San Diego County Median Home Price Up By 6.4%

Home prices across Southern California continued to increase in May but the pace at which they went up appeared sluggish, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

San Diego County’s median home price, adjusted for seasonal swings, increased 6.4 percent in the last 12 months, while Los Angeles and Orange Counties increased 5.4 percent …

National home prices increased 5 percent — unchanged from last month …

The rate at which prices in San Diego are increasing has been mostly flat or decreasing since the start of the year. The median price year-over-year was up 6.9 percent in January, 6.4 percent in February, 6.2 percent in March and 6.3 percent in April.

The median home price in San Diego County hit $495,000 in June, CoreLogic reported last week.

David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices, said in May’s report that the housing market was strong, in part because sales of existing homes reached the highest monthly level since 2007.   Read more –>   http://www.sandiegouniontribune.com/news/2016/jul/26/home-price-socal-may/

San Diego County Home Prices Up 6.2%

Home Prices Rise 6.2%

San Diego County median home price was up 6.2 percent in the last 12 months

Southern California home prices continued to outpace the national average, and many major cities, said the S&P/Case-Shiller Home Price Index released Tuesday.  Prices nationally, adjusted for seasonal variation, rose 5.2 percent in the 12 months ended in March, with the Pacific Northwest and West seeing the biggest gains.

San Diego County’s median home price increased 6.2 percent, lower than the 6.4 percent increase in February and 6.9 percent in January … Economists said home prices continue to rise because of improved labor markets and employment rates, low mortgage rates and limited home supply.
Mark Goldman, finance and real estate lecturer at San Diego State University, said a slower rate of appreciation is a good thing. He said price increases of 3.5 percent to 5 percent are more sustainable.  “If prices go up too quickly, then there is speculation in the market and that’s dangerous,” he said.

8 Surprising Predictors of Housing Prices

It’s no surprise that home buyers and owners like to know which way prices are heading. But when it comes to nailing the best deal in real estate, there are eight surprising indicators of change in home prices, according to realtor.com®. For instance, a study found that for every $1 decrease in gas prices, home prices increase by roughly $4,000 and the average time to sell a property decreases by 25 days. And it’s not just gas prices that are worth monitoring. Homes near a Trader Joe’s are worth 5 percent more than homes near a Whole Foods, according to RealtyTrac. Also, moving a residential housing unit one mile closer to a professional sports facility increases its value by $793. Other indicators include marijuana laws, casinos, temperature changes, trees on a street, and proximity to highways … read more —>  http://www.realtor.com/news/trends/

How Expensive Was The California Gold Rush?

Back in 1849, a dozen eggs would cost you the equivalent of $90

If you have ever wondered how California’s modern-day rush for riches in Silicon Valley compares with the Gold Rush of 1849, look no further than the cost of buying a home.

Glenn Kelman, CEO of real estate startup Redfin, recently warned of an exodus of tech-specialists from Silicon Valley as the average price of property there topped $1 million – more than double the averages in Seattle, Boston or Portland.

It would be fair to say that property prices rose during the Gold Rush too, but that is where the comparison would have to end. Because back in 1849, they climbed to levels that would make modern Californians weep.

The writer Bayard Taylor arrived in San Francisco by ship in the summer of 1849 and feared that nobody would believe him when he wrote about the Gold Rush economy in his dispatches for the New York Tribune.

When the average wage for a laborer in New York might be one or two dollars a day, he was astounded to discover that individual hotel rooms were rented to professional gamblers for upwards of $10,000 a month – the equivalent today of about $300,000. (All inflation estimates are courtesy of Westegg.com.)

Taylor wrote —> read more:  www.smithsonianmag.com/history/

Consumer Reports: CAR INSURANCE SECRETS

THE TRUTH ABOUT CAR INSURANCE

Our exclusive data analysis of more than 2 billion car insurance price quotes across every U.S. ZIP code exposes what insurers don’t want you to know:  That how well you drive may have little to do with how much you pay.

You know Flo. She’s the white-aproned pitchwoman with the goofy charm who says that you can save more than $500 by switching to Progressive car insurance. Or you might get other discounts by bundling your insurance together or by naming your own price to fit your budget.

You might reasonably conclude from the ads that you’re in for some pretty sweet savings. But Consumer Reports compared what five national insurers would charge sample adult drivers in states where they are all market leaders. And we found that Progressive was actually the second most expensive, on average, with an annual premium that was $597 higher than the lowest, from USAA.

Say it ain’t so, Flo!

What’s the big secret?

Consumer Reports believes that knowledge about the going rate for any product or service is a fundamental consumer right. That’s why we embarked on a comprehensive project spanning two years, in which we analyzed more than 2 billion car insurance price quotes from more than 700 companies with the greatest share of customers in all 33,419 general U.S. ZIP codes.

What we found is that behind the rate quotes is a pricing process that judges you less on driving habits and increasingly on socioeconomic factors. These include your credit history, whether you use department-store or bank credit cards, and even your TV provider. Those measures are then used in confidential and often confounding scoring algorithms. And thanks to the availability of Big Data, companies have a lot more information to dig into.

You’re legally obligated to buy car insurance if you want to drive (except in New Hampshire), yet the business thrives on withholding critical information from customers. “Pricing transparency is one of the most powerful money-saving tools consumers can have when it comes to car insurance,” says Norma Garcia, senior attorney and manager of the financial services program at Consumers Union, the policy and advocacy arm of Consumer Reports, which has fought for car insurance protections since the 1980s.

Which Insurers Charge More or Less?

Complexity and lack of transparency in car insurance pricing keep consumers from knowing which car insurer charges a lot and which one charges a little. Here’s how five big national insurers stacked up for male and female single drivers in our study.

ALLSTATE   $1,570
Progressive  $1,414
Geico               $1,177
State farm     $1,147
USAA               $817

New-customer rate for eight male and female single drivers ages 25, 35, 65, and 75 with excellent credit and clean driving record in AK, AL, AR, AZ, CO, CT, DE, FL, GA, HI, KY, LA, ME, NH, NM, NV, NY, SC, TN, TX, UT, VA, and WA, the states where all five companies are market leaders.

It’s time for truth in car insurance

The industry is regulated at the state level, which is why pricing is literally all over the map. “That means bringing the fight to the state insurance regulators and lawmakers,” Garcia says. Some states tried to keep the marketplace fair by requiring insurers to file their pricing formulas with regulators, who would then ensure that prices weren’t excessive or discriminatory.

But over the past 15 years, insurers have made pricing considerably more complicated and confusing. As a result, “there is a complete lack of transparency,” says Birny Birnbaum, executive director of the Center for Economic Justice in Texas. Those new scoring models—though hidden from the public—are available to regulators on the condition they remain confidential. But because they’re so complex, “the regulators don’t have a prayer of being able to monitor them deeply,” Birnbaum says.

It’s about time we got a better deal from the car insurance industry. Our investigation illuminates some of the worst practices by demonstrating the real cost to consumers in dollars and cents. We also highlight the companies that are offering fair deals, and we help you steer clear of insurers whose numbers just don’t add up. But most important, we want you to join forces with us to demand that insurers—and the regulators charged with watching them on our behalf—adopt price-setting practices that are more meaningfully tethered to how you drive, not to who they think you are.

THE SECRET SCORE BEHIND YOUR RATES

You’ve heard of the FICO credit score? Meet the version insurers use to figure how much they can charge you for a policy—a score they have no legal obligation to show you.

Consumers are kept in the dark

Because insurance companies are under no obligation to tell you what score they have cooked up for you, you have no idea whether you have a halo over your head or a bull’s-eye on your back for a price increase.

Car insurers didn’t use credit scores until the mid 1990s. That’s when several of them, working with the company that created the FICO score, started testing the theory that the scores might help to predict claim losses. They kept what they were doing hush-hush. By 2006, almost every insurer was using credit scores to set prices. But two-thirds of consumers surveyed by the Government Accountability Office at about the same time said they had no idea that their credit could affect what they paid for insurance. Even today, insurers don’t advertise that fact. They usually won’t tell you what your score is; they don’t have to. If a sudden drop in your score causes them to raise your rates or cancel your policy, you’ll receive a so-called adverse action notice. But those notices “provide only cryptic information that’s of limited use,” says Norma Garcia, senior attorney and manager of the financial services program at Consumers Union, the advocacy arm of Consumer Reports.

California, Hawaii, and Massachusetts are the only states that prohibit insurers from using credit scores to set prices. In those states, insurers base premiums largely on a consumer’s driving record, the number of miles driven per year, and other factors. According to a 50-state study of insurance regulations by the Consumer Federation of America in 2013, California’s pricing practices, enacted as part of Proposition 103 in 1988, saved $8,625 per family during those 25 years.

courtesy of:  http://www.consumerreports.org/cro/car-insurance/auto-insurance-special-report/index.htm

6 Reasons to Reduce Your Home Price

While you’d like to get the best price for your home, consider our six reasons to reduce your home price.  Home not selling?  That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage.  There is one factor you can control:  your home price. 
These six signs may be telling you it’s time to lower your price.
1. You’re drawing few lookers.
You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.
2. You’re drawing lots of lookers but have no offers.
If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.
3. Your home’s been on the market longer than similar homes.
Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.
4. You have a deadline.
If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.
5. You can’t make upgrades.
Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.
6. The competition has changed.
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If [up-to-date] comparable home sales or new listings show your price is too steep, consider a price reduction.

courtesy of:  http://www.clientdirect.net/newsEdit.asp

12 Tips To Make Moving Stress-Free

Packing your belongings and moving is often fraught with high emotions and involves a to-do list a mile long. So, it’s tempting to give only passing attention to hiring a mover and the related incidental costs. That could be a mistake—for your wallet and your peace of mind. Moving can be quite expensive. A typical full-service interstate move costs about $4,300, while the same in-state move might cost about $2,500, according to the American Moving & Storage Association. And while the moving industry has many fine companies, it is notorious for fraud and dirty tactics by so-called rogue movers.

Here are 12 tips to make your move simple and avoid the hassle:

Choose a type of move: You have three basic choices: do-it-yourself, full service and a relatively new hybrid of the two. Going it alone is the cheapest alternative, costing the rental price of a truck, gasoline, packing materials and, perhaps, pizza and beer for friends you rope into helping. With full-service moves, moving within a state is charged by the hour, while moving across state lines is charged by weight and mileage.

With a hybrid move, a mover will drop off a large container at your home for you to pack. The mover will then load the container onto a truck, drive the belongings to your new location and drop off the container for you to unload. Because you’re doing the manual labor of packing and unpacking, it’s far less costly than a full-service move.

Hire a quality mover: If you hire help, get at least three price quotes and do your homework before selecting a mover. Seek recommendations by talking with family and friends, even your Facebook circle. Investigate a company’s reputation with the Better Business Bureau (bbb.org), Yelp.com and possibly the paid-membership site Angie’s List (angieslist.com). Check a company’s complaint history at the federal government site, ProtectYourMove.gov.

“People think a good reputation equals expensive, but that’s not true,” said Laura McHolm, co-founder of NorthStar Moving in Los Angeles. “You don’t get a good reputation by overcharging people.”

Look for two things when hiring a moving company: A full-service mover should visit your home in person, not give a quote over the phone or online, and should provide a written estimate, experts say.

Declutter: No matter what type of move you’re making, taking less stuff is cheaper and less hassle. Set up a staging area, perhaps in a garage, with various piles, such as throw out, recycle, donate and sell.

For many items, use the rule of thumb, ‘If you haven’t used it in a year, you probably don’t need it.’

Be flexible: Like airline fares, moving rates depend on when you book. The busiest time for movers, and thus the most expensive time for consumers, is summer weekends near the 15th and 30th of the month.

If you have time flexibility, ask what rates would be for different days or seasons. If you have extreme flexibility, ask about moving standby: waiting until the mover has extra space and needs to fill a truck.

Save on boxes: Buying new boxes from a moving company is the most expensive choice. To save some money on packing materials, ask if you can buy used boxes from your moving company.

Cheaper yet is finding free boxes, ideally from somebody who just moved. Ask your real estate agent to connect you with other clients who recently moved or look on Craigslist.org. Specialty boxes, such as wardrobe boxes, might be cheaper to purchase at a do-it-yourself moving store, such as U-Haul, than from your mover.

Save on packing materials: If you’re packing your belongings yourself, fill suitcases, laundry baskets and plastic containers with unbreakable items. Use pillows, scarves and towels to wrap fragile belongings.

Mail books: If you have a large collection of books, pack them yourself and ship them at the postal media mail rate as it might be cheaper than paying a mover

Consider consolidation: For long-distance moves, ask about consolidating your stuff on a truck with other people’s as most homeowners can’t fill a full-size moving van. You might have to be flexible on delivery dates and times, but consolidation can be cheaper.

Insure it: Check your homeowner’s or renter’s insurance policy to determine whether it provides coverage for your belongings while in transit. If not, you’ll probably want more than the basic free valuation coverage a full-service mover provides. The standard valuation is 60 cents per pound per item. That means breaking a 10-pound, $1,000 stereo system would net you $6. You’ll want full replacement-value insurance, which reimburses you what it will cost to replace broken items. But don’t necessarily buy that insurance from the moving company. Moving insurance is likely cheaper from a third party, but be aware that you probably cannot get insurance on boxes you packed yourself.

Be prepared: Plot out where furniture and boxes will go before moving day arrives. The less time movers spend rearranging, the less expensive it will be.

In urban areas, reserve a space or two in front of your new home for the moving truck by parking your own vehicle there ahead of time. If the movers have to park too far away to unload, you could incur a ‘long carry’ surcharge.

Stake your claim: If you’re moving for a job, negotiate the best relocation package you can. Unreimbursed expenses might be tax-deductible. For details, see Publication 521 Moving Expenses at IRS.gov.

Tip: Tipping each mover $3-$5 per hour is customary, said Stephen Coady, marketing manager for Gentle Giant Moving Co. in Somerville, Mass.

courtesy of:  rismedia.com

Apartment Rents Posed To Rise During 2015

Living in an apartment? Expect your rent to go up again.

Renting has gotten increasingly expensive over the last five years. The average U.S. rent has climbed 14 percent to $1,124 since 2010, according to commercial property tracker Reis Inc. (Nasdaq: REIS).

That’s four percentage points faster than inflation, and more than double the rise in U.S. home prices over the same period.

Now, despite a surge in apartment construction, rents are projected to rise yet another 3.3 percent this year, to an average $1,161, according to Reis.

While that’s slower than last year’s 3.6 percent increase, the broader upward trend isn’t going away.

“The only relief in sight is rents in the hottest markets are going to go up at a slower pace, but they’re still going to go up,” says Hessam Nadji, chief strategy officer at Marcus & Millichap, a commercial real estate services firm.

The main reason: More people than ever are apartment hunting.

Young people who have been living with their parents are increasingly finding jobs and moving out.

Rising home prices are leading many long-time renters to stay put.

In addition, most of the new apartments coming on the market are aimed at affluent tenants and carry higher-than-average rents. That’s especially true in cities where new buildings are going up in urban core areas, which means builders need to recoup higher land and development costs.

Consider Denver, where rents have increased more than 5 percent a year since 2010 ó 9.2 percent in 2014 — according to Marcus & Millichap.

Of the 9,400 new apartment units added last year, 23 percent were in urban core areas.

Competition for apartments means renters are less likely to be able to negotiate with landlords, or win concessions such as a free month’s rent.

read more —> http://www.sddt.com/news/article.cfm?SourceCode=20150414tdc&_t=Why+apartment+rents+will+rise+again+this+year#.VS7-qf10y00

SAN DIEGO MEDIAN HOUSE PRICES BY ZIP CODE, JAN 2015

Greetings All,

The latest data for median SOLD house prices in 21 different San Diego zip codes during the month of Jan, 2015 shows:

  • Compared to 1 mo ago, 86% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all zip codes was +2%. Most reliable and notable of the increases was University Heights/Normal Heights with a 14% increase on 12 houses sold in the subject month.
  •  Compared to 2 mos ago, the market value of 52% are still either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average change over 2 mos of all zip codes was -3%. Here we have our reliable leader being Pacific Beach with a 12% increase on 16 houses sold. As an interesting side note, over both of the past 2 mos straight, 38% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 81% with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all zip codes was +4%. In this 1 yr category, reliably leading is Tierrasanta with a 30% increase over market values of 1 yr ago on 11 houses sold.

TO SEE COMPLETE DETAILS FOR OUR INDIVIDUAL SAN DIEGO ZIP CODES, CLICK HERE:  SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 69% 86%
 2 MO AGO 54% 52%
1 YR AGO 85% 81%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to those “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

UP +5%

UP +2%

 2 MO AGO

UP +4%

DWN -3%

1 YR AGO UP +9%

UP +4%

For more info on real estate issues and concerns in San Diego, click “Home” above, or scroll down to “87 Percent of U.S. Homes Qualify for Down Payment Help” and for even more info, “Housing Is About 75% Back To Normal: Trulia Report”

 

Cheers Again Until Next Month!  Peg

SAN DIEGO MEDIAN CONDO PRICES BY ZIP CODE, JAN 2015

Greetings All,

The latest data for median SOLD condo & townhouse prices in 13 different San Diego zip codes during the month of Jan, 2015 show:

  • Compared to 1 mo ago, 69% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all zip codes was +5%. The most reliable and notable of these was Clairemont Mesa with a 23% increase on 8 condos sold in the subject month.
  • Compared to 2 mos ago, the market value of 54% are either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average change over 2 mos of all zip codes was +4%. Here we have our reliable leader being Kearny Mesa/Linda Vista with a 20% increase on 10 condos sold. As an interesting side note, over both of the past 2 mos straight, 54% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 85% of our zips with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all zip codes was +9%. In this1 yr category, reliably leading is Downtown San Diego with a 33% increase over market values of 1 yr ago on 44 condos sold.

TO SEE COMPLETE DETAILS FOR OUR INDIVIDUAL SAN DIEGO ZIP CODES, CLICK HERE:  SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 69% 86%
 2 MO AGO 54% 52%
1 YR AGO 85% 81%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to those “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

UP +5%

UP +2%

 2 MO AGO

UP +4%

DWN -3%

1 YR AGO UP +9%

UP +4%

For more info on real estate issues and concerns in San Diego, click “Home” above, or scroll down to “87 Percent of U.S. Homes Qualify for Down Payment Help” and for even more info, “Housing Is About 75% Back To Normal: Trulia Report”

 

Cheers Again Until Next Month!  Peg

87 Percent of U.S. Homes Qualify for Down Payment Help

RealtyTrac® the nation’s leading source for comprehensive housing data, today released a joint analysis with Down Payment Resource on the availability of down payment programs across the country, which found that 87 percent of U.S. homes qualify for down payment help.

RealtyTrac looked at 2,290 down payment programs from Down Payment Resource’s Homeownership Program Index and found that out of more than 78 million U.S. single family homes and condos in 1,792 counties with sufficient home value data, more than 68 million (87 percent) would qualify for a down payment program available in the county where they are located based on the maximum price requirements for those programs and the estimated value of the properties.

“Many homebuyers, especially Millennials, haven’t fully investigated their home financing options because they are pessimistic about qualifying for a mortgage. Our Homeownership Program Index highlights the wide range and availability of down payment programs available to today’s homebuyers. In fact, 91 percent of the 2,290 programs in our registry have funds available to lend to eligible buyers. Plus, income limits vary depending on the market and programs extend beyond just first-time homebuyers,” said Rob Chrane, president and CEO of Down Payment Resource. “It’s important for buyers to research down payment programs as part of their loan shopping process.”

“Historically low homeownership rates across nearly every age demographic have led to a public policy push to lower the barrier to homeownership through down payments as low as 3 percent, but the fact is that the barrier to homeownership is often much lower than even that 3 percent for borrowers who take advantage of one of the myriad down payment help programs available across the country,” said Daren Blomquist, vice president at RealtyTrac. “Prospective buyers — or their agents — willing to put in a few minutes of time to find out what programs are available to them will put themselves in a much better position to successfully purchase a home.”

10 U.S. Counties with Most Homes Qualifying for Down Payment Help
State County Total Single Family Homes & Condos in County Total that Qualify for Down Payment Assistance Pct that Qualify
CA Los Angeles 1,762,256 1,377,813 78.18%
IL Cook 1,372,463 1,163,913 84.80%
AZ Maricopa 1,227,121 1,052,746 85.79%
TX Harris 1,038,027 961,957 92.67%
MI Wayne 692,174 653,221 94.37%
CA San Diego 717,165 618,050 86.18%
FL Miami-Dade 716,924 589,683 82.25%
NV Clark 605,679 558,411 92.20%
TX Dallas 574,849 533,518 92.81%
FL Broward 623,634 523,178 83.89%

read more —>  http://www.realtytrac.com/news/home-prices-and-sales/down-payment-assistance-analysis-q1-2015/

SAN DIEGO MEDIAN HOUSE PRICES BY ZIP CODE, DEC 2014

Greetings All,

The latest data for median SOLD house prices in 21 different San Diego zip codes during the month of Dec, 2014 show:

  • Compared to 1 mo ago, 48% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all zip codes was -4%. Most reliable and notable of the increases was Bay Park/Old Town with a 44% increase on 8 houses sold in the subject month.
  • Compared to 2 mos ago, the market value of 62% are still either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average change over 2 mos of all zip codes was -4%. Here we have our reliable leader being Point Loma with a 21% increase on 16 houses sold. As an interesting side note, over both of the past 2 mos straight, 38% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 95% with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all zip codes was +7%. In this 1 yr category, reliably leading is Point Loma with a 23% increase over market values of 1 yr ago on 16 houses sold.

TO SEE COMPLETE DETAILS FOR OUR INDIVIDUAL SAN DIEGO ZIP CODES, CLICK HERE:  SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 62% 48%
 2 MO AGO 46% 62%
1 YR AGO 92% 95%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to the “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

DWN -3%

DWN -4%

 2 MO AGO

DWN -1%

DWN -4%

1 YR AGO UP +15%

UP +7%

For more info on real estate issues and concerns in San Diego, click “Home” above and/or scroll down to “San Diego: No 1. Pleasant Place to Live in USA and for even more info, “The Difference Between Traditional and FHA Mortgage Loans”

 

Cheers Again Until Next Month!  Peg

SAN DIEGO MEDIAN CONDO PRICES BY ZIP CODE, DEC 2014

Greetings All,

The latest data for median SOLD condo & townhouse prices in 13 different San Diego zip codes during the month of Dec, 2014 show:

  • Compared to 1 mo ago, 62% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all zip codes was -3%. The most reliable and notable of these was University City with a 10% increase on 17 condos sold in the subject month.
  • Compared to 2 mos ago, the market value of 46% are either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average change over 2 mos of all zip codes was -1%. Here we have our reliable leader being Point Loma with a 39% increase on 3 condos sold and Mission Valley with a 20% increase on 23 condos sold. As an interesting side note, over both of the past 2 mos straight, 38% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 92% of our zips with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all zip codes was +15%. In this1 yr category, reliably leading is Mission Valley with a 24% increase over market values of 1 yr ago on 23 condos sold.

TO SEE COMPLETE DETAILS FOR OUR INDIVIDUAL SAN DIEGO ZIP CODES, CLICK HERE:  SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 62% 48%
 2 MO AGO 46% 62%
1 YR AGO 92% 95%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to the “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

DWN -3%

DWN -4%

 2 MO AGO

DWN -1%

DWN -4%

1 YR AGO UP +15%

UP +7%

For more info on real estate issues and concerns in San Diego, click “Home” above and/or scroll down to “San Diego: No 1. Pleasant Place to Live in USA and for even more info, “The Difference Between Traditional and FHA Mortgage Loans”

 

Cheers Again Until Next Month!  Peg

Freddie Mac 2015 Projections

A pickup in household formations and overall housing activity depends greatly on the pace of economic growth. The good news for 2015 is that the U.S. economy appears well poised to sustain about a 3.0 percent growth rate in 2015—only the second year in the past decade with growth at that pace or better. There are several reasons for the expected better macroeconomic performance. Governmental fiscal drag has turned into fiscal stimulus, lower energy costs support consumer spending and business investment, further easing of credit conditions for business and real estate lending support commerce and development, and more upbeat consumer and business confidence, all of which portend faster economic growth in 2015. And with that, the economy will produce more and better paying jobs, providing the financial wherewithal to support household formations and housing activity ….

So, what will be some of the market features for 2015?

Interest rates

… We expect to see interest rates climb throughout 2015, averaging about 2.9 percent for 10 year Treasuries and 4.6 percent for 30-year mortgages …

Prices & Affordability

In addition to rising interest rates, we also expect house price gains to continue, albeit at a more moderate pace. Our current projection is for annual house price gains to slow from 9.3 percent in 2013, to 4.5 percent in 2014 and 3.0 percent in 2015 …

Home Sales/Starts

Look for housing activity to accelerate in 2015. We’re forecasting total housing starts to increase by 20 percent from 2014 to 2015. We’re also expecting to see total home sales increase by about 5 percent over that time period …

Single-family Originations

Increasing home sales are good news for mortgage Markets … We expect originations will fall an additional 8 percent from 2014 to 2015, before rising home values and increasing purchase originations finally offset the decline in refinance volume and drive originations higher.

Rentals in Demand

Rental markets are expected to remain tight in most urban markets across the U.S. … As household formations pickup in 2015, rental apartments will generally be their first home. Rental vacancy rates remain at or near their lowest level since 2000, and rent growth exceeds inflation in most markets. That has prompted new development and property value gains, which has led to property sales and new mezzanine debt …

read more –>  http://www.freddiemac.com/finance/pdf/November_2014_public_outlook.pdf

Government Says Gas to Average $2.60 Next Year

The Energy Department again slashed its prediction for next year’s average price of gasoline across the U.S., this time to $2.60 a gallon. That would be 23 percent below this year’s projected average and the lowest full-year average since 2009.

If that comes to pass, the price drop will save U.S. drivers $100 billion over the course of the year based on current consumption levels. That will boost the overall economy by reducing shipping and transportation costs, and leaving consumers more money to spend on other things.

read more —> http://www.utsandiego.com/news/2014/dec/09/government-gas-to-average-260-next-year/

Nine Reasons To Buy A House Right Now

Buying a house is like having a baby: there’s no absolute perfect time to do either.

The down payment-interest rate-economic factors-qualification quadrangle can be so confusing. Rising rates, loosening requirements, down payment options, buyer’s markets, seller’s markets – what does it all mean to you if you want to buy a home? The truth is that while the banks might have a magical formula to determine your mortgage-worthiness, determining if the time is right really comes down to three main questions:

Do you want to buy a home?
Are you financially prepared?
Is your credit where it needs to be?

If yes, then go for it. Here are nine reasons to do it now.

1. Prices are good. According to the latest S&P/Case-Shiller report, home prices are still gaining, but have slowed. “The 10-City Composite gained 5.5% year-over-year and the 20-City 5.6%, both down from the 6.7% reported for July,” they said. “The National Index gained 5.1% annually in August compared to 5.6% in July.” This is good news if you were afraid that big price gains would put homeownership out of reach and also bodes well for your long-term equity once you purchase.

2. Rates are low. “Imagine paying over 18% interest on a 30-year fixed mortgage. It’s almost unthinkable. But that was the reality for home buyers in October 1981 — a year when the average rate was almost 17%,” said Yahoo Finance. “The average rate has been 5.18% since the start of this country’s history,” making today’s rates, which hover around historic lows at 4%, sound even better.

3. Loan requirements are softening. They’re not approaching the look-the-other-way-and-stamp-it-approved levels that led to the market crash, but the overly tough restrictions that followed have loosened. “Major lenders are making adjustments,” said The Street. “Wells Fargo has lowered the minimum FICO score for borrowers applying for loans insured by the Federal Housing Administration to 600 from 640.” They also count JPMorgan Chase’s lowered loan-to-value “standards in certain markets for both jumbos and conforming mortgages.” For buyers that can mean an easier road to loan approval, even without a ton of money upfront and perfect credit.

4. FHA loans make it even easier for first-time buyers. If your credit is less than stellar and you don’t have a large down payment, an FHA loan can get you in the door. Credit scores can be as low as 620 to qualify and only 3.5% down is required. Whether you’ve never bought before or have been out of the market for a few years, an FHA loan can be your answer.

5. Fewer buyers around the holidays means less competition for you and more negotiating power. “Sellers who are actively looking to sell their homes during the holiday months — namely, October through December — are serious about shedding the weight of their residences,” said US News. “This often works in favor of savvy buyers looking to get a deal on discounted homes. Having less competition on the buyer’s side can mean lower prices on homes, in addition to fewer counter-offers to compete against.”

6. Rates are predicted to rise. “The Mortgage Bankers Association expects the average rate on a 30-year, fixed rate mortgage to rise slowly to 5.1 percent by the end of 2015,” said the Washington Post. If you want to take advantage of low rates, now is the time.

7. Pent-up demand could zap affordability. “The housing market is about to get even more competitive,” said Yahoo. “The pent-up demand of younger professionals, who moved back in with their parents during the recession, is about to explode. This eager subset of buyers will create some steep competition for homes, especially if they have been saving up to make larger down payments or high ticket offers. If the current homes on the market have more potential buyers, bidding wars develop, and the purchase prices are driven up.

8. “Buying is cheaper than renting in most markets,” said Housingwire. With a little knowledge of loan options and low down payment programs, you can easily flip the switch from renter to homeowner.

9. Because you want to buy a home. There really is no more compelling reason than that. You want it. So make it happen.

courtesy of:  http://realtytimes.com/consumeradvice/buyersadvice1

SAN DIEGO MEDIAN HOUSE PRICES BY ZIP CODE, SEPT 2014

Greetings All,

The latest data for median SOLD house prices in 21 different San Diego zip codes during the month of Sept, 2014 show:

  • Compared to 1 mo ago, 67% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all zip codes was +2%. Most reliable and notable of the increases was South Park/Golden Hill with a 61% increase on 9 houses sold in the subject month.
  • Compared to 2 mos ago, the market value of 52% are still either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average change over 2 mos of all zip codes was -4%. Here we have our reliable leader being Ocean Beach with a 12% increase on 17 houses sold.  As an interesting side note, over both of the past 2 mos straight, 43% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 76% with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all zip codes was +3%. In this 1 yr category, reliably leading is Ocean Beach with a 27% increase over market values of 1 yr ago on 17 condos sold.

TO SEE COMPLETE DETAILS FOR OUR INDIVIDUAL SAN DIEGO ZIP CODES, CLICK HERE:  SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 54% 67%
 2 MO AGO 77% 52%
1 YR AGO 85% 76%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to the “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

DWN -4%

UP +2%

 2 MO AGO

UP +4%

DWN -4%

1 YR AGO UP +15%

UP +3%

For more info on real estate issues and concerns in San Diego, click “Home” above and/or scroll down to San Diego Leading Economic Indicators, Aug 2014” and for even more info, Mom-and-Dad Banks Step Up Aid to First-Time Home Buyers

 

Cheers Again Until Next Month!  Peg

SAN DIEGO MEDIAN CONDO PRICES BY ZIP CODE, SEPT 2014

Greetings All,

The latest data for median SOLD condo & townhouse prices in 13 different San Diego zip codes during the month of Sept, 2014 show:

  • Compared to 1 mo ago, 54% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all zip codes was -4%. The most reliable and notable of these was Hillcrest/Mission Hills with a 17% increase on 17 condos sold in the subject month.
  • Compared to 2 mos ago, the market value of 77% are either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average change over 2 mos of all zip codes was +4%. Here we have our reliable leader being Hillcrest/Mission Hills with a 30% increase on 17 condos sold and Downtown with a 23% increase on 65 condos sold. As an interesting side note, over both of the past 2 mos straight, 38% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 85% of our zips with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all zip codes was +15%. In this 1 yr category, reliably leading is Hillcrest/Mission Hills with a 56% increase over market values of 1 yr ago on 17 condos sold.

TO SEE COMPLETE DETAILS FOR OUR INDIVIDUAL SAN DIEGO ZIP CODES, CLICK HERE:  SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 54% 67%
 2 MO AGO 77% 52%
1 YR AGO 85% 76%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to the “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

DWN -4%

UP +2%

 2 MO AGO

UP +4%

DWN -4%

1 YR AGO UP +15%

UP +3%

For more info on real estate issues and concerns in San Diego, click “Home” above and/or scroll down to San Diego Leading Economic Indicators, Aug 2014” and for even more info, Mom-and-Dad Banks Step Up Aid to First-Time Home Buyers

 

Cheers Again Until Next Month!  Peg

SAN DIEGO MEDIAN HOUSE PRICES BY ZIP CODE, AUG 2014

Greetings All,

The latest data for median SOLD house prices in 21 different San Diego zip codes during the month of Aug, 2014 show:

  • Compared to 1 mo ago, 62% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all zip codes was -4%. The most reliable and notable of these was Ocean Beach with a 25% increase on 14 houses sold in the subject month.
  • Compared to 2 mos ago, the market value of 71% are either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average change over 2 mos of all zip codes was +0%. Here we have our reliable leader being Ocean Beach with a 20% increase on 14 houses sold. As an interesting side note, over both of the most recent past 2 mos straight, 52% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 90% of our zips with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all zip codes was +7%. In this 1 yr category we have Pacific Beach with a 30% increase on 18 houses sold over market values of 1 yr ago and Ocean Beach with a 27% increase on 14 houses sold.

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 77% 62%
 2 MO AGO 69% 71%
1 YR AGO 85% 90%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to those “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

UP +10%

DWN -4%

 2 MO AGO

UP +10%

UP +0%

1 YR AGO UP +22%

UP +7%

For more info on real estate issues and concerns in San Diego, click “Home” above and/or scroll down to San Diego Leading Economic Indicators, Aug 2014”  and for even more info, Mom-and-Dad Banks Step Up Aid to First-Time Home Buyers”

 

Cheers Again Until Next Month!  Peg

SAN DIEGO MEDIAN CONDO PRICES BY ZIP CODE, AUG 2014

Greetings All,

The latest data for median SOLD condo & townhouse prices in 13 different San Diego zip codes during the month of Aug, 2014 show:

  • Compared to 1 mo ago, 77% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all zip codes was +10%. The most reliable and notable of these was Ocean Beach with a 54% increase on 7 condos sold and Clairemont Mesa with a 29% increase on 7 condos sold.
  • Compared to 2 mos ago, the market value of 69% are either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average change over 2 mos of all zip codes was +10%. Here we have our reliable leader being Clairemont Mesa with a 51% increase on 7 condos sold and Ocean Beach with a 40% increase on 7 condos sold. As an interesting side note, over both of the most recent past 2 mos straight, 62% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 85% of our zips with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all zip codes was +22%. In this 1 yr category we have Point Loma reliably leading with a 83% increase over market values of 1 yr ago on 8 condos sold.

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 77% 62%
 2 MO AGO 69% 71%
1 YR AGO 85% 90%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to those “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

UP +10%

DWN -4%

 2 MO AGO

UP +10%

UP +0%

1 YR AGO UP +22%

UP +7%

For more info on real estate issues and concerns in San Diego, click “Home” above and/or scroll down to San Diego Leading Economic Indicators, Aug 2014”  and for even more info, Mom-and-Dad Banks Step Up Aid to First-Time Home Buyers”

 

Cheers Again Until Next Month!  Peg

Homeownership Still Holds Promise For 90% of Americans

A new survey shows the vast majority of Americans still regard homeownership as a “highly desirable goal,” despite lingering effects of the housing crisis in the market. The results stem from the latest COUNTRY Financial Security Index® survey and overall it was found that Americans are feeling more optimistic, likely due to an improving economy and labor market.

Making sense of the story

  • The survey found that 89 percent of Americans feel that buying a home is an important part of achieving the American Dream.
  • Furthermore, 64 percent of respondents expressed belief that owning a home is an attainable goal for a typical middle-income family, a significant improvement over last year, when just 41 percent said the same.
  • There was a generational split on opinions regarding whether or not the goal of homeownership is achievable. Respondents among the ages of 30–39 and ages 50–64 were most likely to be negative in that regard, with 26 percent and 20 percent, respectively, saying owning a home is not an attainable goal for a middle-income family.
  • Among non-homeowners, a quarter of those under age 30 and a fifth of those ages 50–64 said they have no interest in owning a home.
  • For those who currently don’t own a home, financial limitations represent some of the biggest barriers to homeownership. Fourteen percent say a low credit score is the primary obstacle.
  • Americans also cite a lack of a down payment (13 percent) and the price of homes in the area (12 percent) as impediments to homeownership.
  • More than half (56 percent) say their home is a long-term investment of 10 years or more to help fund retirement goals. Half of Americans also said they would avoid taking out a home equity loan unless absolutely necessary.

courtesy of:  California Association Of Realtors

SAN DIEGO MEDIAN HOUSE PRICES BY ZIP CODE, JULY 2014

Greetings All,

The latest data for median SOLD house prices in 21 different San Diego zip codes during the month of July, 2014 show:

  • Compared to 1 mo ago, 76% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all zip codes was +6%. Most reliable and notable of the increases was South Park/Golden Hill with a 68% increase on 12 houses sold in the subject month and University Heights/Normal Heights with a 35% increase on 14 houses sold.
  • Compared to 2 mos ago, the market value of 91% are still either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average 2 mo change over all zip codes was +7%. Here we have our reliable leader being South Park/Golden Hill with a 36% increase on 12 houses. As an interesting side note, over both of the most recent past 2 mos straight, 76% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 81% with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all zip codes was +7%. In this 1 yr category, reliably is University Heights/Normal Heights with a 36% increase on 14 houses sold over market values of 1 yr ago.

TO SEE COMPLETE DETAILS FOR OUR INDIVIDUAL SAN DIEGO ZIP CODES, CLICK HERE:  SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 54% 76%
 2 MO AGO 62% 91%
1 YR AGO 69% 81%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to the “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

UP +1%

UP +6%

 2 MO AGO

DWN -4%

UP +7%

1 YR AGO UP +17%

UP +7%

For more info on real estate issues and concerns in San Diego, click “Home” above and/or scroll down to 6 Things Homebuyers Should Avoid Doing Once They Are Preapproved for a Mortgage”  and for even more info, “Obama Admin Expands Affordable Housing Plan (HARP)”

 

Cheers Again Until Next Month!  Peg

SAN DIEGO MEDIAN CONDO PRICES BY ZIP CODE, JULY 2014

Greetings All,

The latest data for median SOLD condo & townhouse prices in 13 different San Diego zip codes during the month of July, 2014 show:

  • Compared to 1 mo ago, 54% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all zip codes was +1%. The most reliable and notable of these was Clairemont Mesa with a 17% increase on 8 condos sold.
  • Compared to 2 mos ago, the market value of 62% are either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average 2 mo change over all zip codes was -4%. Here we have our reliable leader being Mission Valley with a 26% increase on 38 condos sold. As an interesting side note, over both of the most recent past 2 mos straight, 38% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 69% of our zips with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all zip codes was +17%. In this 1 yr category we have Pacific Beach reliably leading with a 35% increase over market values of 1 yr ago on 26 condos sold and Clairemont Mesa with a 31% increase on 8 condos sold.

TO SEE COMPLETE DETAILS FOR OUR INDIVIDUAL SAN DIEGO ZIP CODES, CLICK HERE:  SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 54% 76%
 2 MO AGO 62% 91%
1 YR AGO 69% 81%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to the “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

UP +1%

UP +6%

 2 MO AGO

DWN -4%

UP +7%

1 YR AGO UP +17%

UP +7%

For more info on real estate issues and concerns in San Diego, click “Home” above and/or scroll down to 6 Things Homebuyers Should Avoid Doing Once They Are Preapproved for a Mortgage”  and for even more info, “Obama Admin Expands Affordable Housing Plan (HARP)”

 

Cheers Again Until Next Month!  Peg

SAN DIEGO MEDIAN CONDO PRICES BY ZIP CODE, JUNE 2014

Greetings All,

The latest data for median SOLD condo & townhouse prices in 21 different San Diego zip codes during the month of June, 2014 show:

  • Compared to 1 mo ago, 69% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all 13 zip codes was -3%.  The most reliable and notable of these was Mission Valley with a 25% increase on 27 condos sold. 
  • Compared to 2 mos ago, the market value of 92% are either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average 2 mo change over all 13 zip codes was +8%. Here we have our reliable leader being Bay Park/Old Town with a 36% increase on 11 condos sold. As an interesting side note, over both of the most recent past 2 mos straight, 69% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 85% of our zips with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all 13 zip codes was +28%. In this 1 yr category we have Bay Park/Old Town reliably leading with a 57% increase over market values of 1 yr ago on 11 condos sold and Mission Valley with a 42% increase on 27 condos sold.

TO SEE COMPLETE DETAILS FOR OUR INDIVIDUAL SAN DIEGO ZIP CODES, CLICK HERE:  SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 69% 76%
 2 MO AGO 92% 81%
1 YR AGO 85% 100%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to the “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

DWN -3%

UP +2%

 2 MO AGO

UP +8%

UP +2%

1 YR AGO UP +28%

UP +9%

For more info on real estate issues and concerns in San Diego, click “Home” above and/or scroll down to “Obama Admin Expands Affordable Housing Plan (HARP)” and for even more info, “What YOU SHOULD KNOW About Housing Affordability”

 

Cheers Again Until Next Month!  Peg

SAN DIEGO MEDIAN HOUSE PRICES BY ZIP CODE, JUNE 2014

Greetings All,

The latest data for median SOLD house prices in 21 different San Diego zip codes during the month of June, 2014 show:

  • Compared to 1 mo ago, 76% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all 21 zip codes was +2%. Most reliable and notable of the increases was La Jolla with a 20% increase on 31 houses sold in the subject month and Del Cerro with an 18% increase on 29 houses sold.
  • Compared to 2 mos ago, the market value of 81% are still either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average 2 mo change over all 21 zip codes was +2%. Here we have our reliable leader being La Jolla with a 29% increase on 31 houses. As an interesting side note, over both of the most recent past 2 mos straight, 67% of zips have shown an increase or stayed essentially the same in market value during both prior 2 months.
  • Compared to 1 year ago, we have 100% with a median market value either higher or essentially the same (within +/-4%).  The average 1 yr change over all 21 zip codes was +9%. In this 1 yr category, reliably is Mira Mesa with a 16% increase on 29 houses sold over market values of 1 yr ago and Rancho Bernardo with a 16% increase on 48 houses sold.

TO SEE COMPLETE DETAILS FOR OUR INDIVIDUAL SAN DIEGO ZIP CODES, CLICK HERE:  SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE

Summary:   The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased in home value for condos vs houses and also comparing the overall average change for all zips combined:

% OF TRACKED ZIPS THAT INCREASED OR HELD STEADY

COMPARED TO: CONDOS HOUSES
1 MO AGO 69% 76%
 2 MO AGO 92% 81%
1 YR AGO 85% 100%

Keep in mind that my 13 zip codes for condos and 21 zip codes for houses, these 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. This can be common (but not guaranteed) with changes in the season such as during the winter holiday season & in Nov – Mar.

Bottomline: 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 within that year, the rise of the “up” months is higher and thus outweighs the dips of the “down” months. Give special attention to the “1 Yr Ago” percentages!  The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!

TOTAL AVERAGE CHANGE OF ALL TRACKED ZIPS COMBINED

 COMPARED TO:

CONDOS

HOUSES

1 MO AGO

DWN -3%

UP +2%

 2 MO AGO

UP +8%

UP +2%

1 YR AGO UP +28%

UP +9%

For more info on real estate issues and concerns in San Diego, click “Home” above and/or scroll down to “Obama Admin Expands Affordable Housing Plan (HARP)” and for even more info, “What YOU SHOULD KNOW About Housing Affordability”

 

Cheers Again Until Next Month!  Peg