Wednesday, February 25, 2009
San Diego Home Sales Are UP
December home sales in San Diego are up 34.7%, compared to December of 2007. Median home prices fell, but San Diego experienced the lowest decline in home value in the southern California housing market. Southern California home sales have risen consistently for the last six months on a year-over-year basis according to the latest report provided by DataQuick.
San Diego Makes Top 10 Housing Market List
Daily Real Estate News | February 25, 2009 | Share
America's Best and Worst Housing Markets
As the housing downturn wears on, some cities are stabilizing and some
aren’t.
In Las Vegas, the weakest market in the country, prices continue to drop.
"I don't know what those guys were drinking when they thought all this building made sense. If it does work out soon, then there's some force out there in the universe that I'm not aware of," Steve Cesinger, chief financial officer at Dewberry Capital, an Atlanta-based real estate investment firm.
Forbes magazine analyzed monthly declines as well as year-over-year declines in home prices. It also looked at how many months of equity homeowners have lost. With these figures in mind, it determined the 10 best and the 10 worst U.S. housing markets. Here they are::
10 Best
New York City
Washington, DC
Charlotte, N.C.
Portland, Ore
San Diego
Denver
Boston
Dallas
Los Angeles
Seattle
10 Worst
Las Vegas
Phoenix
Detroit
Minneapolis
San Francisco
Chicago
Cleveland
Atlanta
Tampa
Miami
Source: Forbes: Matt Woolsey
America's Best and Worst Housing Markets
As the housing downturn wears on, some cities are stabilizing and some
aren’t.
In Las Vegas, the weakest market in the country, prices continue to drop.
"I don't know what those guys were drinking when they thought all this building made sense. If it does work out soon, then there's some force out there in the universe that I'm not aware of," Steve Cesinger, chief financial officer at Dewberry Capital, an Atlanta-based real estate investment firm.
Forbes magazine analyzed monthly declines as well as year-over-year declines in home prices. It also looked at how many months of equity homeowners have lost. With these figures in mind, it determined the 10 best and the 10 worst U.S. housing markets. Here they are::
10 Best
New York City
Washington, DC
Charlotte, N.C.
Portland, Ore
San Diego
Denver
Boston
Dallas
Los Angeles
Seattle
10 Worst
Las Vegas
Phoenix
Detroit
Minneapolis
San Francisco
Chicago
Cleveland
Atlanta
Tampa
Miami
Source: Forbes: Matt Woolsey
Tuesday, February 24, 2009
First Time Home Buyer Tax Credit in a Nutshell
There are several notable points about this federal income tax credit. They are:
• Credit maximum was increased from $7,500 to $8,000. The credit is calculated as 10% of the purchase price. Example: If the purchase price is $70,000, the credit is $7,000.
• Removed the repayment requirement, provided the homebuyer does not resell the home for three years.
• Eligibility remains for first-time homebuyers only. In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the three years prior to purchase, but who may have done so prior to that time. Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single.
• To be eligible for the full tax credit, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit.
• The tax credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home between Jan. 1, 2009 and Dec. 1, 2009. It can be claimed on a 2008 tax return (to be filed by April 15, 2009), an amended 2008 tax return, or a 2009 tax return. Individuals should consult a professional tax advisor for exact tax calculations and timing.
• Credit maximum was increased from $7,500 to $8,000. The credit is calculated as 10% of the purchase price. Example: If the purchase price is $70,000, the credit is $7,000.
• Removed the repayment requirement, provided the homebuyer does not resell the home for three years.
• Eligibility remains for first-time homebuyers only. In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the three years prior to purchase, but who may have done so prior to that time. Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single.
• To be eligible for the full tax credit, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit.
• The tax credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home between Jan. 1, 2009 and Dec. 1, 2009. It can be claimed on a 2008 tax return (to be filed by April 15, 2009), an amended 2008 tax return, or a 2009 tax return. Individuals should consult a professional tax advisor for exact tax calculations and timing.
Friday, February 20, 2009
What is the Foreclosure Prevention Plan
What's In the Foreclosure Prevention Plan
The Obama administration yesterday released its long-awaited plan to stem foreclosures. It's organized into three categories:
1.) Help for home owners making their payments but at risk of default and foreclosure.
Home owners with a Fannie Mae or Freddie Mac loan would be eligible to refinance as long as their mortgage doesn't exceed 105 percent of the home's current market value. Currently owners need to have at least 20 percent equity. Potential impact: 4-5 million households.
2.) Help for home owners already in default and in need of loan modification.
For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38 percent of the borrower's income, the government would share the cost of lowering the mortgage burden to 31 percent of income. Incentives to lenders to participate include a $1,000 payment.
Borrowers can receive up to $1,000 as an incentive to stay current on their new mortgage. Still in the works is a proposed provision that would allow bankruptcy judges to require loan modification (known as a cramdown) as part of a household's restructuring. That provision requires legislation by Congress. Estimated potential impact: 3-4 million households.
3.) Doubled resources to Fannie Mae and Freddie Mac.
To encourage investors to buy the secondary market companies' mortgage-backed securities, the government explicitly backstops them to up to $400 billion, twice the current amount.
The plan does not provide help to investors or to home owners who are in trouble with a second home, nor does it apply to homeowners whose mortgage is part of a private-label mortgage security that is not backed by Fannie Mae or Freddie Mac.
"The administration's proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values, and move the country closer to an economic recovery," says NAR President Charles McMillan.
Source: REALTOR® Magazine Online
The Obama administration yesterday released its long-awaited plan to stem foreclosures. It's organized into three categories:
1.) Help for home owners making their payments but at risk of default and foreclosure.
Home owners with a Fannie Mae or Freddie Mac loan would be eligible to refinance as long as their mortgage doesn't exceed 105 percent of the home's current market value. Currently owners need to have at least 20 percent equity. Potential impact: 4-5 million households.
2.) Help for home owners already in default and in need of loan modification.
For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38 percent of the borrower's income, the government would share the cost of lowering the mortgage burden to 31 percent of income. Incentives to lenders to participate include a $1,000 payment.
Borrowers can receive up to $1,000 as an incentive to stay current on their new mortgage. Still in the works is a proposed provision that would allow bankruptcy judges to require loan modification (known as a cramdown) as part of a household's restructuring. That provision requires legislation by Congress. Estimated potential impact: 3-4 million households.
3.) Doubled resources to Fannie Mae and Freddie Mac.
To encourage investors to buy the secondary market companies' mortgage-backed securities, the government explicitly backstops them to up to $400 billion, twice the current amount.
The plan does not provide help to investors or to home owners who are in trouble with a second home, nor does it apply to homeowners whose mortgage is part of a private-label mortgage security that is not backed by Fannie Mae or Freddie Mac.
"The administration's proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values, and move the country closer to an economic recovery," says NAR President Charles McMillan.
Source: REALTOR® Magazine Online
Tuesday, February 17, 2009
Friday, February 13, 2009
Top Agent: Overall Transactions in Jamul
Yup, that's me! I won the 2008 National Real Estate Award for Top Agent: Overall transactions in Jamul. Thank you for the referrals and support! I couldn't have done it without you.
2008 NATIONAL REAL ESTATE AWARDS HONOR SAN DIEGO COUNTY’S TOP PERFORMERS IN A TOUGH MARKET
February 2nd, 2009 admin Posted in Press Releases No Comments »
SAN DIEGO, CA: February 2, 2009 – Even in the face of a challenging real estate market marked by tumbling home prices and rising inventories, many of San Diego County’s finest real estate agents succeeded at getting deals done. The best are being honored today with the announcement of the 2008 National Real Estate Award winners for San Diego.
“The most successful agents in tough times are those that can successfully tailor their business to the reality of the marketplace,” said Mike Brawner, National Real Estate Awards program director for Maison Associates. “Banks and lenders were the new sellers, and individuals and investors previously sidelined by sky-high home prices became buyers in 2008. It was a year of dramatic change, and agents who were able recognize and react to the changes rose to the top”
Jeff Wagner, broker-owner of Excel Properties in Carlsbad earned the Top Agent: Overall Sales and Overall Transactions awards for San Diego County in 2008 proving he clearly understood the new market dynamics. Not to be left behind, perennial sales powerhouse Prudential California Realty’s La Jolla office earned the Top Office: Overall Sales award. Other agents winning substantial recognition in 2008 include Maxine Gellens, Marc Carpenter, Sandy Lund, Alan Shafran, Olga Stevens, Katie Taylor, Dawn August and Catherine Barry. For a complete list of all winners in every category throughout the county, please visit NationalRealEstateAwards.org/SanDiego.
2008 NATIONAL REAL ESTATE AWARDS HONOR SAN DIEGO COUNTY’S TOP PERFORMERS IN A TOUGH MARKET
February 2nd, 2009 admin Posted in Press Releases No Comments »
SAN DIEGO, CA: February 2, 2009 – Even in the face of a challenging real estate market marked by tumbling home prices and rising inventories, many of San Diego County’s finest real estate agents succeeded at getting deals done. The best are being honored today with the announcement of the 2008 National Real Estate Award winners for San Diego.
“The most successful agents in tough times are those that can successfully tailor their business to the reality of the marketplace,” said Mike Brawner, National Real Estate Awards program director for Maison Associates. “Banks and lenders were the new sellers, and individuals and investors previously sidelined by sky-high home prices became buyers in 2008. It was a year of dramatic change, and agents who were able recognize and react to the changes rose to the top”
Jeff Wagner, broker-owner of Excel Properties in Carlsbad earned the Top Agent: Overall Sales and Overall Transactions awards for San Diego County in 2008 proving he clearly understood the new market dynamics. Not to be left behind, perennial sales powerhouse Prudential California Realty’s La Jolla office earned the Top Office: Overall Sales award. Other agents winning substantial recognition in 2008 include Maxine Gellens, Marc Carpenter, Sandy Lund, Alan Shafran, Olga Stevens, Katie Taylor, Dawn August and Catherine Barry. For a complete list of all winners in every category throughout the county, please visit NationalRealEstateAwards.org/SanDiego.
Thursday, February 12, 2009
No Surprise to San Diego Residents
DENVER TOPS LIST OF FAVORITE CITIES, SAN DIEGO SECOND
Nearly half -- 46 percent -- of the public would rather live in a different type of community from the one they're living in now, according to a recent survey by Pew Research Center's Social & Demographic Trends Project. When asked about specific metropolitan areas where they would like to live, respondents ranked Denver, San Diego, and Seattle at the top of a list of 30 large cities, and Detroit, Cleveland, and Cincinnati at the bottom.
More info visit http://pewsocialtrends.org/
Nearly half -- 46 percent -- of the public would rather live in a different type of community from the one they're living in now, according to a recent survey by Pew Research Center's Social & Demographic Trends Project. When asked about specific metropolitan areas where they would like to live, respondents ranked Denver, San Diego, and Seattle at the top of a list of 30 large cities, and Detroit, Cleveland, and Cincinnati at the bottom.
More info visit http://pewsocialtrends.org/
Good News For Investors
FANNIE MAE EXPANDS INVESTOR MULTIPLE MORTGAGE POLICY
Fannie Mae recently announced an expanded policy regarding multiple mortgages to the same borrower. To help support the recovery of the housing market, Fannie Mae is increasing its limit from four loans per borrower when the mortgage being delivered to Fannie Mae is secured by an investment property or second home, to a maximum of 10, for high-credit quality investors.
Eligibility and underwriting requirements include a minimum FICO score of 720 and 70 to75 percent maximum loan-to-value (LTV)/combined loan-to-value (CLTV)/home equity combined loan-to-value (HCLTV), depending on the transaction and type of property. The requirements apply to any investment property or second home loans being delivered to Fannie Mae, regardless of whether Fannie Mae is the investor on the borrower's other mortgages.
C.A.R. and NAR are working with Freddie Mac and are hopeful it will follow Fannie Mae by adopting the same policy changes. We will continue to keep you updated on policy changes and legislation regarding the housing market recovery.
Fannie Mae recently announced an expanded policy regarding multiple mortgages to the same borrower. To help support the recovery of the housing market, Fannie Mae is increasing its limit from four loans per borrower when the mortgage being delivered to Fannie Mae is secured by an investment property or second home, to a maximum of 10, for high-credit quality investors.
Eligibility and underwriting requirements include a minimum FICO score of 720 and 70 to75 percent maximum loan-to-value (LTV)/combined loan-to-value (CLTV)/home equity combined loan-to-value (HCLTV), depending on the transaction and type of property. The requirements apply to any investment property or second home loans being delivered to Fannie Mae, regardless of whether Fannie Mae is the investor on the borrower's other mortgages.
C.A.R. and NAR are working with Freddie Mac and are hopeful it will follow Fannie Mae by adopting the same policy changes. We will continue to keep you updated on policy changes and legislation regarding the housing market recovery.
Wednesday, February 11, 2009
Tuesday, February 10, 2009
Housing Inventories Fall in 29 Major Markets
Here is another sign that the market is getting better.
Daily Real Estate News | February 10, 2009 | Share
The inventory of existing homes for sale in 29 major markets covered by ZipRealty declined an average of 2.5 percent in January 2009, compared to December 2008 and down 13 percent compared to January 2008.
This is a good sign, especially when considering that typically inventories rise in January after the holidays. In the last 25 years, the average increase in inventory in January has been 8.7 percent, according to Ivy Zelman, CEO of research firm Zelman & Associates.
Housing-market analysis Altos Research reached similar conclusions, saying that the listings in its 10-city composite index declined 3.3 percent in January compared to December 2008.
This data doesn’t include New York City, where appraisal firm Miller Samuel Inc. reports that inventories were at the highest level in the last decade, up 6 percent from December and 36 percent from January 2008.
Source: The Wall Street Journal, James Hagerty (02/10/2009)
Daily Real Estate News | February 10, 2009 | Share
The inventory of existing homes for sale in 29 major markets covered by ZipRealty declined an average of 2.5 percent in January 2009, compared to December 2008 and down 13 percent compared to January 2008.
This is a good sign, especially when considering that typically inventories rise in January after the holidays. In the last 25 years, the average increase in inventory in January has been 8.7 percent, according to Ivy Zelman, CEO of research firm Zelman & Associates.
Housing-market analysis Altos Research reached similar conclusions, saying that the listings in its 10-city composite index declined 3.3 percent in January compared to December 2008.
This data doesn’t include New York City, where appraisal firm Miller Samuel Inc. reports that inventories were at the highest level in the last decade, up 6 percent from December and 36 percent from January 2008.
Source: The Wall Street Journal, James Hagerty (02/10/2009)
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