Want to learn more about how San Diego compares to last weeks national real estate numbers? Check out the article from the UT on my blog
http://ping.fm/XOpqz

Five things about: the week in real estate

BY JENNIFER DAVIES, UNION-TRIBUNE

SUNDAY, AUGUST 29, 2010 AT 6 A.M.

If you are the type of person who lives and dies by housing market news, then you probably died a little inside after this week’s raft of less-than-stellar reports. Home sales declined and foreclosures — while down — continue to be a drag on the market. It’s gotten so bad that even real estate agents, typically a pretty optimistic group, are wringing their hands. Let’s review the numbers and see what other metrics are on the horizon:

Sales. They were down — way down in July. On a national level, home sales fell 25 percent from a year ago, and in California they were down 21 percent on annualized basis. The news here was, ahem, slightly better with home sales dropping a mere 15.2 percent.

Prices. San Diego prices held up, gaining 4.6 percent from a year ago. Don’t start celebrating just yet, though. Home prices are 37.4 percent off their peak price, and one study says it could be 2024 before San Diego County as a whole reaches their peak again.

Foreclosures. Woo-hoo. In July, foreclosures in the county were down 32 percent from a year ago, says MDA DataQuick. Notice of defaults, considered the first step in the foreclosure process, also fell almost 50 percent from a year ago. The drop, however, could be attributed to more banks using short sales to deal with distressed property.

Agents. All the bad news is getting to real estate professionals, too. A survey by Point2 Technologies, which provides marketing software for the real estate industry, found confidence in the housing market among agent sand brokers at its lowest level since June 2009. Slow was the common respondent refrain but you probably don’t need a survey to know which way the wind blows.

Up next. Ready or not, Case-Shiller, a widely watched survey of home prices, is coming out Tuesday. The report should give us a better sense of how home prices are holding up here and nationally. Fingers crossed.

When is the best time to buy a home? Check out my blog!
http://ping.fm/xtabe

When is a good time to buy?

Here are three good reasons to buy if you are waiting!

Daily Real Estate News | August 19, 2010 |

Three Reasons to Buy a Home Now
Stocks are up 50 percent from the March 2009 bottom. Some commodities have risen dramatically. The only asset class left in the cellar is real estate, says Michael Murphy, editor of the New World Investor stock newsletter.

As a result, Murphy is advising investors to buy now for these three reasons:

• Desperate sellers: Both home owners and lenders are eager to unload a flood of foreclosed and underwater properties. Buyers with the patience to push through these complex deals can save a bundle.

• Little competition. Because most people don’t have what it takes to negotiate their way through short sales and REOs, patient investors are winners.

• Low rates. Mortgage rates are at their lowest level in 40 years. If you believe inflation is inevitable, lock in now.

Source: MarketWatch, Michael Murphy (08/19/2010)

Time for the August Newsletter! Good info on water and favorite CA spots!
http://ping.fm/VWm16

Percentage of homeowners owing more than the value of the home is declining - From 23.3% to 21.5% - more:
http://www.msnbc.msn.com/id/38622931/ns/business-real_estate/

Skillful speech begins by refraining from lying, slander, profanity, and harsh language. We should avoid language that is rude, abusive, disagreeable, or malicious, and we should abstain from talk that is foolish, idle, babble, or gossip. What remains are words that are truthful, kind, gentle, useful, and meaningful. Our speech will comfort, uplift, and inspire, and we will be a joy to those around us.

- Allan Lokos, "Skillful Speech"

Open house today at 1820 Forestdale Dr, Encinitas CA 92024 - come by and see this cute 2/2 one level condo! Asking $277,000......HOA dues $300 includes golf!

June and July are usually busy months for Realtors(R), but many factors have slowed the market. Key reasons for increased pessimism among real estate agents and brokers included "unabated pricing pressure caused by foreclosure and pre-foreclosure properties; a general sense that shadow foreclosure inventory is significant and could materially prolong current market conditions; a persistent, tough job market keeping more potential buyers on the sidelines; and the expired federal tax credit program that many respondents felt was a key catalyst to market activity but that also accelerated buying in the first half of the year possibly at the expense of the remainder of 2010.
A firm lending environment was another critical and ongoing contributing issue cited by RECI respondents in most states.

Investors are gearing up to take advantage of this market......

Interest rates dropped again! Some good info on refinancing is in this article. Let me know if you need a referral for a good lender.
http://ping.fm/2UY3H

It has been my experience that folks who have no vices have very few virtues.
- Abraham Lincoln

Real estate values have dropped, but will they ever return to their high? Interesting projections for San Diego and other markets....
http://ping.fm/fvO74

Housing prices have stalled and may be heading for another drop. Many factors play a role. This article addresses a few.
http://ping.fm/wI0UI

If Del Mar has a buyer, it might sell! Check out the lot the city of Del Mar is selling... What would you pay?
http://ping.fm/1gX03

Why rent if you can own? For many owning still makes sense and with prices and interest rates the lowest they have been in years, it is the best time ever to think of buying.
http://ping.fm/pa3bV

Why rent if you can buy?

You may be able to own a home for not much more than you are paying in rent. Check the chart below to see how quickly rent payments can add up. Maybe it’s time for you to invest that money in something that lasts — a home of your own at a very low interest rate!

Monthly rent	3 years	10 years	15 years	30 years
$500	$18,000	$60,000	$90,000	$180,000
$600	$21,000	$72,000	$108,000	$216,000
$700	$25,400	$84,000	$126,000	$252,000
$800	$28,800	$96,000	$144,000	$288,000
$900	$32,400	$108,000	$162,000	$324,000
$1000	$36,000	$120,000	$180,000	$360,000
$1250	$45,000	$150,000	$225,000	$450,000
$1500	$54,000	$180,000	$270,000	$540,000

For many, the after-tax cost of a home loan could be less than the cost of rent. That’s because the interest portion of each mortgage payment may be tax-deductible. In most cases, property taxes are also deductible. Consult with a tax advisor for details.

If you would like more information on lenders and homes in the San Diego area - Please, contact me.......