San Diego Real Estate Blog 

Real Estate North County Inland San Diego

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San Diego Real Estate Blog

2010 San Diego Real Estate Market

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.

San Diego Foreclosures

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All Information is believed to be correct but not guaranteed. 

San Diego Real Estate Blog 

I Googled San Diego Real Estate this morning and saw the top rated spot was a news article from the Union Tribune, Real Estate Expert: San Diego at Leading Edge of Recovery. The Real Estate Expert they site in the article is Lawrence Yun the Chief Economist for the National Association of Realtors. Yun is known for making many blunders and erroneous predictions in the past. Check out http://www.lawrenceyunwatch.blogspot.com/ for some in depth research on Yun’s other predictions and faux pas. I’m a big fan of laying all the facts out on the table for anyone buying a home in San Diego County. A prediction like this headline needs to have all the facts including the ones behind the scenes. 

The article Real Estate Expert: San Diego at Leading Edge of Recovery bases the recovery on rising prices and sales. Yun states that there is only a 2.5 month inventory of homes for sale and new home construction sluggish. He said that the demand is strong. In an excerpt from the article Yun confesses: “He began with a confession about how he missed the real estate bubble of 2004-06. Surely, the system had enough checks and balances to avoid a runaway market, he thought at the time. “I was clearly wrong,” he said.” My concern now is what else is Yun overlooking through assuming that others have checks and balances in place.  

In the UT Article, “He also predicted that foreclosures will continue at high levels for the next 12 months because of the weak economy. But unlike last year, he said this year’s foreclosures are being snapped up in many markets, including San Diego.” The market in many areas of San Diego is saturated with many short sales. Many of the short sales have homeowners in them not making mortgage payments and in the foreclosure process while trying to short sell their home. I think the foreclosures at high levels will carry on well past 12 months. Related Blog Post : http://www.responsiblelending.org/mortgage-lending/tools-resources/new-foreclosures-by-state-for.html  

Many agents and asset managers speak of the tidal wave of foreclosures that are coming. I wonder why the banks are holding back all of the foreclosures that should be on the market. If the foreclosures are being held back and not put on the market for sale then there is a false sense of inventory. They are foreclosed on or will be soon but the homes are intentionally not being made available to home buyers. Why? Maybe this is to stabilize and firm up the market. But is this real or false stabilization? 

The question is by doing this is it creating another problem of false values like the bubble we just came out of. I don’t know but the information needs to be out there for potential home buyers so they have all the facts when buying. Let’s face it, when NAR says something the news and the public listens. Let’s make sure they have all the facts not just the talking points for getting buyers to buy homes. 

San Diego Real Estate Blog   

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.

http://www.makinghomeaffordable.gov/

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.

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All Information is believed to be correct but not guaranteed.

San Diego Real Estate Blog

This $10,000 tax credit in the state of California only applies to homes that have never been occupied and purchased between the dates of March 1, 2009 and March 1, 2010. The California home buyers must also reside in the home as their primary residence for at least 2 years from close of escrow.

A qualified home buyer is:

A taxpayer who purchases a single-family residence, whether detached or attached, that has never been occupied, that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption under California Revenue and Taxation Code Section 218.

A qualified principal residence – new home is:

-A qualified principal residence means a single-family residence, whether detached or attached, that has never been occupied and is purchased to be the principal residence of the taxpayer for a minimum of two years and is eligible for the property tax homeowner’s exemption.
- Types of residence: Any of the following can qualify if it is your principal residence and is subject to property tax, whether real or personal property: a single family residence, a condominium, a unit in a cooperative project, a houseboat, a manufactured home, or a mobile home.
- Owner-built property: A home constructed by an owner -taxpayer is not eligible for the New Home Credit because the home has not been “purchased.”

The State of California has set aside $100,000,000 in tax credits for new home buyers. This program is on a first come first serve basis and once the allocated new home tax credit money is gone it’s over. Make sure if your California real estate agent is unfamiliar with this tax credit you let them know about it. You should also contact your accountant. Some details include that the tax credit amount is equal to either five percent of the purchase price or $10,000, whichever is less. Taxpayers must apply the total tax credit in equal parts over 3 successive taxable years which is a maximum of $3,333 per year beginning with the taxable year of when the new home is purchased. This can also be used in addition to the $8,000 First Time Home Buyer Tax Credit in the Stimulus Package.

If you are interested in applying you will need to:

- Do the following within 7 days of close of escrow on your New California Home.
- The seller must complete Part I of Form 3528-A which is the Application for New Home Credit and certifying that the home has never been occupied as well as provide a copy to the buyer or escrow person.
- The buyer will complete Parts II & III of Form 3528-A.
- The escrow person on behalf of the seller and buyer will fax the completed Form 3528-A to FTB at 916.845.9754, and provide a copy to the buyer.
- Fax is the only delivery method that will be accepted and considered for credit allocation by FTB, as the date and time stamp on the fax will determine the order in which credits are allocated.
- Fax only one completed application per residence with all qualified buyers listed. Do not include information on nonqualified buyers. An incomplete application may delay or prevent credit allocation.
- Do not fax the application to FTB before escrow closes.
- Do not fax the application to FTB more than once. We will process the applications in the order received as quickly as possible.
- Escrow companies should only send one application per fax transmission.
- The buyer keeps a copy of the completed Form 3528-A for their records.
- The State of California Franchise Tax Board will have a fill able Form 3528-A online soon. In the meantime, if you fill out the form by hand, please print numbers as clearly and neatly as possible using CAPITAL LETTERS and staying between the lines. The faxes can be very hard to read.

For more information please visit the State of California Franchise Tax Board link.

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.

San Diego Foreclosures

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San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All Information is believed to be correct but not guaranteed.

San Diego Real Estate Blog

San Diego - First Time Home Buyers Only – 8000 Dollars !

The $787,000,000,000 stimulus bill signed into law has some benefits for first time home buyers. In the bill signed by Obama there is an $8000 first time home buyer tax credit. This $8000 amount was sized down from $15000 in the original version of the stimulus package. Here in San Diego County California and rich foreclosure environments like Chula Vista in South County San Diego welcomes this first time home buyer $8,000 tax credit incentive.

Some of the details are that the home purchased must be the first time home buyers principal residence. There is a cap of $8,000 if the purchase price is higher than $800,000. A first time home buyer in San Diego or anywhere in the U.S. would be someone who has not owned a principal residence for 3 years. This will only apply to home buyers buying in 2009 so if you’re sitting on the fence of San Diego home buyers this could be the thing that gets you down off the fence and back in the market.

There are also income limits that state single buyers need a modified adjusted gross income of $75,000 or less to qualify for full credit and $150,000 for married couples. If buyers make more income than the amounts stated they could be eligible for reduced credits. Make sure you talk to your accountant about this. The $8000 tax credit is refundable. Buyers will have to own the home for at least 3 years if they want to capitalize fully on the tax incentive. The tax credit will have to be returned to the government if they sell early. There are situations that will be exceptions to this rule.

Make sure you contact professional tax consultants for full factual information on this $8,000 First Time Home Buyer Tax Credit.

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.

San Diego Foreclosures

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San Diego Foreclosures            San Diego Green Homes

All Information is believed to be correct but not guaranteed.

San Diego Realtors 

Dawn Lewis - San Diego Realtor® Since 1989

Hi,

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.

I love what I do and I would love to help you.

Dawn Lewis
San Diego Realtor®

Start your San Diego Foreclosure Search today.

San Diego REO Listing Agent

Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

San Diego Real Estate               San Diego MLS 

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San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All information is believed to be correct but not guaranteed.

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 Foreclosure Search today.

San Diego REO Listing Agent

Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All information is believed to be correct but not guaranteed.

San Diego Real Estate Blog

Military Relocation to San Diego

Relocation to San Diego for Military including, Marines, Navy, Army, Air Force and Coast Guard by Military Relocation Experts Dawn Lewis and The Dawn Lewis Team. If you’re in the military or part of a military family relocating to San Diego California we can help you find your new San Diego home or condo. We have helped many military families move to San Diego and have a proven track record of San Diego Military Relocation. There are many military bases in San Diego and many different areas to move to in San Diego County.

We honor our military and military families for serving our country. Many of the Real Estate Agents on our team are veterans or spouses of veterans so we understand the military life. We would be honored to earn your business. If you are in the Military or part of a Military Family relocating to San Diego make sure you contact us. We are local San Diego Realtors and we are here to help. Contact us.

Dawn Lewis – Dawn Lewis Team
San Diego Military Relocation Expert

Start your San Diego Foreclosure Search today.

San Diego REO Listing Agent

Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All information is believed to be correct but not guaranteed.

San Diego Real Estate Blog

About San Diego Real Estate Blog

The San Diego Real Estate Blog is a Web Log about Real Estate in San Diego County California. Posts about buying real estate in San Diego and Selling Real Estate as well as all aspects of the market are presented daily to interested Blog readers. This San Diego Real Estate Blog is considered one the most detailed and accurate in the Blogosphere. When reader want information on real estate related information in the San Diego area this is the Blog they click to.

Some of the Top Blog Catagories are:

• 4s Ranch Real Estate Blog
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• Blogroll
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• Dawn Lewis San Diego REO Blog
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• Normal Heights Real Estate Blog
• North County Coastal San Diego Real Estate Blog
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• Ocean Beach Real Estate Blog
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• Oceanside Real Estate Blog
• Old Town San Diego Real Estate Blog
• Otay Mesa Real Estate Blog
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• Pacific Beach Real Estate Blog
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• Poway Real Estate Blog
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• San Diego House Values Blog
• San Diego Market Report Blog
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• San Marcos Real Estate Blog
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Start your San Diego Foreclosure Search today.

San Diego REO Listing Agent

Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All information is believed to be correct but not guaranteed.