Pete Saxon Realty Newsletter – May 2016

April 27, 2016

Pending home sales up

The Wall Street Journal reports, “The number of homes that went under contract in March reached the highest level in nearly a year,” according to the National Association of REALTORS.  These are national statistics. In San Diego my experience recently is that there is a lot of competition and multiple offers on properties in the “affordable” price range.

April 26, 2016

County prices up 6.4% in 2015

The S&P/Case-Shiller Home Price Index indicates that San Diego County median home prices rose 6.4% last year while nationally prices increased 5.3% according to an article in the San Diego Union-Tribune.

U.S. home prices show steady appreciation

The Wall Street Journal reports,  “Home prices rose again in February, the latest sign of limited supplies and steady demand across the housing market,” according to the S&P/Case-Shiller Home Price Index.

County foreclosure rates drop again

“The number of people losing their homes to foreclosure in San Diego County has hit substantial lows, real estate tracker Corelogic said Tuesday,” as reported in the San Diego Union-Tribune.

April 21, 2016

Poway San Diego County’s safest city

The Poway News Chieftain reports on FBI statistics indicating that the City of Poway remains the safest city in San Diego County with a crime rate of 11.34 crimes per 1,000 population.

April 20, 2016

U.S. home sales up 5.1% in March

Bloomberg reports on National Association of REALTORS statistics showing 5.33 million home sales at an annualized rate in March up from February’s 5.07 million closings. “First-time buyers accounted for 30 percent of all purchases, which remains a historically low share, according to Lawrence Yun, NAR chief economist.”

April 18, 2016

County prices hit 9 year high

CoreLogic statistics show that the median home price in San Diego County was $478,000 as reported in a San Diego Union-Tribune story. “San Diego County home prices increased 5.1 percent year-over-year, CoreLogic said. From February to March, home prices also increased 5.1 percent.”

April 15, 2016

Foreclosures at pre-recession levels

MarketWatch story, “A report out Thursday from data firm RealtyTrac shows that there were 289,116 foreclosure filings in the first three months of the year, down 4% from the previous quarter and 8% lower than the same period a year ago.”

April 14, 2016

Mortgage rates average 3.58%

The Washington Post reports that mortgage rates fell to 3.58% , “pushed down by jitters over the global economy and oil prices.” This is the national average and mortgage rates can vary from region to region.

April 13, 2016

San Diego County rents predicted to rise

“Researchers found a lack of new construction, mixed with employment and population growth, mean San Diego’s rent should increase by $155 a month by 2018,” reports an article in the San Diego Union-Tribune. This is another reason for all cash buyers in the county. If an investor pays all cash for a $500,000.00 residential property he can rent it for over $1,600.00 month that’s a higher return than can be earned in other more risky investments.

April 8, 2016

Strip clubs hamper property value

REALTORMag published a list “9 Neighborhood Features That Hamper Values.” It’s an interesting list with bad schools being number one.

April 7, 2016

Sold Listing – Eastlake Condo

Eastlake Condo For Sale
Eastlake Condo For Sale

One bedroom loft style condo. Listed for $199,900 and sold in one for $219,000.

April 6, 2016

Some homeowners still underwater

“Ironically, the negative equity on the low end of the market is fueling overheated price growth across even the mid-tiers of the housing market. That is because it plays heavily into the severe lack of supply of homes for sale this spring. Underwater borrowers are less likely to move,” reports Diana Olick in her story for CNBC. Underwater homeowners are not as big a problem in San Diego as in other regions but many are delaying a move up until they have enough equity for the required down payment on a move-up home.