1. Stomp grapes at Orfila Vineyards & Winery (760) 738-6500
2. Hike or Bike Mule Hill at San Pasqual Valley Trail (858) 674-2270
3. Discover the Quail Botanical Garden in Encinitas (760) 436-3036
4. Visit the Chula Vista Nature Center www.chulavistanaturecenter.org
(619) 409-5900
5. Take a hike on oeceanview trails at Torrey Pines State Park (858) 755-2063
6. Enjoy a concert at Humphrey's on the Bay on Shelter Island
www.humphreysconcerts.com (619) 224-3577
7. Listen to live music at the Belly Up Tavern in Solana Beach
www.bellyuptavern.com (858) 481-9022
8. Take a tour of the Hotel Del Coronado (619) 435-7242
9. Go camping at Palomar Mountain State Park (800) 444-7275 reservations
(760) 742-3462 information
10. Hey Dude, admire the surf boards at California Surf Museum www.surfmuseum.org(858) 721-6876
11. Go Whale Watching with Morning Star Charters (619) 296-4052
12. Get a double decker bus tour of our city (619) 296-2400
Thursday, June 26, 2008
Tuesday, June 24, 2008
Things to do in San Diego
Here are some fun things to do with the family this summer. Do you have something to add to this list? Send me your ideas.
1. Gather up the kids and go to the Children's Museum (619) 233-8792
2. Go wild at the San Diego Zoo (619) 234-3153
3. Enjoy the Stephen Birch Aquarium Museum (858) 534-3474
4. Visit your favorite orca at Sea World www.seaworld.com
5. Get soaked at Knott's Soak City (858) 674-2270
6. Build something great at Legoland www.lego.com
7. Check out the "new" ballpark and support the Padres (619) 795-5000
8. Have a ball at a Chargers game (858) 874-4500
9. Go on Safari at the Wild Animal Park (619) 231-1515
10. Find your inner scientist at the Rueban H Fleet Science Center (619) 238-1233
11. Satisfy your need for speed at Miramar Speed Circuit (858) 586-7500
12. Experiment at San Diego's Children Museum (760) 720-0737
13. Hurry, don't forget the San Diego Fair www.sdfair.com
14. Have a picnic at San Dieguito Park (858) 565-3600
15. Go old school at the San Diego Natural History Museum (619) 232-3821
16. Go for a ride at Belmont Park in Mission Beach (858) 228-9283
This is just a start of fun things to do this summer. More will be added to this list. Have a great summer!
1. Gather up the kids and go to the Children's Museum (619) 233-8792
2. Go wild at the San Diego Zoo (619) 234-3153
3. Enjoy the Stephen Birch Aquarium Museum (858) 534-3474
4. Visit your favorite orca at Sea World www.seaworld.com
5. Get soaked at Knott's Soak City (858) 674-2270
6. Build something great at Legoland www.lego.com
7. Check out the "new" ballpark and support the Padres (619) 795-5000
8. Have a ball at a Chargers game (858) 874-4500
9. Go on Safari at the Wild Animal Park (619) 231-1515
10. Find your inner scientist at the Rueban H Fleet Science Center (619) 238-1233
11. Satisfy your need for speed at Miramar Speed Circuit (858) 586-7500
12. Experiment at San Diego's Children Museum (760) 720-0737
13. Hurry, don't forget the San Diego Fair www.sdfair.com
14. Have a picnic at San Dieguito Park (858) 565-3600
15. Go old school at the San Diego Natural History Museum (619) 232-3821
16. Go for a ride at Belmont Park in Mission Beach (858) 228-9283
This is just a start of fun things to do this summer. More will be added to this list. Have a great summer!
Thursday, June 19, 2008
Real Estate Sales on the Rise
Many buyers are getting off the fence, feeling that this is the "bottom". If you are considering buying a home, don't wait until interest rates go up again. Great properties are getting multiple offers and moving quickly. Call me and I will help you take advantage of this great market.
Daily Real Estate News | June 19, 2008
Calif.: Sales Rise as Home Prices Bottom
As foreclosures push down California housing prices, first-time home buyers surge into the market.
The California median home price fell 30 percent in May, the sharpest decline in 20 years, since DataQuick Information Systems began keeping records.
The drop in home prices has sparked a home-buying rally that's beginning to reverse more than two years of monthly year-over-year sales declines.
"Inland markets hit hardest by foreclosures and falling prices are now the most likely to post higher sales than last year," says Andrew LePage, a DataQuick analyst. "These communities have been attracting first-time buyers, first-time move-up buyers and investors."
Richard Cosner, president of Prudential California Realty, says buyers of homes whose prices have declined in the last 18 months from $400,000 to $200,000 must compete with multiple bidders.
"For the first-time homebuyers and for that bottom tier of homes, we've found what the bottom of the pricing is," Cosner says.
Source: The Associated Press, Alex Veiga (06/18/2008)
Daily Real Estate News | June 19, 2008
Calif.: Sales Rise as Home Prices Bottom
As foreclosures push down California housing prices, first-time home buyers surge into the market.
The California median home price fell 30 percent in May, the sharpest decline in 20 years, since DataQuick Information Systems began keeping records.
The drop in home prices has sparked a home-buying rally that's beginning to reverse more than two years of monthly year-over-year sales declines.
"Inland markets hit hardest by foreclosures and falling prices are now the most likely to post higher sales than last year," says Andrew LePage, a DataQuick analyst. "These communities have been attracting first-time buyers, first-time move-up buyers and investors."
Richard Cosner, president of Prudential California Realty, says buyers of homes whose prices have declined in the last 18 months from $400,000 to $200,000 must compete with multiple bidders.
"For the first-time homebuyers and for that bottom tier of homes, we've found what the bottom of the pricing is," Cosner says.
Source: The Associated Press, Alex Veiga (06/18/2008)
Mortgage Interest Rates Are On The Rise
Mortgage rates rise to 10-month high
By Holden Lewis • Bankrate.com
Those low mortgage rates were fun while they lasted.
Mortgage rates went up for the fourth week in a row and have risen well over half a percentage point in the last month. The 30-year fixed is at its highest point in 10 months.
The benchmark 30-year fixed-rate mortgage rose 10 basis points, to 6.62 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index was 6.76 percent; four weeks ago, it was 6.02 percent.
The benchmark 15-year fixed-rate mortgage rose 8 basis points, to 6.2 percent, and the 30-year jumbo went up 11 basis points, to 7.71 percent. The benchmark 5/1 adjustable-rate mortgage rose 17 basis points, to 6.24 percent.
Weekly national mortgage survey
Results of Bankrate.com's June 18, 2008, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed 15-yearfixed 5-year ARM
This week's rate: 6.62% 6.20% 6.24%
Change from last week: +0.10 +0.08 +0.17
Monthly payment: $1,055.97 $1,410.26 $1,014.86
Change from last week: +$10.89 +$4.18 +$18.16
This is the highest rate for the 30-year fixed since Bankrate's Aug. 15 survey, when it was 6.68 percent.
Just five months ago, in the middle of January, the 30-year fixed was 5.57 percent. It has gone up more than a percentage point since then.
Inflation and credit move the needle
Many factors govern mortgage rates, and two of those factors are inflation and credit quality. Both are pushing rates higher. Most consumers are aware that prices are rising, even if the government says inflation is still relatively low. That's the inflation factor.
And millions of homeowners are behind on their mortgage payments, or their homes are in foreclosure. That's the credit-quality factor.
Mix inflation with a foreclosure wave, and you get higher mortgage rates, with lenders reluctant to lend.
It reminds Daniel Pantoja, a manager for Advent Mortgage, in Louisville, Ky., of the 1970s, "when people couldn't afford to buy a house because of where rates were at, and there were economic issues, with inflation, rising rates and high fuel prices."
One big difference is that mortgage rates were much higher in the late 1970s, topping 18 percent. Back then, high rates kept people from borrowing; now, strict lending standards make it hard to qualify for a mortgage.
"Now banks don't want to do mortgages," says Alan Rosenbaum, president of GuardHill Financial, a mortgage brokerage in New York City. "That's pulling our economy deeper and deeper into recession."
Rate rise on the horizon?
The Federal Reserve's rate policy panel meets next week, and is expected to keep short-term rates unchanged. But some Fed members have begun to talk of the imperative to fight inflation -- implying that the central bank might raise short-term rates sometime this year.
"I think that's a mistake," Rosenbaum says. "Yes, there's inflation -- but there's also recession here. Raising interest rates is not going to promote people into spending more money."
There's another way of looking at it: A Fed rate hike this summer or fall might be seen as anti-inflationary, which could cause long-term mortgage rates to fall. Short-term and long-term rates don't always move in the same direction.
Pantoja isn't yet advocating for a Fed rate hike, but he doesn't mind when Fed officials jawbone about the perils of inflation. A few days of that, he says, might send mortgage rates lower.
Bankrate.com's corrections policy -- Posted: June 12, 2008
By Holden Lewis • Bankrate.com
Those low mortgage rates were fun while they lasted.
Mortgage rates went up for the fourth week in a row and have risen well over half a percentage point in the last month. The 30-year fixed is at its highest point in 10 months.
The benchmark 30-year fixed-rate mortgage rose 10 basis points, to 6.62 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index was 6.76 percent; four weeks ago, it was 6.02 percent.
The benchmark 15-year fixed-rate mortgage rose 8 basis points, to 6.2 percent, and the 30-year jumbo went up 11 basis points, to 7.71 percent. The benchmark 5/1 adjustable-rate mortgage rose 17 basis points, to 6.24 percent.
Weekly national mortgage survey
Results of Bankrate.com's June 18, 2008, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed 15-yearfixed 5-year ARM
This week's rate: 6.62% 6.20% 6.24%
Change from last week: +0.10 +0.08 +0.17
Monthly payment: $1,055.97 $1,410.26 $1,014.86
Change from last week: +$10.89 +$4.18 +$18.16
This is the highest rate for the 30-year fixed since Bankrate's Aug. 15 survey, when it was 6.68 percent.
Just five months ago, in the middle of January, the 30-year fixed was 5.57 percent. It has gone up more than a percentage point since then.
Inflation and credit move the needle
Many factors govern mortgage rates, and two of those factors are inflation and credit quality. Both are pushing rates higher. Most consumers are aware that prices are rising, even if the government says inflation is still relatively low. That's the inflation factor.
And millions of homeowners are behind on their mortgage payments, or their homes are in foreclosure. That's the credit-quality factor.
Mix inflation with a foreclosure wave, and you get higher mortgage rates, with lenders reluctant to lend.
It reminds Daniel Pantoja, a manager for Advent Mortgage, in Louisville, Ky., of the 1970s, "when people couldn't afford to buy a house because of where rates were at, and there were economic issues, with inflation, rising rates and high fuel prices."
One big difference is that mortgage rates were much higher in the late 1970s, topping 18 percent. Back then, high rates kept people from borrowing; now, strict lending standards make it hard to qualify for a mortgage.
"Now banks don't want to do mortgages," says Alan Rosenbaum, president of GuardHill Financial, a mortgage brokerage in New York City. "That's pulling our economy deeper and deeper into recession."
Rate rise on the horizon?
The Federal Reserve's rate policy panel meets next week, and is expected to keep short-term rates unchanged. But some Fed members have begun to talk of the imperative to fight inflation -- implying that the central bank might raise short-term rates sometime this year.
"I think that's a mistake," Rosenbaum says. "Yes, there's inflation -- but there's also recession here. Raising interest rates is not going to promote people into spending more money."
There's another way of looking at it: A Fed rate hike this summer or fall might be seen as anti-inflationary, which could cause long-term mortgage rates to fall. Short-term and long-term rates don't always move in the same direction.
Pantoja isn't yet advocating for a Fed rate hike, but he doesn't mind when Fed officials jawbone about the perils of inflation. A few days of that, he says, might send mortgage rates lower.
Bankrate.com's corrections policy -- Posted: June 12, 2008
Tuesday, June 17, 2008
What are you doing this summer?
Okay, the girls are bored and I am out of ideas. Lets come up with some fun things to do and share them. What are your fun, go-to-ideas? Let's try to keep it fairly inexpensive and unique. Send me your ideas and I will post them here. Try to keep it local to the San Diego Area. Let's have FUN!
Monday, June 16, 2008
SD United Woman's Soccer Schedule
JUN. 15 Sunday La Rampage * Granada Hills 6PM
Jun. 21 Saturday San Diego Sea Lions Cathedral High TBD
JUN. 22 SUNDAY CLAREMONT STARS* Valhalla Stadium 4PM
Jun. 28 SUNDAY WEST COAST FC Valhalla Stadium 6PM
Jun. 29 Sunday OPEN
JUL. 5 SATURDAY MONTEREY Valhalla Stadium 6PM
JUL. 6 SUNDAY S.F. NIGHTHAWKS Valhalla Stadium 4PM
Jul. 12 Saturday West Coast FC TBD TBD
Jul. 13 SUNDAY LA RAMPAGE * Valhalla Stadium 4PM
Jul. 19 Saturday Conference Playoffs 1st RD TBD TBD
Jul. 20 Sunday Conference Playoffs Final TBD TBD
Jul. 26 Saturday WPSL Final 4 Sacramento TBD
Jul. 27 Sunday WPSL Championship Sacramento TBD
Jun. 21 Saturday San Diego Sea Lions Cathedral High TBD
JUN. 22 SUNDAY CLAREMONT STARS* Valhalla Stadium 4PM
Jun. 28 SUNDAY WEST COAST FC Valhalla Stadium 6PM
Jun. 29 Sunday OPEN
JUL. 5 SATURDAY MONTEREY Valhalla Stadium 6PM
JUL. 6 SUNDAY S.F. NIGHTHAWKS Valhalla Stadium 4PM
Jul. 12 Saturday West Coast FC TBD TBD
Jul. 13 SUNDAY LA RAMPAGE * Valhalla Stadium 4PM
Jul. 19 Saturday Conference Playoffs 1st RD TBD TBD
Jul. 20 Sunday Conference Playoffs Final TBD TBD
Jul. 26 Saturday WPSL Final 4 Sacramento TBD
Jul. 27 Sunday WPSL Championship Sacramento TBD
Friday, June 13, 2008
Santee Foundation
Happy Summer everyone!
WEBSITE IS UPDATED AND PACKED WITH NEWS!
I would be grateful if you would do two things
1- read the articles and get to know what the foundation is about and how it is directly impacting programs at all the Santee School Sites- AND email me your comments/ideas/etc
2- It is important that we are visable to all Santee parents/children/staff/administration/friends/grandparents....you get the idea :).....
FORWARD THIS EMAIL AND THE LINK TO ALL THE SANTEE PEOPLE IN YOUR ADDRESS BOOK.... PLEASE .... I NEED YOU.
http//www.santeefoundation.net
WITH SINCERE THANKS
MARIA LENHOFF
PRESIDENT
SANTEE SCHOOL DISTRICT FOUNDATION
WEBSITE IS UPDATED AND PACKED WITH NEWS!
I would be grateful if you would do two things
1- read the articles and get to know what the foundation is about and how it is directly impacting programs at all the Santee School Sites- AND email me your comments/ideas/etc
2- It is important that we are visable to all Santee parents/children/staff/administration/friends/grandparents....you get the idea :).....
FORWARD THIS EMAIL AND THE LINK TO ALL THE SANTEE PEOPLE IN YOUR ADDRESS BOOK.... PLEASE .... I NEED YOU.
http//www.santeefoundation.net
WITH SINCERE THANKS
MARIA LENHOFF
PRESIDENT
SANTEE SCHOOL DISTRICT FOUNDATION
Mortgage Rates Climb to 8-Month High
The Daily Real Estate news is reporting that interest climbed to an 8-month high. What does that mean to you? It means that if you have been sitting on the fence, considering buying a home but have not made the move, the time is now. When interest rates go up it can really affect your monthly mortgage payment. Stop waiting for interest rates to go any higher.
In San Diego East County we are seeing signs that the market is turning around. The number of pending sales are up, time on the market is down and we are seeing multiple offer situations. If you are considering buying your first home or moving up to larger home, don't wait! Call me today so we can start the process.
Daily Real Estate News | June 13, 2008
Speculation that the central bank could reverse its rate-cutting campaign later this year as a way to keep inflation in check drove up mortgage borrowing costs during the past week, according to Freddie Mac.
Interest on 30-year loans settled at 6.32 percent in the latest survey, climbing from 6.09 percent the previous week to the highest level seen in eight months.
Meanwhile, rates on 15-year fixed loans moved up to 5.93 percent from 5.65 percent for the week; while one-year adjustable-rate mortgages drifted up to 5.09 percent from 5.06 percent. Five-year ARMs floated up to 5.70 percent from 5.51 percent.
Source: Philadelphia Inquirer (06/13/08)
In San Diego East County we are seeing signs that the market is turning around. The number of pending sales are up, time on the market is down and we are seeing multiple offer situations. If you are considering buying your first home or moving up to larger home, don't wait! Call me today so we can start the process.
Daily Real Estate News | June 13, 2008
Speculation that the central bank could reverse its rate-cutting campaign later this year as a way to keep inflation in check drove up mortgage borrowing costs during the past week, according to Freddie Mac.
Interest on 30-year loans settled at 6.32 percent in the latest survey, climbing from 6.09 percent the previous week to the highest level seen in eight months.
Meanwhile, rates on 15-year fixed loans moved up to 5.93 percent from 5.65 percent for the week; while one-year adjustable-rate mortgages drifted up to 5.09 percent from 5.06 percent. Five-year ARMs floated up to 5.70 percent from 5.51 percent.
Source: Philadelphia Inquirer (06/13/08)
Tuesday, June 10, 2008
Home Prices Starting to Rise
Daily Real Estate News | June 10, 2008
Calif. Home Prices Rise in Coastal Areas
Home prices in California are rising significantly in key areas, according to mortgage technology company FNC Inc.
FNC's new Residential Price Index, which measure home prices monthly, points out that 15 percent of ZIP codes in San Diego, 25 percent in Orange County, and 24 percent in L.A. County appreciated from January through April.
“We are seeing signs that certain ZIP codes, typically in coastal areas, are beginning to stabilize and even appreciate from their end-of-2007 lows," said Robert Dorsey, executive vice president for Data and Analytics at FNC.
Source: FNC Inc. (06/09/08)
Calif. Home Prices Rise in Coastal Areas
Home prices in California are rising significantly in key areas, according to mortgage technology company FNC Inc.
FNC's new Residential Price Index, which measure home prices monthly, points out that 15 percent of ZIP codes in San Diego, 25 percent in Orange County, and 24 percent in L.A. County appreciated from January through April.
“We are seeing signs that certain ZIP codes, typically in coastal areas, are beginning to stabilize and even appreciate from their end-of-2007 lows," said Robert Dorsey, executive vice president for Data and Analytics at FNC.
Source: FNC Inc. (06/09/08)
Monday, June 9, 2008
Pending Sales are UP
Daily Real Estate News | June 9, 2008
Pending Sales Up 6.3% in April
A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007, when it stood at 101.5.
Lawrence Yun, NAR chief economist, says pending sales contracts have picked up notably in areas undergoing significant price drops.
“Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he says. “Sharp price reductions are leading to a quicker discovery of price equilibrium points. The West is already seeing year-over-year gains in pending contracts.”
The Pending Home Sales Index in the West rose 8.3 percent to 98.8 in April from March, and is up 4.0 percent from April 2007. In the Midwest, the index jumped 13.0 percent to 83.7 in April but remains 13.1 percent below a year ago. The index in the South increased 4.6 percent to 88.8 but is 22.5 percent below April 2007. In the Northeast, the index declined 1.9 percent in April to 79.3 and is 12.2 percent below a year ago.
Here are some other market predictions from Yun and NAR:
Affordability getting better. NAR’s housing affordability index has been trending up this year and is projected to rise 15 percentage points to 128.0 for all of 2008. “It appears that more buyers are realizing they can take advantage of a favorable combination of mortgage interest rates, home prices and family income,” says NAR President Richard F. Gaylord. “Overall affordability conditions are the best we’ve seen since the middle of the housing boom in 2004, but with far more choices and much less pressure than buyers experienced four years ago to make an investment in their future. Recent declines in mortgage rates on conforming jumbo loans and a return to sound but not overly stringent underwriting standards will permit more people to qualify for a loan.”
Mortgage rates to go up. “Although mortgage interest rates will remain historically favorable, they will start to steadily inch up,” Yun said. The 30-year fixed-rate mortgage should rise gradually to 6.3 percent by the end of this year, and then hold at that level for most of 2009.
Demand for homes only rising. Yun said the underlying fundamentals point to a pent-up demand. “Home sales are at about the same level as they were 10 years ago, yet the population has grown by 25 million people and we have over 10 million more jobs,” he said. “The housing market has been underperforming by historical standards, partly because buyers were hampered by mortgage availability issues, but that’s improved and an upturn is more likely. On the other hand, it’s unclear what role consumer confidence will play in the coming months.”
EHS to see healthy gains in ’09. Existing-home sales should increase from an annual pace of 5.05 million in the second quarter to 5.83 million in the fourth quarter. For all of this year, existing-home sales are expected to total 5.40 million, and then rise 6.3 percent to 5.74 million in 2009. “Sales gains will be greatest in areas that underwent sharp price declines,” Yun said.
Prices to stabilize in second half of this year. After unprecedented home price declines in the first half of the year, many markets can anticipate stabilizing price trends in the second half. The aggregate median existing-home price is likely to decline 8.4 percent in the first half of this year, and then begin to stabilize in the second half before rising 4.4 percent next year to $213,900. “Policymakers need to be attentive to the fact that many homeowners have seen a reduction in housing equity, or are in an ‘underwater’ situation. More needs to be done on the policy front to alleviate hardships and bring fence-sitters back into the marketplace,” Yun says.
New-home sales slow to recover. New-home sales will probably fall 31.7 percent to 529,000 in 2008 before rising 12.5 percent to 595,000 next year. Housing starts, including multifamily units, are projected to drop 27.2 percent to 987,000 this year, and then slip 0.6 percent to 980,000 in 2009. “Rising construction costs will provide less room for price cuts on new homes,” Yun said. The median new-home price is forecast to decline 3.1 percent to $239,500 in 2008, and then rise 5.4 percent next year to $252,400.
A better economic picture. Yun sees an improving economy. Growth in the U.S. gross domestic product (GDP) should be 1.7 percent in 2008 and 2.0 percent next year. The unemployment rate is estimated to average 5.3 percent this year and 5.6 percent in 2009.
Inflation growing. Inflation, as measured by the Consumer Price Index, is expected to be 3.6 percent this year and 2.4 percent in 2009. Inflation-adjusted disposable personal income should grow 1.4 percent in 2008 and 2.5 percent next year.
Existing-home sales for May will be released June 26; the next forecast and Pending Home Sales Index will be released July 8.
Pending Sales Up 6.3% in April
A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007, when it stood at 101.5.
Lawrence Yun, NAR chief economist, says pending sales contracts have picked up notably in areas undergoing significant price drops.
“Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he says. “Sharp price reductions are leading to a quicker discovery of price equilibrium points. The West is already seeing year-over-year gains in pending contracts.”
The Pending Home Sales Index in the West rose 8.3 percent to 98.8 in April from March, and is up 4.0 percent from April 2007. In the Midwest, the index jumped 13.0 percent to 83.7 in April but remains 13.1 percent below a year ago. The index in the South increased 4.6 percent to 88.8 but is 22.5 percent below April 2007. In the Northeast, the index declined 1.9 percent in April to 79.3 and is 12.2 percent below a year ago.
Here are some other market predictions from Yun and NAR:
Affordability getting better. NAR’s housing affordability index has been trending up this year and is projected to rise 15 percentage points to 128.0 for all of 2008. “It appears that more buyers are realizing they can take advantage of a favorable combination of mortgage interest rates, home prices and family income,” says NAR President Richard F. Gaylord. “Overall affordability conditions are the best we’ve seen since the middle of the housing boom in 2004, but with far more choices and much less pressure than buyers experienced four years ago to make an investment in their future. Recent declines in mortgage rates on conforming jumbo loans and a return to sound but not overly stringent underwriting standards will permit more people to qualify for a loan.”
Mortgage rates to go up. “Although mortgage interest rates will remain historically favorable, they will start to steadily inch up,” Yun said. The 30-year fixed-rate mortgage should rise gradually to 6.3 percent by the end of this year, and then hold at that level for most of 2009.
Demand for homes only rising. Yun said the underlying fundamentals point to a pent-up demand. “Home sales are at about the same level as they were 10 years ago, yet the population has grown by 25 million people and we have over 10 million more jobs,” he said. “The housing market has been underperforming by historical standards, partly because buyers were hampered by mortgage availability issues, but that’s improved and an upturn is more likely. On the other hand, it’s unclear what role consumer confidence will play in the coming months.”
EHS to see healthy gains in ’09. Existing-home sales should increase from an annual pace of 5.05 million in the second quarter to 5.83 million in the fourth quarter. For all of this year, existing-home sales are expected to total 5.40 million, and then rise 6.3 percent to 5.74 million in 2009. “Sales gains will be greatest in areas that underwent sharp price declines,” Yun said.
Prices to stabilize in second half of this year. After unprecedented home price declines in the first half of the year, many markets can anticipate stabilizing price trends in the second half. The aggregate median existing-home price is likely to decline 8.4 percent in the first half of this year, and then begin to stabilize in the second half before rising 4.4 percent next year to $213,900. “Policymakers need to be attentive to the fact that many homeowners have seen a reduction in housing equity, or are in an ‘underwater’ situation. More needs to be done on the policy front to alleviate hardships and bring fence-sitters back into the marketplace,” Yun says.
New-home sales slow to recover. New-home sales will probably fall 31.7 percent to 529,000 in 2008 before rising 12.5 percent to 595,000 next year. Housing starts, including multifamily units, are projected to drop 27.2 percent to 987,000 this year, and then slip 0.6 percent to 980,000 in 2009. “Rising construction costs will provide less room for price cuts on new homes,” Yun said. The median new-home price is forecast to decline 3.1 percent to $239,500 in 2008, and then rise 5.4 percent next year to $252,400.
A better economic picture. Yun sees an improving economy. Growth in the U.S. gross domestic product (GDP) should be 1.7 percent in 2008 and 2.0 percent next year. The unemployment rate is estimated to average 5.3 percent this year and 5.6 percent in 2009.
Inflation growing. Inflation, as measured by the Consumer Price Index, is expected to be 3.6 percent this year and 2.4 percent in 2009. Inflation-adjusted disposable personal income should grow 1.4 percent in 2008 and 2.5 percent next year.
Existing-home sales for May will be released June 26; the next forecast and Pending Home Sales Index will be released July 8.
Thursday, June 5, 2008
Before you Head To The Beach
Although yesterday it was cold and cloudy, we are heading into summer and for many that means heading to San Diego's beautiful beaches. Before you go, take some time to read the article below. You can never be too safe.
By Kathy Van Mullekom
RISMEDIA, June 5, 2008-(MCT)-You’re all set for a day at the beach or on the boat. Snacks and beverages are packed, towels are tucked into your tote bag and you’ve got sunglasses and a book or two to browse.
Is your protective sunscreen in there, too? Hopefully it is. Your skin is something you really want to protect from sunburn even moderate tanning.
“There is no such thing as a `healthy tan,’” says Leslie Coker, a dermatologist and the mother of a 2-year-old daughter in Hampton, Va. “Tanning of the skin is a result of ultraviolet ray damage to the DNA of your skin cell. Sun damage is cumulative. A golden tan while you are young could mean skin cancer and a leathery hide when you are middle aged.”
Q. What makes a good sunscreen and how should you use it?
A. Look for a broad-spectrum sunscreen-one that blocks UVA and UVB rays—with a SPF of 15 or more. Remember that waterproof sunscreens protect up to 80 minutes in the water, while water-resistant ones are good for only 40 minutes. As for makeup with sunscreen, the more the better.
Q. What protection do kids need?
A. They need sun-protective clothing and swimsuits, hats and sunscreens. Zinc- and titanium-based sunscreens are best for kids and adults with sensitive skin. Spray sunscreens make life easier but need to be used liberally.
Q. What’s your opinion on tanning lotions?
A. I like them. They are safe but still a little messy.
Q. How does being on the beach or in a boat change what the sun does to your skin?
A. You are getting direct sunlight plus you’re exposed to reflective rays off the water. Sweating and swimming rinses sunscreen off so reapplying it is important. Unfortunately, reapplication on sandy or wet skin is tough. Go for sun-protective clothing for large body areas. Wind breaks down the outer protective layer of skin and this magnifies sun damage; lube up with a heavy sunscreen and wear a hat.
Q. What are the visible signs of sun damage to skin?
A. Age spots, freckles, wrinkles and fine superficial blood vessels are the typical signs. Ultra violet rays also accelerate the breakdown of collagen and elastin, causing the skin to become thin and not as elastic.
Q. Do people use too much sunscreen, at the risk of not getting enough Vitamin D from the sun?
A. Most people get adequate amounts of sun exposure with daily activities like getting your mail or walking to and from your car. For anyone who never sees the light of day, Vitamin D deficiency is possible. Women and men with a personal or family history of osteoporosis should have their Vitamin D levels checked.
Q. What is good and bad for skin in general?
A. Many people over wash. The skin is a barrier that prevents moisture loss and protects us from infection, etc. Detergents and scrubbing, as in exfoliating, is so popular and, in most cases, I find it detrimental. Smooth pink skin exfoliated or raw skin is not healthy. I recommend using soap in body folds but discourage my patients from lathering up their entire body. A thin layer of petroleum jelly on wet skin traps moisture and when used correctly leaves skin soft and smooth.
Q. What summer skin-care regimen do you follow for yourself and child?
A. I hate to name products because there are many good sunscreens available at drugstores. I like zinc oxide and titanium dioxide products (sun blockers) and I have found a very sheer product that I use first thing in the morning. Ellie and I both wear sun protective clothing and hats because even I dislike rubbing creams on my arms and trunk. Ellie and I reapply our 30+ SPF every two hours when we are outside and we always search for shade! My skin-care maintenance routine includes tretinoin cream (like Renova) alternating with topical Vitamin C serum nightly.
Summer Skin Care
Wear your sunscreen. Find a sunscreen you like. If something is thick, stinky or sticky, you are less likely to use it frequently. One to two ounces of sunscreen, about the size of a golf ball, covers your body and needs to be reapplied every two to four hours. So, obviously, one tube of sunscreen shouldn’t last much more than a weekend at the beach.
Also, overcast days provide plenty of harmful rays so remember your sunscreen when it’s cloudy outdoors.
Protect your lips and ears. Skin cancers in these areas are often aggressive so wear a hat over your ears and/or use sunscreen on these vulnerable parts.
Seek shade. Cover up with clothing. A typical cotton T-shirt only provides protection equal to about an SPF 15 sunscreen and when wet, it can drop to an SPF of 8. Sun-protective clothing is ideal if you dislike lathering up with lotion especially great for kids who won’t stand still as well as athletes and outdoorsmen. Some of these fabrics are as light as tissue paper and provide optimal ventilation.
Learn to perform a good skin exam. It’s like doing a tick check; look for anything that appears out of place. Learn the warning signs for melanoma, as well as basal or squamous cell skin cancers; Google or go to the Website www.aiderm.com for photos.
Schedule checkups. Get a baseline exam by a dermatologist to ensure your skin stays healthy.
- Dermatologist Leslie Coker of Hampton, Va.
© 2008, Daily Press (Newport News, Va.).
Distributed by McClatchy-Tribune Information Services.
By Kathy Van Mullekom
RISMEDIA, June 5, 2008-(MCT)-You’re all set for a day at the beach or on the boat. Snacks and beverages are packed, towels are tucked into your tote bag and you’ve got sunglasses and a book or two to browse.
Is your protective sunscreen in there, too? Hopefully it is. Your skin is something you really want to protect from sunburn even moderate tanning.
“There is no such thing as a `healthy tan,’” says Leslie Coker, a dermatologist and the mother of a 2-year-old daughter in Hampton, Va. “Tanning of the skin is a result of ultraviolet ray damage to the DNA of your skin cell. Sun damage is cumulative. A golden tan while you are young could mean skin cancer and a leathery hide when you are middle aged.”
Q. What makes a good sunscreen and how should you use it?
A. Look for a broad-spectrum sunscreen-one that blocks UVA and UVB rays—with a SPF of 15 or more. Remember that waterproof sunscreens protect up to 80 minutes in the water, while water-resistant ones are good for only 40 minutes. As for makeup with sunscreen, the more the better.
Q. What protection do kids need?
A. They need sun-protective clothing and swimsuits, hats and sunscreens. Zinc- and titanium-based sunscreens are best for kids and adults with sensitive skin. Spray sunscreens make life easier but need to be used liberally.
Q. What’s your opinion on tanning lotions?
A. I like them. They are safe but still a little messy.
Q. How does being on the beach or in a boat change what the sun does to your skin?
A. You are getting direct sunlight plus you’re exposed to reflective rays off the water. Sweating and swimming rinses sunscreen off so reapplying it is important. Unfortunately, reapplication on sandy or wet skin is tough. Go for sun-protective clothing for large body areas. Wind breaks down the outer protective layer of skin and this magnifies sun damage; lube up with a heavy sunscreen and wear a hat.
Q. What are the visible signs of sun damage to skin?
A. Age spots, freckles, wrinkles and fine superficial blood vessels are the typical signs. Ultra violet rays also accelerate the breakdown of collagen and elastin, causing the skin to become thin and not as elastic.
Q. Do people use too much sunscreen, at the risk of not getting enough Vitamin D from the sun?
A. Most people get adequate amounts of sun exposure with daily activities like getting your mail or walking to and from your car. For anyone who never sees the light of day, Vitamin D deficiency is possible. Women and men with a personal or family history of osteoporosis should have their Vitamin D levels checked.
Q. What is good and bad for skin in general?
A. Many people over wash. The skin is a barrier that prevents moisture loss and protects us from infection, etc. Detergents and scrubbing, as in exfoliating, is so popular and, in most cases, I find it detrimental. Smooth pink skin exfoliated or raw skin is not healthy. I recommend using soap in body folds but discourage my patients from lathering up their entire body. A thin layer of petroleum jelly on wet skin traps moisture and when used correctly leaves skin soft and smooth.
Q. What summer skin-care regimen do you follow for yourself and child?
A. I hate to name products because there are many good sunscreens available at drugstores. I like zinc oxide and titanium dioxide products (sun blockers) and I have found a very sheer product that I use first thing in the morning. Ellie and I both wear sun protective clothing and hats because even I dislike rubbing creams on my arms and trunk. Ellie and I reapply our 30+ SPF every two hours when we are outside and we always search for shade! My skin-care maintenance routine includes tretinoin cream (like Renova) alternating with topical Vitamin C serum nightly.
Summer Skin Care
Wear your sunscreen. Find a sunscreen you like. If something is thick, stinky or sticky, you are less likely to use it frequently. One to two ounces of sunscreen, about the size of a golf ball, covers your body and needs to be reapplied every two to four hours. So, obviously, one tube of sunscreen shouldn’t last much more than a weekend at the beach.
Also, overcast days provide plenty of harmful rays so remember your sunscreen when it’s cloudy outdoors.
Protect your lips and ears. Skin cancers in these areas are often aggressive so wear a hat over your ears and/or use sunscreen on these vulnerable parts.
Seek shade. Cover up with clothing. A typical cotton T-shirt only provides protection equal to about an SPF 15 sunscreen and when wet, it can drop to an SPF of 8. Sun-protective clothing is ideal if you dislike lathering up with lotion especially great for kids who won’t stand still as well as athletes and outdoorsmen. Some of these fabrics are as light as tissue paper and provide optimal ventilation.
Learn to perform a good skin exam. It’s like doing a tick check; look for anything that appears out of place. Learn the warning signs for melanoma, as well as basal or squamous cell skin cancers; Google or go to the Website www.aiderm.com for photos.
Schedule checkups. Get a baseline exam by a dermatologist to ensure your skin stays healthy.
- Dermatologist Leslie Coker of Hampton, Va.
© 2008, Daily Press (Newport News, Va.).
Distributed by McClatchy-Tribune Information Services.
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