Tag Archives: U~T San Diego

32% of homebuyers are first-timers

“Nearly one in three homebuyers in September were first-timers to the housing market, reported the National Association of Realtors on Wednesday in its Realtors Confidence Index.

That’s up from 31 percent recorded in August and down from the historical norm of 40 percent, based on research from the trade group. The share of first-time buyers peaked in 2009, when it was 50 percent.

The change can be explained by the stricter guidelines to obtain mortgages, lengthy short sales and a high rate of investor purchases that often involve cash, the report said…”

Read the rest of this article by U~T San Diego here: “Report: 32% of homebuyers are first-timers”.

San Diego home prices increase

San Diego home prices are at 4-year high

“Home prices in San Diego County, still far from their pre-recession peaks, have risen to their highest level in four years, Tuesday’s DataQuick report shows. Home sales, which went through a five-month positive streak, have dropped.

The median price for all homes sold in July was $342,000. That’s the highest it’s been since August 2008, when the economy was in the dumps and the local median price was $350,000. The county peaked at $517,500 in November 2005.

July’s median price increased 1.9 percent from $335,500 recorded in June, and up 5.2 percent from the same time last year. Price boosts were most evident among condo resales. All five regions of the county saw price increases from a year ago. The hottest area was central San Diego, where the median price rose from $226,750 to $267,000, or nearly 18 percent.

The county recorded 3,565 sales in July, marking the first sales drop in five months. Transactions fell 5.1 percent from June, but they’re 17.2 percent higher than a year ago…”

Read the original article by Lily Leung at U~T San Diego here: “San Diego home prices are at 4-year high”.

Foreclosures fall in San Diego County

Foreclosures plummet in San Diego County

“More San Diego County homeowners turned to short sales to avert foreclosure in the second quarter as the local market continued to gain momentum. Those were key factors that pushed down distress to lower-than-normal levels, based on a report from DataQuick on Monday.

The number of San Diegans who received default notices, the first step in the formal foreclosure process, fell 1.4 percent in the second quarter of this year (April to June) to 4,099 compared to the same period in 2011. This marks the lowest level of mortgage defaults seen in a single quarter in more than five years. In the first quarter of 2007 3,931 default notices were filed.

Foreclosure levels also have plunged. San Diego County recorded 1,391 in the second quarter, down 25.3 percent from the previous quarter and down nearly 50 percent from a year ago. The past quarter was the lowest one for foreclosures since the first quarter of 2007, when the county recorded 1,182 trustee deeds, which signal a foreclosure.

“Obviously the economy has been on the mend, however slowly,” said DataQuick President John Walsh. “But because housing is widely seen by economists as the biggest drag on growth, some interesting alternatives to the foreclosure process are being discussed, such as the use of eminent domain to buy and restructure mortgages. Needless to say, we’re all watching closely.”

Walsh is referring to a controversial plan from San Bernardino County and its two biggest cities — Ontario and Fontana — to seize mortgages that are underwater through eminent domain. The effort is meant to curb future foreclosures.

According to…”

5 myths about credit scores and mortgages

Remember that department-store card you signed up for to get an instant discount? Or the medical bill you didn’t pay on time?

What seem like minor moves could drive down your credit score, which factors in big time when you’re trying to finance your future home. Lenders look at how much you make, what you own and how much you’re able to put down — but your credit score also is a major factor.

“It’s four basic factors: income, assets, credit and the property itself,” said Chad Baker, a loan officer at Prime Lending, which has offices in the UTC area and Mission Valley.

“If anything is wrong with the four, then you will have problems,” he added. “If you need a higher down payment, then you can offset it with a gift from a friend or family member. But if you’ve exhausted everything (to fix your credit,) there’s nothing you can do. So, it’s extremely important.”

The good news: Certain credit-score issues can be fixed on your own at no cost as long as you understand a few financial basics — from paying bills on time to requesting your free credit reports. Those simple pointers could help you not only qualify for a mortgage but also save you up to thousands of dollars in the long run.

They can also make or break your chances in today’s tougher lending environment, which generally requires a bigger down payment and more proof of income than during the last housing boom.

A recent study shows the average credit score for someone who successfully closed any kind of mortgage in April was 745 (with 20 percent down). The findings, based on 20 percent of loan originations in the country, are from Ellie Mae, which provides services to the mortgage industry.

The U.S. average is 692, and California’s is 691, according to FICO, which rates consumers’ credit histories on a scale of 300 to 850. So, if you don’t have the 745 score cited in the Ellie Mae study, does that mean your chances of getting a mortgage are nil? No, mortgage insiders say. U-T San Diego busts that credit myth and others in this how-to guide:

Myth: Lenders are looking for one magic number.

Fact: The score range you should shoot for depends on what kind of mortgage you want…

Myth: There’s nothing I can do to change my credit score.

Fact: You have more control than you think. Changes all start with knowing what’s in your credit report…

Myth: Even if I do find an error in my credit report, it will take forever to correct.

Fact: You can get a rapid rescore done with the help of the lender…

Myth: I’ve never been late on any payment, so it’s a waste of time to check my score.

Fact: Errors in credit reports happen all the time…

Myth: The definitive source to get my free credit report is freecreditreport.com.

Fact: It’s actually annualcreditreport.com

Read U~T San Diego’s article in full here: “5 myths about credit scores and mortgages”.

Single-family resales at nearly 7-year high

“San Diego County finished the spring-homebuying season in positive territory in prices and sales among all types of housing, Wednesday’s DataQuick report showed. Single-family home resales, in particular, closed out a blockbuster month in May.

single-family resales upThe overall median price in May rose 3.2 percent from a year ago to $335,000, matching the median 18 months ago. When compared to April, prices rose 1.7 percent.

The county recorded 3,750 total sales last month, rising 21.5 percent from a year ago and 5.4 percent month-to-month.

Sales saw the most strength in the single-family resale segment, where buyers closed on 2,488 homes. That’s the highest figure for this category since September 2005, when 2,671 were sold, according to DataQuick stats. All regions of the county showed positive sales changes when compared to a year ago…”

Read the rest of this article by SignonSanDiego.com here: “Single-family resales at nearly 7-year high”.

Mortgage defaults at 6-year low

mortgage defaultsMortgage defaults, the first sign of a foreclosure, have fallen to their lowest level for an April in six years, based on the latest DataQuick numbers for San Diego County. Meanwhile, the number of completed foreclosures in the county has dropped to a five-year low for a given April.

Ever since defaults and foreclosures hit record highs between 2008 and 2009, their numbers have fluctuated dramatically without any visible pattern. So far this year, both figures appear to be less erratic and continuing a downward trend.

Notices of default, which homeowners get at the start of the foreclosure process, fell 9 percent from a year ago to 1,323. That’s the lowest April count for defaults since 2006, when there were 554, DataQuick numbers say. Defaults fell 12 percent month-to-month…

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

Events: Cinco de Mayo

This upcoming weekend has a plethora of events planned for the celebration of Cinco de Mayo in San Diego.  There’s so many that I had to randomly choose just a few to highlight here:

San Diego Padres’ Cinco de Mayo Party

  • Start your Cinco de Mayo weekend with the San Diego Padres’ Cinco de Mayo Party on Friday, May 4th. If you get to the park early, there will be live music, $5 Beers, $5 Margaritas or Cocktails and $5 Carnitas Tacos to enjoy. The party starts at 5:00pm and first pitch versus the Florida Marlins is at 7:05pm. You can buy tickets at Padres.com or by calling (619) 795-5555.

Cinco De Mayo Pub Crawl – San Diego Gaslamp Edition

  • Over a dozen or more venues all along the Gaslamp District have some drink specials to celebrate May 5th. You can buy your ticket for the day you want to go or the 2-day pass; check-in at the World Famous Pig N’ Whistle during the following times: Friday 5.4 | 5pm – 9pm, Saturday 5.5- | Noon – 9pm (Do not be late, no exceptions). You will be given a map with the bar locations and when they’re participating in the drink specials. More details are available at U~T San Diego.

Cinco de Mayo Concert in the Park, with SDSU Jazz Orchestra and Chamber Choir

  • Celebrate Cinco de Mayo with a program of Latin American favorites performed by the SDSU Jazz Orchestra and Chamber Choir, for free. The concert begins at 5pm on May 5th. More information.

Fiesta Old Town Cinco de Mayo

  • This FREE Fiesta takes place on Friday, May 4th from 3:00 PM to 10:00 PM, Saturday May, 5th from 11:00 AM to 10:00 PM and Sunday, May 6th, 2012 from 11:00 AM to 5:00 PM. You can go to festivalnet.com to learn more.

29th Annual Old Town Cinco de Mayo 3-day event

  • San Diego’s largest Cinco de Mayo celebration captures the history of the 1800’s in a big way. Highlights include music, food, beer, carnival rides & games, car show, chalk art, shopping, cosutmed performances, Mexican wrestling, stage coach rides, and a riding & roping horse show. At Old Town State Historical Park; Friday, May 4th – 5pm to 10pm | Saturday, May 5th – 11am to 10pm | Sunday, May 6th – 11am to 5pm. More details here.
Are there any great Cinco de Mayo events that I missed? Let me know below–I’d love to learn where I should be going to properly celebrate the holiday!

San Diego foreclosures remain at 4-year low

The Union Tribune San Diego had a great article on the state of San Diego county foreclosures–they’re currently at a 4-year low! Read the article below:

The number of San Diego County foreclosures in March stayed at its lowest point in more than four years, essentially mirroring the downward trend seen statewide, based on Tuesday’s DataQuick foreclosure report. An improving picture in the distressed market could be attributed to some pick-up in the national economy and increasing number of homeowners who short-sell their homes instead of letting them fall into foreclosure.

A little more than 500 homes fell into foreclosure last month, the lowest it’s been since November 2007, when the county recorded 478. The March total is 21 percent lower than the previous month’s and more than half of what it was a year ago.

Statewide, foreclosures in the first quarter of 2012 fell to their lowest level since the third quarter of 2007, when 24,209 trustee deeds were filed. They peaked at 79,511 in 2008’s third quarter.

Local and statewide numbers for default notices, the official start of the formal foreclosure process, were mixed in March, DataQuick numbers show.

San Diego County recorded 1,500, 17.4 percent bump from February but an 18.3 percent drop from a year ago.

The number of default…

Read the rest of this article by U~T San Diego’s Lily Leung here: “San Diego foreclosures remain at 4-year low“.