San Diego Tierrasanta Area Median House Prices thru Aug 2011

MED HOUSE PRICES 201108 TSanta.pdf Download this file

 

Greetings All,

The latest in San Diego SOLD home prices through Aug 2011.

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

·         Compared to 1 mo ago, 50% of zips either went up in market value or stayed essentially the same (within +/-5% market value) over values of the prior month. Most notable of these was La Jolla with a 42% increase on 21 houses sold.

·         Compared to 2 mos ago, the market value of 78% are still either at a higher value or stayed essentially the same (within +/-5%) over the values of 2 months prior. Here we have our leader being La Jolla with a 37% increase on 21 houses sold and South Park / Golden Hill with a 36% increase on 9 houses sold. Also, over both of the past 2 mos straight, 44% of zips have shown an increase or stayed essentially the same in market value.

·         Compared to 1 year ago, we have 56% with a market value either higher or essentially the same (within +/-5%).  In this 1 yr category, with a 37% increase over market values of 1 yr ago, is La Jolla with 21 houses sold and also South Park / Golden Hill with a 36% increase on 9 houses sold.

Summary:   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: 

% OF MY ZIPS THAT INCREASED OR HELD STEADY IN HOME VALUES
JULY 2011	CONDOS	HOUSES
1 MO AGO	77%	50%
2 MO AGO	46%	78%
1 YR AGO	38%	56%

For more info on real estate issues and concerns in San Diego, scroll down this blog a bit further and check out my post,  "Five Refinance Tips for Borrowers" and for even more info, "NEW Record Low Mortgage Rates – 4.12% on 30 Yr Fixed / 3.33% on 15 Yr Fixed". 

Keep in mind that my 13 zip codes for condos and 18 zip codes for houses, are only a portion of the entire San Diego picture. It is the norm for any one particular zip code to have a positive increase in market values for 1, 2, or 3 months and then in other months to see a decrease in market values. A good example of ups and downs, look at Point Loma condos – median price in Aug ’10 was $0, in June ’11 at $428,000, in July ‘11 way down at $135,000 and then in Aug ’11 back up at $357,000. Let’s watch and see where it goes when the data comes out for Sept ’11, will the upswing outweigh the down?  While prices may go up & down within any given year-long period, what we are really looking for is a general increase from year to year so that the rise of the "up" months is higher and thus outweighs the dips of the "down" months.

Cheers Again 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

Email:  realtorpeg@yahoo.com 

Website:  http://www.realtorpeg.com

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Leading Economic Indicators Down Sharply in August

Home Leading Economic Indicators Down Sharply in August September 27, 2011 -- The USD Burnham-Moores Center for Real Estate’s Index of Leading Economic Indicators for San Diego County fell 1.0 percent in August.  The downward move was led by sharp declines in local stock prices, consumer confidence, and building permits.  These overwhelmed moderate increases in help wanted advertising and the outlook for the national economy and a smaller gain in initial claims for unemployment insurance to push the USD Index to its largest decline since March 2009.    Index of Leading Economic Indicators  The index for San Diego County that includes the components listed below (August)  Source: USD Burnham-Moores Center for Real Estate - 1.0 %  Building Permits  Residential units authorized by building permits in San Diego County (August) Source: Construction Industry Research Board  - 1.30%  Unemployment Insurance  Initial claims for unemployment insurance in San Diego County, inverted (August)  Source: Employment Development Department  + 0.07%  Stock Prices  San Diego Stock Exchange Index (August)  Source: San Diego Daily Transcript  - 3.15% Consumer Confidence  An index of consumer confidence in San Diego County, estimated  (August) Source: The Conference Board - 2.85%  Help Wanted Advertising  An index of online help wanted advertising in San Diego (August)  Source: Monster Worldwide + 0.72%  National Economy  Index of Leading Economic Indicators (August) Source: The Conference Board  + 0.50%  With the USD Index now having fallen for two of the last three months, there are serious questions about the near term outlook for the local economy.  Economists usually look for three consecutive changes in a leading index in one direction to signal a turning point in an economy.  While that threshold has not yet been met, the magnitude of the decrease is troubling.  The two measures of sentiment in the Index, local stock prices and consumer confidence, collapsed in August, indicating that both investors and consumers have serious concerns about the economy.  As discussed below, the economic and political situations have gotten people in an ugly and pessimistic a mood that has not been observed for a long time.  Whether that translates into trouble for the economy remains to be seen.  For now, the outlook remains for positive but slow growth in the local economy through the first part of 2012.  What happens after that is up in the air, and more data will be needed in the coming months to clarify the situation.. Highlights:  Residential units authorized by building permits were down for the third straight month.  Due to a strong beginning of the year, residential units authorized for 2011 through August have already topped the total for all of 2010.  But the numbers have dropped off significantly in recent months. . . In all the gloom, both of the labor market variables were up during the month.  Initial claims for unemployment insurance were positive, although just barely so.  On the hiring front, help wanted advertising has now increased for eight consecutive months.  The net result was that the local unemployment rate fell to 10.2 percent in August from 10.6 percent in July.  As was mentioned in last month’s report, the unemployment rate is typically higher in the summer due to schools being out of session. . . Consumer confidence plunged in August to hit levels not seen since early 2009.  The political battle over the extension of the debt ceiling and the downgrade of the U.S. government debt by Standard and Poor’s, both of which occurred at the beginning of the month, undoubtedly impacted confidence and contributed to a surge in the number of people who think the country is on the wrong track. . . Local stock prices plunged along with the rest of the financial markets as investors grow increasingly concerned about the outlook for the economy.  San Diego stocks were particularly battered, being down 7.22 percent during the month as compared to 4.36 percent for the Dow Jones Industrial Average and 6.42 percent for the NASDAQ Composite Index. . . The national Index of Leading Economic Indicators continues to rise despite all the concerns about the national economy.  The national Index has now increased for four straight months and 13 out of the last 14 months. August’s decrease puts the USD Index of Leading Economic Indicators for San Diego County at 116.0, down from July’s revised reading of 117.2.  Revised data for building permits, consumer confidence, and the national Index of Leading Economic Indicators led to the revision of the level of the USD Index for July, but there was no revision in the previously reported change of +0.2 percent for the month.  Please visit the Website address given below to see the revised changes for the individual components.  The values for the USD Index for the last year are given below:     Index % Change 2010 AUG 110.0 +0.0%   SEP 110.0 +0.0%   OCT 110.0 +0.0%   NOV 110.2 +0.3%   DEC 110.7 +0.4% 2011 JAN 111.7 +1.0%   FEB 114.0 +2.0%   MAR 115.3 +1.2%   APR 116.4 +1.0%   MAY 117.2 +0.7%   JUN 116.9 -0.2%   JUL 117.2 +0.2%   AUG 116.0 -1.0% Home - All Months For more information on the University of San Diego's Index of Leading Economic Indicators, please contact: Professor Alan Gin  School of Business Administration  University of San Diego  5998 Alcalá Park  San Diego, CA 92110  TEL: (858) 603-3873  FAX: (858) 484-5304  E-mail: agin@san.rr.com

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Fleet Science Center Fun Summer Exhibits & Programs October, 2011

Your Guide to the Fleet OCTOBER 2011

Family-Friendly Film Returns IMAX®UNDER THE SEA returns to the Heikoff Dome Theater October 1. Directed by award-winning filmmaker Howard Hall of Del Mar, CA this film takes you to the most exotic and isolated undersea locations on earth, no passport required! More>>  Kids Free Admission in October All month long, kids 12 and under get into the Fleet for FREE with the easy-to-download coupon found at the San Diego Museum Council website. Reference the coupon for details of the offer. Twenty-four museums in all are offering free admission. Get up, get out, and explore San Diego's museums with your children throughout the month of October! October 1 - 31 Spooky Science Saturdays       Visit the Discovery Lab to learn about all things scary from glow in the dark Flubber to spider webs and shocking activities. Recommended for ages 5 - 12. $2 with admission. More>> ScholarShare College Savings Plan is a proud sponsor of Family Science Saturdays at the Fleet. Saturdays in October 1:00 p.m. - 3:00 p.m. Young Scientists "Spine Tingling Science" is the theme for the fall session of Young Scientists. Your preschooler will learn about spiders, shadows and skeletons, and of course a fall favorite -pumpkins!  More>> Sessions begin mid-October Mornings 9:00 - 10:30 a.m. Halloween Family Day Kids 12 and under admitted FREE to the exhibit galleries with paid adult admission on October 29th! Halloween-themed hands-on activities will take place from 11am to 3pm in "Kid City." For more activities taking place in Balboa Park on Halloween Family Day click here.Saturday, October 29 Private Events at the Fleet Did you know the Fleet offers space for business meetings, company private events, and employee holiday parties? From sit-down dinners to cocktail receptions, from corporate awards banquets to proms, and even wedding receptions, we've got private events down to a science. For more information, please call 619-685-5761. More>>. Two Museums Free in October! Now, through October 16 only! San Diego Air & Space Museum: present your Fleet membership card for FREE admission. Located at 2001 Pan American Plaza, at the south end of Balboa Park. Featuring: Space: A Journey To Our Future (Fleet members receive a discount). Open daily 10 a.m. - 4:30 p.m. (last entry: 4 p.m.). For more museum info: SDASM or (619) 234-8291 Oct. 16 through Nov. 23 only! The New Children's Museum: present your Fleet membership card for FREE admission. Located at 200 Island Avenue, in downtown San Diego. Featuring their new exhibition, TRASH. Open daily except Wed., 10 a.m. - 4 p.m. (Thursday: 10 a.m. - 6 p.m., Sunday: 12 noon - 4 p.m.) For more museum info: The New Children Museum or (619) 233-8792 More information on these two offers. One TWO more reasons that Fleet membership is a great value all year long! Not a member yet? Click here or call the Membership Office at (619) 238-1233 ext. 713. *Membership Reminder: Always arrive 20 minutes before a film starts to exchange your member IMAX Vouchers at the Ticket Counter before you line up at the Theater.  This Month's Experiment: Rainbows of Color WATCH THE VIDEO INSTRUCTIONS (PDF) Watch the October edition of This Month's Experiment to learn how to make a rainbow in a test tube. Learn about density as colored liquids settle into layers right before your eyes. Do try this at home!    Quick Links Monthly Schedule [pdf] Buy Tickets Online  Membership Info Purchase a Gift Card Deals & Discounts Volunteer Opportunities October Events 1 "Spooky Science" Saturdays 1 IMAX UNDER THE SEA Returns 3 Senior Monday Discounted Admission 4 Free Tuesday 5 Ethics Lecture: Henrietta Lacks 5 The Sky Tonight Planetarium Show 7 Fridays at the Fleet Discounted IMAX 8 Saturday Science Club for Girls 12 Young Scientists New Session 14 Fridays at the Fleet Discounted IMAX 15 "Spooky Science" Saturdays 21 Fridays at the Fleet Discounted IMAX 22 "Spooky Science" Saturdays 28 Fridays at the Fleet Discounted IMAX 29 Halloween Family Day 29 "Spooky Science" Saturdays IMAX Films UNDER THE SEA BORN TO BE WILD TORNADO ALLEY  Fridays at the Fleet See "classic" and current IMAX films at 6, 7 & 8 p.m. every Friday night! Only $9.50 for one film and $6 for each additional film. OCTOBER  SCHEDULE: 6PM:  AFRICA: THE SERENGETI 7PM:  UNDER THE SEA 8PM:  GRAND CANYON ADVENTURE Enter to Win Congratulations to Sondra Weaver, winner of a 2-pack of tickets to visit the San Diego Art Museum. This month, it could be YOUR turn to win! Enter to win a

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Five Refinance Tips for Borrowers

As homeowners rush to take advantage of the lowest mortgage rates in history, it's easy for them to get lost in the refinance stampede. That's why it has never been so crucial for borrowers to stay on top of their game after they submit loan refinance applications.

Banks, brokers and underwriters are overwhelmed with the significantly higher volume of refinance applications they have received since mortgage rates recently tumbled. Lenders that used to ask for 30 days or less to close on a refinance loan now say they need at least 45 days and in some cases 60 days. That is -- if all goes as planned.

 

One missing document or delay by the borrower responding to a lender's request could easily jeopardize or stall a refinance in the midst of a refi boom, says Mathew Carson, a mortgage broker at First Capital Group Inc. in San Francisco.

"As a borrower, you need to make sure when you lock your rate you have all your documentation ready to go," Carson says. "Once you lock, the clock starts ticking."

Prepare in Advance

To speed up the process, borrowers should begin to assemble their paperwork as soon as they decide to apply for a loan, says Rob Nunziata, president of FBC Mortgage in Orlando, Fla. They'll need the last two copies for each of the following: paystubs, W2s, bank statements (including all pages) and tax returns.

Act Quickly

Once you lock a rate, get the documents to the lender within a day, says Dan Green, loan officer at Waterstone Mortgage in Cincinnati.

"Mortgage underwriting is first-in, first-out, and you want to be at the top of the pile," Green says. "Therefore, sign your paperwork within a day and schedule that appraisal for as soon as humanly possible. Underwriting can't begin until these two events have finished."

Communicate With Your Lender

Underwriters may ask for additional documentation once they get to your file, so it's important to stay in touch with your loan officer and be diligent.

"Borrowers need to be involved in the process, making sure things are moving as expected," Carson says.

There will be a waiting period when there's not much the loan officer and the borrower can do. Even during that time, borrowers should not be afraid to check on the progress of their refinance.

"Checking in once or twice a week is pretty reasonable," Carson says.

Know What to Expect

Borrowers should also ask their lenders upfront for a time frame on when they should expect to close on the refinance loan and lock their rate accordingly, says Nunziata.

Normally, a borrower locks a mortgage rate for 30 days. If the loan doesn't close before the lock expires, the borrower often has to pay a fee to extend the rate, or go with the new current rate. Because lenders are taking longer to close, it's wise to lock for at least 45 days, Carson says.

"It's nearly impossible to close (on a refinance) in 30 days right now," says Carson, who works with about 40 lenders, including some of the largest banks. "Most of our refis are taking 45 days."

Some banks actually are requiring borrowers to lock for at least 45 days and sometimes 60 days, Green says. The longer lock periods may translate into higher closing costs or slightly higher interest rates. But that's the only way to ensure you won't get stuck with a higher rate if they rise when you're about to close.

Shop Around

Some lenders, mostly regional and smaller local lenders, are still offering 30-day closing refinances. Borrowers should look beyond the large banks and consider quotes from these lenders before deciding.

"Shop around and always check the pricing," says Michael Becker, mortgage banker at WCS Funding in Lutherville, Md. "When big lenders get overwhelmed they may raise their rates to slow down applications. Local companies can sometimes offer you services that the big guys can't."

By Polyana da Costa

Read more: http://www.foxbusiness.com/personal-finance/2011/09/13/five-refinance-tips-for-borrowers/#ixzz1XtNR6vwS

 

FOR ALL YOUR MORTGAGE NEEDS, CONTACT THE BEST IN SAN DIEGO:

Mike Savoca
Mortgage Consultant
Homeservices Lending
890 W. Washington Street
San Diego, CA 92103
858.361.7276 Cell
866.205.8385 Fax
NMLSR ID: 461738
msavoca@hsl-ca.com

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Adams Avenue Street Fair September 24 & 25, 2011 One of the largest FREE music street fairs in California.  Over 70 live music acts on 6 stages,  three beer gardens, Giant Carnival rides and 300 craft & food vendors. Sponsored by the Adams Avenue Business Association. 2011 Headliners include: The Beat Farmers  ♦   El Vez  ♦   Dengue Fever                Arthur Adams   ♦  Cedric Burnside Project El Chicano   ♦  Davie Allan & The Arrows            Bi-National Mambo Orchestra feat. Jack "Mr. Bongo" Costanzo Map to Adams Avenue Music Event Stages       courtesy of:  http://www.adamsaveonline.com/StreetFair/default.htm

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ArcLight Cinemas Expanding to San Diego

Nine years after opening its first theater in Hollywood, ArcLight Cinemas is bringing its brand of premium cinema to San Diego.

The new 14-screen, 1,800-seat cinema will open in late 2012 in the Westfield UTC mall, representing ArcLight's first theater outside of Los Angeles County and its fifth overall.

A subsidiary of Los Angeles-based Pacific Theatres, the chain already has locations in Hollywood, Sherman Oaks, Pasadena and most recently in El Segundo, which opened in November.

The San Diego cinema will feature ArcLight's signature amenities and services, including extra-wide seats in sound-proofed auditoriums where patrons can reserve seats and watch commercial-free movies, from Hollywood blockbusters to art house films. ArcLight customers pay a higher ticket price than at conventional theaters. 

Like other ArcLights, one of the 14 auditoriums will allow patrons who are at least 21 years of age to bring in beer, wine and cocktails from the theater's bar during special screenings. 

"Since 2003, our mission has been  to create the ideal movie-going experience for film lovers and casual moviegoers alike,'' said Gretchen McCourt, executive vice president, cinema programming, for ArcLight. "Today's announcement represents a milestone for ArcLight and we cannot wait for San Diego residents to rediscover the joy of going to the movies."

via:  LA Times, Richard Verrier

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NEW Record Low Mortgage Rates - 4.12% on 30 Yr Fixed / 3.33% on 15 Yr Fixed

Industry data released Thursday show borrowing costs for home loans falling to new lows, slipping further from what was already reported as the lowest level for mortgage interest rates in more than a half-century. Economists attribute the continuing declines to ongoing employment concerns and economic uncertainty.

 

 

Freddie Mac reports that all fixed- and adjustable-rate mortgage products covered in its regular market study hit all-time record lows for the week ending September 8th.

The GSE now puts the average rate for a 30-year fixed mortgage at 4.12 percent (0.7 point), a drop of 10 basis points from 4.22 percent last week. As a point of reference,

Freddie says last year at this time the 30-year rate was averaging 4.35 percent.

The 15-year fixed rate came in at 3.33 percent (0.6 point) this week in Freddie’s survey. That’s down from 3.39 percent last week. A year ago at this time, the 15-year rate averaged 3.83 percent.

The 5-year adjustable-rate mortgage (ARM) was unchanged this week, matching its all-time low set last week at 2.96 percent (0.6 point). This time last year, the 5-year ARM carried an average rate of 3.56 percent.

Freddie Mac’s study shows the 1-year ARM is now averaging 2.84 percent (0.6 point), down from last week’s average of 2.89 percent. It was 3.46 percent 12 months ago.

“Market concerns over Eurozone sovereign debt default and a weak U.S. employment report for August placed downward pressure on Treasury bond yields and allowed fixed mortgage rates to hit new lows this week,” explained Frank Nothaft, Freddie Mac’s chief economist.

He notes that last month’s jobs data showed no net gains, the poorest showing since September 2010, with the national unemployment rate holding above 8 percent for the 31st consecutive month. That’s the longest stretch of such elevated joblessness in 70 years, according to Nothaft.

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