Interest Rates Fall as Foreclosures Rise
San Diego Real Estate Blog
Interest Rates have dropped to the lowest rates since January of this year. The average rate on a 30 Year Fixed Loan has dropped to 5.53%. In January of 2008 it was at 
5.48%. With low interest rates along with sharp discounts on housing prices this could be the right time to jump in and find a home for Christmas. This should be as big of a boom as when the market was climbing out of control but people are just concerned about where the market is going and where the economy is heading. The value of real estate is unprecedented in the San Diego area. Home prices have fallen to 2002 and below pricing in some areas of San Diego County. In Chula Vista, especially areas like EastLake which was voted best master planned community 10 years in a row is exceptional and a bargain right now. If you’ve ever wanted to live by the San Diego Beaches the San Diego Coastal areas are on their way to some great discounts in 2009.
In October 2008 there were 84,000 properties repossessed in the United States. More than 279,000 homes received some type of foreclosure related notice in October of 2008. By the end of the year it is expected that over 1,000,000 foreclosed homes will be on the market for sale in the United States. California is still in the top 10 of foreclosure states. These stats were from an MSNBC article on RealtyTrac data. With all the bailout legislation rolling out let’s hope that there is some help to keep people in their homes by new adjusted pricing and new more affordable loans.
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