Ø Compared to 1 mo ago, 54% of zips either went up in market value or stayed essentially the same (within +/-5% market value). Most notable of these was South Park / Golden Hill with a 111% increase over values of the prior month and 5 condos sold.
Ø Compared to 2 mos ago, the market value of 69% are still either at a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. Here we have our leader being Bay Park / Old Town with a 35% increase over values of 2 mos ago. Also, over both of the past 2 mos straight, 38% of zips have shown an increase or stayed essentially the same in market value for both months.
Ø Compared to 1 year ago, we have 69% with a market value either higher or essentially the same (within +/-5%). In the 1 yr category with a 98% increase, is Kearney Mesa / Linda Vista.
| FEB 2010 | CONDOS | HOUSES |
| 1 MO AGO | 54% | 66% |
| 2 MO AGO | 69% | 56% |
| 1 YR AGO | 69% | 61% |
Bottomline: We are continuing to slowly improve our property values here in the majority of San Diego zip codes as prices are continuing to sneak upward. The good news for all of us, both buyers & sellers is, interest rates remain at or very near the lowest interest rates in the last 40 years. Keep an eye out as we progress into winter for price improvement to slow down somewhat simply because, in the real estate business, there are fewer buyers out looking for a home to buy in the winter so less "demand" means a slower price increase or even a slight dip in prices.
For more info on falling-rising home prices, scroll down this blog and read "Economists Say Home Prices Have Already Hit Bottom", posted on 10/16/10.
Cheers Until Next Month! - Peg
Ø Compared to 1 mo ago, 54% of zips either went up in market value or stayed essentially the same (within +/-5% market value). Most notable of these was South Park / Golden Hill with a 111% increase over values of the prior month and 5 condos sold.
Ø Compared to 2 mos ago, the market value of 69% are still either at a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. Here we have our leader being Bay Park / Old Town with a 35% increase over values of 2 mos ago. Also, over both of the past 2 mos straight, 38% of zips have shown an increase or stayed essentially the same in market value for both months.
Ø Compared to 1 year ago, we have 69% with a market value either higher or essentially the same (within +/-5%). In the 1 yr category with a 98% increase, is Kearney Mesa / Linda Vista.
| FEB 2010 | CONDOS | HOUSES |
| 1 MO AGO | 54% | 66% |
| 2 MO AGO | 69% | 56% |
| 1 YR AGO | 69% | 61% |
Bottomline: We are continuing to slowly improve our property values here in the majority of San Diego zip codes as prices are continuing to sneak upward. The good news for all of us, both buyers & sellers is, interest rates remain at or very near the lowest interest rates in the last 40 years. Keep an eye out as we progress into winter for price improvement to slow down somewhat simply because, in the real estate business, there are fewer buyers out looking for a home to buy in the winter so less "demand" means a slower price increase or even a slight dip in prices.
For more info on falling-rising home prices, scroll down this blog and read "Economists Say Home Prices Have Already Hit Bottom", posted on 10/16/10.
Cheers Until Next Month! - Peg
Ø Compared to 1 mo ago, 66% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). Here, Clairemont Mesa with a 15% increase on 27 houses sold leads the pack over the past month.
Ø Compared to 2 mos ago, the market value of 56% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. The leader in the 2 month category is again Clairemont Mesa with a 19% increase. And, 50% of zips have shown an increase or stayed the same in market value for the past 2 mos straight.
Ø Compared to 1 year ago, we have 61% of zips with a market value either higher in market value or essentially the same (within +/-5%) compared to 1 yr ago. Here we have City Heights leading the pack with a 23% increase and 18 houses sold above market values of 1 yr ago.
To summarize: The below chart gives you an excellent overview of San Diego by comparing the percentages of my tracked zip codes that either increased or held steady in home value:
| FEB 2010 | CONDOS | HOUSES |
| 1 MO AGO | 54% | 66% |
| 2 MO AGO | 69% | 56% |
| 1 YR AGO | 69% | 61% |
Bottomline: We are continuing to slowly improve our property values here in the majority of San Diego zip codes as prices are continuing to sneak upward. The good news for all of us, both buyers & sellers is, interest rates remain at or very near the lowest interest rates in the last 40 years. Keep an eye out as we progress into winter for price improvement to slow down somewhat simply because, in the real estate business, there are fewer buyers out looking for a home to buy in the winter so less "demand" means a slower price increase or even a slight dip in prices.
For more info on falling-rising home prices, scroll down this blog and read
"Economists Say Home Prices Have Already Hit Bottom", posted on 10/16/10.Cheers Until Next Month! - Peg
Ø Compared to 1 mo ago, 66% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). Here, Clairemont Mesa with a 15% increase on 27 houses sold leads the pack over the past month.
Ø Compared to 2 mos ago, the market value of 56% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. The leader in the 2 month category is again Clairemont Mesa with a 19% increase. And, 50% of zips have shown an increase or stayed the same in market value for the past 2 mos straight.
Ø Compared to 1 year ago, we have 61% of zips with a market value either higher in market value or essentially the same (within +/-5%) compared to 1 yr ago. Here we have City Heights leading the pack with a 23% increase and 18 houses sold above market values of 1 yr ago.
To summarize: The below chart gives you an excellent overview of San Diego by comparing the percentages of my tracked zip codes that either increased or held steady in home value:
| FEB 2010 | CONDOS | HOUSES |
| 1 MO AGO | 54% | 66% |
| 2 MO AGO | 69% | 56% |
| 1 YR AGO | 69% | 61% |
Bottomline: We are continuing to slowly improve our property values here in the majority of San Diego zip codes as prices are continuing to sneak upward. The good news for all of us, both buyers & sellers is, interest rates remain at or very near the lowest interest rates in the last 40 years. Keep an eye out as we progress into winter for price improvement to slow down somewhat simply because, in the real estate business, there are fewer buyers out looking for a home to buy in the winter so less "demand" means a slower price increase or even a slight dip in prices.
For more info on falling-rising home prices, scroll down this blog and read
"Economists Say Home Prices Have Already Hit Bottom", posted on 10/16/10.Cheers Until Next Month! - Peg
Ø Compared to 1 mo ago, 66% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). Here, Clairemont Mesa with a 15% increase on 27 houses sold leads the pack over the past month.
Ø Compared to 2 mos ago, the market value of 56% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. The leader in the 2 month category is again Clairemont Mesa with a 19% increase. And, 50% of zips have shown an increase or stayed the same in market value for the past 2 mos straight.
Ø Compared to 1 year ago, we have 61% of zips with a market value either higher in market value or essentially the same (within +/-5%) compared to 1 yr ago. Here we have City Heights leading the pack with a 23% increase and 18 houses sold above market values of 1 yr ago.
To summarize: The below chart gives you an excellent overview of San Diego by comparing the percentages of my tracked zip codes that either increased or held steady in home value:
| FEB 2010 | CONDOS | HOUSES |
| 1 MO AGO | 54% | 66% |
| 2 MO AGO | 69% | 56% |
| 1 YR AGO | 69% | 61% |
Bottomline: We are continuing to slowly improve our property values here in the majority of San Diego zip codes as prices are continuing to sneak upward. The good news for all of us, both buyers & sellers is, interest rates remain at or very near the lowest interest rates in the last 40 years. Keep an eye out as we progress into winter for price improvement to slow down somewhat simply because, in the real estate business, there are fewer buyers out looking for a home to buy in the winter so less "demand" means a slower price increase or even a slight dip in prices.
For more info on falling-rising home prices, scroll down this blog and read
"Economists Say Home Prices Have Already Hit Bottom", posted on 10/16/10.Cheers Until Next Month! - Peg
Ø Compared to 1 mo ago, 66% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). Here, Clairemont Mesa with a 15% increase on 27 houses sold leads the pack over the past month.
Ø Compared to 2 mos ago, the market value of 56% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. The leader in the 2 month category is again Clairemont Mesa with a 19% increase. And, 50% of zips have shown an increase or stayed the same in market value for the past 2 mos straight.
Ø Compared to 1 year ago, we have 61% of zips with a market value either higher in market value or essentially the same (within +/-5%) compared to 1 yr ago. Here we have City Heights leading the pack with a 23% increase and 18 houses sold above market values of 1 yr ago.
To summarize: The below chart gives you an excellent overview of San Diego by comparing the percentages of my tracked zip codes that either increased or held steady in home value:
| FEB 2010 | CONDOS | HOUSES |
| 1 MO AGO | 54% | 66% |
| 2 MO AGO | 69% | 56% |
| 1 YR AGO | 69% | 61% |
Bottomline: We are continuing to slowly improve our property values here in the majority of San Diego zip codes as prices are continuing to sneak upward. The good news for all of us, both buyers & sellers is, interest rates remain at or very near the lowest interest rates in the last 40 years. Keep an eye out as we progress into winter for price improvement to slow down somewhat simply because, in the real estate business, there are fewer buyers out looking for a home to buy in the winter so less "demand" means a slower price increase or even a slight dip in prices.
For more info on falling-rising home prices, scroll down this blog and read
"Economists Say Home Prices Have Already Hit Bottom", posted on 10/16/10.Cheers Until Next Month! - Peg
The answer without a doubt is YES. With the advent of advanced phone technology comes the development of some pretty cool real estate phone applications. Specialized iPhone applications will help investors save time and make smarter deals. This is great news for real estate agents and investor alike!
There are a variety of free and low-cost real estate apps for iPhone and iPod touch available, and some of the best real estate applications are listed here. The following four applications in particular act as a Real Estate personal assistants.
The “Investor Offer Calculator” is an application that takes into account property price, repairs, closing costs, profit, and other factors in order to instantly determine how much an investor should spend to purchase a property in order to make a profit. By automating the offer calculations of the Maximum Allowed Offer (MAO), it ensures that the investor will make a profit in a particular deal. It takes only seconds to determine whether or not to invest a particular property based on real estate wholesale formulas. There is absolutely no more guess work to making an offer.
Then there is the Bank Real Estate Owned application “REO Deal Hunter” which automates the search for discounted properties. The houses that this very handy application finds have already gone through the foreclosure stage and the banks just wants to get rid of these houses at bargain prices. What I like about this application is that it allows you to simplify the process of hunting down the listing agent! How would you like to stop in a neighborhood that you would like to live in, click a button, and get a listing of all the houses for sale in the immediate vicinity at a discount?
The application allows you to search properties based on your location, street address, city, or state. You can browse listings, see the closest 10 listings, map the listings, and connect with a real estate agent and get the comparable value. You can immediately see the deal potential compared to other houses around you. Investors can use this tool to learn of bargain deals, unlike other similar free applications listed in the Apple app , the REO Deal Hunter does not require the investor to subscribe to a web based foreclosure property search service.
Third is another one of my favorite applications, the “Real Estate Investor Alert” application will search by zip code for deeply discounted properties that are currently on the market. This is basically a set and forget it type. Enter in your criteria and the application will email you anytime a deal is found that matches your investing requirements. On any given day, there may be numerous properties on the market that can be acquired for less than 50 cents on the dollar. It’s also possible to acquire these properties without investing any of your own money or exhausting your personal credit resources. Using the Real Estate Investor Alert application will point you in the right direction toward finding and purchasing these types of properties.
Finally there is the ultimate “Real Estate Resource Directory” This resource application can point you to almost any real estate requirement or need under the sun. The best part is that its free! The directory is similar to the yellow pages but is specific to investors and agents. It contains resources from tax advice, to real estate course reviews, to information sources onf how to transact your real estate business virtually. This is a a must have for any investor.
With the advent of these types of iphone applications for the real estate investor on the go, success is almost but guaranteed. You can download these iPhone apps from the App Store in iTunes
via ceogroups.net
Mortgage rates hit decades-low of 4.19 percent
Rates on 30-year mortgages fell this week to 4.19 percent, the lowest level in decades. They were pushed down by lower Treasury bond yields.
Investors are buying up Treasury bonds in anticipation of a move by the Federal Reserve designed to lower mortgage rates and yields on corporate debt.
As a result, the average rate for 30-year fixed loans dropped to the lowest level on records dating back to 1971, mortgage buyer Freddie Mac said Thursday. It's down from 4.27 percent the previous week. The last time rates were this low was in the early 1950s.
The average rate on 15-year fixed loans fell to 3.62 percent, the lowest on records dating back to 1991, Freddie Mac said.
Rates have fallen since spring as investors shifted money into the safety of Treasury bonds. That demand lowers their yields, which mortgage rates tend to track. The 30-year rate was 5.08 percent at the beginning of April. The 15-year rate was 4.39 percent.
Low rates haven't helped the struggling housing market, which recorded its worst summer in more than a decade. But they have led to a surge in refinancing.
And rates could fall even further in the coming week.
The Federal Reserve is leaning toward buying more Treasury bonds to drive down loan rates and boost the economy, according to minutes of closed-door deliberations released Tuesday. Economists predict Fed officials will approve a bond purchase program at their Nov. 2-3 meeting.
Two Fed officials in recent remarks have suggested the new purchases shouldn't exceed $500 billion. That would be smaller than a $1.7 trillion program launched during the recession.
The program would likely push mortgage rates down — possibly lower than 4.0 percent on the 30-year fixed loan.
Some analysts say rates are more likely to hover above 4.0 percent, without breaking that threshold.
"A lot of the impact that you would expect from this program is already priced into the market," said Mike Larson, real estate and interest rate analyst at Weiss Research. "If there's any risk, it's that what the Fed announces turns out to be a disappointment in some way. You might see rates go up a little bit."
To calculate average mortgage rates, Freddie Mac collects rates from lenders around the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a given day.
Rates on five-year adjustable-rate mortgages averaged 3.47 percent, the same as the previous week. Rates on one-year adjustable-rate mortgages rose to an average of 3.43 percent from 3.4 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac's survey averaged 0.8 a point for 30-year and 1-year mortgages. It averaged 0.7 of a point for 15-year and 0.6 of a point for 5-year mortgages.
via sfgate.comFor all of your Mortgage Questions, Please contact Tim Fiero at the Prudential California Realty Mission Hills office. 619-299-8020 or stop by at 890 W. Washington, 92103
Location: Golden Hill$24,000 PRICE REDUCTION! LOWEST PRICE 2 BDRM IN COMPLEX, MOVE IN READY, Gated complex, Secure parking, 2 bdrm, 1 bath, Private balcony, Travertine tile, Granite, Stainless steel appliances, Crown molding, Wall-to-wall carpet, Washer/dryer in-unit, Community spa + barbeque, 2 workout rooms. Walk to Starbucks Coffee, Luigi's Pizza, Turf Dinner Club, Alchemy & Big Kitchen Restaurants featured on the Food Network & Rachel Ray show. Less than 1 mile to Bob Wilson Naval Hospital, 15 min commute to North Island Naval Sta, 4 minutes to downtown, 1/2 mi to Balboa Park Golf Course!
INVESTORS NOTE: AVERAGE RENTAL RATES OF THESE 2 BDRM UNITS IN THIS COMPLEX ARE APPROX $1500/MONTH. YES! POTENTIAL IMMEDIATE POSITIVE CASH FLOW! SELLER SAYS SELL! STEAL A GREAT DEAL NOW. LAST RENTAL IN THIS COMPLEX WENT IN 3 WEEKS ON 18 MOS LEASE, FULL PRICE!
CALL / EMAIL ASAP - Peg Heying, (619) 301-8589, Prudential CA Realty, realtorpeg@yahoo.comInformation --------------
Contact Information
Mary "PEG" Heying619-301-8589Prudential CA Realty
REALTOR - CA DRE License # 01726709
PricingPrice: $216,000Flexibility: NegotiableAdditional Pricing Information: Short sale subject to lender approval. See Sandicor MLS # 100023944 for additional terms. Conventional, VA, Cash offers to be entertained by seller.Homeowner Dues: $259/monthProperty LocationLinksFeatures -----
Bedrooms: 2Bathrooms: 1Parking Spaces: 1Year Built: 2006Subdivision: Golden HillLocated on Floor #: 2Floors in Bldg: 2School District: SDUnifiedSquare Footage: 770Agent Name: PEG HEYINGBroker: Prudential CA RealtyMLS #: 100023944Attributes -----
Appliances:
Range/OvenFull RefrigeratorWasher/DryerDishwasherSink DisposalMicrowaveSTAINLESS STEELInterior Amenities:CROWN MOLDINGGRANITE COUNTERSTRAVERTINE TILEBREAKFAST BARBuilding Amenities:
HEATED SPABARBEQUESECURED PARKINGAEROBIC EXERCISE ROOMWEIGHT LIFTING EXERCISE ROOMPhoto Gallery:
Economists Say Home Prices Have Already Hit Bottom
Home prices in the United States found their floor during the early part of 2010 and are expected to begin trending upward next year, according to a panel of elite economists surveyed by the National Association for Business Economics (NABE) for its October 2010 Outlook.
“The housing recovery is intact, but tepid overall. Home prices have hit bottom,” NABE stated in its report outlining the survey results.The panel anticipated a 1.5 percent drop in residential home values this year, and that decline has already been registered through the first half of 2010, NABE explained.
The group of economists is projecting gains in home prices of 1.2 percent over the course of 2011, but they warn that the modest increase will not keep up with the broader measures of inflation.
NABE panelists expect any evidence of price weakness post-tax incentive to be temporary. Their assessments of the importance of the government’s recent stimulus measures in the form of tax breaks for homebuyers vary widely. Nearly one-third feel that a persistent relapse will follow the incentives’ expiration, while the remaining two-thirds believe an underlying recovery is in place.
When it comes to the distressed side of the business, it’s become clear that the nation’s high level of unemployment is now one of the primary triggers of default among struggling homeowners. Getting more people back to work is key to a recovery in housing and getting a handle on still-rising delinquency numbers. But NABE’s panel warns that labor market conditions will be slow to improve.
The economists are forecasting monthly payroll gains to average 150,000 or less until the latter half of 2011, at which time gains will improve to a range of 170,000 to 175,000. The unemployment rate is expected to persist at over 9.5 percent through midyear 2011, before easing only slightly to 9.2 percent by the end of next year.
“This will mark the worst post-recession job recovery on record,” NABE said.
NABE panelists trimmed their projections on overall economic growth. Those projections now remain sub-par through year-end, the organization explained.
“This summer’s slowdown has exposed the economy’s sensitivity to wealth losses, the unwinding of debt, and the reductions in economic stimulus,” said Richard Wobbekind, NABE president-elect and associate dean of the Leeds School of Business at the University of Colorado-Boulder. “Confidence in the expansion’s durability is intact, but recent economic weakness has prompted many panelists to scale back expectations for the year ahead.”
The October 2010 NABE Outlook presents the consensus of macroeconomic forecasts from a panel of 46 professional analysts. The group included economists from such firms as Moody’s Analytics, the PMI Group, Fannie Mae, and Goldman Sachs.
via dsnews.com
Foreclosure Activity up 4% in Third Quarter
New data from RealtyTrac shows that foreclosure filings – including default notices, scheduled auctions, and bank repossessions – were reported on 930,437 properties in the third quarter.
That figure represents a 4 percent increase from the previous quarter but a 1 percent decrease compared to the third quarter of 2009. One in every 139 U.S. homes received a foreclosure filing during the July to September timeframe.
Both bank repossessions and scheduled auctions set quarterly records, according to RealtyTrac’s study, while new defaults continued to decline.
A record total of 102,134 bank repossessions were reported in the month of September alone. RealtyTrac says it’s the first time repossessions have surpassed the 100,000 mark in a single month.
James J. Saccacio, CEO of RealtyTrac, says the record number of homes taken back in September and in the third quarter means lenders are “taking a bite out of the backlog of distressed properties where the foreclosure process was delayed by foreclosure prevention efforts over the past 20 months.”
Saccacio says he expects to see a dip in the bank repossession stats – and possibly earlier stages of the foreclosure process – in the fourth quarter as a result of the freeze on foreclosure sales instituted by several major lenders in recent weeks as they review irregularities in foreclosure-processing documentation.
RealtyTrac’s latest report puts the impact of these foreclosure moratoria into perspective. The company found that foreclosure activity in the judicial foreclosure states most affected by the paperwork problems accounted for 40 percent of all foreclosure filings in the third quarter and 36 percent of bank repossessions, or REOs.
“If the lenders can resolve the documentation issue quickly, then we would expect the temporary lull in foreclosure activity to be followed by a parallel spike in activity as many of the delayed foreclosures move forward in the foreclosure process,” Saccacio said. “However, if the documentation issue cannot be quickly resolved and expands to more lenders we could see a chilling effect on the overall housing market as sales of pre-foreclosure and foreclosed properties, which account for nearly one-third of all sales, dry up and the shadow inventory of distressed properties grows – causing more uncertainty about home prices.”
Preliminary foreclosure sales numbers from RealtyTrac show that in September, overall foreclosure sales – including short sales and REO sales – accounted for 31 percent of all home sales during the month. REO sales alone accounted for 18 percent. Foreclosure sales in the states most affected by documentation issues were 32 percent of all foreclosure sales nationwide, according to the preliminary September data.
Back to the third-quarter foreclosure statistics, Nevada continued to document the nation’s highest foreclosure rate, as it has for the past 15 quarters, despite a year-over-year decline in foreclosure activity. One in every 29 Nevada housing units received a foreclosure filing in Q3, almost five times the national average.
Arizona posted the second highest foreclosure rate for the fifth consecutive quarter, with one in every 55 of its homes receiving a filing. Florida claimed the No. 3 spot, with a foreclosure rate of one in every 56 housing units.
California documented the nation’s fourth highest foreclosure rate in Q3 (one in every 70 homes), followed by Idaho (one in every 86 homes).
Other states with foreclosure rates ranking among the top 10 in the third quarter were Utah, Georgia, Michigan, Illinois, and Hawaii.
via dsnews.com
