Mac has required federal financial assistance to be able to stay in business but for the FHA (Federal Housing Administration) a different approach is in place to be able to stay afloat. They are trying to change program rules to cut back on losses and gain revenue. To read more visit the Los Angeles Times article FHA is tweaking programs to improve revenue and cut losses by clicking the link below.
The Port of San Diego has approved the lighting project for the Coronado Bridge that has been on the books for some time now. The project is to cost about 8 million and to be completed by 2015. Click the following link to access more information.
Realtor Magazine and the aricle “8 Markets Where Homes Are Selling the Fastest” reports that the October stats shows that California has the most number of housing markets that are seeing some of the lowest median age of inventory.
North Embarcadero Project Public Meeting
The San Diego Business Journal and their recent article “Gathering to Focus on North Embarcadero Project Phase I” informs us about a public meeting held Nov 28th where constructions updates and other information will be talked about.
Existing Home Sales Increased
CNN Money and their recent article “Home sales climb 2 percent in October” reports that existing home sales around the country rose to 4.79 million for the year. This is an increase of 2.1 percent compared to last month of September.
FHA Might Need Funding From the U.S. Treasury
The Los Angeles Times and the article, “FHA projected to exhaust reserves, could need bailout”, reports that the FHA might need funding from the U.S. Treasury to be able to stay afloat. All up till now, the FHA have been self-funding but with Septembers number showing a 16.3 Billion in projected losses, the agency will most likely need help.
Mortgage Rates Down to New Record Low
Realtor Magazine and their article “Mortgage Rates Fall into Record-Breaking Territory” reports that Freddie Mac has provided us with new number concerning the fixed rate mortgage rates where it dropped to new record low this week. The previous record low for the 30 year fixed was 3.36 percent and this one is now down to 3.34 percent. The 15 year fixed was down to 2.66 percent but is now down to 2.55 percent.
Foreclosure Cancellations Rose in CA
Mercury News and their recent article “Bay Area sees big increase in cancellation of foreclosure auctions” reports that foreclosure cancellations rose with 60 percent in the state of California during the time frame of September to October 2012. This is the biggest jump since ForeclosureRadar started tracking cancellations back in 2006.
The Los Angeles Times and the article “FHA gives those who defaulted on homes another chance” informs that FHA are trying to help real estate buyers who has filed for bankrupcy on foreclosure a second chance of buying a home. Click the following link for more information.
The San Diego Business Journal and their recent article “Median Home Price Rises to $400,000″ informs that single family homes increased the median price for the month of October 2012. This is an increase with 13 percent if compared to last years number.
According to the Los Angeles Times and their recent article “Appraisal can complicate selling, refinancing a home” reports that the process of buying or selling a home has become more complex due to the appraisal process.
Delinquency Rate Rose in September
DSnews and the recent article “Foreclosure Starts Reach 2007 Levels, LPS Explains Rise in Delinquencies” reports that the U.S. delinquency rate rose with 7.7 percent in the month of September if you compare to the month before.
Foreclosed Home Prices Not As Low As Last Year
The Los Angeles Times and the article “Deals on foreclosed homes dwindling” reports that home prices for foreclosed homes are not as low as last year as the number for September shows 7.7 percent, compared to last years number of 9.1 percent.
Mortgage Rates Are Rising
The Los Angeles Times and the article “Average mortgage rate on 30-year loan rises” reports that a rise from 3.39 percent to 3.40 percent took place this week. About 5 weeks ago the rate stood at 3.36 percent and this was the lowest since 1971.
Home Prices Up 5% Since 2011
Bloomberg and the article “Home prices rise in 81 percent of U.S. cities as markets recover” reports that home prices has gone up with 5 percent since September 2011.
This is the highest increase since 2006.
North Embarcadero Visionary Plan Update
The Port of San Diego and the article “NEVP Phase I Construction Update for November 2, 2012″ reports that the North Embarcadero Visionary Plan that is taking place along the waterfront in Downtown San Diego is progressing. They are still working on the North side of the project. For more information click the link below.
Mortgage News Daily and the article “Is a sellers’ market emerging in California?” reports that it seems like a sellers market is in place as 6 out of 10 homes for sale is receiving multiple offers. Click the link below to access the article for more information.
Realtor Magazine and the article “Mortgage rates remain near record lows” inform that an average of 3.39 percent for the 30-year fixed mortgage rate was seen this week. This is lower than last week when the rate stood at 3.41 percent.
The San Diego Union Tribune and the article “Comic-Con to stay in San Diego through 2016″ reports that organizers of the event has decided to agree to a 1 year extension leaving Downtown San Diego with an additional year as host.
Bank Owned Homes For Sale Has Been Declining
DSnews and the article “Agents suggest banks may be holding onto REOs” reports that bank owned homes for sale has been declining and that this may be one of the reasons for the increase in home prices.
Realtor Magazine and the article “Fed Renews Vow to Keep Rates Low” informs that the Federal Reserve is keeping its promise to move forward with the stimulus campaign that includes keeping mortgage rates low until the real estate economy shows more stability.
Pending Homes Up in September
Realtor Magazine and the article “Pending Home Sales Improve in September” reports that homes for sale changed status into pending with 0.3 percent from the month before. Compared to a year ago, pending homes increased with 14.5 percent in September 2012.
Short Sales Still a Complex Process
The OC Register and the article “Short sale process still too tough” reports that accroding to a recent survey the short sale process is still very complex and hard to go through even after the banks willingnes to get the process simplified.
HARP Refinancing Has Increased in 2012
The Sacramento Bee and the article “Restructured HARP helping more underwater homeowners to refinance” reports that in July about 75,000 home owner in California refinanced under HARP. This is about 25,000 more owners that refinanced under the program during all of 2011.
Home Sales Fell in September
The Los Angeles Times and the article “Existing homes sales fell 1.7 percent in September” reports that last months sales numbers fell from the previous month. They also talk about that the trends in the real estate market remains good.
Foreclosures are Falling
Realtor Magazine and the article “Falling Foreclosures Pushing Up Home Prices” reported that the slowdown of foreclosure sales is one of the reasons behind the rise in home prices.
Inventory of Low-priced Homes Declined in CA
The Los Angeles Times and the article “Number of low-price homes plummets in state” reports that the inventory of homes that sold for less than $313,200 has declined in California.
VA Loans Have Been Increasing
Realtor Magazine and the article “VA Loans Surge This Year” reports that an increase of 50 percent more VA loans has been reported for 2012. Military members see the VA loans as a huge benefit compared to conventional financing due to the credit standards.
According to the San Diego Business Journal and the article “Port District Approves Lane Field Hotel Project” reports that the $115 million Lane Field Hotel Project in the Columbia District of Downtown San Diego has been approved by the Board of Port Commissioners.
The Orange County Register and the article “Experts say ‘shadow’ homes won’t crush housing” reports that home owners and investors does not need to worry about having the shadow inventory come crashing down all at once as it is expected to hit the market a little bit at a time.
Mortgage Rates Are at New Record Lows
Realtor Magazine and the article “Mortgage Rates Reach New Record” reports that the mortgage rates are dropping again as the 30-year fixed mortgage rate is now at a new record low of 3.36 percent. The 15-year fixed mortgage rate is also at a new record low of 2.69 percent.
The San Diego Business Journal and the article “Council OKs Funding Plan for Convention Center” informs that the $520 million dollar project is moving foward as the funding plan has been approved by the San Diego City Council.
Bloomberg and the article “U.S. mortgage payment rate reaches highest level since 2005″ reports that homeowners have been taking advantage of the low cost included with borrowing as mortgage repayment rates have gone up to the highest in 7 years.
Pending Home Sales Are Decreasing
Realtor Magazine and the article “Pending Home Sales Decline in August” reports that pending home sales have been decreasing in August. Even though the home sales through the year have been pretty steady the levels are comparable with last years numbers.
San Diego is the 4th Most Popular Destination
According to the San Diego Business Journal and the article “San Diego Tops California Travel Destinations” reports that San Diego is the 4th most popular destination for US travelers who ordered their stay from www.hotels.com.
CA Homebuilding Might Double in 2014
The Orange County Register and the article “Calif. homebuilding to double by 14″ reports that a forecast is predicitng that 23,500 building permits will be pulled by California developers this year. This means that homebuilding will grow with about 44 percent for 2013 and thereafter to 78 percent in 2014.
Record Low Mortgage Rates at 3.49%
CNNMoney and the article “Mortgage rates at record low again” reports that this weeks mortgage rates at 3.49 percent is matching the previous record low rate for July. A new low record was set for this week where the fixed-rate 15-year mortgage reached 2.77 percent.
Housing Inventory Fell with 1.2% in August
The Wall Street Journal and the article “For-sale listings drop again, led by California cities” reports that the month of August is showings us that the housing inventory fell with 1.2 percent compared to the month before. Homes for sale were down by 18.7 percent from one year ago and 34.1 percent from two years ago.
Downtown San Diego is on September 20th, 2012 opening the new Ruocoo Park that is located next to the waterfront and Seaport Village. The park has been under construction since October 2011 and has a large-scale public art work. This park is a must see.
Housing Wire and the article “FHA temporarily eases guidance on condo approvals” reports that FHA has eased requirements for lending money to those who wants to purchase condos through August 2014.
The Orange County Register and the article “CA foreclosures drop by half” reports that number of foreclosure starts in CA were down dramatically with 49% in the month of August 2012 compared to August 2011.
Realtor Magazine and the article “Baby Boomers Face Growing Mortgage Debt” reports that those of age 50 and up have more mortgage debt now than they have ever had before. The Baby-Boomers have outpaced the younger crowd with being delinquent on their mortgages.
Housingwire and their article “Consumers cautious on housing recovery: Fannie Mae” reports that a recent survey shows that home prices are to slightly increase in the next year. With about 1 percent or a little more survey respondents are very cautious of the overall national economy.
Jumbo Loans Might Be Easier to Obtain
The San Diego Union Tribune and the article “Are jumbo home loans coming back?” reports that it might get easier to obtain the so called “jumbo loans”.
The Port of San Diego and the article “Final Environmental Impact Report for Convention Center Expansion and Hotel Completed reports that the project is moving forward and has completed the final environmental Impact Report. You can click the following link to access the full article as well as getting information about the full report.
Public Meeting For The Lane Field Hotel Project
The Port of San Diego and the article “Public Meeting to Feature Conceptual Design of Lane Field North Hotel Project” reports that the public meeting has been rescheduled for September 11th. The reason for the reschedule is to make sure that the public will have enought time to attend and to be able to have their voices heard.
The Union Tribune and the article “Condo, office tower plans OK’d for Santa Fe Depot ” reports that Bosa Development has been ok’d with building two condo towers and one office tower down in the Columbia District in Downtown San Diego. The new construction is planned to be completed in 2015.
Fat City Hotel Project Sold
A new developer is to take over the Fat City Hotel Project as it has been sold to FC Acquisition Co. that includes T2 Development and GLJ Partners. Jonathan Segal, the local architect is no longer involved in the project. The plan is to have two Hilton hotels including 364 rooms. The construction is planned to start in January of 2014.
Housing Wire and the article Freddie delinquency rate down to lowest in nearly 3 years reports that Freddie Macs guaranteed mortgages delinquency rates fell to 3.42 percent in the month of July. This is the lowest its been since August 2009.
The Port Of San Diego and the article “Lane Field Hotel Development Plan Presented to Board of Port Commissioners” reports that the board of port commissioners has been presented with a developer’s project plan for the new hotel plan.
Home Sales Are Increasing
According to CNNMoney and the article “Home sales climb 2.3 percent in July” report that homes sold rose with 2.3 percent from June this year. This is an increase with 10.4 percent from last year.
Many Downtown San Diego Real Estate home owners and buyers are asking the same question. Is the real estate market bombarded by investors? Well, we have recently seen a lot of investors make their moves as they have cash, offering often a short close of escrow and offering a purchase price above the listed price. They have the power and resources that is working in their favor. For more information visit the San Diego Union Tribunes article Are investors taking over your neighborhood?
DSnews and the article Agencies propose new appraisal rules for higher-risk loans reports that six federal agencies has proposed a new rule when conducting appraisals for higher risk mortgages that would set out a new requirement.
The San Diego Union Tribune and the article “Lane Field hotel aims to save views” reports that the Lane Field Hotel Project in the Columbia District in Downtown San Diego is aiming for great views over the bay and Downtown. The plan include a 14-story tower as well as a 20-story tower where both buildings will be tall and skinny allowing for bypassers to see around as well as being able to easily walk around.
Delinquent Mortgages Show Signs of Increase
The Los Angeles Times and the article “Mortgage delinquencies rose in second quarter, trade group says” reports that homeowners with at least one missed payment in the second quarter of 2012 rose to 7.48 percent compared to the second quarter’s number of 7.4 percent.
80 Metro Areas Indicates Improved Housing Market
Realtor Magazine and the article “Nearly a Quarter of U.S. Metros Make Improving Markets List” reports that about 80 metro areas in the United States show signs of an improved housing market.
Home Prices Up In The Month of June
Reuters and the article “U.S. home prices rose in June” reports that home prices went up with 1.3 percent compared to a month earlier. Compared to this time last year, home prices has been increaing with 2.5 percent.
Freddie Mac Shows Profit
The Los Angeles Times and the article “Freddie Mac posts 2nd quarter profit, will not need federal aid” reports that the mortgage giant Freddie Mac is showing a profit for the 2nd quarter of 2012. No federal aid will be necessary for the company to stay afloat.
A Decline in Closing Costs
Realtor Magazine and the article “Mortgage Closing Costs on the Decline” informs that closing costs has been reduced with an overall 7 percent the last year.
The Housing Market Show Signs of Recovery
According to Housingwire.com and the article “NAHB/First American index spotlights 80 improving housing markets” about 80 housing markets have approved over the last six months.
Strict Rules of Loan Approval Might Ease Up
The Washington Post and the article “Mortgage lenders may be easing their standards, but not for everyone” reports that while home prices are rising in many markets, mortgage lenders might start to lower the super strict underwriting rules and possibly extend loans to homeowners who are on the sideline.
New Simple Forms for Loan Documents
The New York Times and the article Simplifying loan documents reports that The Consumer Financial Protection Bureau investigated mortgage documents and concluded that they should be written with straightforward language that is easy to understand. The Bureau is now proposing two new forms, one to start the loan process and one to use right before closing.
Mortgage Rates are Slightly Going Up
The Washington Post and the article “Mortgage rates reverse their trend, rising slightly after weeks of record lows” reports that mortgage rates are slowly going up. The 30-year fixed mortgage rate rose with 0.5 this week landing at 3.55 percent.
Fat City Hotel Project Approved
The San Diego Union Tribune and the article “Fat City hotels project wins final OK” reports that the appeal from hotel workers was denied and the the project has been approved to move forward. Construction is planned to start next year.
Foreclosure Review Deadline Expanded
Realtor Magazine and the article “Deadline Extended for Foreclosed Home Owner Reviews” informs home owners that the deadline for foreclosure reviews has been extended until September 30th, 2012. This process is free for home owners who think they might have been wronged in the foreclosure process.
Refinancing Applications Are Increasing
As mortgage rates are record low, many home owners wants to take advantage of the opportunity to refinance. According to the San Diego Union Tribune and the article “Mortgage Applications Surge Nearly 17% Last Week” a jump in applications was increased with 17 percent compared from the week before.
Free Foreclosure Reviews Are Available
The San Diego Union Tribune and the article “Borrowers wary of free foreclosure reviews” reports that over $4 million people can be eligible for a free foreclosure review but that only 5 percent of them have applied.
Mortgage Rates Keep Dropping to New Record Lows
Realtor Magazine and the article “Mortgage Rates: The Record That Keeps on Breaking” reports that the mortgage rates keep on dropping. The 30-year mortgage rate reached a new record low of 3.53 percent and the 15-year mortgage rate 2.83 percent.
San Diego Homes Sales Has Been Increasing
The San Diego Union Tribune and the article “San Diego home prices, sales up in June” reports that sales of homes in San Diego increased in June. This is a 0.1 percent increase from the month of May and 1.7 percent increase compared to a year ago.
Fat City Hotel Project Has Been Appealed
The San Diego Union Tribune and the article “Fat City hotels decision appealed to Planning Commission” informs that the Fat City Hotel Project in the Columbia neighborhood of Downtown San Diego was approved last week by Civic San Diego but that the Unite Here Local union has filed an appeal.
The San Diego Union Tribune and the article “CivicSD takes first development action” informs that Civic SD has taken its first action by approving a new $4 million buget to get the homeless shelter going.
The Plaza de Panama Plan is Approved
The San Diego Union Tribune and the article Balboa Park plan to clear cars, parking is approved reports that the plan for removing cars and parking spaces from the center of Balboa Park has been approved and construction is expected to start in the fall of 2012.
FHA-backed Loans Showing High Delinquencies
The Realtor Magazine and the article FHA Loans Post Higher Delinquencies, Foreclosures informs that FHA-backed loans are reporting higher delinquencies and foreclosures even though the overall real estate market is showings improvements.
Be Cautious with Reverse Mortgages
With more and more people looking for ways to come up with money, there are some Downtown San Diego Condo owners considering reverse mortgages. While you can get a large sum of money through them, they can be complex and could be potentially very troublesome in the future.
In order to get some insight on the issue, the Los Angeles Times published Consumer bureau report raises concerns about reverse mortgages. The article reports that many older Americans who are trying to get a reverse mortgage are at risk.
Mortgage Rates Are Still At Record Low
The Los Angeles Times and the article Freddie Mac: Mortgage rates continue to set record lows are reporting that mortgage rates are still at a record low. The fixed-rate mortgages 30-year loan is now at an average of 3.62 percent.
More Borrowers Are Up To Date On Their Loans
According to the article Fewer Home Owners Late on Mortgage Payments by Realtor Magazine, the state of the Real Estate market, including Downtown San Diego, is slowly stabilizing. This is due in part because fewer owners are late on their payments. The article itself shows the drops in both agency and non-agency sourced loans. Specifically, non-agency loans have by far dropped the most since January of 2010. With delinquencies being less of an issue, it is only a sign that the economic conditions are improved gradually. At this rate, severe delinquencies could return to their mid-2007 levels by 2014. As the Downtown San Diego Real Estate market returns to normal, news articles such as this will maintain the positive momentum the market is slowly getting.
New Life In Old Inventory
The inventory in Downtown San Diego and the overall San Diego market is nearing historic lows. Sellers are worried they wont get enough for their Downtown San Diego property, and buyers arent finding very much. There is hope that more inventory is on its way from a very unlikely source. Realtor Magazine explains in Dead Listings Get a New Life that real estate professionals are taking up once-expired listings to try to give those sellers another chance to sell. Typically, a listing lasts 90 days, and if it doesnt sell, it expires. There has been some success in bringing back old listing, but it isnt a slam dunk. Sometimes, flaws within the property need to be addressed. In order to get the Downtown San Diego market stabilized, inventory levels need to rise. Potentially, this could be resolved by selling what was allowed to expire in the past.
New Highrise Condo Tower in Downtown San Diego
A new 41 story high-rise condo complex containing 232 units might be the next tower hitting Downtown San Diego. Nat Bosa, the Vancouver developer who has built many of Downtowns condo towers has big plans for the lot right in front of Electra in the Columbia District. With a completion in 2016 and to an estimated cost of $250 million this tower would be three stories lower than what Electra is today (43 stories). The San Diego Union Tribune and the article Condo project OK’d; starting price $750,000 gives you more information about this project.
Downtown San Diego 4th of July Firework Show
The Port of San Diego is once again welcoming the 4th of July with a Big Bay Boom Firework show at 9pm. The place to be is the waterfront in the Marina neighborhood where you will be able to see four different firework barges go off simultaneously. The article “Countdown on for 2012 Big Bay Boom Fireworks Show” will give you more specific information about the celebration.
InmanNEWS and the article California pending home sales jump in May reports that sales of homes in the state rose by double-digits when comparing May 2012 to May 2011. Record low mortgage rates and great home prices are still contributing to a strong demand in the housing market in California.
Public Workshops on Lane Field Hotel Project
In an attempt to gather feedback and design proposals for the Lane Field Hotel project in Downtown San Diego, the Port of San Diego is offering public workshops. The San Diego Business Journal and the article Port District Hosts Workshops on Lane Field Hotel Project informs that the workshops are taking place on June 28th and July 12th from 5.30pm to 7pm at the Port of San Diegos Administration Building in the Columbia District. The projects mail goal is to start construction in 2013 that includes a 400-room hotel project.
According to DS News and the article FHA Dropping $1,000 Debt Rule that Would Have Delayed Closing the credit-dispute rule that FHA used could in most cases delay a closing for up to 3 months. Now, the rule has been withdrawn giving potential buyers who would want to take out an FHA-insured loan more doable.
Why are Mortgage Rates Low?
The Wall Street Journal and the article Why mortgage rates are so low are mentioning that even if there would be more demand in the real estate market, the cost of borrowing money to buy would necessarily not go up? Policy decisions from the U.S Federal Reserve and the economy in the U.S and abroad both influence mortgage rates. We have seen the real estate market improve but yet the mortgage rates are still at record low.
Fat City Hotel Project Approved
The fat City Hotel Project has been approved by Downtown planners but the hotel workers union might still have a possibility to appeal. The six-story hotel project will be located at Pacific Highway and Hawthorn in the Columbia neighborhood, right next to the The Solar Turbines plant.
Fixed-Rate Mortgages Are Starting to Rise
Realtor Magazine and the article Mortgage Rates End Six-Week Streak of Record Lows are reporting that fixed-rate mortgages, that has been reaching all-time low records for the last six weeks are starting to rise. Even though the rate of the 30-year fixed-rate averaged 3.71 percent this week, it is still showing record low numbers compared to last year when it averaged 4.5 percent.
Median List Prices are Starting to Rise
With an increase of 3.17 percent from last year, the median list prices of homes for sale are starting to increase. Realtor.com is reporting in the article Median List Prices Bounce Back that the recovery of the real estate market are showing positive signs in many US States.
Horton Plaza in the Gaslamp Quarter of Downtown San Diego recently made a business deal with the Organic and Natural food store, Jimbos as they signed a lease for 28,000 square feet on the 2nd floor of the shopping center. The San Diego Business Journal and the article Jimbos to Open Fifth Location in Horton Plaza reports that Westfield is about the spend a good amount of money in order to ensure that the store will be as inviting as possible for store shoppers.
Home Prices Are Expected To Rise
Realtor Magazine and the article “More Americans Expect Home Prices to Rise” states that a recent Fannie Mae survey show that 34 percent of the 1,000 surveyed are expecting home prices to rise in the next year. This is the highest amount a Fannie Mae survey has ever recorded.
Holiday Inn Expansion in Downtown San Diego
The San Diego Business Journal and the article Bartell Begins $13M Renovation of Bayside Hotel informs that ground breaking has taken place for the $13 million Holiday Inn expansion located in the Columbia District of Downtown San Diego. The expansion will include a four-story, 44,000-square-foot addition and a new grand entrance with a completion date of the summer of 2013.
Are We Approaching a Seller’s Market?
Realtor Magazine and the article “Is Housing Slowly Turning to a Seller’s Market?” informing us that we have for quite some time now seen the buyer rule the real estate market. The question is are we are about to go towards a seller’s market? More Americans are starting to think so.
New Suggestion for Downtown Navy Headquarter
The Union Tribune posted an article “New options offered for Navy headquarters site” that informs the public of a new suggestion where the planned southwest regional Navy headquarter might be located at a military base instead of Downtown San Diego. This concerns residents, business owners and elected officials as there might be a change of plans as well as another delay in the already 25 year old plan.
New Fat City Hotel Plans are Approved
Downtown San Diego planners have approved the new six-story hotel to be built in the corner of Pacific Highway and Hawthorn Street right next to the waterfront in the Columbia District. The Union Tribune and the article “Fat City hotel approved over labor objections” is reporting that Solar Turbine workers are opposing to the new plan.
Short-Sales to Become Shorter
Starting June 15, new guidelines for Fannie Mae and Freddie Mac in regards to the short-sale process will be in effect. The Federal Housing Finance Agency is requiring the mortgage giants to send out a final decision within 60 days. The article Short-Sale Process Expected to Speed Up in June published in Realtor Magazine is also reporting that they have 30 days to respond to offers received.
Home Prices Have Been Declining
According to CNN Money and the article, Home prices lowest since 2002, home prices have declined with 2.6 percent compared to this time last year. This number has not been this low since the middle of 2002.
New Rule When It Comes To Short Sales
According to the New Your Times and the article, Speeding up short sales, the Federal Housing Finance Agency has decided that both Fannie Mae and Freddie Mac will need to give a short sale buyer a decision within 60 days. This is an attempt to speed up the before very long process.
30-year Mortgage Rate Keeps on Falling
This week has showed that another decrease in the 30-year mortgage rate occurred. According to the Los Angeles Times and the article,Freddie Mac: 30-year mortgage rate down a tick at 3.78% a one percent difference compared to last week leaving the rate to be 3.78 percent. The 15-year fixed rate has been holding itself steady at 3.04 percent.
Homes Sales are Increasing
According to CNN Money and their recent article “Sales of new homes inch up” home sales has been increasing from month to month with a growing number of 3.3% in April. Sales are still slow compared to the boom years but it is slowly getting stronger.
The board of the San Diego Historical Resource has voted against the plan for the Panama Plaza Balboa Park project. The plan include cars to be cleared from the open space outside the Museum of Art. Read the Union Tribune’s article “Historical resources, park boards vote no on Balboa Park plan” for more information by clicking the link below.
New Downtown Charger Stadium Up for Discussion
The San Diego Union Tribune and the their article “Candidates tackle Chargers stadium funding” is informing us about what the four mayoral candidates, the four most likely to replace Mayor Jerry Sanders, think about the plans for the new Charger Stadium in the East Village neighborhood of Downtown San Diego. Mayor Sanders is planning to have a detailed financial plan ready for his replacement as he departs in December.
The Union Tribune and their recent article “New state courthouse goes green and tall” are informing that the Downtown San Diego Courthouse is one of six courthouse projects that are still under construction. The other 5 has been put on hold due to state budget problems. With a set date to be completed in 2016 the new courthouse will be an energy building in the middle of the Gaslamp Quarter. Click the following link to read more about this project.
Foreclosures are Dropping
Realtor Magazine and their recent article “Foreclosures Plummet to 5-Year Lows” are informing that foreclosures have been dropping the last three months. The amount of foreclosures on the real estate market has not been this low since 2007. One reason for the low foreclosure sales is that banks are trying to sell these homes as short sales before they go into the foreclosure mode as foreclosure sales are more costly.
The Union Tribune and the article “Sluggish nonresidential construction bodes ill for economy” is reporting that construction of new buildings are not on the plans for the near future. The new courthouse in the Gaslamp District is one of the few buildings currently under construction and this one is almost complete. Click the following link for more information.
The real estate market has recently seen banks encouraging home owners to proceed with short sales as the foreclosures process seem to be much more expensive. According to Realtor Magazine and their recent article BofA Offers Up to $30K to Owners for Short Sales, Bank of America has offered their home owners a relocation assistance that could be anywhere from $2,500 to $30,000 should they complete a short sale. One of the reasons that the banks are starting to push for short sales in front of foreclosures is that short sales usually sell for more that homes that are in foreclosure.
The Los Angeles Times and their recent article Lenders are using a variety of tools to prevent mortgage fraud are informing that new tools are being used by mortgage lenders where strict rules apply to get approved. Not too long ago, home buyer could easily get away with white lies regarding improved job descriptions, higher income and stating that they would use the home as a primary resident even though it was not true. Todaythe game has changed to being very strict and a challenge to get approved for a home loan.
The Obama Administrations Home Affordable Refinance Program has made some changes and is here to help some homeowners who have made payments on their struggling mortgages by getting them lower interest rates on loans. The article Mortgage-aid revisions paying off for lenders and some borrowers posted in the Los Angeles Times are mentioning that the program has resulted in mixed feelings. Some homeowners who are getting the lower interest loans are approved even though they owe more than what their homes are worth and are getting stuck with higher rates as banks are refinancing only their own borrowers. Rates would definitely go down if banks would compete against each other.
According to The Los Angeles Times and the article Fannie, Freddie are set to reduce mortgage balances in California the mortgage giants Freddie Mac and Fannie Mae has signed up to join the Keep your Home California program. The program is a $2 billion program designed to prevent foreclosures. The program has recently changed a requirement where banks will match the tax payers funds at the time when the home owner receives reductions through the program. Some borrowers through Fannie and Freddie might notice that their mortgages declined through the principle reduction.
According to Realtor Mags article Survey Shows More Reason to Buy Than Rent, 33 percent of Americans expect home prices to go up in the next year. Fannie Maes survey also shows that more Americans think that rental prices will go up to a record number in the next year to 4.1 percent.
North Embarcadero Visionary Plan 1 – Update
The Port of San Diego is in their article “North Embarcadero Visionary Plan Phase I Construction Update: May 4, 2012″ announcing that the project is going forward as planned. For the following three months, West Broadway will be closed to east going traffic as the median and southern half of the street is undergoing construction.
New All-time Low Mortgage Rate
Home ownership has become more affordable for those looking to invest in Downtown San Diego Condos and Lofts. According to the Realtor Mags article Home Buying Gets Another Boost in Affordability the new all-time record low 30 year fixed rate mortgage averaged 3.84 percent this week.
The Real Estate Market Is About to Turn Around
Are you wondering if now is the best time to buy a Downtown San Diego Condos of Downtown San Diego Loft? Are you thinking that home prices will go down? Economists say that if you are thinking about buying a new home, you will have to act fast as the housing market is about to turn around. For more information about the changing market read Realtor Mags article Is Housing as cheap as itll ever Get? by clicking the following link.
The beginning of 2012 has showed the Real Estate Market that there is more competition out there. The National Association of Realtors is in the article Bidding Wars Catch Buyers Off-Guard reporting that bidding wars has increased in many markets around the country. Many thought that the bidding wars were over with but they seem to be increasing as many homes receive several offers. One reason for the increasing bidding war activity could be the low inventory we are experiencing all over the U.S.
Pending Home Sales up in March
According to the National Association of Realtors article Housing market has turned the corner, the pending home sales index show that March had the highest level of pending existing homes sales in the last two years . The pending homes include contract signed by still not closed. March is showing a number equal to 101.4. The last highest number occurred in April of 2010 where the number was 111.3. Read the full article by clicking the link below.
New Downtown San Diego Library Top Beam At Place
Autographed by workers and supporters, the top beam has been set into place of the new Downtown San Diego Library. The other day, an old construction ceremony was held at the top of the building as the top beam was lifted 9 stories up to be put in place. As 633 days has gone by since ground breaking the new library is now 9 months away from completion. Read the San Diego Union Tribunes article Autographed beam tops out new library by clicking the link below.
The Green Build Project over at Lindbergh Field’s International Airport in Downtown San Diego are on schedule and have completed the goal of being half way done by the end of April. Their goal is to be fully completed and within budget around the summer of 2013. Read the San Diego Business Journals article Airports Green Build Reaches Halfway Pointfor more information by clicking the link below.
Increasing Home Sales Show Sign of Recovery
The National Association of Realtors are in the article March Pending Home Sale Rise, Market Recovery reporting that pending home sales increased in the month of March of 2012. Compared to 2011 the number has improved drastically and this is another proof that the housing market is starting to recover. Click the following link to access their article for more information.
Freddie Mac has contributed more funds for a federal program to help 18 struggling housing market states. The funds will help home owners complete short sales so it does not go into foreclosure. They will provide assistance through loan modification, mortgage principle deduction, unemployment and short sale assistance. (Read more: The National Association of Realtors article Freddie Reallocates More Funds to Boost Short Sales by clicking the link below).
No More Low-Ball Offers
A recent study, performed by the National Association of Realtors, has showed that low-ball offers have decreased compared to last year. As we see fewer homes on the market, many sellers are trying to price their homes realistically. Last year, buyers would offer about 25 percent less than the listing price. This year, buyers are offering a purchase price close to the listing price as they know the competition is out there. Read the Daily Real Estate News article Low-Ball Offers a Thing of the Past? for more information by clicking the link below.
San Diego Convention Center Expansion Vote
Local hotel owners in Downtown San Diego are about to vote about the proposed San Diego Convention Center Expansion in the Marina District. About 27 million votes are to be counted for the $520 million project. Read the San Diego Union Tribune’s article Convention Center balloting ending in 1 week by clicking the link below for more information.
Home Prices for Resales has Gone Up
The National Association of Realtors is in their article Report signals start of broad-based housing recover reporting that the median home prices for resales went up 5.6 percent compared to a year before where the median price was $189,900. Some say that these numbers indicate a beginning to the housing recovery. Click the link below to access the article for more information.
Mortgage Rates Dropping
The 30-year fixed mortgage rate is almost reaching the record low number that we seen in February (3.87%). It fell from 3.98% to 3.88% the last week. For more information click on the link below to read the CNNMoneys article Mortgage rates tumble back into record territory.
Tough to Qualify for a Mortgage
It seems like it has become harder to qualify for a mortgage this year compared to 2010. Having the high standard criteria such as a credit score, debt-to-income ratio, equity or down payment is definitely a must nowadays. Read LA Times article Qualifying for a mortgage has gotten much tougher, analysis shows for more information by clicking the link below.
Mortgage Settlement Approved
The $26 billion mortgage settlement agreed to by the five largest mortgage lenders in the nation has been approved. Speeding up the foreclosure process by stict guidelines for banks to follow when repossessing homes is what the settlement is intented to help with. Read CNNMoney’s article “Flood of foreclosures to hit the housing market” for more information by clicking the
Mortgage Rates are going down
The lowest rate for the 15-year mortgage was set on March 8 with 3.13 percent. It slight went up a little but went down to 3.21 percent this week. The 15 year mortgage rate is very popular for home owners trying to refinance and pay off their debt. Read the Los Angeles Times article Mortgage rate drop; 15-year fixed at record low by clicking the link below.
Fannie and Freddie Principle Reduction
Taxpayers may save money if Fannie Mae and Freddie Mac agree on offering principal reductions. To read CNNMoneys article Fannie, Freddie regulator still resists principle reduction click the following link for more information.
The 30-Year Mortgage Rate Is Keeping Steady
Last weeks average 30-year mortgage rate showed 3.99 percent. This week not too much has happened with the numbers as it is averaged 3.98 percent. Read the Los Angeles Times article Freddie Mac: 30-year mortgage rate remains just under 4 percent by clicking the link below.
Investors are Ready to Buy in Bulk
As the real estate market include distressed properties such as foreclosures as well as the home prices being low, large investors are taking the opportunity to buy in bulk and using them as investment homes occupied by tenants. For more information read the New York Times article Investors are looking to buy homes by the thousands by clicking the link below.
February indicated that mortgage servicers completed 20 percent fewer modifications compared to the month before. According to Hope Now alliance about 44,500 loans were completed compared to 55,700 in January. To read HousingWires article Private mortgage modifications drop 20 percent in February click on the link below.
Downtown San Diego Information Center Closed
The Downtown San Diego Information Center located in Horton Plaza in the Gaslamp District closed its doors Tuesday due to lack of funds as well as the dissolution of the Centre City Development Agency. Read the Union Tribune’s article “Redev’s end means closing of Downtown Information Center” by clicking the link below.
A Low Appraisal Could Stop Your Home Sale
Low appraisals can have a huge effect on how much the bank will be able to finance. We have seen this more recently as the appraisal might be coming in lower than what has been accepted by both seller and buyer leaving the buyer to come up with the difference. For more information click on the link below to access CNN Money’s article “Low-ball apprisal: Mortgage denied”.
Mortgage Rates Back to Under 4%
Last weeks mortgage rates made a big jump but this week it is down to under 4 percent again. Want more information. Click on the link below to access the Realtor Magazine’s article “30-Year Mortgage Rates Slide Back to Below 4%”.
Foreclosures Fell in February
The national foreclosures reported for the month of February totaled 66,000 applications. This is 5000 less foreclosures compared to the month before. For more information click the link below to access the Realtor Magazines article National Foreclosures Drop in February.
New Requirements from the Housing Administration
Starting April 1st, 2012 the Housing Administration have changed their requirements and will from now on not insure mortgages to borrowers that have ongoing credit disputes of $1,000 or more. To read the Realtor Magazines article New FHA Rule to ‘Kick Some Buyers Out’?click the link below for more information.
Tax Saving Tips
Mercury News is in their article “Tax benefits for home owners” giving you specific tax tips especially if you are a home owner. Click the follwing link for more information.
Home Owners Worried About Falling Home Prices
HousingPredictor completed a recent online survey among 1,000 home owners and almost half of them are worried about the falling home prices. They said that they would most likely walk away from their mortgage if this continues. Read Realtor Magazines article Poll Reveals More Home Owners Weigh Strategic Default by clicking the link below for more information.
Sailor Statue To Be Replaced
The sailor statue down by the waterfront in the Marina District of Downtown San Diego will be replaced by a bronze version and this has upset some of the art committee members. Three members turned in their badges at the last member meeting held last week indicating it was their last meeting. Read more in the San Diego Union Tribunes article Artists’ “Kiss” resignations reignite debate over port’s art decisions by clicking the link below.
Foreclosure Filings Are Falling
Foreclosure filings have been falling as San Diego County measured a drop of 9% in February. Nationwide the filings fell 13% compared to last year. To read more click on the Los Angeles Times article Foreclosures fall in California and U.S. — but it may not last by clicking the link below.
Home Prices On The Rise
The first increase in nine months when it comes to home prices occurred last month in February as the inventory of homes listed for sale rose with 0.5 percent from January leaving the number to be 1.78 million. To read the Wall Street Journals article Spring ritual returns: for sale signs sprout click the link below to access more information about the current real estate market.
Americans Want to Invest in Homes
In a recent research, Americans are saying that if their finances would improve they would buy a home. To read Realtors Magazines article What do Americans want most once finances improve? by clicking the link below.
Mortgage Payers Are Paying On Time
According to The New York Times, mortgage payers are pretty good about paying on time as fewer payers are delinquent and in foreclosure. Read their article “Paying on time” for more information by clicking the link below.
The Port Of San Diego has approved the plans for the new project over at Lane Field in the Columbia District of Downtown San Diego. The project includes a public park and a plaza. Read the San Diego Business Journal’s article “Port District Approves Concept Plans for Lane Field Park” for more information by clicking the link below.
Mortgage Rates Are Still At Record Low
Freddie Mac is reporting that the mortgage rates are still keeping their record low rates as the 30 year fixed mortgage rate average 3.88 percent. Read more in the San Diego Union Tribune’s article “Mortgage Rates Keep Dancing with Record Low” by clicking the link below.
Mayor Wants CCDC to Remain in Downtown San Diego
Mayor Jerry Sanders spoke at a local real estate conference last week and gave his opinion that he thinks that the Centre City Development Corporation (CCDC) should remain in business. For more information read the San Diego Union Tribune’s article “CCDC should remain, expand citywide, mayor says”.
FHA Applications Has Been Increasing
FHA backed mortgage applications has been increasing with 14.9 percent since December 2011 and with 22 percent from January 2011. Current loan refinance applications have increased with 26.3 percent from December 2011 and with 44.5 percent since January of 2011. For more information click the following link to read the Realtor Magazines article Application for FHA-Backed Mortgages Rise.
The plans of having the new Charger Stadium in the East Village of Downtown San Diego seem to be on the plans as it would cost about half compared to building the stadium over by the water front in the Marina District. Read the San Diego Union Tribunes article Sanders pegs waterfront stadium cost at $2.5B by clicking the link below for more information.
Homes for Sale has been Declining
The Wall Street Journals article Where are all the home sellers is talking about that homes listed for sale during the first month of the year dropped with 6.6 percent if you compare to the month before. There are buyers out there but the sellers seem to be hard to find. Click the link below for more information.
Home Sales are Increasing
The San Diego Union Tribune is in their article “Home sales jump more than 4 percent in January” talking about that home sales has increased in the first month of 2012. The sales rose with 4.3 percent and this is the highest its been in the last two years. To read more click on the link below.
Low Inventory in Downtown San Diego
The Downtown San Diego real estate market as well as the real estate market nationwide has seen a decrease in inventory. Downtown San Diego currently has fewer than 200 units for sale and this is unheard of. We all know what happens when inventory is lowprices go up! Read the Realtor Magazines article Housing Inventories Drop, List Prices Rise for more information by clicking the link below.
Big Interest in High Rises
Many say that High-rises is an American thing but lately the interest in building these tall complexes has increased as we see other parts of the world in High-rise construction. Professor Kurt Hunker with the NewSchool of Architecture and Design located in Downtown San Diego is welcoming the public for a free forum this coming weekend. Click on the San Diego Union Tribune’s article “High-time for high rises” link below to get more information about this event.
The 25 foot high “Sailor Statue” that is placed right by the waterfront in the Marina District in Downtown San Diego might be removed. The ort of San Diego is saying that if supporters can raise $1 million the statue will stay. Read the San Diego Union Tribune’s article “San Diego waterfront plans advance” by clicking the link below for more information.
Adjustable Rate Mortgage Alternative
As you all knowthe 30 year mortgage rate has been keeping itself at record low and many home owners are finding value with this. Some home owners who might not be able to relocate or invest right now are considering an adjustable rate mortgage with a fixed interest rate for several years. Read New York Times article A Fixed Rate Alternative by clicking the link below for more information.
Buying a Home is Affordable
CNN Money is in their article Home buying: Most affordable in decades saying that buying a home now is more affordable if you compare to the last twenty years. Of course the record low mortgage rates as well as a decline in home pricing have something to contribute to the affordability. To read more click the link below.
New Hotel to Be Built in the Columbia District
Downtown San Diegos Columbia District used to be home to the Padres and right in that spot a plan to build a new hotel are on the horizon. It is called Lane Field, and a 400 room hotel tower with 14 stories and park space has been given the thumbs up from the Port of San Diego. Read the San Diego Union Tribunes article New hotels to rise on Lane Field for more information by clicking the link below.
Short Sale Cash Incentives
According to Realtor Magazine’s article “Banks Offer More Cash Incentives for Short Sales” home owners who are selling their short sales are now being offered cash incentives up to $35,000. The bank is offering this to avoid a costly foreclosure transactions.
Navy Pier Might Not Get Wing Sculpture
The Navy Pier located in the Columbia District of Downtown San Diego has had up for suggestions a 500 foot tall wing sculpture to be built right on the edge to the water front. The Port of San Diego has other plans on the books. They are suggesting a 500 space parking garage with a park located on top. Read the San Diego Union Tribunes article Port staff backs parking garage but not ‘Wings’ by clicking the link below for more information.
Foreclosures Reduced in 2011
Market studies shows that foreclosures are slowing down a bit as the year of 2011 shows a decrease by 8.4 percent. Some say that lenders are being more carefully and are taking their time with the paperwork involved to get homes through the foreclosure processes. Read more in RealtorsMagazine.com article Is the Foreclosure Crisis Finally Fading? by clicking the link below.
Find The Exact School District For Your Home
Education.com has come up with a new tool where you can search for the specific school district for where your home is located. To read inmanNEWS article “Find exact school district assignment info for any US home” click the link below.
Housing Market is Improving
Realtor Magazine is in their article “List of Improving Housing Markets Grows” talking about that the housing market is showing signs of improvement. They say the last 6 months has showed improvements of employment, housing prices and housing permits. Click the link below to read more.
Lower Mortgage Principle with Fannie & Freddie
Members of the House Financial Services Committee Democrats has been in the process of trying to get Fannie and Freddie Mac to lower their mortgage principles for home owners in trouble. To read the LA Times article “Lawmakers push Fannie, Freddie to write-down mortgage principal” click on the link below.
For home owners who are current on their payments the Obama Administration has released a plan to set up a new financing program. This program includes a Bill of Rights that would help the home owner to access mortgage discloser forms so that they can prevent foreclosure. Read the LA Times article White House details mortgage refinancing plan for homeowners for more information by clicking the link below.
The San Diego Redevelopment agency passed on $6.5 billion of obligations to Downtown San Diego as it went out of existence yesterday. Read the Union Tribuns article ”
Redev agency passes on $6.5B in projects” for more information on the link below.
News10.com announced yesterday that the Smart Corner complex located in the northern part of the East Village in Downtown San Diego is now selling studios for as low as $98,000. To read more click the link below.
Mortgage Rates Are Going Up
As the 30 year fixed mortgage rate has been down for a while now we all thought it would last but during the last week the rate is starting to go up. Right now the rate is at 3.98 percent so its still under 4 percent. Read more about the increase in Realtor Magazine by clicking the link below.
Mortgage Rates Might Stay Low Until 2014
It seems like the U.S. economy still needs some help as the Federal Reserve will keep the short-term interest rate near zero all the way to 2014. The National Association of Realtors are in their article Fed Vows to Keep Rates Low Until 2014 talking more about this topic. Click the link below for more information.
Foreclosures are Shrinking
According to the National Association of Realtors article Foreclosure Sales are Down, Average Discount 34% about 20 percent of all sales in the country in the last quarter of 2011 shows to be foreclosures. As the second quarter of 2011 shows that the foreclosure sales were 22 percent we can see signs that the foreclosure sales are getting fewer. Read more by clicking the link below.
A special district is about to be created by the San Diego City Council that might help finance the Expansion of the San Diego Convention Center located in the Marina District in Downtown San Diego. Read the San Diego Union Tribune’s article “Convention center expansion moves forward” by clicking the link below.
First Time Home Buying Tips
San Diego’s News10 is in their article “First-Time Homebuyer’s Guide” giving you some really good advice on how to start your journey on how to invest in Real Estate. To read more click the link below.
New Ideas For Downtown San Diego Waterfront
The San Diego Union Tribune wrote an article about how they think Downtown San Diego should start to think big with no limitations. They are suggesting that the waterfront become a place where the new Charger Stadium, public parkland, public beach and promenades would go. To read their article “Editorial: Think big New vision needed for downtown waterfront” click on the link below.
Downtown San Diego Real Estate Tax Rules
Time has come when we are in the process of preparing for tax returns and if you are wondering what could be deductable when it comes to your Downtown San Diego Condo or Downtown San Diego Loft read 10News article “Tax Tips: Real Estate Rules” for more information and suggestions on the link below.
Strong Interest in Refinance Applications
The Mortgage Bankers Association has reported that a strong interest in finance applications has been driving up the numbers of new loans. They actually jumped with 23 percent in the U.S. if you compare this week to the prior. Read Wall Street Journals article Refi Activity Hits Highest Level Since August for more information.
Early Mortgage Payment Might Save Money
Should you decide to pay off your home mortgage early you will net interest savings compared to making monthly payments for a set period of time. Read MercuryNews article “Real: Pay off mortgage early to save money” for more information by clicking the link below.
CNN Money is in their article “Foreclosures fall to lowest level since 2007″ saying that Foreclosure filings during 2011 decreased to a level equal to the numbers in 2007. Click the link below to read their article.
For more information about the deadline on paying your property taxes visit the County of San Diego Treasurer – Tax collector on the link below for more information.
A Slight Increase in Home Prices
Fannie Mae reported that a slight increase in home prices occured in the last month of 2011. They also think that home prices will rise with 0.8 percent during 2012. Read the Wall Street Journal’s article “Survey: Mood Improves on Home Prices” for more info.
The Chargers New Stadium is Put on Hold
The Chargers will be staying in Qualcomm and playing their games there for one more year. They have decided not to exercise their option to leave for now but are still considering a future option in the East Village in Downtown San Diego.
Downtown San Diego Projects from 2012 – 2016
Read the San Diego Union Tribune’s article “San Diego’s key building projects, 2012-16″ for more information on the major projects that are already in session or are about to start in Downtown San Diego. See link below.
A Good Time to Get a New Mortgage
The opportunity for new homebuyer and for the ones who would like to refinance is here as the mortgage interest rates that are near all time low most likely continue throughout 2012. MercuryNews.com is in their article Real estate: 5 reasons to get a new mortgage in 2012 giving you a couple of reasons why it would be a good time to get a new mortgage. To read more, click on the link below.
30 Year Mortgage Rate Is Back to 3.91%
The record low 30 year fixed mortgage rate of 3.91 percent is back. As we all knowthe average rates has been really low the last couple of months and the beginning of the New Year 2012 is following 2011s footsteps when it comes to keeping the rates low. Read USA Todays article below for more information!
2012 Might Continue With Low Mortgage Rates
The low mortgage rates that occurred during 2011 might be here to stay for a while longer. Experts say that 2012 will continue in 2011 footsteps with record low rates, falling home prices as well as high unemployment. Even though 2011 had record low mortgage rates not too many took the advantage of buying a home.
Mortgage Rates Still Low
The last week of 2011 continued with having the 30 year fixed mortgage rate to be under 4 percent. The average for this week was 3.95 percent raising the rate from 3.91 percent from the earlier week. To read the San Diego Union Tribune’s article “Mortgage Rates Still Below 4%” click on the link below.
FHA is Extending its Anti-Flipping Rule
Downtown San Diego home buyers looking to invest in a home that has changed hands in the last 90 days can still count on FHA-insured financing as the Federal Housing Administration will extent the temporary waiver of its anti-flipping rule for the second year in a row.
Foreclosures Might be Increasing
Analysts say that foreclosures might be increasing in the next couple of years. Stanley Morgan thinks that the foreclosure number might be as high as $6 million homes by 2016. Read the San Francisco Chronicle’s article “6 million estimated foreclosures by 2016″ by clicking the link below.
Quiet Zone Project Delayed
The Quiet Zone Project that is working to eliminate the train horn in Downtown San Diego has been delayed. The completion date is now set for late spring 2012. Read 10news.coms article Downtown Quiet Zone Project Delayed for more information.
Plaza de Panama Project Delayed
The plan to remove cars from the center of Balboa Park, Plaza de Panama Project, has been delayed as a judge ruled against the project saying that the memo of understanding between the city and the Panama committee is illegal. Read the San Diego Union Tribune’s article “Court to rule against city on Balboa Park” for more information.
Final Developer Unit at The Mark is Sold
The last Developer unit at The Mark in Downtown San Diego is now sold at a price of $2,225,000. This unit is the 3,200 square foot penthouse and this sale makes The Mark completely sold out. There are a few resales for those looking to invest in Downtown San Diego Real Estate. Read the San Diego Union Tribune’s article “Final unit at The Mark sells for $2.2M” for more information about the Penthouse sale.
Mortgage Rates are falling to 3.91 percent
The 30 year mortgage rate has this week fallen to the lowest it has been the last four decades. With a 3.91 percent makes it the sixth record for this year.
Foreclosures Increased in Third Quarter of 2011
New home foreclosures that were initiated by large national banks rose up to 21.1 percent July, August and September 2011. The cause seems to have been paperwork problems as mortgage servicers lifted voluntary holds.
Click on the link below to read the Los Angeles Times article Home foreclosures jumped in third quarter, federal report says for more information.
VA Loan Limits Will Be Lowered in 2012
The VA loan limit for 100% finacing for San Diego County will be lowered to $477,000 starting January 1st, 2012. Other areas such as Orange County will follow San Diego and their new limit will be $621,000. Read WannaNetWork.com’s article below for more info.
Housingwire.com is in their article Foreclosure counseling doubles the chance of mortgage modification talking about mortgage modification and how it doubled if borrowers received foreclosure counseling. Read more by clicking on the link below.
Low Mortgage Rates Will Stay for Next Year
Freddie Mac reported the other day that they expect an increase of the housing activity as well as for the mortgage rates to stay low to at least 6 month into the year of 2012. Read the Wall Street Journals article Freddie: Low Mortgage Rates to Hang around Next Year by clicking the link below.
The North Embarcadero Visionary Plan Phase 1 has been scheduled for groundbreaking on January 5th, 2012. This was decided after the Port of San Diego and the San Diego City’s meeting and approval of the $29.6 million to start the project that will improve the waterfront in Downtown San Diego.
Home prices dropped in November
According to the article written on November 11th, 2011 the San Diego Union Tribune is talking about that November home sales prices have continued to drop for San Diego County and that the number of home sales is showing the opposite with going up drastically. For more information and to read the original article San Diego home prices fall 6% in November click on the link below.
The Manchester Pacific Gateway project in Downtown San Diego does not meet the state coastal standards when it comes to federal design rules to ensure against terrorism. The project that would include a new Navy headquarter building in the Columbia District is now on hold. Read the San Diego Union Tribune’s article “Coastal panel cites terrorism worries in Navy project review” by clicking on the link below for more information.
For more than three years, Fannie Mae and Freddie Mac have been under the control of the government as well as that they are mortgage giants in the real estate industry. Major real estate groups have recently come together to raise fees charged by the mortgage giants. The groups are urging lawmakers to reject an attempt to renew a payroll-tax cut.
Downtown San Diego Condo and Downtown San Diego Loft homeowners who are in the middle of the foreclosure process are taking a stand to how the banks have been handling the mortgage crisis. Occupy our Homes is a day that focuses attention to this matter. Read KBPS article below Occupy Our Homes Protest Moves into San Diego for more information.
The 30 year mortgage rates are still record low at 4 percent and the amount of applications to purchase Downtown San Diego Condos, Downtown San Diego Lofts and other homes around San Diego rose to the highest amount in four months.
Rental Market Stabilizes in Downtown San Diego
The rental market in Downtown San Diego and other areas around San Diego County is relatively stable. Over the past several years experts have reported vacancys averaged at a high of 5.4% and a low of 1.6%. Some believe the reasoning behind the downward slope in vacancies is due to the uncertainty of the for sale market.
Two Day Extension to Pay Your Tax Bill
The County Treasurer is giving Downtown San Diego Condos and Downtown San Diego Loft homeowners an extension of two days to pay their property tax bills as the 10th of December occurs on a Saturday. Click the link below to read The San Diego Union Tribunes article Property owners get two more days to pay tax bill.
Large mortgage lenders such as Fannie Mae and Freddie Mac have decided not to foreclose on delinquent home owners during the Christmas Holiday. CNNMoney.com share more information about this in the article below.
Construction is starting to get busy
The Commerce Department reported that construction spending has increased for the month of October with 0.8 percent. Even thought the construction industry has moved slowly upit is still under the average compared with 2010 with 2.9 percent.
Get your mortgage payment lowered
The Obama Administration has recently announced that there could be a major change to the Federal Home Affordable Refinance Program that could help you lower your mortgage payment for your Downtown San Diego Condo or Downtown San Diego Loft. Read The San Diego Union Tribunes article below for a step by step guide to see if you could be eligable.
Senior Housing Occupancy is Increasing
Senior housing is on the rise with more than 35 deals worth in excess of 5.5 billion dollars completed in just the first 3 quarters of 2011. This number reflects more than the previous 2 years combinedthese sales are being picked up by large investors that specialize in housing for elderly people.
Luxury Real Estate is Rising
Luxury Downtown San Diego Condo and Downtown San Diego Loft prices are on the rise along with the rest of Southern California. There are many reasons behind this but the most prevalent one is that these types of buyers have money and will continue to have moneyits just finding a way for them to spend it. San Diego luxury home prices are up 1.1% from last quarter bringing the average list price to $1.63 million dollars.
30 year fixed mortgage rates remain near their historic lows averaging 3.98% and at the same time adjustable rate mortgages hit new record lows.
Take advantage of expiring tax deductions
Are you looking to take advantage of tax credits and deductions before they expire at the end of the year? There is a good chance that most of these benefits won’t be extended due to the federal deficit problem.
Public Meeting for Proposed New Navy Pier Park
The San Diego Unified Port District will be holding two public meetings in regards to the proposed Navy Pier Park in the Columbia District located in Downtown San Diego. This plan includes the 500 foot tall “wing sculpture” to be placed at the tip of the park right before the waterfront.
Existing Home Sales On The Rise
Existing home sales are on the rise, sales were up 1.4% from last month. This mark is higher than what was expected by the economist of briefing.com. Downtown San Diego Condo and Downtown San Diego Loft home owners that are trying to sell right now are in favor of these stats in hopes for a quick sale. Home sales compared to last year have raised quite a bitkeep your fingers crossed for the growing progress.
The new Downtown San Diego Library that is under construction in the East Village/Ballpark District is halfway complete. Concrete is currently being poored and formed to a cost of $20 million.
Mortgage Applications Still Low
Mortage rates have during 2011 been under 5% except for a time frame of 2 weeks. This last week the 30 year mortgage rate rose from 3.99% to 4%. Even though the rates have been historically low…mortgage applications have not seen any increase in buyers interest.
Are Low Mortgage Rates Here To Stay?
Although we have heard that mortgage rates should remain low through 2012 and into 2013, some experts think differently. Some think that the rates will rise from the historic lows we are experiencing right now throughout 2012 and hit around 4.5% by the middle of 2012. These are just projections but it will be interesting to see what the rates are for Downtown San Diego in the near future.
Low Offers Remain Prevalent
When you have a tough housing market you get a lot of investors with a lot of discretionary money and home buyers looking to find that great deal. Some people throw out a low ball offer far below asking price and are able to get it. In other cases…the low ball way might not get you so lucky.
Home prices are still going down
Home prices has steadily been going down the last couple of years. DSNews.com is mentioning that the prices has been going down with an overall number of 28.3 percent since June 2006.
Home Prices are Still Rising
Experts have surveyed 20 different cities in the U.S. and found that home prices are still on the rise after the huge crash last year. Although the jump recently wasnt huge some jump in the right direction is better than nothing.
Lenders Spark Investigations
Even though mortgage fraud this year is about 40% lower than last year, lenders are still under investigation for the amount of fraud that has occurred. Fraudulent mortgages total $7.4 billion dollars this year. These investigations usually start when you apply for you mortgage and the lenders verify your social security number and identity. During this investigation they are looking to confirm income issues, large bank deposits, your address, often credit checks, and new or undisclosed debts that you might have.
The Midway aircraft carrier museum has a new plan for the Navy Pier in the Columbia District in Downtown San Diego. The plan includes a 500 foot high wings sculpture to stand at the tip of the park.
Home Buyer Tax Credit has been causing problems
Many Downtown San Diego Condo and Loft buyers took advantage of the First Home Buyer Tax Credit during 2010 where a total of $8000 was given as a credit. The IRS have has some trouble determine who owe payments and who doesn’t.
New appraisal rules delays home sales
The Wall Street Journal is reporting in their article that new appraisal rules has been a problem where sometimes the appraised value price is less than what the buyer and seller has agreed on leading to new negotiations.
30-year fixed home loan rates keep on going down
According to Freddie Mac the 30 year home loan rates are down to 4 percent this week. The European debt crisis can have something to do with the rates going down.
Navy Pier in Downtown to become Park space
There are plans on the horizon for a new park in the Columbia District in Downtown San Diego right where the Midway Aircraft Carrier Museum is located. The plan that is up for discussion is to redevelop the pier into green park space, retail and symphony concerts.
Can you refinance?
Are you having questions in regards to if you can refinance or not? The San Diego Union Tribune is in this article giving you a how-to guide to refinacing.
MercuryNews.com are mentioning in a recent article that builders have been starting to spend more money on homes, roads, public schools and governement offices. Yet…we are still some time away from where the construction used to be.
Downtown San Diegos developer wants to build more residential space in the Columbia District right by the waterfront and only a few hundred feet away from Solar Turbines. Solar Turbines has been in business for about 80 years in the same location and are now worried that this would lead to an environmental review.
CNN Money is reporting that home prices are slowly going up and that the month of August shows a 0.2 percent increase. The year to year comparison shows the opposite with a 3.8 percent down.
iPhone apps if you are looking to buy a home
An iPhone app has been created to purchase homes, condos and lofts. This is a revolution in an attempt to simplify and expedite the sales process of purchasing a new home. Millions of people already use one of the iPhone models and with Apple pumping out newer models all the time Im sure that that number will keep risingwho knows maybe this will be the number one way to purchase a home in the years to come.
The Pacific Gateway Project by developer Doug Manchester in The Columbia District of Downtown San Diego was approved about 20 years ago but has not been built due to financial issues. The California Coastal Commission is about to have a new meeting where they might indicate that there will need to be a new approval to get this project going.
Downtown San Diego Office Market is Recovering
The office market in Downtown San Diego as well as in the San Diego County is showing signs of a slow recovery. Vacancy numbers are getting a little bit lower and the average rent for office space has slightly gone up.
Downtown San Diego has many old buildings with a lot of character and some residents believe that they are in need of renovation while others believe that they just need to be destroyed and rebuilt into something new. Check out this article on why renovation should be the remedy used in the East Village District.
Buy a house and get a U.S. Visa
As the housing market has had its quirks…we are now looking for more foreign investments. So up for debate is…should foreigners possibly get a Visa if they would buy real estate for at least $500,000?
Marina Cortez Project approved for renovation
Harbor Island…right outside Downtown San Diego is about to start renovation of the main and supporting buildings as well as creating an elevator tower and a waterfront promenade. The Port of San Diego approved the plans on its meeting October 11th,2011.
Is the Real Estate Profession a woman’s world?
According to a recent study performed by Trulia.about 60% of real estate professionals in the U.S. are women.
Avoid foreclosure by using your 401(k)?
Home owners including Downtown San Diego Condo and Loft owners could take out money from their 401(k) to save their home from forclosure without having to pay the usual tax penelty. Anyways…that is what the proposed legislation would amend.
What to do with vacant bank owned homes?
There are a lot of vacant bank owned homes out there and one questions is…should we try to do something with these homes? Demolition and rental home suggestions has been up for discussion.
Upper East Village is something big that is on the plans. How about a pedestrian new neighborhood with lots of trees?
Incentives from banks for completed short sales
The dreaded short sale process is not so bad for some Downtown San Diego Condo and Loft owners as banks all over the San Diego County are offering incentives for completed short sales. Some as much as $35,000 lump sums. The banks are not giving any information on who will and who won’t qualify. They are only saying; Dont bother seeking out the incentives. If you qualify, they will come find you.
The San Diego City Council has decided to create a special tax for local hotel owners. The money will go towards the funding of the expansion of the San Diego Convention Center in Downtown San Diego.
According to the U.S. Census Bureau, the rate of home owner ship is now 1.1 percent lower that what is was in the year of 2000. In April 2010, the rate fell to 65.1 percent.
Mortgage rates low but not too many qualify
Even though mortgage rates are super low not that many qualify to take advantage of this. Many Downtown San Diego Condo and Loft buyers that do qualify has most likely already bought their home or are in the process of buying.
The Chargers wanta to have a stadium here in Downtown San Diego. One topic that is up for discussions is to cancel the San Diego Convention plan expansion so that they can build the new stadium instead.
Califoria Home Prices 7th Biggest Drop
The 7th biggest drop in all the states in regards to home prices goes to California with a fall of 6.2 percent compared to last year.
Mortgage Applications Declining
Even though the mortgage rates are super low…mortgage applications declined with 4.3 procent this last week. They say the reason is the Federal Reserve is investing in longer term Treasury and mortgage securities.
Does everyone want to purchase a home?
The latest studies shows that Americans are still wanting to buy homes but they are in no hurry to do so. Potential buyers seem to be more cautious about about how they spend there money after seeing huge losses others have taken on their properties. In a survey of 300 people, more than 68% of buyers that responded believed that it was a good time to buy.
Architect Ruocco will be remembered
The new Ruocco park in Downtown San Diego was one of Ruoccos contributions to the city as he started a fund 25 years ago. His name is to be remembered this week at a 50th anniversary gala in Balboa Park.
Are incentives closing the deal?
Incentives always sounds good in any kind of sales transaction of a Downtown San Diego Condo or Loft. It doesn’t matter if the home is big or small. Do these incentives close deals? They might…or are they only little bits to sweeten the deal and get leverage on a buyer?
Cruise season starting in Downtown San Diego
If you been over to the waterfront in the Columbia District the last couple of days…you must have seen the three big cruise ships laying by the pier. The Port of San Diego welcomed the ships with a short ceremony.
There is a certain negative context to this Headline
about the development and Construction of the New Downtown San Diego Central Library located in the East Village. However, the information given is quite good: Expectations for private Donors are positive (especially with potential Library Naming rights up for grabs), Construction is at a 45% completion rate, currently $3 million under budget, and on target for an ontime completion date of July 2013.
For anyone interested in keeping up with the debate and
developments of a new Dowtown San Diego Chargers Stadium, this article is a must read. Chargers express their motivation to the Union Tribue this week to combine the plans for a new East Village Stadium with the current plans to improve and expand the current Downtown San Diego Convention Center Space.
Mortgage Fraud Skyhigh
The number of people that have been misrepresenting themselves in order to gain real estate has increased considerably. A wide number of reasons is the cause of this; from people saying they make more than they do, to stealing others social security numbers to put on loan
Fist time buyers looking for Downtown San Diego Condos and Lofts are getting turned off by the short sale approach. Buyers are saying that the big discounts in the sales price aren’t an even trade off for the long wait they have to endure for the short sale process to take place. Sometimes buying a short sale property can be a funny game to play, some go through fast and some go through very slow.
With the number of short sales and foreclosures still on the rise, real estate professionals have some precautions to take. Downtown San Diego has seen a lot of these types of transactions lately and some looks like great deals while others have hidden legal clauses that don’t always get noticed.
Should you refinance your mortgage?
Home loan rates in the U.S. have fallen to historically low rates and may even drop further down. Question is…should you refinance your mortgage?
The newest threat to home prices
The debate about how to address the nation’s escalating national debt has dominated the conversation in Washington lately. What isn’t getting much attention but should is a looming event that could have major consequences not only for your home’s value but also for the overall economic recovery.
Convention uses could be included in new stadium instead of in a convention center expansion in Downtown San Diego.
The newest threat to home prices
The debate about how to address the nation’s escalating national debt has dominated the conversation in Washington lately. What isn’t getting much attention but should is a looming event that could have major consequences not only for your home’s value but also for the overall economic recovery.
Low interest rates have spurred many homeowners to refinance. And each time, title firms cash in. Although the fees seem unfairly high, regulators have done little about an industry dominated in California by just four companies.
San Diego housing market August
See housing prices for August for Downtown San Diego.
When will home prices raise back up?
The American housing market is still down and the economists expect are expecting prices to fall another 5 to 10% in many places including Downtown San Diego.
Many home owners hampered by high interest rates
22.5% of all residential properties with a mortgage were in a negative equity position at the end of the second quarter 2011. This is a total of 10.9 million homes.
Housing policy experts testified Tuesday on whether a government guarantee is necessary to keep the mortgage market afloat. It’s an ongoing conversation on the future of the mortgage entities Fannie Mae and Freddie Mac.
Will push to maintain mortgage caps bear fruit?
Time is running out for Congress to decide whether to block a scheduled drop in the maximum size of government-backed mortgages, and some House lawmakers are calling for quick action.
Obama pledges to work on broad refinancing
President Obama said Thursday that his administration would work with federal housing agencies to help people refinance at lower interest rates.
The value of taxable property in California has increased after two straight years of drops, the state Board of Equalization said this week.
Online real estate valuation and search company Zillow has calculated the 10 U.S. metro areas that have experienced the largest gains in home values over the past five years, based on the company’s home-value estimates and its Zillow Home Value Index, which is generated from those value estimates.
The White House issued a new assessment that predicted continued high unemployment through 2012. The jobless rate is expected to end this year at 9.1 percent and average 9 percent next year. On the bright side, a double-dip recession isn’t predicted.
New plan would create a park like space bridging the blocks between Petco Park, the proposed stadium site in the East Village/Ballpark District and the San Diego Convention Center
San Diego real estate hot areas
Are you wondering what parts of San Diego had prices and sales increases or where they stayed stabled or declined? Check this out…
Appraisers can’t comp distressed properties
New rules where appraisers will not be able to use distressed properties as comps have occurred in four different states. California has been excluded for now.
Freddie Mac: Mortgage rates are low
30 year fixed rate mortgage had the same average this week as last week with 4.22 percent. Two weeks ago…it was at a record low with 4.15 percent.
San Diego home prices still 5.3 percent lower than levels seen in June 2010.
Number of short sales on the rise
Short sales in California are on the rise and are increasing in percentage of home sales in many states. This year, California short sales made up 25% of home sales in the 2nd quarter, up from 18% in the 2nd quarter last year. This has stayed true for Downtown San Diego
Condo and Loft sales as well. We have seen, and continue to see more and more short sales coming into the Downtown San Diego market.
Downtown San Diego attracts so many people for its special events such as Mardi Gras, games at Petco Park and Shamrock. They say that San Diego is a starting point for helping cities into the new, post-recession economy.
The key issue for investors in mortgage backed securities are the capacity of banks to handle refinancings as these returns are now among the most sensitive ever.
Five year hybrid adjustable loans, which have a fixed rate for the first five years, were being offered at initial rates averaging 3.07 percent this week, Freddie Mac said in a report Thursday, down a touch from the previous record of 3.08 percent. The borrowers would have paid 0.5 percent of the loan amount to lenders in upfront fees.
Downtown San Diego is a desired place to own a Condo or Loft and a lot of buyers are now buying their second and some even a third home here. The Mark located in the East Village/Ballpark District of Downtown San Diego has been a target for some of these buyers. The Mark, a 33 story highrise offers condos for all buyers in all price ranges from the $300s up to the 3 million price point.
Freddie Mac recently began reaching out to real estate associations and fielded more calls on a rising rate of fraudulent short sales
See which areas in San Diego had the highest concentration of distress last month.
San Diego Mayor Jerry Sanders visited Denver on Friday on the last leg of a three-city U.S. tour of sports venues and downtown entertainment zones designed to drum up ideas and interest for a new Chargers stadium.
Expect a slow housing rebound
President Barack Obama on Wednesday said he expects the housing market will slowly rebound over the next two years as the overall economy heals from the recession. President Obama, speaking at a town-hall event in Illinois, said “it will probably take this year and next year for us to see a slow appreciation again in the housing market.” He said his administration has been pushing banks to modify loans for people who are having trouble paying their mortgages.
Home prices up in 35 of 92 ZIP codes
MARKET UPDATE: Did they go up in your neighborhood? Check our list, based on real estate information from DataQuick.
In his strongest show of support yet for building the Chargers a new football stadium, San Diego Mayor Jerry Sanders and three advisers will leave Wednesday for a three-day nationwide tour of downtown sports and entertainment districts to get ideas for what might work locally in Downtown San Diego.
Meet San Diego’s Mr. Credit
Every week The San Diego Union-Tribune features someone or a topic related to residential real estate. This week, we feature Derrick Evens.
Foreclosures fall for 10th straight month
Foreclosure filings were down 4 percent compared with June and were 35 percent lower than July 2010, marking the tenth straight month of year-over-year declines, according to RealtyTrac.
Mortgage rates hit 2011 low
The 30-year fixed rate is now at 4.14 percent, the lowest it’s been all year, the real estate website says.
Reaction to Fannie, Freddie Downgrade
Here’s a compilation of tweets and stories from around the U.S. on Standard & Poor’s decision to downgrade Fannie Mae and Freddie Mac on Monday.
Home ownership hits lowest level since 1965
Last Friday, the Census Bureau reported that the percentage of people who owned a home had dropped to 65.9% during the second quarter, its lowest level since the first quarter of 1998 and a far cry from the high of 69.2% reached in late 2004.
Every week The San Diego Union Tribune features someone or a topic related to residential real estate. This week, we feature Richard Green, director and chair of the USC Lusk Center for Real Estate.
San Diegans take the short-sale gamble
The San Diego Union Tribune gives you the ins and outs of transactions in which borrowers owe more on their mortgages than their homes are worth but the lender agrees to a discounted payoff.
Assessor, tax collector’s office has new hours
County residents now have one more hours to file and retrieve key documents.
San Diego Union Tribune real estate on the radio
Catch U-T reporter Lily Leung on the radio waves Friday to hear her talk real estate with a San Diego County personal-finance guru.
See what The San Diego Union Tribune’s readers said about the potential hike in mortgage rates if the country’s credit rating is downgraded.
Bank of America has joined a growing list of servicers in a statewide program willing to lower the loan balances of certain customers.
See what readers said about the potential hike in mortgage rates if the country’s credit rating is downgraded.
Would consumers pay more to own a home, if the U.S. government’s credit rating were to be downgraded?
Short sales are among the most arduous real estate transactions, often taking six months or more to close — if they get done at all.
Home prices in May down 6.3 percent
Home prices nationwide fell 6.3 percent in May from a year earlier as foreclosures weighed down values and purchases slumped, the Federal Housing Finance Agency said.
Mortgage rates holding steady
Rates on 30-year fixed mortgages averaged 4.52 percent this week compared with 4.51 percent the week prior, Freddie Mac reported.
June foreclosure activity
Foreclosures and notices of default recorded in San Diego County.
The Union-Tribune’s Top 10 lists of neighborhoods in San Diego County with the highest rates of foreclosures and mortgage defaults per 1,000 homes.
Gov. Jerry Brown signed a bill into law that ensures any lender can’t go after a homeowner for deficiencies after a short sale has closed.
June home prices, sales for San Diego
Here’s a visualization of home prices and sales for June in San Diego 2011.
New credit score disclosure rules issued by the Federal Reserve Board on July 6 require lenders to supply potential borrowers with their scores if they are denied credit or offered less favorable terms because of those scores. Starting on July 21, applicants denied for credit cards, student loans and auto loans will see their scores.
Foreclosures plunge in first half of 2011
Foreclosure filings plunged 29 percent compared with the same period a year ago and were down 25 percent from the last six months of 2010, according to the latest report from RealtyTrac.
Here’s a regional breakdown using DataQuick numbers for June.
Investors to the rescue of housing market
Real estate investors will outnumber traditional borrowers 3 to 1 during the next two years, according to a new survey by Move Inc., helping clear millions of repossessed properties from banks’ books and pave the way for a recovery.
Members of the public interested in helping influence the design of a planned expansion of the San Diego Convention Center are invited to meetings that will be held next week.
The Obama administration announced yesterday an extended forbearance program that allows unemployed homeowners with FHA mortgages who are enrolled in the Making Home Affordable program to miss up to one year of mortgage payments before the foreclosure process begins.
How to appeal your property-tax assessment
If you’re a property owner in San Diego County and don’t agree with your tax assessment, you can fight it. Here’s how.
San Diego recovery might not come till 2017
Limited capital sources, inflation fears point to a slow recovery from the recession, Apartment Association says.
Mortgage rates trending higher
30 year fixed rate loans averaged 4.6 percent this week, up from 4.51 percent a week earlier, Freddie Mac reported Thursday.
City redevelopment could lose $70 million
Forty percent cut this year likely means delays in neighborhood improvements, jeopardizes larger projects, like Chargers stadium and the San Diego Convention Center Expansion.
Big banks easing terms on loans deemed as risks
Two of the nation’s biggest lenders, JPMorgan Chase and Bank of America, are quietly modifying loans for tens of thousands of borrowers who have not asked for help but whom the banks deem to be at special risk.
Fourth of July events and fireworks in San Diego
Grilling burgers and spending all day at the beach are fine holiday activities, but nothing says Fourth of July like a grand display of fireworks.
Rates on 30-year mortgages edging up
Freddie Mac’s weekly survey of what lenders are offering to A-credit borrowers, compiled Monday through midday Wednesday, pegged the typical rate for a 30-year fixed-rate home loan at 4.51 percent. That compared with 4.50 percent, 4.50 percent. and 4.49 percent in the three prior quarters. The 30-year rate had risen above 5% in February during a period of improving economic news.
Student projects from the NewSchool of Architecture and Design could inspire real-world work.
San Diego tops list for working from home
Among workers in the San Diego metro area, 4.2 percent work from home, making the region the highest ranking metro area for teleworkers across the country.
Home prices rise, snapping 8-month drop streak
According to the S&P/Case Shiller 20-city index, prices rose 0.7% compared with March, although they fell 0.1% when adjusted for the strong spring selling season. Prices were down 4% year-over-year.
Mortgage rates are little changed
Mortgage rates changed little for a second straight week, according to the latest survey from Freddie Mac.
With the conforming loan limits expected to drop in October, the California Association of Realtors warned of the impending harm to homeowners, while the only private-label securitizer left notified investors of more opportunities.
5 things to know about mortgage fraud
Five on Friday: Every week Union Tibune reporter Lily Leung features someone or a topic related to residential real estate in San Diego and beyond. This week, she shares insights from an expert panel at the San Diego Association of Realtors Expo.
Median time on market up in San Diego County
Realtor.com released its May report on the median age of inventory for San Diego County and 145 other markets in the U.S.
New home sales fall
Sales of new homes fell 2.1% in May, after rising for two months in a row, as the housing market continues to struggle.
Existing home sales drop 3.8 percent
Sales of existing homes fell 3.8% to a seasonally adjusted annual rate of 4.81 million, down from a revised rate of 5 million in April, the NATIONAL ASSOCIATION OF REALTORS reported Tuesday.
Analyst: Rents to rise 4.5 percent for years
A new forecast projects rents will increase 4.5 percent annually on average through 2015. The report, by John Burns Real Estate Consulting, notes that “Wall Street and pension fund consensus, at least for apartments in good locations in coastal cities, seems to be that 25 percent-plus rent growth over the next three years can easily occur.”
Three options for the $8.5 million plan, due for city approval later this year, will be presented to the public Tuesday. The choices all include an amphitheater, kiosks, unique 30- to 40-foot lighting features resembling Mexican luminarias, and a water feature.
Mortgage rates leveled off this week, according to a Freddie Mac survey that found lenders were offering 30-year fixed-rate loans to well-qualified borrowers at an average 4.50 percent compared with 4.49 percent last week and rates in the 4.2 percent range for a couple of months last fall.
Foreclosures fall for 8th straight month
In May, foreclosure filings fell 33 percent from a year earlier and 2 percent month-over-month, according to RealtyTrac. The number of homes that were repossessed in May also declined to 66,879, down 3.8 percent from April and 29 percent year-over-year.
The Legislature approved two bills Wednesday potentially ending redevelopment efforts in San Diego and throughout the state.
Quote of the day: Fannie Mae incentives
By encouraging homebuyers who will make these properties their long-term home, these expanded incentives will help to stabilize communities.
More homeowners in the state are expected to be helped with the addition of 13 more servicers to a state program that’s expected to help 100,000 people.
3 banks lose loan mod incentives
The Obama administration has punished three of the nation’s largest banks, judging them unworthy of receiving financial incentives through its signature foreclosure relief program until they improve their practices.
Consumer borrowing is so rampant in America that most people who took out a mortgage last year to buy a home ended up spending more than a third of their income to pay that loan and other debts.
Now, a federal proposal would target these borrowers by making it tougher for them to get the cheapest mortgages. The initiative is part of a broader measure that aims to prevent another foreclosure crisis and could confront borrowers who do not meet certain conditions with higher interest rates and fees.
Mortgage rates down, again
Every day, the San Diego Union Tribune will bring you an interesting quote from someone in the housing industry.
The last steel beam in the frame of the $1 billion “Green Build” addition to San Diego International Airport was lifted into place this morning, lifted easily into the sky by a 250-foot crane as if it were from a child’s Erector set.
First action due on Balboa Park changes
Plaza de Panama Committee seeks agreement with city clearing out cars, building bypass.
Harvard researchers say the housing market is still mired by foreclosures and hurdles keeping people from owning. But two key demographics may influence a recovery.
Downtown San Diego poised for housing revival
Rising demand and more capital are fueling revival of downtown San Diego’s housing market.
The selection Thursday of a “noninvasive” palm type to grace the downtown waterfront completed the final design detail before construction can proceed on the $29.6 million first-phase makeover of San Diego’s proverbial “front door.”
Mortgage rates keep dropping, Freddie Mac says
See the economic factors involved in this week’s decrease in average rates.
New central library – 290 days after ground breaking in the East Village/Ballpark District in Downtown San Diego.
Home prices keep falling in San Diego
Experts point to the lack of a homebuyers’ tax credit this year and tight lending rules that are keeping consumers out of the market.
Lenders to pay $22M for foreclosures on military
BAC Home Loans Servicing LP once known as Countrywide Home Loans Servicing LP and now a unit of Bank of Americaand Saxon Mortgage Services Inc., a unit of Morgan Stanley have agreed to pay more than $22 million to settle allegations that they improperly foreclosed on active-duty military without court orders, the Justice Department announced Thursday.
What’s in and out in San Diego home remodeling
For those who have the financing, homeowners are exploring smaller and cheaper improvements, adding “green” upgrades and changing interiors to “age” in place.
County gives final approval to waterfront park
The County Administration Center parking lots in the Columbia District in Downtown San Diego will be turned into 8 acres of parkland, including this shallow wading pool. Completion is projected for the summer of 2013.
New home sales up for 2nd straight month
The Census Bureau reported an annual sales rate of 323,000 new homes last month. That was up 7.3 percent from a revised rate of 301,000 in March.
Slight drop in strategic defaults unlikely to last as more people do the math, see they can’t recover and make a business decision to walk away from their mortgage, even if it ruins their credit.
Home loans should make sense to consumers
In place of the weekly Five on Friday housing Q&A, this week the San Diego Union Tribune have a submission from a banking executive weighing in on a mortgage-disclosure form that many find confusing and is often ignored.
The economy will likely improve at a slow, limited pace, according to the Federal Reserve committee in its last meeting.
Mortgage delinquencies level off
In a report Thursday, the Mortgage Bankers Association said 8.32 percent of homeowners with mortgages had missed at least one payment, up from 8.25 percent in the fourth quarter of 2010. Michael Fratantoni, an economist at the Mortgage Bankers Assn., described the change as more of a “leveling off” than a significant statistical change.
Foreclosures and defaults continue to fall
Where’s that supposed second wave of distressed properties that experts referenced at the start of the year? A couple experts weigh in.
Financing provided by home sellers, popular in the 1980s when mortgage rates reached 18 percent, is making a comeback in markets such as Michigan that have been hit hard by foreclosures and where tightening lending standards and years of economic distress have drained the pool of creditworthy buyers. For a small but growing number of people, it’s the only way to get a deal done.
Do San Diegans still believe in home ownership?
The dream of homeownership is still alive in today’s tough economy…says San Diego & Downtown San Diego residents.
The ins and outs of short sales
Every week the San Diego Union Tribune reporter Lily Leung features someone related to residential real estate in San Diego, California and beyond. Five questions, five answers. This week they have an agent discussing the basics of short sales.
San Diego home prices take a slight dip in April
DataQuick Information Systems released its monthly figures on home prices and sales in San Diego County and throughout Southern California.
Google wants consumers to be able to control devices and appliances in their homes with their Android devices, which would basically function like a universal remote.
Bank of America plans to triple the number of its assistance offices for homeowners in trouble on their mortgages, including adding seven of the new outreach centers in California.
Tell us, is the American Dream dead?
Americans traditionally see owning their own home as a sign of success. But with the collapse of the housing market, attitudes may be changing. What do you think of the future of homeownership in San Diego County incl. Downtown San Diego?
What to know about homeowners’ insurance
Every week the San Diego Union Tribune’s reporter Lily Leung features someone related to residential real estate in Downtown San Diego, San Diego, California and beyond. Five questions, five answers. This week they have a San Diego expert on homeowners’ insurance.
Mortgages fall to 2011 low throughout U.S.
Are investors antsy about the global economy, in light of Osama bin Laden’s death and other developments in the Middle East?
Mortgage rates drift lower, Freddie Mac says
A Freddie Mac report on Thursday said the lenders it surveys were offering 30-year fixed-rate mortgages at an average rate of 4.71% early this week, compared with 4.78% the week before.
Quiz: Homebuyers lack mortgage know-how
INTERACTIVE: See how you measure against those who took Zillow’s recent survey on home-loan basics.
San Diego’s home market, 1st quarter 2011
Experts at University of San Diego’s real estate center breaks it down for us in their quarterly report, released last week.
The NATIONAL ASSOCIATION OF REALTORS next month will consider revising rules governing multiple listing services in order to explicitly permit brokers or agents to display Internet Data Exchange (IDX) listings on social networking sites and mobile devices.
California’s real estate commissioner quits
The position, appointed by the governor, is still unfilled.
S&P index: Feb. home prices drop in San Diego
Still, it appears the local region is doing better than half of the areas surveyed in the monthly measure of home prices in the U.S.
Mortgage denied: Sometimes, for no good reason
It’s tougher than ever to get a loan, but are banks playing it too safe?
A growing body of research shows that the so-called “strategic defaulters” defy the tell-tale characteristics of most people whose loans go bad. They pay their bills on time, rarely exceed their credit-card limits, and hardly use retail credit cards, according to a study released Thursday by FICO.
Residents bummed about California dream
Less than half of California residents 46 percent think the California dream is still alive, even though most of them believe they will be better off financially in a year, according to the quarterly Citi California Pulse Survey released today.
U.S. mortgage rates fall amid economic concerns
Companies, including Freddie Mac, say mortgage rates across the U.S. fell this week in light of several economic factors, including weak home sales and starts, rising oil prices and overall nervousness about the economy.
Forecast for Fed: No change
Next week, leaders of the Federal Reserve will spend two days behind closed doors discussing the economy, to be capped off with Chairman Ben S. Bernanke’s first quarterly news conference. The likely result is that nothing will change, and the Fed is committed to keeping its interest rate target near zero, where it has been for more than two years.
New rules from the federal government has changed how mortgage brokers and loan officers are being paid. Experts weigh in on how the change could affect consumers.
In a partial settlement addressing so-called “robo-signing” foreclosure practices, the nation’s largest loan servicers have agreed to hire outside consultants to review foreclosures initiated in 2009 and 2010, and to compensate homeowners who should not have been foreclosed on.
Mortgage rates continue to edge higher
The average rate for 30-year loans rose to 4.91 percent this week, up from 4.87 percent last week and 5.07 percent a year ago, Freddie Mac reported Thursday.
Embarcadero plan OK’d by Coastal Commission
The nearly $30 million project, which is the first phase of the long debated North Embarcadero Visionary Plan, could get underway by the end of this year, with completion expected by mid-2013.
Foreclosures off 30 percent this year
The number of foreclosure notices filed during the first three months of 2011 fell 27 percent compared with the first quarter of 2010, according to a report from RealtyTrac released Thursday.
See who else is now covered in four state-administered programs that aim to help struggling homebuyers stay in their homes.
More than 80 percent of U.S. adults surveyed by the Pew Research Center say buying a home is the best long-term investment.
Housing market unlikely to face double dip
Housing prices are not in another free fall and are unlikely to face a double dip, according to a chairman at the Price Index Committee, which is responsible for the Standard & Poor’s Case-Shiller Home Price Index.
A rebound in mortgage rates from last year’s near -record low has reduced consumer demand for home loans and refinancings, leading Wells Fargo & Co. to join other industry stalwarts in laying off loan processors and related workers.
Budget impasse threatens FHA lending
The budget deadlock and looming shutdown of the federal government wouldn’t affect Fannie Mae and Freddie Mac, but it could put the brakes on FHA and other government-backed loan guarantee programs
Reminder: It’s time to pay your property tax
April 11 is the due date for the second installment payment.
Federal shutdown would hit California hard
A looming government shutdown could stall tax refunds, close national parks and museums, and put tens of thousands of Californians temporarily out of work.
See how San Diego County ranks among 20 major metros in percentage of home loans that were FHA in February.
Interactive spreadsheet: Foreclosure and mortgage default figures for San Diego County. You can filter and sort by neighborhood and ZIP code.
How was the distressed market in February?
DataQuick Information Systems releases foreclosure and mortgage default numbers for February. See what the figures could mean for San Diego County.
30-year fixed-rate mortgages inch up
Rates on 30 year, fixed mortgages averaged 4.86 percent this week, an increase compared with last week, Freddie Mac reported.
Legislator wants to bill banks for foreclosures
See what state lawmakers are proposing to change in the housing sector. The U-T is covering issues that include landlord-tenants’ rights, homebuilding and foreclosures.
What’s making San Diego County rents go up?
Find out the average rate in the San Diego region including Downtown San Diego now and where it may go in the next five years.
The hotel investment company has reached an agreement to acquire a majority stake in the waterfront hotel in Downtown San Diego.
A San Diego developer has agreed to pay $10 million in a settlement with Downtown San Diego condo owners who say faulty bathroom construction led to water leaks that affected the entire project. The complaint was filed four years ago.
How to avoid loan modification schemers
The California Department of Real Estate, which oversees real estate licensing, occasionally puts out alerts to help consumers avert mortgage fraudsters.
See how San Diego County fared in Realtor.com’s monthly search rankings and photos of some of the top searches in the county.
Finance site Mint.com now offering mortgage tool
The website, which allows consumers to track their finances, now lets people find home loan deals tailored to their needs. The tool allows you to find loans by ZIP code.
U.S. new home sales hit historic low
The previous trough for new home sales was an annual pace of 274,000 in August 2010. February’s pace 250,000.
Defining subprime: easier said than done
The Securities and Exchange Commission is investigating whether Fannie Mae and Freddie Mac’s disclosures to investors of subprime and other risky mortgages may have misled investors about their decisions to take on more risk.
Home resales fall 9.6 percent in February
The NATIONAL ASSOCIATION OF REALTORS on Monday said sales of existing homes declined to an annual rate of 4.88 million units from an upwardly revised 5.4 million units in January.
The National Association of Realtors in its monthly report said existing sales throughout the U.S. fell in February, with cash sales making up about one-third of transactions.
SEC moves to charge Fannie, Freddie execs
The Securities and Exchange Commission is moving toward charging former and current Fannie Mae and Freddie Mac executives with violations related to the financial crisis, setting up a clash with the housing regulator that oversees the companies, according to sources familiar with the matter.
A world without Fannie Mae and Freddie Mac
Michael Lea, director of San Diego State University’s Corky McMillin Center for Real Estate, gives his views of the federal proposals to phase-out Fannie Mae and Freddie Mac.
Rates for both 30-year and 15-year fixed loans fell across the U.S. this week, according to Freddie Mac’s weekly survey.
About 55 percent of February resales in San Diego County were either foreclosures and short sales that took several months to close.
New banking programs that will help military homeowners are expected to have a greater impact on San Diego County than most U.S. areas, given the region’s big military presence.
Foreclosure activity drops sharply nationwide
Filings fell 14% from January and 27% from a year earlier, according to RealtyTrac. The decline is attributed to a major overhaul of the process and court challenges by homeowners.
A new forecast projects that California’s labor market recovery could take even longer than previously thought, and the state’s unemployment rate will remain in double digits until early 2013, according to UCLA economists.
Short sales are rife with issues
A survey of more than 2,000 members of the California Association Realtors shows high dissatisfaction with the short sale process. Issues include burdensome requirements, long delays and lack of communication.
Bank regulators push for principal write-downs
The nation’s biggest mortgage services received a proposal from state attorneys general and federal regulators last week that outlines formulas they would be required to use when considering borrowers for loan modifications. If accepted by lenders, the formulas would force them to offer more borrowers principal write downs.
FHA powers what’s left of the home market
As the government moves to reform the mortgage market, the Federal Housing Administration is heading for some changes that could limit borrowers’ access to the loans, or at least make them more expensive.
Mortgage basics: What you need to buy, refinance
The San Diego Union Tribune talked to mortgage experts for a consumers guide on the ins and outs of financing and refinancing in today’s real estate market.
Fannie Mae CEO discusses future of lending
Fannie Mae’s president and CEO discusses the future of the mortgage-lending market and housing trends at the University of San Diego’s annual real estate conference at the Hilton San Diego Bayfront.
Interactive spreadsheet: This is the first time the Union-Tribune has presented San Diego County foreclosure and mortgage default numbers in this format.
San Diego foreclosures up 34% in January
More San Diego County homes were foreclosed on in January than in December, according to figures from DataQuick Information Systems.
San Diego home prices up 1.7% year-over-year
Economic experts said San Diego and some parts of California are faring better than other U.S. areas in terms of rebounding from their record lows.
The San Diego Convention Center in Downtown San Diego: If we expand, will more people come?
Analysts predict an expanded center will bring hundreds of thousands more conventioneers each year, but San Diego will face increased competition as other Western cities also look at enlarging their centers.
The Thomas Jefferson School of Law, which finished its move to downtown San Diego in January, is now offering its students housing one block from campus. A Seattle based firm leased the 172-unit building to school officials.
Mortgages in foreclosure process hit record
About 4.63 percent of loans were in foreclosure in the fourth quarter, up from 4.39 percent in the previous three months, the Mortgage Bankers Association said in a report Thursday. The combined share of foreclosures and loans with overdue payments was 14 percent, or about one in every seven mortgages.
Freddie Mac: U.S. mortgage rates down this week
Rates for both long-term and short-term home loans dropped from last week, according to a weekly survey by Freddie Mac.
Search your ZIP: San Diego housing data
The San Diego Union Tribune have the January 2011 figures, which are searchable by ZIP code, region and neighborhood name.
Other factors that may have caused the drops in median price and sales included larger shares of distressed homes, reluctant consumers and more low end homes.
The money, administered through the California Housing Finance Agency, comes from the U.S. Treasury Department’s Hardest Hit Fund, which helps states most devastated by the nationwide housing crisis.
Mortgage rates break 5 percent
Rates for a 30 year, fixed rate mortgage averaged 5.05 percent during the week ending Feb. 11, according to Freddie Mac’s Primary Mortgage Market Survey.
Freddie Mac officials on Thursday said the average rate jump in 30-year fixed mortgage rates is due to an increases in long-term bond yields that “placed upward pressure on mortgage rates this week.”
More than 60 percent of first time homebuyers in San Diego County were able to afford entry-level homes last quarter, according to an index released by the California Association of Realtors. That’s three times more than the level seen in 2006, when affordability fell to its lowest point.
30 percent of mortgages are underwater
Home prices dropped 2.6 percent nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com. Now, 27 percent of homeowners with mortgages owe more than their homes are worth. That’s up from 23.2 percent a quarter earlier.
Cash buyers lift housing
Buyers in markets around the U.S. are snapping up homes in all cash deals, betting that prices are at or near bottom and breathing life into some of the nation’s most battered housing markets.
The San Diego Apartment Association has instead contracted with the National Apartment Association and hired two well-known housing lobbyists to represent the group in the California Legislature. The local apartment association also is beefing up its legislative presence by forming an alliance with several other rental associations in Southern California.
The Obama administration is likely to recommend reducing the size of mortgages eligible for government backing, according to current and former officials, a move that could make getting a home loan in high-priced areas.
The Union Tribune’s weekly look back, look ahead
Here are real estate highlights from the past week and some things to expect this week locally, regionally and nationwide.
The California Attorney General’s Office has established a statewide foreclosure-relief fund with settlement money from former Countrywide executives.
San Diegans, see how median prices and sales changed from 2009 to 2010. The data is broken down by neighborhood, ZIP code and home type.
Rep. Darrell Issa, of Vista, and two other leading representatives want to eliminate the Obama administration’s foreclosure-prevention program, calling it a “failed government program.” Issa fields questions from the Union Tribune on the proposal.
San Diego in top 5 home markets in 2011
San Diego is among three California cities that Forbes Magazine expects will see the most increases in home values in 2011.
The Union-Tribun’s weekly look back, look ahead
Here are real estate highlights from the past week and some things to expect this week locally, regionally and nationwide.
Map: How San Diego housing fared in 2010
The Union Tribune looks at 2010′s home price and home sales figures for San Diego County. They break out a few key areas by ZIP code.
RealtyTrac says the San Diego region in 2010 saw the third largest drop in foreclosures, behind Washington D.C. and the Riverside region, in Southern California.
San Diego home prices hold steady in S&P index
San Diego was the only major metro area in the U.S. to post a monthly gain in the S&P/Case Shiller Home Price Index, a leading measure of U.S. home prices released on Tuesday.
West leads December jump in new home sales
The West showed the biggest increase in such sales last month, says a monthly report from the U.S. Census Bureau and the Department of Housing and Urban Development.
Foreclosures and defaults fell in San Diego county and across the state. But experts wonder if it’s due to less financial distress or shifts in lending policies.
As foreclosures rise, so do lawsuits
Despite federal loan modification programs and a wave of government investigations and homeowner lawsuits, banks foreclosed on a record number of homes last year and seem poised to seize even more this year. But in places like San Diego County, which was one of the first areas to experience the real estate collapse, the foreclosure rate appears to be slowing.
Trulia on Monday reported that it’s cheaper to buy than to rent in nearly three-quarters of the 50 largest cities in the country, with Miami, Las Vegas and Arlington, Texas, leading the list. New York, Seattle and Kansas City, Mo., topped the list of cities where renting makes more sense.
Where did San Diego land? A little past the middle, at No. 32.
Freddie Mac: Mortgage rates mixed this week
The average 30-year fixed rate rose to 4.74 percent from 4.71 last week, while the 15-year fixed rate slipped to 4.05 percent from 4.08 percent last week.
U.S. housing starts slowed sharply in December
Groundbreaking on new homes fell more than expected in December to its lowest in over a year, suggesting the battered housing sector remained a roadblock to a recovery.
Housing starts in the United States dropped to an annual rate of 529,000 units, the Commerce Department said on Wednesday, down from November’s 553,000 and well below forecasts of about 550,000 in a Reuters poll. At current levels, starts account for less than a quarter of their boom-time peaks.
Home prices in Southern California increased slightly while home sales rose more than normal in December from November, DataQuick Information Systems reported on Tuesday.
San Diego County’s housing prices ended 2010 about where they began a year ago after peaking in the spring, DataQuick Information Systems reported Monday.
The Port of San Diego is kicking off a campaign to encourage its waterfront tenants to go green.
The Port of San Diego’s Green Business Challenge will be officially launched at a breakfast on Thursday, January 20, 2011 at the Sheraton San Diego Hotel and Marina on Harbor Island. The breakfast will be from 7:30 to 9:30 a.m. in the Fairbanks Ballroom in the hotel’s Bay Tower, located at 1380 Harbor Island Drive, San Diego (map).
Robo-signing impact varies in West
Foreclosure activity in December varied in five Western states tracked by ForeclosureRadar – perhaps because loan servicers are faced with different laws in each state as they work to put robo-signing issues behind them, the company said. ForeclosureRadar, which tracks homes through each stage of the foreclosure process, said foreclosure starts declined during December in Arizona, California and Washington, were flat in Nevada, and increased in Oregon.
California led the nation with 546,669 foreclosure properties as a record 2.9 million U.S. properties received foreclosure filings in 2010, according to a report released by RealtyTrac. The record-breaking figure comes despite a slowdown in the fourth quarter fueled by the suspension of foreclosure proceedings by several major lenders.
Short-sales market has legs
The short-sale market is not dying down anytime soon, and if real estate professionals hope to delve into that niche, they should educate themselves thoroughly. That was the message from two short-sale specialists who spoke at Real Estate Connect Thursday.
The pace of foreclosures has slowed since revelations that thousands of foreclosure documents may have been improperly prepared, but for all 2010, almost 2.9 million U.S. properties received foreclosure filings, a record high, and up 2% from 2009.
Jumbo mortgages: Price difference shrinking
If you’re considering taking out a jumbo mortgage, now may be a good time to get the loan. According to data released last week from LendingTree, the difference in price between a conforming 30-year fixed mortgage and a jumbo mortgage for a higher amount was recently at around 60 basis points.(A basis point is one one-hundreth of a percentage point.)
Can a housing market simultaneously be the most undervalued in the nation and one of the worst housing buys? Nationally, the great majority of housing markets are now fairly valued, according to Local Market Monitor. Eight markets are overpriced, and 15 are underpriced. That contrasts with the boom years: In mid-2006, 37 of the biggest markets were overpriced, six under and 57 fairly valued.
Freddie Mac: Mortgage rates fall this week
Real estate experts in San Diego said they aren’t concerned about this week’s decrease, saying it’s just part of the market flow.
Union Tribune week in review
The Union Tribune looks at top stories in real estate over the week.
Homebuyer tax credit: How to claim it
The first-time homebuyer tax credit encouraged many buyers to take the leap in 2010. Though the deadline to close on a qualifying home purchase was Sept. 30, 2010, those buyers who did qualify now have to figure out how to collect.
Dont overlook tax break of mortgage points
If you have ever taken out a mortgage, you probably already know of the tax advantage provided by deducting y