Home prices in most areas of South San Diego have come up in value since last summer. Homes in most zip codes rose in 2010 and in the zip codes where it dropped it only dropped a little. This is a good sign for the real estate market in southern San Diego and the overall San Diego home prices have on average gone up since last year at the same time. As usual the short sales have extremely long market times and can prove to be very trying for even the most seasoned of short sale experts.
The bank owned foreclosures and REO properties are still moving the fastest and seem to get many offers from investors edging out the first time home buyers and families who want to buy a home to live in. Some areas in South County have renewed their new home building programs and new home builders are throwing up the sticks again. Otay Ranch still has thousands of homes that are slated to be built sometime in the future. I’m sure the when depends on how soon the real estate market improves and shows steady growth. Many new home builders lost their properties and unfinished homes to the banks and they don’t want to make that mistake again. The bubble has long since broken and many homeowners are in the middle of a short sale or wish they were. Some home owners are in the middle of a foreclosure and looking for a rental to get out and start over. There’s always a next time.
The biggest house value gains were in National City while the most amount of loss was in Imperial Beach. Chula Vista areas like 91910, 91911 and 91914 had slight gains while zips 91913 and 91915 had slight declines in home values. With the economy not improving and the state of California in dire straits the real estate market can’t truly solidify and grow until the economy does and what we need to see that happen are jobs.
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.
IB Pet in Imperial Beach San Diego is the only place I go to for pet supplies including dog and cat food, dog and cat toys, dog beds and everything else for all of my pet needs. I recommend IB Pet because I’m a big fan of customer service and that’s what I get at IB Pet. They’re located right off of Palm Avenue in Imperial Beach and easy to get to from anywhere in South Bay San Diego including Chula Vista and Coronado Island. I would even drive to IB Pet if I lived in Escondido or Oceanside. It’s worth it.
Lori and Russell Blauert are the owners of this Imperial Beach Pet Store and I want you to check them out next time you need pet supplies or just some great advice.
This is their goal off of the IB Pet Web Site:
Our goal is to help educate our customers in proper nutrition, care and an overall healthy lifestyle for their pets. Through our carefully selected canine and feline diets, your companion can enjoy meals like those nature intended. In addition, we carry a full line of innovative pet care products - leashes, collars, toys, beds, grooming supplies and more!
I know Lori and Russ personally and I think you will like what they have to offer. Check out IB Pet. Mike Lewis.
You can follow Dawn Sells San Diego on Twitter. Our San Diego Real Estate Twitter has all of our blog posts tweeted as well as all information pertaining to the San Diego Real Estate Market, News and Trends. Twitter is a great way for us to stay in touch with home buyers and home sellers in San Diego County.
We also keep you updated on foreclosure and short sale properties that we are selling and up to date information on the latest foreclosure and short sale news. Twitter is an excellent micro-blog for getting San Diego Real Estate Tweets out fast to our followers. If you want to follow the best San Diego Real Estate on Twitter make sure you follow us.
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 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.
The First-Time Home Buyer $8,000 Tax Credit was just extended until April 30, 2010 by the U.S Congress.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
If you or you have purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer’s Credit Amount Determined?
Each home buyer’s tax credit is determined by 2 additional factors:
The price of the home.
The buyer’s income.
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
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.
BANK OWNED. This Real Estate is a perfect investment property in Imperial Beach in South Bay San Diego ready for an offer. You can walk or bike to the beach from this 3 bedroom home that is priced to sell. This San Diego REO has original open beam wood ceilings throughout and all the beach charm you would expect in an Imperial Beach home. This San Diego Foreclosure is close to schools and shopping and being sold as is.
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.
With San Diego real estate moving in an upwardly direction over the past couple of months recent interest rates could slow home buying activity. Home buyers in San Diego have been, in some areas of the county, fighting over homes that come up for sale. Many San Diego home buyers have offers in on short sales and jump all over the bank owned REO foreclosures the day they hit the market. Unfortunately the bank owned REO’s already have offers on them the day they come up for sale and sometime even before they show up in the MLS.
This has many home buyers frustrated and wondering what they have to do to get a house or condo in today’s San Diego Real Estate Market. Another issue that has been waiting to rear its ugly head is interest rates. When interest rates rise home buyers see their purchasing power reduced. Keep in mind when interest rates go up the monthly payment for a homebuyer also goes up and sometimes more than what they are comfortable with. Many times the lender will have to reduce the purchase price of what the homebuyer can qualify for.
This scenario can also have a real negative effect on the real estate market in general. If a home buyer wanting to buy a home has had a certain purchase price and monthly payment in mind for a certain size and quality of home and then they’re told that they can’t buy the same home at the same monthly payment, many of them will decide not to buy. Some will wait for the homes that they were recently able to buy at a certain price range to come down into the loan amount of what the comfortable monthly payment is that they had already had their hearts set on. Some of them won’t be able to afford the same home they thought they could buy and won’t settle for less of a home now. These factors could show a decline in demand and then a decline in home prices. We’ll have to wait and see. Oh, and don’t forget about the foreclosures to keep the median home price in San Diego from gaining too much ground. There are a few years of that left.
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.
Home prices in most areas of South San Diego have come up in value since last summer. Homes in most zip codes rose in 2010 and in the zip codes where it dropped it only dropped a little. This is a good sign for the real estate market in southern San Diego and the overall San Diego home prices have on average gone up since last year at the same time. As usual the short sales have extremely long market times and can prove to be very trying for even the most seasoned of short sale experts.
