Money Monday: Challenges Hamper the Housing Recovery

As the Housing Recovery Strengthens, Affordability and Other
Challenges Remain: Harvard Study

Source: Harvard

The national housing market has now regained enough momentum to provide an engine of growth for the US economy, according to The State of the Nation’s Housing report released this week by Harvard’s Joint Center for Housing Studies. However, several obstacles continue to hamper the housing recovery—in particular, the lingering pressures on homeownership, the eroding affordability of rental housing, and the growing concentration of poverty.for rent

Making sense of the story

  • On the renter side, the number of cost-burdened households rose by 3.6 million from 2008 to 2014, to 21.3 million. Even more troubling, the number with severe burdens (paying more than 50 percent of income for housing) jumped by 2.1 million to a record 11.4 million.
  • The national homeownership rate has been on an unprecedented 10-year downtrend, sliding to just 63.7 percent in 2015. Tight mortgage credit, the decade-long falloff in incomes that is only now ending, and a limited supply of homes for sale are all keeping households—especially first-time buyers—on the sidelines.
  • The report finds that income inequality increased over the past decade, with households earning under $25,000 accounting for nearly 45 percent of the net growth in US households in 2005–2015.
  • The report finds that rent burdens are increasingly common among moderate-income households, especially in the nation’s 10 highest-cost housing markets, where three-quarters of renters earning $30,000–45,000 and half of those earning $45,000–75,000 paid at least 30 percent of their incomes for housing in 2014.
  • Federal assistance reaches only a quarter of those who qualify, leaving nearly 14 million
    households to find housing in the private market where low-cost units are increasingly scarce.
  • Low-income households with cost burdens face higher rates of housing instability, more often settle for poor-quality housing, and have to sacrifice other needs—including basic nutrition, health, and safety—to pay for their housing.
  • The report notes that a lack of a strong federal response to the affordability crisis has left state and local governments struggling to expand rental assistance and promote construction of affordable housing in areas with access to better educational and employment opportunities.

Read the full story here. This concise intro to Harvard’s article is from the CALIFORNIA ASSOCIATION OF REALTORS.

San Diego county activities and events this weekend

San Diego County Events for June 24 – 26

Festivals, fairs, concerts — there are many events on the calendar for San Diego County this weekend, June 24 – 26. And if these aren’t enough events, check out my list of the top 20 must-do activities to do in San Diego here!


Taste of Adams Avenue

The 16th annual Taste of Adams Avenue will take place Sunday, June 26, from 11:00 am to 3:00 pm, along Adams Avenue from University Heights through Normal Heights to Kensington. This gastronomic trek will feature over 40 restaurants, coffee houses, pubs, wine bars and unique eateries in one of San Diego’s hottest and historic neighborhoods.

When: Sunday, June 26 | 11am – 3pm
Where: along Adams Avenue from University Heights through Normal Heights to Kensington, San Diego
Cost: $35 advance, $40 day of | Will Call: 3441 Adams Avenue
More information: www.adamsavenuebusiness.com/event-info/taste-of-adams-avenue


Sundays at Six Summer Concert Series

La Mesa Sundays at Six Concert SeriesEvery year, La Mesa Park and Recreation Foundation puts on some free family fun with their Sundays at Six concert series. This Sunday’s concert begins this Sunday at 6pm, with Jazz West Band.

When: Sunday, June 26 and every Sunday until July 24 (except for July 3) | 6 – 7pm
Where: Harry Griffen Park | 9550 Milden Street, La Mesa
Cost: Free
More information: www.cityoflamesa.com/409/Events-Activities


Wine and Food Festival

Start your summer with a magical evening of live music, wine, and delicious food under the stars at Liberty Station. The 9th Annual Wine and Music Festival features five Southern California musicians and regional wineries and local restaurants. Theater seating and VIP table seating available. Benefits the Women’s Museum.

When: Friday, June 24 | 6pm – 10pm
Where: NTC Promenade at Liberty Station | 2730 Historic Decatur Rd, #103, San Diego, CA 92106
Cost: $35 – $75
More information: here


San Diego County Fair

Mad About the Fair is the theme of the San Diego County Fair, and it’s going to be 26 days of wild, wacky, whimsical, wonderous fun! The fair opens today, June 3, and goes until July 4!

When: June 3 – July 4, 2016
Where: Del Mar Fairgrounds | 2260 Jimmy Durante Blvd., Del Mar, CA 92014
Cost: $9 – $16
More information: www.sdfair.com


North Eats Food Festival

North Eats puts the spotlight on the North County food scene with more than 25 participating restaurants showcasing their style while incorporating Baker & Olive premium olive oils and balsamic vinegar. Live music brought to you by local North County artists Barnwell Shift.

When: Sunday, June 26 | 4pm
Where: Cape Rey Carlsbad | 1 Ponto Rd., Carlsbad, CA 92011
Cost: $65, parking is $10
More information: caperey.com/contact


22nd Annual Taste of Gaslamp

Join us for the 22nd Annual Taste of Gaslamp, San Diego’s original culinary and cultural tour! On Sunday, June 26, 2016, the Gaslamp Quarter will be showcasing the excellent dining, live music, art gallery and retail options available in our vibrant district. This event happens in multiple locations; see the website below for more details and check-in points.

When: Sunday, June 26 | 1pm
Where: Gaslamp Quarter Pocket Park | 410 Island Ave., San Diego, CA
Cost: $30 – $85
More information: www.gaslamp.org/events/taste


Ocean Beach Street Fair and Chili Cook-off Festival

The 37th Annual Ocean Beach Street Fair & Chili Cook-Off Festival will offer attendees eclectic fun in the sun for all ages. Join more than 70,000 visitors from 10am to 8pm on Saturday, June 25, 2016, for tasty festival nosh, art, beachfront entertainment, shopping, and more. Entry to the Street Fair is free! The Chili Competition will feature more than two dozen tastings from amateur entrants.

When: Saturday, June 25 | 10am – 8pm
Where: 4800-5000 blocks of Newport Avenue
Cost: Free
More information: oceanbeachsandiego.com/attractions/annual-events/ob-street-fair-chili-cook


11th Annual Summer Chamber Music Festival

Musicians of all ages will perform at this unique and affordable concert for San Diegan music lovers. The festival includes lunchtime, afternoon and evening concerts; the opening concert is at 2pm.

When: Saturday, June 25 | starting at 2pm
Where: University of San Diego, Shiley Theatre | 5998 Alcala Park, San Diego, CA 92110
Cost: $12; $10 for seniors and students
More information: 11th Annual Summer Chamber Music Festival 

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Money Monday: Renters’ Dilemma

It can be tough to go from the role of renter to owner.

With good reason, for many. According to the CALIFORNIA ASSOCIATION OF REALTORS, 46% of consumers are renting because they can’t buy. And 62% of renters have debt that makes buying a home difficult; because of: student loans, auto loans and credit cards.

But homeownership is still highly valued. Renters, on average, rate the value of being a homeowner at 6.8 stars out of 10.

TheRentersDilemma_lo

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS: http://www.car.org/aboutus/onecoolthing/renters/

San Diego county activities and events this weekend

San Diego County Events for June 17 – 19

Happy Father’s Day to all of the great dads out there! Enjoy spending time with your stellar dad by taking him to one of these great events happening this weekend in San Diego County!


 San Diego County Fair

Mad About the Fair is the theme of the San Diego County Fair, and it’s going to be 26 days of wild, wacky, whimsical, wonderous fun! The fair opens today, June 3, and goes until July 4!

When: June 3 – July 4, 2016
Where: Del Mar Fairgrounds | 2260 Jimmy Durante Blvd., Del Mar, CA 92014
Cost: $9 – $16
More information: www.sdfair.com


San Diego International Boat Show

The 2016 San Diego International Boat Show® is southern California’s premier summer boating event. Roughly 140 boats for sale, as well as the latest nautical gear, gadgets and accessories. If you’re dreaming big, our expanded selection of 80’+ superyachts.

When: Thursday – Sunday, June 16 – 19, 2016
Where: Spanish Landing Park, East | 3900 N. Harbor Drive, San Diego, CA 92101
Cost: $15; 12 and under are free
More information: www.sandiegointernationalboatshow.com


2016 San Diego Oysterfest

At the Seventh Annual San Diego Oysterfest, try oysters of numerous varieties, fine foods from well known San Diego restaurants, full bars, beautiful weather and a superb musical lineup. For 21+.

When: Friday & Saturday, June 17 & 18
Where: Marina Embarcadero North |500 Kettner Blvd., San Diego, CA 92101
Cost: Free
More information: sfoysterfest.wix.com/oysterfestsd


18th Annual Old House Fair

The 18th Annual Old House Fair is a free festival held each June in historic South Park, San Diego. The ticket is for Admission to five historic homes on our 2016 Old House Fair Historic Home Tour.

Features: free street fair with exhibitors, artists and vendors.
Historic Home Tour: Visit five homes (trolley included) $25.
Buona Forchetta pizza party, live music on stage, plus South Park Brewing Co.’s boutique biergarten.

When: Saturday, June 18th | 10am
Where: 30th Street and Beech Street | South Park, San Diego
Cost: Free – $15
More information: www.theoldhousefair.com/maps–contact


Carlsbad Music Festival Village Walk

The Carlsbad Music Festival returns with over 30 performers will take the stage at locations around the Carlsbad Village. Walk around the village and explore new music, new shops and new friends. There will also be a beer garden, food trucks and an artisan market.

When: Saturday, June 18 | 2:30 – 10am
Where: Village Walk | 400 Carlsbad Village Drive, Carlsbad, CA 92008
Cost: Free
More information: carlsbadmusicfestival.org


Belmont Park’s Third Annual Father’s Day Car Show

This Father’s Day, treat dad to a day at the beach and cruise on down to Belmont Park for their free third annual Car Show. Get your fix of classic cars at this FREE event!

When: Sunday, June 19 | 10am
Where: Belmont Park | 3146 Mission Blvd, San Diego
Cost: Free
More information: www.belmontpark.com


Father’s Day At Myrtle Creek

Gourmet hot dogs and brats are available all Father’s Day weekend. Hand-crafted Father’s Day gifts will be displayed throughout the gardens. Gourmet food samplings, raffles, giveaways and more!

When: Sunday, June 19 | 10am
Where: Myrtle Creek Botanical Gardens |2940 Reche Rd., Fallbrook, CA
Cost: Free
More information: discovermyrtlecreek.com

Money Monday: Renters have affordability challenges when buying a home

Renters value homeownership but face affordability challenges when it comes to buying a home, C.A.R. survey finds.

upside-downCurrent renters value homeownership and want to buy a home, but many are encountering affordability and financial obstacles that prevent them from buying, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2016 Renter Survey. Making sense of the story:

  • Nearly half of renters (48 percent) plan to buy a home in the future, with 10 percent saying that they plan to buy within a year.
  • For those not planning to buy, an improvement in finances, lower housing prices, and saving enough for a down payment would motivate them to buy now.
  • Of the 28 percent of renters who don’t plan to buy in the future, 50 percent said they can’t afford to buy, 20 percent will not buy because they prefer to rent, 19 percent said they can’t qualify for a mortgage, and 15 percent lack a down payment.
  • Job uncertainty (9 percent), economic uncertainty (12 percent), and housing market uncertainty (6 percent) were among other reasons renters cited for not buying a home.
    Homeownership remains important to renters, with nearly half (45 percent) rating it 8 or higher in importance on a scale of 1-10, with 10 being extremely important. The average was 6.8.
  • Nearly all renters (95 percent) see advantages to homeownership; freedom to do what you want with your home, building equity, and having permanence and stability were the top benefits mentioned by renters.
  • One of the surprising findings of this survey is that more than one in four millennial renters said they plan to purchase a home that will accommodate their parents, and about one in five millennials indicated they plan to pool funds with family members to buy a home.

Read the full story from KPCC: www.scpr.org/news/2016/06/08/61459/homeownership-is-valued-but-remains-expensive-and/

Just Listed: 5320 Caminito Cachorro, San Diego

Rare find in gated community of Oak Park

5320 Caminito Cachorro, San Diego, CA 92105

5320 Caminito Cachorro, San Diego, CA 92105 | real estate listing by John A Silva, San Diego Realtor

 

 

Offered at $345,000 – $369,876 | View the virtual tour

RARE FIND in the gated community of Oak Park, with views!! Ready as a rental or primary residence! Perfect for college students!! SUPER serene, relaxing, green canyon view from back yard and bedroom windows!! New roof from one year ago! 3-bedroom, 2.5-bath, with fireplace, 2-car garage and private fenced patio makes this a GREAT BUY!! SEE THIS ONE NOW!! VRM*Seller Will Entertain Offers Between $345,000 & $369,876. See the MLS listing here.

View more details here.

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Contact me today for more information or to view this home!

John A Silva | (619) 890-3648 | Email

San Diego county activities and events this weekend

San Diego County Events for June 10 – 12

Take the family on a drive to San Diego County and enjoy some great events and things to do this beautiful June weekend!


Sundays at Six Summer Concert Series

La Mesa Sundays at Six Concert SeriesEvery year, La Mesa Park and Recreation Foundation puts on some free family fun with their Sundays at Six concert series. This year’s fun begins this Sunday at 6pm, with the San Diego Concert Band!

When: Sunday, June 12 and every Sunday until July 24 (except for July 3) | 6 – 7pm
Where: Harry Griffen Park | 9550 Milden Street, La Mesa
Cost: Free
More information: www.cityoflamesa.com/409/Events-Activities


Fido Fest 2016

The free event will have dozens of giveaways, discounted vaccinations and microchipping, live entertainment, obedience demonstrations, and more. If you’re looking for a dog, rescue organizations will be at the fest with plenty of dogs looking for homes.

When: Saturday, June 11 | 9am – 1pm
Where: Santee Town Center Community Park East | 550 Park Center Drive Santee, CA 92071
Cost: Free
More information: www.eventbrite.com/e/fido-fest-2016-tickets-19920012293


San Diego Festival Of The Arts

Known as the La Jolla Festival of the Arts for the past 29 years, this annual event has brought established and emerging artists from around the world to San Diego. For the event’s 30th anniversary in 2016, it is getting both a new name, becoming the San Diego Festival of the Arts, and a new location.

When: Saturday & Sunday, June 11 & 12 | 10am
Where: Waterfront Park at the County Administration Center | 1600 Pacific Highway, San Diego, CA 92101
Cost: $12 – $17
More information: www.sandiegocounty.gov/parks/Waterfrontpark


Encinitas Food Truck Film Festival

Shop arts and other goods from 5-7 p.m. and grab dinner from two food trucks. At sundown, there will be a screening of family-friendly documentaries by Encinitas filmmakers. The event is BYOC (bring your own chair), pets are also welcome.

When: Friday, June 10 | 5pm
Where: Union CoWork | 111 C St., Encinitas, CA 92024
Cost: Free
More information: unioncowork.com/food-truck-film-festival-61016


47th Annual San Diego Greek Festival

The parishioners of St. Spyridon Greek Orthodox Church invite all to a celebration of culture and community in the heart of San Diego. This annual gathering offers a variety of Greek cuisine, handmade pastries, and traditional Greek coffee, all within the festive atmosphere of music and dance.

When: Saturday & Sunday, June 11 & 12
Where: St. Spyridon Greek Orthodox Church, 3655 Park Boulevard, San Diego, CA 92103
Cost: Free – $3
More information: sdgreekfestival.com


San Diego County Fair

Mad About the Fair is the theme of the San Diego County Fair, and it’s going to be 26 days of wild, wacky, whimsical, wonderous fun! The fair opens today, June 3, and goes until July 4!

When: June 3 – July 4, 2016
Where: Del Mar Fairgrounds | 2260 Jimmy Durante Blvd., Del Mar, CA 92014
Cost: $9 – $16
More information: www.sdfair.com

Money Monday: Investor shift

Investors are changing their real estate investments.

It used to be that investors focused their attention a lot in the single-family and multifamily properties; but now their switching investments to other types:

  • 10% purchased more commercial, land, mobile homes or other properties
  • 70% of investors in 2016 instead of the 78% in 2013 bought single-family homes

TheInvestorShift

This infographic is from CAR.org.