Tag Archives: real estate markets

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.

San Diego Home Sales are Going Strong!

San Diego ranks in the top 20 real estate markets.

California boasts of more than half of the top 20 real estate markets, by the NATIONAL ASSOCIATION OF REALTORS. And among them? San Diego, of course!

These places’ listings had more viewings than average, and the real estate inventory moved quicker:

CaliforniaHomeSales

San Diego real estate prices on the rise

Good news for the San Diego area–home prices are on the rise!

money houseAccording to an article by U-T San Diego, the real estate prices in San Diego rose yet again in September of this year, but the increase is slowing.

Continue reading

The State of Real Estate

Prudential Real Estate Outlook Survey: Home Ownership Is Increasingly Important to Younger Americans

Prudential Real Estate Outlook Survey Infographic-final-large-web

Read about the report:

Continue reading

San Diego foreclosures at 6-year low

San Diego County closed out 2012 with foreclosures at their lowest level in six years, says a report released Wednesday from local real estate information company DataQuick.

foreclosuresThe consistent drop in the number of people losing their homes to bank repossessions appears to be a product of an economy on the mend, increasing home values and government-led deals with major banks that promise borrowers alternatives to foreclosure, DataQuick officials said.

December foreclosures plummeted to 355, the lowest level since December 2006, when 288 were recorded. December’s total is nearly 18 percent lower than November’s and half of December 2011’s.

Default notices, the first official filing in the foreclosure process, totaled 878. That’s up 7.2 percent from November but down nearly 30 percent from the same month a year ago…

Read the rest of this article by U-T San Diego here: “San Diego foreclosures at 6-year low”.

Home prices rise across county

Double-digit annual increases in many markets

While foreclosures continue to fall, the sales pace for the real estate market as a whole continues to heat up, and with it come rising prices.

Total sales in December were up 9 percent as compared to a year ago, and up 9.5 percent from even a month before, according to figures released this week by the California Association of Realtors, a real estate industry trade group. The Association’s chief economist, Leslie Appleton-Young, attributes the volume spike to sellers of high-priced homes trying to close transactions before becoming subject to higher capital gains taxes in the new year (profits of more than $250,000 for individuals and $500,000 for couples on the sale of personal residences are taxed as capital gains).

The median-priced home selling in San Diego County last month was $418,290, up from $403,990 in November and $359,930 in December 2011, marking a full 16.2% spike in prices over the last year.

Market tracking firm DataQuick points to several markets that have done even better. Though they’ve only released numbers through November 2012 at present, areas with a significant number of sales that have experienced even stronger appreciation include Encinitas (18.1%), La Jolla (30.8%), Lemon Grove (23.3%), and Vista (20.7%).

An inventory shortage present in the market for some time has become more pronounced, as underwater homeowners (those owing more than their homes are worth) are able to negotiate loan modifications with their lenders, decide to hold off selling in the hope that rising prices will eventually allow them to avoid the credit hit of a foreclosure, or simply elect not to pay or sell (it takes over 300 days on average for a lender to foreclose)…

Read the rest of this article by the San Diego Reader here: “Home prices rise across county”.

Homes under contract hit 2.5-year high in November

Demand in the Northeast and West drove an increase in pending home sales in November to the highest level in 2 1/2 years.

Pending home sales grew by 1.7 percent from October to November and were up 9.8 percent from a year ago, reaching their highest level since April 2010, when buyers were rushing to claim an expiring federal homebuyer tax credit, the NATIONAL ASSOCIATION OF REALTORS® reported.

It was the third consecutive month-over-month increase in NAR’s Pending Home Sales Index, which tracks homes under contract that haven’t yet closed. Pending home sales have posted annual gains for 19 consecutive months, NAR said.

“Even with market frictions related to the mortgage process, home contract activity continues to improve,” NAR Chief Economist Lawrence Yun said in a statement. “Home sales are recovering now based solely on fundamental demand and favorable affordability conditions.”

NAR is projecting that existing-home sales will rise 8 to 9 percent in 2013 to about 5.1 million, following a 10 percent gain expected for all of 2012. NAR expects the median existing-home price to increase by about 4 percent in 2013, after posting a 7 percent gain in 2012.

In the Northeast, the Pending Home Sales Index rose 5.2 percent from October to November, to 83.3, up 15.2 percent from a year ago.

In the Midwest, the index was essentially unchanged from October to November, rising 0.1 percent to 103.8. Looking back a year, the index was up 15.2 percent in the Midwest.

Pending home sales in the South were unchanged from October to November. The index reading of 117.2 represented a 13.9 percent gain from a year ago.

In the West, the index was up 4.2 percent from October to November, but at 110.1 was down 3.2 percent from a year ago, as scarce inventory limited sales.

An index value of 100 is equal to the average level of contract activity during 2001, the first year to be examined and a year in which sales fell within a normal range for the current U.S. population.

Freddie Mac economist makes ’13 housing predictions

Frank Nothaft, chief economist for mortgage giant Freddie Mac, is in San Diego this weekend for the American Economic Association annual meeting. He took some time Friday to talk to U-T San Diego about his national and regional predictions for housing in 2013. Here are some excerpts:

On housing activity: It began to turn around in 2012 and will continue to pick up in 2013. Housing starts nationwide were up 25 percent in 2012 from 2011. Home sales were up about 9 percent during that same time frame. Housing starts this year may rise an additional 20 percent to 25 percent and home sales may rise another 8 percent to 10 percent. Southern California also will see pickup in home prices and sales.

On mortgage rates: Mortgage rates are going to stay at a very low level, mainly due to the Federal Reserve’s decision to continue buying up large quantities of mortgage-backed securities. That pushes up the price of those securities, which reduces the yield and drives the very-low interest rates. The 30-year fixed conforming loan rate is expected to remain below 4 percent…

Read the rest of SignonSanDiego.com’s article here: “Freddie Mac economist makes ’13 housing predictions”.