I know it’s still 2009 November and it might be a little early for 2010 San Diego Real Estate Market predictions but I think I’ll give it a shot. 2010 in the San Diego Real Estate Market should show more foreclosures than we had in 2009. In 2009 many foreclosures were held off of the market due to the moratoriums. Now that many of the foreclosure moratoriums are lifted the banks are gearing up to get the REO’s off of their books. 2010 in San Diego and many parts of the country will be known as the year of the “Last of the Foreclosure Market”. There will be more foreclosures after 2010 into 2011, 2012 and 2013 but 2010 will be the last big year for foreclosures.
There will still be more short sales and some banks are moving faster on them. There’s lots of talk about the short sales being streamlined and moving through the system faster. In 2010 it might just be a lot of false hope in this area. I hope I’m wrong and we see the short sales as a whole (not just select banks) move through the system fast and to a sale but it might just be a lot of hype. Systems like REOTrans are setting up to do short sales but I’ll believe the push towards short sales over foreclosures by the banks when I see it.
For homebuyers in 2010 it should be a delight with more inventory coming into the San Diego Real Estate Market. In some price ranges like the lower end first time home buyer prices under $400,000 there still will be a fight with other buyers to get the homes. There are way too many buyers and investors in the under $400,000 range in many areas of San Diego County that will keep this price range in very short supply in 2010. The upper end in non-coastal areas will still slide a little lower in 2010. We’ll see how this worked out in 2011.
If you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.
I think “Making Home Affordable” the title and the name of the web site have it all wrong, it’s supposed to be “Buy a Home You Can Afford” but most things right now in the world are either upside down or just plain wrong.
I checked out the Obama led web site “Making Home Affordable”. The standard Homeowner’s HOPE Hotline mantra with the HOMES of HOPE 888-995-HOPE number in red to get you to call for urgent help. This government has hijacked the word HOPE from day one and probably won’t stop until they’ve moved on. Which is HOPEfully soon. Not that the next elected group of thugs and profiteers will do much better … I’d settle for doing nothing than the direction we’re heading now.
It was the HOPE of homeownership for many who should never have qualified for the loan that drew them into this burden that now is destroying their lives …. THE MORTGAGE PAYMENT. A HOPE fueled by GREED that lent money to anyone with a faint heartbeat with little regulation and little to no verification of the homeowner’s real ability to pay it back after the ARM would readjust. Lenders were making money hand over fist and could sell the note quickly on Wall Street to a sea of buyers, so why should they care to verify or tighten up on their lending practices. Now the banks and mortgage holders are losing money hand over fist as taxpayer’s bailout them out as well as our government and their buddies…… hand over fist.
The printing presses ($100 machines) are rolling at the Department of Treasury and the money going in every direction imaginable except to where it needs to go. The cost “PAYBACK” is left to our children and their children and so on….. while the baby boomers will have their nest eggs refilled with government pork, $4,500 car buying credit and free healthcare. WHOOOOPI. One of the saddest parts of this whole mess is putting the burden of this generation’s foul-ups on the children and their children. Well I guess they’re doing what they like to do, borrow and spend and expect someone else to pay or somehow get out of it. Their best answer is to pin it on the kids because they don’t have a voice, YET!
HOPE. I used to think HOPE was something like a wish, a dream that you wanted one day to be fulfilled, something in your life or in another’s life that would happen to bring joy into it. Now HOPE is a slogan, a word used by agenda pushers to play on people’s emotions and to get them to go in a specific direction. After all, who doesn’t want HOPE? Right?
Back to the web site …….
On the home page of this web site it asks
Are You Eligible? Please use the self-assessment tools provided on this websiteto see if you are among the 7 to 9 million homeowners who maybe able to benefit from Making Home Affordable.
Right below this is a “Find out if you are eligible” button.
The next web page will ask you to choose if you want to see if you are eligible for “Home Affordable Financing” or “Home Affordable Modification”. Select the one that best fits your desire.
Under “Home Affordable Financing” you have to answer YES to every question to be eligible. That means that you own a 1 -4 unit home, your loan is with Fannie Mae or Freddie Mac, your current on your mortgage payments and “the kicker”- you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house. Remember that last question asked about first mortgage only, not first and second. If you answered yes to all of these cross your fingers and toes and HOPE.
Under “Home Affordable Modification” you also have to answer YES to every question to be eligible. That means your home is your primary residence, the amount you owe on your first mortgage is equal to or less than $729,750, you’re having trouble paying your mortgage, you got your current mortgage before January 1, 2009, and your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues, if applicable) more than 31% of your current gross income? HOPEfully you can answer YES to all of the questions and then there’s HOPE.
I don’t want to give a sense of false HOPE to troubled homeowners so I want to be clear about this. Please try and use this web site to see if they can help you. From what I have seen in the San Diego area including Chula Vista is that most homeowners that purchased a home in the past 1-4 years can’t truly answer YES to all of the questions in either category. The ones that can are still only eligible for the Making Home Affordable program.
Most of the homes in many neighborhoods in San Diego County are short sales. This means that there was no loan refinancing or loan modification for the homeowner that allowed them to successfully stay in their home. If there was they would not be short selling the home, and many are short selling their homes and condos. Some truly just didn’t try, shame on them. Most are just way upside down in property value and can’t make the monthly payments since the ARM readjustment or loss of job.
Its simple math, let me show you;
Paid $800,000 for home … worth $500,000 – why do I want this home?
or
Monthly income $5,000…. house payment jumped to $4,900 – need to eat!
These short sale listings will either be sold short or be taken back by the bank through a foreclosure and end up on the market as a Bank Owned REO. I have spoken with many homeowners who just want to get out their homes or condos and just move on. They want to close that door in their lives and open the next one. The choice of keeping a home that has decreased in value 40% in 3 years and a monthly mortgage payment that is just not possible to pay is destroying families.
I have met many that have said “enough, I’ll take the credit hit and short sell my home or let the bank foreclose on it” and they have. I will always ask them if they contacted an attorney and a CPA to go over all of the ramifications of both. This is essential if the path of short sale or foreclosure is in any ones future.
I HOPE this review of the Making Home Affordable web site helps you.
CAR Revises San Diego Real Estate Sales Numbers Due to MLS Data Glitch
This blog post is in reference to an article in the Wall Street Journal by James R. Hagerty. The WSJ reported that:
“The California Association of Realtors expects to make sharp downward revisions in its recent monthly reports of soaring home sales in the San Diego area, Robert Kleinhenz, deputy chief economist of the trade group, said in an interview. The problem resulted from a glitch in data from a multiple-listing service in San Diego, Mr. Kleinhenz said. He said a change in computer systems used there resulted in incorrect data being sent to the Realtor association over the past year or so. Thomas Lawler, an independent economist in Leesburg, Va., who tracks home sales nationwide, raised questions about the San Diego data in a report last week. Mr. Lawler noted that the numbers reported by the Realtors vastly exceeded those from MDA DataQuick, a research firm in La Jolla, Calif., and other sources. The California Realtors have reported that San Diego sales in April were up about 63% from a year earlier. Mr. Kleinhenz said that is expected to be revised downward to a gain of about 20%. For May, the group reported an 89% increase in sales in San Diego; that will be slashed to about 6.5%, the economist said. As a result, he said, the state-wide sales gain for May — reported last week as 35% — also will be revised down, though it probably will remain above 30%, Mr. Kleinhenz said.”
I use the San Diego MLS as a Realtor in San Diego. There have been some changes to it over the past year and just recently. Fields have been added and things have been changed around. It took Listingbook quite a while to finally come into San Diego as a tool for agents and their buyers and sellers to view real estate for sale in the MLS. It has been frustrating for me as well because the IDX solution for my San Diego real estate web site has been changed several times because of the adjustments in the San Diego MLS. This has also made many of my search links invalid and error codes pop up when clients do searches with prior created links. It has forced me to remove the links. I also understand that the MLS not only in San Diego but other areas of the country change from time to time and will always have to be modified with new fields and updates. It is a part of technology and changing times.
The old adage “GIGO – Garbage In Garbage Out” – doesn’t apply either because it wasn’t “Garbage In” it was just “Garbage Out”. Because of the Changes in the MLS I can see how the sales calculations can be different from what they were in the past because of the added fields that are now in play. I’m glad the mistake was caught and I’m sure more caution will be used in the future when doing these calculations. It can also affect the Median Home Price data as well. If fields change and new categories are created someone with an understanding of all this needs to be overseeing the operation to make sure the reporting is correct. DataQuick got it right ….. Why not hire them.
The annual Realtors Conference and Expo will be held in my town, San Diego California. San Diego couldn’t have been a better choice for the 2009 Realtor Conference. Who wouldn’t want to come to San Diego anyway? Now Realtors in other parts of the country will truly understand why San Diego is America’s Finest City. And why real estate in San Diego is priceless. The event is being held at the San Diego Convention Center in Downtown San Diego from November 13 – 16. Some of the guest speakers are Condoleezza Rice, Sugar Ray Leonard and Reba McEntire. Our great city will be gracious to all Realtors throughout the country coming to San Diego to experience this great event and the finest city in America.
Info from Realtor.org about the San Diego Real Estate Event.
THE 2009 REALTORS® CONFERENCE & EXPO
Chart your winning course through today’s turbulent economy!
The 2009 REALTORS® Conference & Expo delivers money-making strategies to help you succeed.
Four days of intensive training from real-world speakers in top-rated sessions.
Substantive programs for everyone who makes their living in real estate – brokers, agents, commercial practitioners, property managers, international specialists, and IT professionals.
Watch this week’s tip from a 2009 Conference speaker!
Sail confidently through troubled waters!
REALTORS® Expo has new ideas, products, and services to increase your productivity.
Ask questions, compare features and strike your best deal with 500 exhibitors, all under one roof.
Learn about opportunities to expand your market working with immigrants, foreign investors, and Americans buying property abroad.
Be part of a winning crew!
Network with the most successful real estate professionals in the country.
Build your referral network and increase sales opportunities.
A boat load of fun!
First REALTORS® Conference & Expo in San Diego!
Enjoy a wide-range of Conference special events, including the REALTORS® Celebrity Concert starring Reba McEntire.
Combine business and fun — the Convention Center is right on beautiful San Diego Bay and in the center of nightlife, shopping, and dining!
Make sure you don’t miss out. See you in San Diego!
If you need help buying a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.
Ashlon Langley Writer and Director of The Car a 1970’s film starring James Brolin was interviewed on Shameful Cinema. I write many Blog posts about San Diego and San Diego Real Estate and after reading the Ashlon interview about this 1970 movie I thought I would deviate and write about something out of the ordinary. I like the 1970’s low budget movies without all of the special effects and outspoken actors of today’s Hollywood. Ashlon responding to a question from the interviewer Andy about the car design he said;
Ashlon: The under-cranking was reminiscent of the Adams Family and The Munsters television series, making that quality silly to me. However, the design is choice! I love that one of the confusing points for the cops in the movie is that they can’t tell what make or model the beast is. And… it has no tags! If only they could get a license plate, the bungling cops could stop all the mayhem, yeah right!
I wrote about this movie and this interview because things are also reminiscent of the 1970’s even though it’s 2009. We are now like in the early 70’s in a recession and inflation is due to rise. America has taken a hit in the pride department due to the media’s constant attack on the good things America stands for and good things the United States does for so many around the world. The 70’s brought about the 80’s and the economy started gaining ground again and Americans had a lot of good things to feel good about. Watch The Car if you can and read the Ashlon interview. It’s truly entertaining.
If you need help buying a home, condo, Bank Owned REO, Foreclosure or Short Sale in the San Diego area including Chula Vista make sure you contact us we’re your San Diego Realtor.
What’s the deal? There are many ways to look at foreclosures and bank owned homes in
San Diego and Chula Vista California. I have noticed some companies cramming buyers on a bus to look for deals on foreclosures and bank owned homes. Many real estate agents look at this as the most uncomfortable and ineffective way to look at foreclosures and bank owned homes.
Home buyers that are interested in buying a foreclosure in the San Diego area usually select a real estate agent that can help them find the right home in the right area in the right price range. Home buyers don’t pay an agent the seller does. It’s not any cheaper to cram on to a bus with many other buyers and compete for the same deals on homes than it is to have an agent dedicated to working with just you. Usually a day of driving around the wrong neighborhoods and looking at homes not even in their price range or not even the kind of home the buyer wants will cure a buyer of wanting to do this ever again.
Let’s just say you find a foreclosure you like and 3 other families on the deal bus want to buy it. Now you’re competing with 3 other buyers driving the price up and who’s representing who? Like I said as a buyer you don’t pay the agent the seller does. You can have excellent one on one service with a local real estate agent who will research exactly what you’re looking for and find the homes that fit that description. Then the agent will pick you up or meet you at the office and show you the homes that exactly fit your description of what you want in home. Being crammed on a bus and looking at mostly homes that don’t fit what you’re looking for is a wasted day. Your time is valued with us.
When you want to take your San Diego and Chula Vista foreclosure and bank owned home search seriously give us a call. We’re here for one on one professional experienced service for the same price, Nothing! You can either eat with your family at a fast food restaurant or eat at a fine upscale restaurant either way it will cost you the same amount of money, nothing! It would be the same as the restaurant owner paying. When buying a home the seller or the bank on a foreclosure pays the real estate agent not the buyer. Take your time and think this one out. You can have great one on one service or be crammed on a bus. What do you think the deal is?
I’m Dawn Lewis and I’m a San Diego Realtor. You have just found the best San Diego Real Estate web site for searching for San Diego Real Estate. I hope it helps you with your San Diego home or condo search and answers questions you have about San Diego real estate. Please use the tools and features like the San Diego MLS with its great maps and community information.
My Experience:
Realtor® in San Diego Since 1989
SOLD well over 1,500 Homes
San Diego Top Producer
San Diego Relocation Expert
Top Real Estate Negotiator
San Diego New Home Sales Expert
San Diego REO Listing Agent
San Diego Foreclosure Expert
Short Sale and Foreclosure Expert
Winner of many Real Estate Awards in Sales and Customer Service
As you can see I have been a real estate agent in San Diego for quite some time. Please put my experience to work for you and give me a call today.
San Diego Real Estate Blog
Home buyers in San Diego are enjoying the low interest rates in 2009. Many home buyers have been sitting on the fence for quite some time and many San Diego home buyers are saying yes in 2009. During the first month of January in 2009 I have noticed an increase in buyers looking into buying a home in San Diego. With foreclosures and short sales dominating many of the areas and price ranges the pickings are ripe.
The interest rates being low allow a potential home buyer to have a lower monthly payment or buy a more expensive home. This basically means they can get more for their money or buy the same size home they have had their eye on and have a lower monthly house payment. I have worked with many San Diego first time home buyers and have found that they are amazed that they are able to buy a home at such an affordable price and such a low monthly payment. Just a couple of years ago many first time home buyers thought they were priced out of the San Diego Real Estate Market forever. Now many can buy and have a monthly payment for what they’re renting for.
If you’re interested in buying a San Diego home or condos contact us today.
Start your San Diego ForeclosureSearch today.
San Diego Real Estate Blog
This year should be a banner year for Real Estate bargains in San Diego County. Home and condos continue to drop in most areas of San Diego County. Some of the smaller homes in the lower end of the price range are starting to solidify in some San Diego areas. This parachute to the freefall is in the first time home buyer price ranges of $200,000 to $400,000 and is a sign of stabilization. Summer 2009 should be a clear indication on where the San Diego real estate market is and where it’s going.
The upper end homes in San Diego County are in continuous freefall in many areas of the county. I recently did a BPO in North County Coastal and found homes selling in the $1.3 Million range just a couple of years ago now in the $600 range. The inventory there still tells me there’s a lot more room to drop. Some areas have upper end homes that are bargains and that shouldn’t drop too much more. You just need to know where.
When you are ready to buy a bargain home or condo in San Diego make sure you contact us. We are the San Diego Real Estate Experts!
Sailors and Marines relocating to San Diego can count on local real estate expert Dawn Lewis and her team to help them relocate to San Diego. The Navy and Marine Corps make up the vast majority of the military presence in the San Diego area and are a vital factor tothe identity of San Diego and its long military history. Dawn Lewis and her team havehelped many Sailors and Marines and their families with relocation to San Diego and have done so with attention to detail that would make an Admiral or General proud.
San Diego is home to thousands of Sailors and Marines and there are several large Navy and Marine Bases in San Diego County. Whether you are an officer or enlisted we can help you find just the right home or condo for you and for your family. We respect your time and your family’s time and will work within your schedule to show you properties that meet your criteria for a new home in San Diego.
If you’re relocating to San Diego within the next 6 months contact us now and we can start emailing you homes and condos in the areas of San Diego you are considering relocating to. We can also get you hooked up with a great local lender to start the VA Loan process. We can email you information about things in communities that will help you choose where you’re going to call home after you arrive to your new duty station in San Diego. Our local Military Relocation Real Estate Agents can help with your decision making process because of their knowledge of the areas they specialize in.
San Diego Real Estate Blog
