Thursday, September 30, 2010

GMAC's Foreclosure Snafu

GMAC's Foreclosure Snafu

Last week, GMAC Mortgage’s parent company, Ally Financial, called for a halt on residential foreclosures and a suspension of REO sales in 23 judicial states that may have been impacted by what the company said was a glitch in its internal procedures.

It soon came to light that the “glitch” traced back to one GMAC servicing executive who testified in a sworn deposition that he was signing off on foreclosures right and left because of the sheer volume of case files crossing his desk, without checking the paperwork for accuracy or signing the documents in the presence of a notary.

Reports have surfaced that a whole host of GMAC staff members are guilty of the same thing, sending cases through the foreclosure assembly line without verifying they were legally justified, as mandated by state law.

GMAC says all new foreclosures are proceeding as planned; the foreclosure freeze applies to only certain cases impacted by the procedural error. In a statement released last week, the company said any resulting foreclosure delays “are expected to be resolved within the next few weeks and certainly before year end, without serious consequence.”

But concerns have surfaced that the incident could give cause for homeowners to file lawsuits against the lender, bondholders of the affected mortgages could be impacted, and that the problem could reach beyond just GMAC since the company also services mortgages for other firms, including Fannie Mae and Freddie Mac.

A number of analysts have since weighed in on GMAC’s foreclosure snafu. On Friday, Moody’s Investors Service placed GMAC’s primary and special servicer quality ratings on review for possible downgrade, citing “irregularities in GMAC Mortgage’s foreclosure process that have recently come to light.”

“These incidents could result in delayed foreclosures and longer REO timelines, as well as reputational risk, legal challenges to previously completed foreclosures, and

long-term liquidity concerns for GMAC Mortgage,” Moody’s said.

The credit ratings agency also issued a notice Monday stating that it was placing places $7.6 billion of GMAC-serviced residential mortgage-backed securities (RMBS) under review for possible downgrade.

Moody’s says GMAC Mortgage’s improper affidavit preparation procedure could cause the RMBS securitization trusts to experience higher losses due to (i) extended foreclosure and liquidation times, with some foreclosures possibly having to be redone and (ii) litigation costs, including class-action suits, that could result in legal expense, damages and other court fees.

According to Moody’s, GMAC has implemented revised affidavit submission procedures and increased staffing levels in its default servicing unit to address the foreclosure operational issues.

The analysts at Barclays Capital say the procedural fix should resolve the issue because the information in question should be easy to substantiate.

“However, the added scrutiny is likely to further slow down the foreclosure process in these states. Severities are likely to increase as well as a result of both longer timelines and higher legal costs of processing judicial foreclosures. There remains some possibility that this added scrutiny could reveal some unanticipated issues,” Barclays said in commentary released to DSNews.com.

Interestingly enough, the research firm said, “This could be a mild positive for housing if distressed supply is curtailed in the winter months in some of these states,” but noted that housing recoveries for these states would be prolonged by keeping a lot of shadow inventory outstanding for longer.

A number of state attorneys general have begun to speak out on GMAC’s problems. Even those in non-judicial states have expressed their intent to explore the company’s foreclosure processes further. Moody’s says the scope of the investigation might not just be limited to the 23 states initially targeted by GMAC’s foreclosure freeze.

Illinois‘ attorney general has sent a letter to Ally Financial demanding a meeting to explore whether GMAC violated the state laws in its pursuit of Illinois homeowners in foreclosure. Illinois is among the states where GMAC suspended some foreclosure actions.

Attorneys general in California, Colorado, Connecticut, and Ohio have also publicly confirmed that they are launching inquiries into GMAC’s internal procedures, with some calling for a full-out moratorium on GMAC foreclosures.

Posted via email from RealtorPeg

Real Estate Investing in a Slow Market

Real Estate Investing in a Slow Market

Real estate investors worldwide have all known moments of panic and despair in the last two years, as real estate markets around the globe have suffered painful crashes. With the backdrop of a troubled housing and rental market, it’s more important than ever to learn survival and success tactics for any economy, any housing market, as they rise and fall over the years. Here are a few tips to not only survive, but thrive as a real estate investor and landlord in difficult times.

Tip 1: Review Your Rental Portfolio
No matter how many rental properties you own, chances are some of them reliably put money in your account every month, while others consistently show up red at the end of the year. Knowing which rental properties are causing the problems is the first step to solving them, so sit down and review your books for the last few years to determine where the leaks are.

Tip 2: Identify the Problems & Implement the Solutions
Have a tenant who consistently pays their rent late, or constantly demands repairs in your rental property? Offer incentives for early rent, immediate eviction notices for late rent, and demand a double security deposit based on the number of late rental payments. Have a rental property that suffers from a high turnover and vacancy rate? Sign a longer term rental agreement, preferably with older, more stable tenants. Not enough cash flow? Consider raising the rent (if the market supports it), or…

Tip 3: Creatively Increase Your Rental Revenue
Cash flow from a rental agreement can be increased by, well, adding a second rental agreement! If you have a rental property that can be divided into two units, you can increase your total cash flow from that property. Likewise, look for extra spaces of value, that may be able to be rented separately, such as a parking space downtown, or a detached garage. Consider all options, and with some ingenuity you may be able to find ways to increase your revenue.

Tip 4: Build the Right Team
Real estate investors are part of a team, that includes title companies, appraisers, accountants, bird dogs, property management companies, etc. How are the people you work with? What do they charge? Is your accountant a real estate specialist? Do you buy your investment properties in the most protective legal entities? Does your property management company have a strong history of signing new rental agreement contracts quickly? There may be some weak links in the chain, and the trick is to talk to other real estate investors to better evaluate how your team performs and charges.

Tip 5: Research and Strategize
The most successful real estate investors out there don’t make guesses or emotional decisions, but make informed, educated real estate investing choices. To do this, they are intimately familiar with their target markets, and can tell you exactly why they’ve made every single investing decision they make. Zoning changes, demographic changes, local employment changes, urban planning, and population projections are among a few of the many trends that good real estate investors track, and allow them to form a series of exit strategies depending on unforeseeable events. For example, an investor might by a shell in the annual winter slump, spend the winter and spring renovating it, and then try to sell during the summer housing boom. If the property fails to sell for a preset price, the investor might then switch to a second exit strategy, and sign a rental agreement with an option to purchase, or hand over to a property management company to manage until the local real estate market is high enough to sell the property for the target profit. Be prepared to sell for the right offer, and be prepared to hold with a rental agreement if the right offer is not forthcoming.

Economies rise and fall, as do real estate markets. Money can be made in all markets and economies, but the strategies to do so can differ, so hit the drawing board, write an appropriate business plan, and don’t be afraid to buy and hold using a rental agreement if you can’t sell for a profit right now.

Looking for a positive cash flow, money in your pocket at the end of the month? Simple - give me a call, I really do know where to find them!

Posted via email from RealtorPeg

San Diego Uptown Area Median Condo Prices thru Aug '10

Greetings Everyone,

The latest in San Diego SOLD home prices through Aug, 2010.

For CONDOS, in the 13 different zip codes which I track, the median sold prices look like:

Ø  Compared to 1 mo ago, 62% of zips either went up in market value or stayed essentially the same (within +/-5% market value). Most notable of these was Bay Park / Old Town with a 68% increase over values of the prior month and 12 condos sold and Clairemont Mesa at 59% increase and 5 condos sold.

Ø  Compared to 2 mos ago, the market value of 62% 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 Kearney Mesa / Linda Vista with a 69% increase over values of 2 mos ago and 17 condos sold. Also, over both of the past 2 mos straight, 54% 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 54% with a market value either higher or essentially the same (within +/-5%).  Tied in the 1 yr category, with a 14% increase respectively in both Hillcrest / Mission Hills and also Kearney Mesa / Linda Vista.

 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

62%

72%

2 MO AGO

62%

72%

1 YR AGO

54%

83%

Bottomline:  We are continuing to improve our property values here in the majority of San Diego zip codes and for you buyers, prices are continuing to sneak upward although 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 this winter for price dips simply because prices always dip a bit in the winter months, and, I expect the same to be true this year as well as in the next few months as we move forward. That being said, financially this winter may be the greatest, prime time for buyers to hit the market at it's "lowest point" before prices start moving back upward next spring/summer.  Notice that the percentages of zips with increasing prices is getting larger. Indeed, all categories in the brief comparison chart above shows absolutely every single category has better than half of the properties increasing in market value.  If our current trend over the past year continues, we will see next spring/summer home prices even higher than they were this year.

Speaking of winter dip in prices, there is a class of homes called "shadow inventory".  Huh?! ...... these are simply homes that banks have repossessed (foreclosed) and which are now owned by the bank, not the individual anymore. Banks will often hold on to many of these & not sell them immediately for various reasons, perhaps tax write-offs, needed repairs, hope that prices will rise as they have been, etc. This is very exciting! Several very large, national banks have said they are planning to put these on the market this winter!  When winter prices drop, "holy-moly" as Harry Carey would say, this one will be out of the park. Whether you are looking to buy a home to live in or to buy for investment purposes as a rental property, you seriously will not find a better time than this fall & winter. For investors, whether experienced or new, I personally know of several properties which are being sold at prices that will mean your monthly mortgage payment will be LESS than the amount of going rental prices - IMMEDIATE POSITIVE CASH FLOW!  In one condo complex (converted in 2006), there are units selling in which the going MONTHLY RENT is close to, if not DOUBLE THE MONTHLY MORTGAGE PAYMENT. Let's do some research, you will be amazed at what is out there!  Then you decide .........

Cheers Until Next Month!  - Peg 
 
Mary "Peg" Heying
REALTOR® - CA DRE License # 01726709
Prudential CA Realty
890 W Washington St.
San Diego, CA 92103
Cell:  (619) 301-8589

Posted via email from RealtorPeg

San Diego Clairemont Area Median Condo Prices thru Aug '10

Greetings Everyone,

The latest in San Diego SOLD home prices through Aug, 2010.

For CONDOS, in the 13 different zip codes which I track, the median sold prices look like:

Ø  Compared to 1 mo ago, 62% of zips either went up in market value or stayed essentially the same (within +/-5% market value). Most notable of these was Bay Park / Old Town with a 68% increase over values of the prior month and 12 condos sold and Clairemont Mesa at 59% increase and 5 condos sold.

Ø  Compared to 2 mos ago, the market value of 62% 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 Kearney Mesa / Linda Vista with a 69% increase over values of 2 mos ago and 17 condos sold. Also, over both of the past 2 mos straight, 54% 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 54% with a market value either higher or essentially the same (within +/-5%).  Tied in the 1 yr category, with a 14% increase respectively in both Hillcrest / Mission Hills and also Kearney Mesa / Linda Vista.

 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

62%

72%

2 MO AGO

62%

72%

1 YR AGO

54%

83%

Bottomline:  We are continuing to improve our property values here in the majority of San Diego zip codes and for you buyers, prices are continuing to sneak upward although 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 this winter for price dips simply because prices always dip a bit in the winter months, and, I expect the same to be true this year as well as in the next few months as we move forward. That being said, financially this winter may be the greatest, prime time for buyers to hit the market at it's "lowest point" before prices start moving back upward next spring/summer.  Notice that the percentages of zips with increasing prices is getting larger. Indeed, all categories in the brief comparison chart above shows absolutely every single category has better than half of the properties increasing in market value.  If our current trend over the past year continues, we will see next spring/summer home prices even higher than they were this year.

Speaking of winter dip in prices, there is a class of homes called "shadow inventory".  Huh?! ...... these are simply homes that banks have repossessed (foreclosed) and which are now owned by the bank, not the individual anymore. Banks will often hold on to many of these & not sell them immediately for various reasons, perhaps tax write-offs, needed repairs, hope that prices will rise as they have been, etc. This is very exciting! Several very large, national banks have said they are planning to put these on the market this winter!  When winter prices drop, "holy-moly" as Harry Carey would say, this one will be out of the park. Whether you are looking to buy a home to live in or to buy for investment purposes as a rental property, you seriously will not find a better time than this fall & winter. For investors, whether experienced or new, I personally know of several properties which are being sold at prices that will mean your monthly mortgage payment will be LESS than the amount of going rental prices - IMMEDIATE POSITIVE CASH FLOW!  In one condo complex (converted in 2006), there are units selling in which the going MONTHLY RENT is close to, if not DOUBLE THE MONTHLY MORTGAGE PAYMENT. Let's do some research, you will be amazed at what is out there!  Then you decide .........

Cheers Until Next Month!  - Peg 
Mary "Peg" Heying
REALTOR® - CA DRE License # 01726709
Prudential CA Realty
890 W Washington St.
San Diego, CA 92103
Cell:  (619) 301-8589

Posted via email from RealtorPeg

San Diego Uptown Area Median House Prices thru Aug '10

Greetings Everyone,

The latest in San Diego SOLD home prices through Aug, 2010.

For HOUSES in the 18 different zip codes which I track, the median sold prices look like:  

Ø  Compared to 1 mo ago, 72% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). Here, Bay Park / Old Town with a 23% increase, 6 houses sold and Hillcrest / Mission Hills with a 17% increase, 8 houses sold, lead the pack over the past month.

Ø  Compared to 2 mos ago, the market value of 72% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. The leaders in the 2 month category are Tierrasanta with a 27% increase, 8 houses sold and Point Loma with a 24% increase, 8 houses sold.  And, 55% 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 83% 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 South Park / Golden Hills leading the pack with a 44% increase and 13 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

62%

72%

2 MO AGO

62%

72%

1 YR AGO

54%

83%

Bottomline:  We are continuing to improve our property values here in the majority of San Diego zip codes and for you buyers, prices are continuing to sneak upward although 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 30 years.  Keep an eye out as we progress into this winter for price dips simply because prices always dip a bit in the winter months, and, I expect the same to be true this year as well as in the next few months as we move forward. That being said, financially this winter may be the greatest, prime time for buyers to hit the market at it's "lowest point" before prices start moving back upward next spring/summer.  Notice that the percentage of zips with increasing prices is getting larger. Indeed, all categories in the brief comparison chart above shows absolutely every single category has better than half of the properties increasing in market value.  If our current trend over the past year continues, we will see next spring/summer home prices even higher than they were this year.

Speaking of winter dip in prices, there is a class of homes called "shadow inventory".  Huh?! ...... these are simply homes that banks have repossessed (foreclosed) and which are now owned by the bank, not the individual anymore. Banks will often hold on to many of these & not sell them immediately for various reasons, perhaps tax write-offs, needed repairs, hope that prices will rise as they have been, etc. This is very exciting! Several very large, national banks have said they are planning to put these on the market this winter!  When winter prices drop, "holy-moly" as Harry Carey would say, this one will be out of the park. Whether you are looking to buy a home to live in or to buy for investment purposes as a rental property, you seriously will not find a better time than this fall & winter. For investors, whether experienced or new, I personally know of several properties which are being sold at prices that will mean your monthly mortgage payment will be LESS than the amount of going rental prices - IMMEDIATE POSITIVE CASH FLOW!  In one condo complex (converted in 2006), there are units selling in which the going MONTHLY RENT is close to, if not DOUBLE THE MONTHLY MORTGAGE PAYMENT. Let's do some research, you will be amazed at what is out there!  Then you decide .........

Cheers Until Next Month!  - Peg 
 
Mary "Peg" Heying
REALTOR® - CA DRE License # 01726709
Prudential CA Realty
890 W Washington St.
San Diego, CA 92103
Cell:  (619) 301-8589

Posted via email from RealtorPeg

San Diego Coastal Area Median House Prices thru Aug, '10

Greetings Everyone,

The latest in San Diego SOLD home prices through Aug, 2010.

For HOUSES in the 18 different zip codes which I track, the median sold prices look like:  

Ø  Compared to 1 mo ago, 72% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). Here, Bay Park / Old Town with a 23% increase, 6 houses sold and Hillcrest / Mission Hills with a 17% increase, 8 houses sold, lead the pack over the past month.

Ø  Compared to 2 mos ago, the market value of 72% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. The leaders in the 2 month category are Tierrasanta with a 27% increase, 8 houses sold and Point Loma with a 24% increase, 8 houses sold.  And, 55% 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 83% 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 South Park / Golden Hills leading the pack with a 44% increase and 13 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

62%

72%

2 MO AGO

62%

72%

1 YR AGO

54%

83%

Bottomline:  We are continuing to improve our property values here in the majority of San Diego zip codes and for you buyers, prices are continuing to sneak upward although 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 30 years.  Keep an eye out as we progress into this winter for price dips simply because prices always dip a bit in the winter months, and, I expect the same to be true this year as well as in the next few months as we move forward. That being said, financially this winter may be the greatest, prime time for buyers to hit the market at it's "lowest point" before prices start moving back upward next spring/summer.  Notice that the percentage of zips with increasing prices is getting larger. Indeed, all categories in the brief comparison chart above shows absolutely every single category has better than half of the properties increasing in market value.  If our current trend over the past year continues, we will see next spring/summer home prices even higher than they were this year.

Speaking of winter dip in prices, there is a class of homes called "shadow inventory".  Huh?! ...... these are simply homes that banks have repossessed (foreclosed) and which are now owned by the bank, not the individual anymore. Banks will often hold on to many of these & not sell them immediately for various reasons, perhaps tax write-offs, needed repairs, hope that prices will rise as they have been, etc. This is very exciting! Several very large, national banks have said they are planning to put these on the market this winter!  When winter prices drop, "holy-moly" as Harry Carey would say, this one will be out of the park. Whether you are looking to buy a home to live in or to buy for investment purposes as a rental property, you seriously will not find a better time than this fall & winter. For investors, whether experienced or new, I personally know of several properties which are being sold at prices that will mean your monthly mortgage payment will be LESS than the amount of going rental prices - IMMEDIATE POSITIVE CASH FLOW!  In one condo complex (converted in 2006), there are units selling in which the going MONTHLY RENT is close to, if not DOUBLE THE MONTHLY MORTGAGE PAYMENT. Let's do some research, you will be amazed at what is out there!  Then you decide .........

Cheers Until Next Month!  - Peg 
 
Mary "Peg" Heying
REALTOR® - CA DRE License # 01726709
Prudential CA Realty
890 W Washington St.
San Diego, CA 92103
Cell:  (619) 301-8589

Posted via email from RealtorPeg

San Diego Clairemont Area Median House Prices thru Aug '10

Greetings Everyone,

The latest in San Diego SOLD home prices through Aug, 2010.

For HOUSES in the 18 different zip codes which I track, the median sold prices look like:  

Ø  Compared to 1 mo ago, 72% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). Here, Bay Park / Old Town with a 23% increase, 6 houses sold and Hillcrest / Mission Hills with a 17% increase, 8 houses sold, lead the pack over the past month.

Ø  Compared to 2 mos ago, the market value of 72% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. The leaders in the 2 month category are Tierrasanta with a 27% increase, 8 houses sold and Point Loma with a 24% increase, 8 houses sold.  And, 55% 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 83% 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 South Park / Golden Hills leading the pack with a 44% increase and 13 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

62%

72%

2 MO AGO

62%

72%

1 YR AGO

54%

83%

Bottomline:  We are continuing to improve our property values here in the majority of San Diego zip codes and for you buyers, prices are continuing to sneak upward although 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 30 years.  Keep an eye out as we progress into this winter for price dips simply because prices always dip a bit in the winter months, and, I expect the same to be true this year as well as in the next few months as we move forward. That being said, financially this winter may be the greatest, prime time for buyers to hit the market at it's "lowest point" before prices start moving back upward next spring/summer.  Notice that the percentage of zips with increasing prices is getting larger. Indeed, all categories in the brief comparison chart above shows absolutely every single category has better than half of the properties increasing in market value.  If our current trend over the past year continues, we will see next spring/summer home prices even higher than they were this year.

Speaking of winter dip in prices, there is a class of homes called "shadow inventory".  Huh?! ...... these are simply homes that banks have repossessed (foreclosed) and which are now owned by the bank, not the individual anymore. Banks will often hold on to many of these & not sell them immediately for various reasons, perhaps tax write-offs, needed repairs, hope that prices will rise as they have been, etc. This is very exciting! Several very large, national banks have said they are planning to put these on the market this winter!  When winter prices drop, "holy-moly" as Harry Carey would say, this one will be out of the park. Whether you are looking to buy a home to live in or to buy for investment purposes as a rental property, you seriously will not find a better time than this fall & winter. For investors, whether experienced or new, I personally know of several properties which are being sold at prices that will mean your monthly mortgage payment will be LESS than the amount of going rental prices - IMMEDIATE POSITIVE CASH FLOW!  In one condo complex (converted in 2006), there are units selling in which the going MONTHLY RENT is close to, if not DOUBLE THE MONTHLY MORTGAGE PAYMENT. Let's do some research, you will be amazed at what is out there!  Then you decide .........

Cheers Until Next Month!  - Peg 
 
Mary "Peg" Heying
REALTOR® - CA DRE License # 01726709
Prudential CA Realty
890 W Washington St.
San Diego, CA 92103
Cell:  (619) 301-8589

Posted via email from RealtorPeg

San Diego Tierrasanta Area Median Home Prices thru Aug '10

Greetings Everyone,

The latest in San Diego SOLD home prices through Aug, 2010.

For HOUSES in the 18 different zip codes which I track, the median sold prices look like:  

Ø  Compared to 1 mo ago, 72% of our zips either went up in market value or stayed essentially the same (within +/-5% market value). Here, Bay Park / Old Town with a 23% increase, 6 houses sold and Hillcrest / Mission Hills with a 17% increase, 8 houses sold, lead the pack over the past month.

Ø  Compared to 2 mos ago, the market value of 72% are still either a higher value or stayed essentially the same (within +/-5%) as they were 2 mos ago. The leaders in the 2 month category are Tierrasanta with a 27% increase, 8 houses sold and Point Loma with a 24% increase, 8 houses sold.  And, 55% 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 83% 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 South Park / Golden Hills leading the pack with a 44% increase and 13 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

62%

72%

2 MO AGO

62%

72%

1 YR AGO

54%

83%

Bottomline:  We are continuing to improve our property values here in the majority of San Diego zip codes and for you buyers, prices are continuing to sneak upward although 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 30 years.  Keep an eye out as we progress into this winter for price dips simply because prices always dip a bit in the winter months, and, I expect the same to be true this year as well as in the next few months as we move forward. That being said, financially this winter may be the greatest, prime time for buyers to hit the market at it's "lowest point" before prices start moving back upward next spring/summer.  Notice that the percentage of zips with increasing prices is getting larger. Indeed, all categories in the brief comparison chart above shows absolutely every single category has better than half of the properties increasing in market value.  If our current trend over the past year continues, we will see next spring/summer home prices even higher than they were this year.

Speaking of winter dip in prices, there is a class of homes called "shadow inventory".  Huh?! ...... these are simply homes that banks have repossessed (foreclosed) and which are now owned by the bank, not the individual anymore. Banks will often hold on to many of these & not sell them immediately for various reasons, perhaps tax write-offs, needed repairs, hope that prices will rise as they have been, etc. This is very exciting! Several very large, national banks have said they are planning to put these on the market this winter!  When winter prices drop, "holy-moly" as Harry Carey would say, this one will be out of the park. Whether you are looking to buy a home to live in or to buy for investment purposes as a rental property, you seriously will not find a better time than this fall & winter. For investors, whether experienced or new, I personally know of several properties which are being sold at prices that will mean your monthly mortgage payment will be LESS than the amount of going rental prices - IMMEDIATE POSITIVE CASH FLOW!  In one condo complex (converted in 2006), there are units selling in which the going MONTHLY RENT is close to, if not DOUBLE THE MONTHLY MORTGAGE PAYMENT. Let's do some research, you will be amazed at what is out there!  Then you decide .........

Cheers Until Next Month!  - Peg 
 
Mary "Peg" Heying
REALTOR® - CA DRE License # 01726709
Prudential CA Realty
890 W Washington St.
San Diego, CA 92103
Cell:  (619) 301-8589

Posted via email from RealtorPeg

San Diego Leading Economic Indicators Aug, 2010

Mary "Peg" Heying
REALTOR® - CA DRE License # 01726709
Prudential CA Realty
890 W Washington St.
San Diego, CA 92103
Cell:  (619) 301-8589

Posted via email from RealtorPeg

Tuesday, September 21, 2010

Eat This Carb to Prevent Strokes - Health Tip

Eat This Carb to Prevent Strokes - Health Tip

Here's a carb you shouldn't have any qualms about eating, because it's loaded with a stroke-stopping ingredient: potatoes.

Whether you favor fingerling, red, or russets, spuds are loaded with potassium. And in a recent study, men and women who consumed the most potassium had a 20 percent lower risk of stroke compared with those who consumed the least amount of the mineral.

The Makings of a Mineral
The reason potassium has such health charms? Turns out the mineral helps lower blood pressure, an important risk factor for stroke. Potassium somehow softens the effect that sodium has on blood pressure, helping to keep it under wraps. And potassium may also hamper hardening of the arteries and the formation of clots -- more bad things that can set the stage for strokes. (Potassium is just one part of good blood pressure management. Check out the RealAge Blood Pressure Center for the full picture on diet, exercise, and stress reduction.)

Top Tater
How much extra potassium did the top consumers get in the study? If you had a glass of orange juice for breakfast, a quarter cup of raisins for a snack, and a baked potato for dinner (with the skin), you'd get an additional 1,600 milligrams -- an amount that would nudge you into the high-potassium group. Not getting your fill of this blood-pressure-friendly nutrient?

Posted via email from RealtorPeg

Meet ARTIST VANESSA CHRISTIE and her Paintings SEPT 22, WEDS, at the Prudential Office at 890 West Washington, 92103, 6-8:00 p.m.

See Artist Vanessa Christie and her Paintings September 22, Wednesday at the Prudential Office at 890 West Washington, 6-8:00 p.m.

Artist-Vanessa Christie
We are Proud to announce a showing of the work of Vanessa Christie!

San Diego Native, and graduate of UCLA. Vanessa Christie has been studying and honing her art skills since she attended an intensive visual arts program at Point Loma High School. She Studied locally in various classes such as City College, then went on to UCLA, and studied abroad at the Studio Art Center International, in Florence Italy. Fortunately for us she is currently a member of Mission Hills Artists. Vanessa stated her philosophy on art and creativity to me with the following statements: "I have heard many times that it is impossible for anyone to come up with an original idea, that all, even the most creative people do is rearrange things they are already aware of. And even if you lose track of what inspires you, it is still a part of your subconscious. Ideas for artwork, usually come to me, influenced by a combination of music, poetry, mythology, and especially by imagination and dreams." On her work she offers the following: "Forest Eye" and "Key Tree" and "Binding Ties" are examples of artwork coming out of my fascination with trees and the natural world, along with my imagination.
"Butterfly Girl" and "Woman with Peacock Feathers" are both related to my interest in the idea of masks. A mask may hide a face, but the face we present to the world is also an ever shifting mask. These paintings depict things that do not exist. Each of these paintings, represent the effort to make what I "see" visible to everyone.
Vanessa and her Art can be seen Wednesday, September 22nd from 6:00 to 8:00 p.m. at 890 W. Washington in the Prudential California Realty office.

Posted via email from RealtorPeg

Preparing Your Home For Sale!

Mary "Peg" Heying
REALTOR® - CA DRE License # 01726709
Prudential CA Realty
890 W Washington St.
San Diego, CA 92103
Cell:  (619) 301-8589

Posted via email from RealtorPeg