30. July 2013 13:00
CNN - The S&P/Case-Shiller home price index was up 12.2% compared to a year ago, slightly better than the 12.1% rise in April. It was the biggest year-over-year jump in prices since March 2006, near the peak of the housing bubble.
Just a year ago, the index posted a 12-month decline in prices. Sellers had been struggling while their homes languished on the market for months, or even years. But prices have increased every month since June 2012, and each month the increase has been greater than the month before.
The gain in home prices has now made this a good time to sell a home. Many sellers are finding themselves in the midst of bidding wars, with buyers eager to make a purchase in a market with a tight supply of houses available for sale. House hunters are also eager to lock in a mortgage while rates are still low, at least by historic standards.
The record low mortgage rates of earlier this year have risen, crimping the purchasing power of potential home buyers. But climbing rates have yet to slow the rapid increase in home prices.
Additionally, prices are being boosted by a sharp drop in foreclosures, which had been holding prices down.
"Home prices continue to strengthen," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. All 20 markets measured in the index have higher prices than they did in April. The housing market's recovery has been an important factor in the nation's overall economic improvement.
Joseph LaVorgna, chief US economist for Deutsche Bank, said he believes prices still have room to increase further, even if their pace slows.
"Affordability remains near historic highs despite the recent rise in rates and home prices," he said. "And the increase in home prices should encourage banks to ease lending standards for mortgages, since the collateral for the underlying loan is appreciating in value."
29. September 2011 20:49
Have you heard the news?! Interest rates are at an all time low! Following the Fed's announcement last week, the national average rate on a traditional 30 year fixed rate mortgage has inched even lower to record numbers.
Rates are estimated in the mid 3% range for 15-year loans and low 4% range for 30-year loans. A successful refinance will bring qualified homeowners immediate savings in the form of reduced monthly mortgage payments, but more importantly, larger savings over the remaining term of their loan.
On another note, Uncle Sam is about to take a first tentative step out of the mortgage business by lowering the size of home loans that the federal government will guarantee, and it's already hitting California neighborhoods with higher costs and bigger down payments.
Current conforming loan limits are scheduled to expire Friday, Sept. 30. The maximum FHA, Fannie Mae, and Freddie Mac conforming loan limit will decline to $625,500 beginning Oct. 1, 2011, from the current $729,750 limit, though the majority of counties will fall far below the $625,500 maximum.
The conforming loan limit determines the maximum size of a mortgage that FHA, Fannie Mae, and Freddie Mac government-sponsored enterprises (GSEs) can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan and require a higher down payment, increasing the monthly payment and negatively impacting housing affordability for California home buyers.
Most of the nation's biggest mortgage lenders have already stopped making loans at the old limits, concerned that they will not be able to get them off their books before the official Saturday October 1st deadline.
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COASTAL SAN DIEGO PROPERTIES
15. August 2011 17:16
Overall July prices and sales in San Diego were down, according to Dataquick. The county's real estate market has many nuances, so here's a breakdown of last month's numbers by sales type:
SINGLE-FAMILY RESALE: Resale houses typically make up the bulk of monthly total sales, in July's case: roughly 65%. This was the only subsection of the market that saw an increase in the number of units sold.
The median price, or the midpoint home value, was $360,000 in July, down 1.4 percent from June and down 5.3 percent from a year ago. Sales fell to 1,982 in July, down 9.7 percent from June but up 1.9 percent from one year ago.
RESALE CONDOS: July's median price was $205,000, down 6.8 percent month-over-month and down 8.5 percent year-over-year. Sales fell 10.6 percent from June and 5.1 percent from the same time last year.
NEW HOMES: New construction typically makes up the smallest slice of all transactions every month. Sales in July fell 31 percent from June, the largest month-over-month decline among the subsections. They were down from a year ago, too, falling 9 percent. The median price was $424,000, 15.5 percent lower than in June and 8.2 lower than the same time last year.
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7. July 2011 10:45
SOLD FOR $399,000!
Carmel Valley Short Sale For Sale
Largest model in Pell Place! This bright & spacious corner unit enjoys a large private balcony with north views and is conveniently located on the first level. Large walk-in closets & laundry room. Beautifully upgraded throughout. 2 side-by-side parking spaces. Extra storage room on balcony. Pell Place is located adjacent to top Carmel Valley Schools, Carmel Valley Community Park, Del Mar beaches, and convenient shopping, etc.
Tisha Carney, COASTAL SAN DIEGO PROPERTIES
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