2010 is the best year I have in my real estate practice. Thank you to all who believed in me! Even it is not clear to understand what will happen with real estate market in near future, it is important to identify what was happening recently. 2009 was a tough year for many. Lots of San Diegans lost their homes, it is difficult to forget. Home values continued to drop in many areas throughout San Diego County and it was still difficult to get approved for a loan. But with home values depreciated, many buyers and investors jump back into the real estate market. It was amazing to see how activity on the real estate market gone up when the government stepped in with an $8,000 Tax Credit for first time homebuyers. What a success, which helped hundreds of people purchase homes!
| April Metro Area Existing Single-Family Home Sales and Prices |
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| *All data reported herein is unadjusted for seasonality |
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Median Price |
% Change from 1 Year Ago |
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| # |
MSA |
Apr-09 |
Apr-10 |
Price |
Sales |
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| 1 |
Atlanta |
112,500 |
120,800 |
7.4% |
6.0% |
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| 2 |
Baltimore |
242,200 |
245,900 |
1.5% |
33.9% |
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| 3 |
Boston |
319,000 |
340,600 |
6.8% |
41.8% |
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| 4 |
Cincinnati |
120,000 |
129,400 |
7.8% |
33.7% |
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| 5 |
Dallas |
139,400 |
150,300 |
7.8% |
29.1% |
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| 6 |
Houston |
149,400 |
153,800 |
2.9% |
26.6% |
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| 7 |
Indianapolis |
106,400 |
124,600 |
17.1% |
22.2% |
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| 8 |
Kansas City |
133,600 |
143,300 |
7.3% |
32.8% |
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| 9 |
Miami/Ft. Lauderdale |
196,000 |
225,000 |
14.8% |
16.2% |
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| 10 |
Minneapolis |
153,000 |
169,800 |
11.0% |
17.1% |
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| 11 |
New Orleans |
152,900 |
156,900 |
2.6% |
16.4% |
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| 12 |
New York |
370,800 |
381,200 |
2.8% |
39.6% |
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| 13 |
Philadelphia |
210,700 |
215,200 |
2.1% |
34.1% |
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| 14 |
Phoenix |
124,500 |
144,700 |
16.2% |
-0.7% |
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| 15 |
Pittsburgh |
119,500 |
122,500 |
2.5% |
42.2% |
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| 16 |
Portland |
245,500 |
245,300 |
-0.1% |
49.2% |
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| 17 |
San Antonio |
149,200 |
143,300 |
-4.0% |
17.2% |
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| 18 |
San Diego |
336,700 |
388,400 |
15.4% |
-6.9% |
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| 19 |
St. Louis |
121,100 |
134,300 |
10.9% |
7.8% |
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| 20 |
Washington DC |
296,100 |
318,300 |
7.5% |
18.2% |
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| **NOTE: There may be differences between this data and locally reported data because of differences in geographic coverage area and housing types. |
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| ©2009 NATIONAL ASSOCIATION OF REALTORS® |
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The San Diego area has seen its home value go slightly up even the city still has some pain to work through. The city’s home prices went up as much as 15.4%, form NAR data.
However each area in san Diego County as always has it’s own dynamic of home prices.
One reason for the comeback of the prices is that much of the area’s inventory have been sold, speciallly in the East County.
Many local real estate agents will agree with me that it takes a lot of patience, educating of clients and hard work with multiple offers to place buyers into homes in east county..
The good news, according economists is that core city neighborhoods don’t have nearly as many foreclosures as those which are located east. The steady demand in those communities will serve as a base as other neighborhoods rebuild.
Low supply of inventory, low prices and pretty good interest rates created many multiple offer situations on the market. In some cases on some properties, which priced less then $300,000, there are more then ten offers. The demand is high, especially in East County. There are very many distressed properties in the areas, such as Spring Valley, El Cajon, Lemon Grove, Lakeside and Santee. Some of them are “short sales”, some are bank-owned homes.
With mortgage delinquencies at an all-time high, there are lots of desperate homeowners seeking to avoid foreclosure — and tons of scam artists trying to take advantage of that.
According CNNMoney.com In Times Square recently one of the non-profit community development organization NeighborWorks launched a campaign to heighten awareness of foreclosure prevention scams.
“[For scam artists,] the all time high foreclosure rate is an opportunity in the same way that pushing toxic subprime loans was during the housing boom,” said Bernell Grier, CEO of Neighborhood Housing Services of New York (NHS), a NeighborWorks affiliate.
From October through the end of April, community development groups handled more than 10,000 reports of foreclosure-prevention scams, according to Susan Jouard, a spokeswoman for NHS.
Grier said alert consumers can identify fraud from legitimate help if they’re aware of these three tell-tale signs.
Avoid anyone who:
Asks for a fee in advance. If you pay them these fees, which can range from $1,000 to as much as $5,000, that’s probably the last you’ll ever hear from them. Most never even go through the motions of talking to lenders and trying to work out modifications.
Tells you they can guarantee foreclosure will stop. Nobody can do that, especially before they find out more about your individual circumstances.
Urges you to stop paying your mortgage and pay them instead. They’re trying to add to the money they already bilked you out of by keeping up the pretense of trying for a modification.
Many community groups, including those affiliated with NeighborWorks, offer expert, free help for homeowners, but they often don’t have the funds to advertise their services. It’s easier for the scammers to invest in fliers, mailers, even Internet and TV advertising to get their message out.
Please call me or email me if you’re or anyone you know having a problem with your property. You shouldn’t have to pay for these services.
-Other important fact is that walking away from a mortgage you can still afford to pay has consequences; everyone knows that. Your credit score is shot and it can be impossible to get credit.
Some homeowners, no doubt, believe that the credit score hit is worth getting out from a deeply underwater mortgage. They may owe, say, $500,000 when their house value is only valued at $350,000. And, they figure, there’s no way it will ever be worth what they owe so it’s better to get out from underneath the burden.
After default, they reason, they can raise their FICO scores by paying all their bills on time and eventually finance another home purchase.
Don’t count on it.
While homeowners who default due to economic hardship, such as a job loss or divorce, normally must wait two to five years before buying a home again, “walkaways” may face double that time.
“It could be well over seven or eight years before ["walkaways"] are able to obtain a mortgage to buy a home again,” said Jay Brinkmann, chief economist for the Mortgage Bankers Association.
Be careful, who you trust and contact me if you have questions or need more information about modern real estate market in San Diego County. I am never busy for you!
Warmly, Olga Finch,
Broker
Finch Realty
www.FinchRealtySD.com
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