The question is how much of a Real Estate Double Dip? San Diego Real Estate along with most of the real estate in the country has dipped according to the data from the Standard and Poor’s Case-Shiller Home Price Indices reported on May 31, 2011. The home price indices which is the leading measure of U.S. home prices shows the U.S. National Home Price Index declined by 4.2% in the first quarter of 2011 compared to the 4th quarter of 2010. The San Diego Home Price Indices declined only 0.8% for the same time period in the 1st quarter of 2011.
The data from the Standard and Poor’s Case-Shiller Home Price Indices also showed that the annual decline was 5.1% compared with the first quarter of 2010. In respect the indices for San Diego Real Estate showed a decline of 4.0% from last year. The First Time Home Buyer Tax Credit program in 2009 and 2010 was also thought to be a large factor in bringing buyers to the market to help with the decline and stabilize home prices. This program is no longer available. I wonder if it’s time for the government to bring back some more incentives for home buyers to stabilize the market again. Maybe a program with more tax write offs in contrast to the proposed elimination of the home mortgage write off that some politicians have been peddling to pay for their huge mismanagement of America’s Tax Dollars and runaway spending.
After watching some of the talking heads on the television news networks it seems they are concerned that the latest unemployment numbers that fell way short of expectations are also fueling the low real estate activity and home price indices. The foreclosures that are still set to hit the market will of course add to the inventory as well as the short sales of upside down home owners. Some have also pointed out the unfriendly business practices of the current administration causing many businesses to hold back on hiring and expansion in the US. If this keeps up many of the new jobs may be expanded to foreign counties instead of the US. This would also hurt real estate.
I have personally seen many buyers in recent months jump into the San Diego Real Estate Market and I think the summer of 2011 looks like busy one for San Diego real estate agents. Time and releasing foreclosures and short selling the upside down homes will get us through to a more stable market. Compared to some of the recent drops in home price indices, a 4% drop although in the wrong direction is not something that should be too unexpected. Let’s face it we’re still in a fragile recovery. People still need homes to buy and many have jobs and good credit. What they need now is to feel confident in where the country is going and how it’s getting there. M. Lewis
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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.
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Foreclosures of San Diego is your source for all foreclosures in San Diego. We have tools to search all homes and condos for sale whether they’re Bank Owned REO Foreclosures, Short Sales or just normal listings. You can Search the San Diego MLS or use our San Diego Foreclosure MLS to find Foreclosures, Pre-Foreclosures or Auction Properties. Did I mention these Search Tools are FREE.
Thousands of people use our search tools every week and find the home or condo they are looking for in San Diego County. We allow visitors to use our tools because we want them to have a portal to search for their home or condo in the comfort of their home or office. If you need help seeing the property or writing an offer on the property or just some real estate advice please contact us.
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.
May 2009 - The Mortgage Reform and Anti Predatory Lending Act HR1728 passed on Thursday May 7, 2009. The House of Representatives passed the bill by a vote of 300 to 114 and is said to protect homeowners from questionable and predatory lending practices that were partially responsible for the record home foreclosures and financial crisis.
This Mortgage Reform and Anti Predatory Lending Act sets up rules to ensure that lenders make loans that mortgage borrowers can afford to pay back. The act also bans prepayment penalties on ARMs Adjustable Rate Mortgages that are the real culprit loans in the foreclosure mess. This bill will also hold accountable the secondary mortgage market for following the same rules. One lawmaker said, “The message is simple. Lenders can’t give loans to people who can’t afford them. And borrowers have to tell the truth about their finances when they apply for a loan.” Not to be disagreeing with the administration of hope but isn’t this just common sense?
Nancy Pelosi the Democratic House Speaker said, “The simple fact is that our laws and enforcement efforts did not keep pace with the complexities of a global economy and a financial industry where the greed of some trumped common sense. Insisting on responsible borrowing and lending and ensuring that borrowers enter into mortgages they can repay or refinance will help families protect their most valuable asset — their home — and guard against another financial and housing market meltdown.” I would have to ask Nancy why she didn’t do something about it, she was a lawmaker at the time and there were many economists warning the government about this.
Many San Diego home owners and potential home buyers know the facts about the San Diego housing market and its foreclosure mess. This act, although very important for protecting potential home buyers when getting a mortgage comes in way too late. The damage is already done. I think if anyone dropped the ball it was the U.S. Government and there lack of proper legislation to protect home buyers and the greed that’s within the system itself. Isn’t that what we elect them for? It’s very interesting to see where all of the elected officials got their campaign contributions, the banks and companies now getting all of our future tax dollars in the form of a so called bailout? What a joke.
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.
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.
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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.
The San Diego Foreclosure Market is heating up. 2009 will be a great year to buy a foreclosure in San Diego. The foreclosures are on the rise and many of the homes you have been seeing as short sales in San Diego County will soon be foreclosures in San Diego County. I have a great San Diego Foreclosure Search Tool on my San Diego Real Estate Web Site and the pre-foreclosures are massing. Some of the lenders have postponed their foreclosure evictions until early 2009 and the inventory is building and should be robust by the summer of 2009.
When considering the purchase of a foreclosure you need an experienced REO Agent with an experienced REO Team. That’s where Dawn Lewis and her San Diego Foreclosure Team will help you find just the right REO or foreclosure for you. Offers written on REO homes and condos need to be packaged correctly for asset managers who handle the REO offers and we can package them up to make your offer stand out. When is comes time to buy a foreclosure in San Diego contact us. We’re #1 in San Diego REO’s and Foreclosures!
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.
country has dipped according to the data from the Standard and Poor’s Case-Shiller Home Price Indices reported on May 31, 2011. The home price indices which is the leading measure of U.S. home prices shows the U.S. National Home Price Index declined by 4.2% in the first quarter of 2011 compared to the 4th quarter of 2010. The San Diego Home Price Indices declined only 0.8% for the same time period in the 1st quarter of 2011.
bringing buyers to the market to help with the decline and stabilize home prices. This program is no longer available. I wonder if it’s time for the government to bring back some more incentives for home buyers to stabilize the market again. Maybe a program with more tax write offs in contrast to the proposed elimination of the home mortgage write off that some politicians have been peddling to pay for their huge mismanagement of America’s Tax Dollars and runaway spending.
causing many businesses to hold back on hiring and expansion in the US. If this keeps up many of the new jobs may be expanded to foreign counties instead of the US. This would also hurt real estate.
