Deborah Engel, San Diego Homes & Property

Carmel Valley, San Diego (92130) Home Market Update

Total Number of Homes For Sale: 285 (38 are short sales)
Detached: 211 (21 are short sales)
Townhomes: 29 (4 are short sales)
Condos: 44 (13 are short sales)

Price Range: $199,900-$11,500,000 (average $1,249,918)
Detached: $550,000-$11,500,000 (average: $1,531,433)
Townhomes: $349,000-$739,000 (average: $492,976)
Condos: $199,900-$739,900 (average: $398,815)

Homes Currently in Escrow (Pending Status): 94
Detached: 56
Townhomes: 8
Condos: 30

Total Closed Escrows Last Month - July 2010: 55
Detached: 34
Townhomes: 10
Condos: 11

Carmel Valley 92130 Detached Homes for Sale:

Carmel Valley 92130 Townhomes for Sale:

Carmel Valley 92130 Condos for Sale:

Deborah Engel, Prudential California Realty, is a recognized San Diego and Carmel Valley Realtor for top client satisfaction. If you'd like to learn more about Deborah, visit her website, www.PropertyByDeb.com, email her, Deb@PropertyByDeb.com, or call her at 858-829-1989.

Tax Credit Extended. You Mean I Can Buy a San Diego Home Today and Get the Credit?

Unfortunately, no. The Federal tax credit extension is not meant for buyers who find a home today and want to buy it. You had to have a home purchase under contract by April 30th in order to potentially benefit from the extension.

The extension ONLY applies to buyers who had a signed contract by April 30, but were unable to close escrow by the June 30 deadline. This has happened mainly because of delays with banks approving short sale transactions, which can take substantially more time to close escrow than the June 30 deadline allowed.

For buyers who had a valid, accepted purchase contract by April 30, 2010, you now have until September 30, 2010 to close escrow and claim the tax credit.

In San Diego, however, there still is an available California tax credit that allows you to buy a home now and claim the state tax credit.

Deborah Engel, Prudential California Realty, is a recognized San Diego and Carmel Valley Realtor for top client satisfaction. If you'd like to learn more about Deborah, visit her website, www.PropertyByDeb.com, email her, Deb@PropertyByDeb.com, or call her at 858-829-1989.

It's almost time for the 4th of July celebration in San Diego! As part of it, it's fun to watch a great fireworks display. Here are the places in San Diego County where you can go to see them:

Big booms and family fun await with the 2010 Fourth of July firework celebrations throughout San Diego. Whether it's a cruise, family barbecues at local parks or a spread at packed beaches, there is a fireworks display and Independence Day celebration in the vicinity of all San Diegans.

All fireworks shows and activities listed below take place on Sunday unless otherwise noted.

CENTRAL SAN DIEGO

Annual Big Bay Boom July 4 Fireworks Show, downtown: (619) 686-6200 or thebigbay.com for parking/shuttle information and map. Fireworks, from barges placed near Shelter Island, Harbor Island, the Embarcadero area and Seaport Village, at 9 p.m. to music from 105.7 "The Walrus" FM radio.

Maritime Museum of San Diego, 1492 N. Harbor Drive, downtown: sdmaritime.org or (619) 234-9153. Fireworks, picnic dinner and live music aboard the Berkeley ferry; adults $40; children ages 5-10, $20; children ages 4 and under free; and up, $65. Check-in: 5 p.m.

SummerPops: "Star Spangled Pops" on the Embarcadero Marina Park South, downtown: (619) 235-0804. Concerts with Marvin Hamlisch. $17-$76. Gates open 6 p.m., concerts at 7:30 p.m.

Hornblower Cruises & Events, 1066 N. Harbor Drive, downtown: (888) 467-6256. Dinner cruise, fireworks viewing and live music from 7 to 10 p.m. Board at 6:30 p.m. $115 per person. Discount for children 4-12.

Yacht America sunset and fireworks sail, 1050 N. Harbor Drive, downtown: (800) 644-3454; sunsetsail-sandiego.googlepages.com. Departs at 6 p.m. Traditional picnic fare, soft drinks; BYO alcohol. Adults $125; children 12 and under $80.

USS Midway Museum's "Apple Pie 4th of July" celebration; 910 North Harbor Drive, downtown: midway.org. Doors open at 6 p.m. Visitors can bring aboard picnics, then watch the fireworks. Live music performance by N.R.G Energy. This event is sold out.

Coronado Fourth of July Celebration, Spreckels Park; Glorietta Bay: ecoronado.com or (619) 328-2461. Daylong festivities include a 15k run, 5k run/walk and rough-water swim. Live music TBA. July 3 parade at 10 a.m.; fireworks on July 4 at 9 p.m.

La Jolla Cove, Ellen Browning Scripps Park, 1180 Coast Blvd.: (858) 456-1700. Fireworks at 9 p.m.

Mission Bay Yacht Club, 1215 El Carmel Place, Mission Bay: (858) 488-0501. Boat parade; Dixieland Jazz band and Tommy and the Stilettos will perform; fireworks at 9 p.m. (Members-only parking.)

"31st Annual Ocean Beach Fireworks off the Pier"; Ocean Beach Pier, end of Newport Avenue: (619) 226-8613 or oceanbeachsandiego.com. Fireworks at 9 p.m. simulcast to 103.7 FM radio.

Paradise Point Resort & Spa "9th Annual All-American BBQ & Fireworks Extravagazna," 1404 Vacation Road, Mission Bay: (858) 274-4630. Barbecue at 6 p.m.; adults $59, children $25. Kids activities and carnival. Fireworks at 9 p.m.

SeaWorld San Diego's "Fireworks: Into the Blue"; 500 SeaWorld Drive, Mission Bay: (800) 25-SHAMU. Extended fireworks set to patriotic music at 9:30 p.m.

Mira Mesa, Mira Mesa Community Park/Gil Johnson Recreation Center, 8575 New Salem St.: (858) 538-8122. Noon-9 p.m. parade, family activities; fireworks at 9 p.m.

EAST COUNTY

"Santee Salutes"; Santee Town Center Community Park's West Ball Fields; 9400 Cuyamaca St.: ci.santee.ca.us or (619) 258-4100, ext. 201. Free. Family activities and fireworks, 3:30 to 9:30 p.m.

Spring Valley Park, 8735 Jamacha Blvd., Spring Valley: (619) 479-1832. At the swap meet behind the Spring Valley Community Center. Fireworks at 9 p.m.

NORTH COUNTY

San Diego County Fair, Del Mar Fairgrounds, 2260 Jimmy Durante Blvd.: (858) 755-1161 or sdfair.com. 7:30 p.m. Navy Band Southwest; 9 p.m. fireworks, followed by Joan Jett & the Blackhearts concert. Free with fair admission.

Grape Day Park, 340 N. Escondido Blvd., Escondido: 4 to 10 p.m. (760) 839-4138. Activities starting at 5 p.m.; no barbecuing or dogs allowed; big parking lot will not be accessible; food available for purchase. Marine Corps will perform at 8 p.m.; fireworks at 9 p.m.

Julian, Main Street: (760) 765-1857. Pre-parade activities begin at 10 a.m. with parade at noon; no fireworks.

Legoland's "Red, White and Boom!," 1 Legoland Drive, Carlsbad: (760) 918-5346. 10 a.m. to 9 p.m. Entertainment by the Jumpitz. Fireworks at 8:30 p.m. All activities included with admission.

"17th Annual Independence Day Parade"; July 3 at North Tyson Street Park in Oceanside going from Coast Highway to Wisconsin Avenue to Civic Center Drive: msoceanside.com or (760) 535-5227. Daylong family-friendly activities. No fireworks.

Olive Pierce Middle School, 1521 Hanson Lane, Ramona: ramonachamber.com or (760) 789-1311. Family activities start at 5 p.m.; fireworks at 9 p.m. Tune in to music on 96.5 FM radio.

Old Poway Park's "Old Fashioned 4th of July," 14134 Midland Road, Poway: 10 a.m. to 4 p.m. Live music and family-friendly activities available with fireworks celebration taking place at Poway High School.

Bradley Park, 465 S. Rancho Santa Fe Road, San Marcos: ci.san-marcos.ca.us or (760) 744-9000. Free to the public with entertainment at 6 p.m. Fireworks at 9 p.m.

Brengle Terrace Park's "Red, White and Boom" celebration, 1200 Vale Terrace Drive, Vista: (760) 726-1340, ext. 1571, or cityofvista.com. Park opens at 7 a.m. Family activities; live music; barbecue fundraiser sponsored by Famous Dave, $65 per person but $500 for table of eight; free to public, parking $10 per vehicle; fireworks at 9 p.m.

SOUTH BAY

Kimball Park, 12th Street and D Avenue, National City: Carnival 5 p.m. daily July 1 through 3. (619) 336-4290. Live entertainment by North Carolina Concert band at 8 p.m. and fireworks at 9 p.m. on July 4.

- By Marissa Evans, a San Diego Union-Tribune intern and contributing writer

Original story can be found at Sign On San Diego.

Common Misconceptions About FHA Home Loans

Purchasing a San Diego home using FHA is a popular financing strategy for home buyers. They're especially popular with first-time buyers who don't have much of a down payment saved up. But FHA loans are also commonly misunderstood. Here are some of the biggest misconceptions about these loans.

But first, a quick definition. An FHA loan is simply a mortgage loan that's insured by the Federal Housing Administration. The FHA is part of the Department of Housing and Urban Development, better known as HUD. This government agency insures mortgage lenders against losses resulting from borrower default. This makes the lenders more inclined to use the program, and to give loans to people who might not otherwise qualify for a mortgage.

Myth #1: Anyone can qualify for an FHA loan.

Truth: Not everyone will qualify. Generally speaking, it's easier to qualify for an FHA home loan than a conventional mortgage loan. But that doesn't mean they're available to everyone. In fact, the Department of Housing and Urban Development (HUD) has recently tightened up their lending standards for FHA loans. One of the changes affects people with low credit scores. If your credit score is below 580, you'll have to make a larger down payment. If your score is way below 580, you probably won't get approved for the loan. With good credit, you'll still have to make a down payment of at least 3.5% to get approved. You'll also need to document your income and expenses, to show that you can afford the monthly payments.

Myth #2: You can get an FHA loan with no money down.

Truth: In the current economy, you can't get any kind of loan without making a down payment of some kind (with the exception of VA loans). The days of "easy credit" and "no money down" disappeared when the housing bubble burst. The minimum down payment for an FHA loan is currently 3.5%. And, as mentioned earlier, you'll need a credit score of 580 or higher to qualify for the 3.5% down payment. If your score falls below that cutoff point, you'll have to put 10% down.

Myth #3: FHA loans are safer, because the government will bail you out if you fall behind.

Truth: Wishful thinking. If you fall behind on an FHA home loan, you can be foreclosed upon - the same as any other type of loan. Remember, the FHA is not the one giving you the money. You must apply for one of these mortgages through an FHA-approved lender. The government just insures the lender against losses resulting from borrower default. So the lender can still foreclose on you, if you fail to make your payments. As an FHA borrower, you might have more workout solutions and modification options available, but that's about it. The FHA will not "bail you out." So make sure you buy an affordable house!

Where to learn more:

• FHA fact sheet at the Home Buying Institute
• FHA guide on the HUD website
• FHA Resource Center on the HUD website

Federally insured loans offer certain advantages to home buyers. But they are not a risk-free path to homeownership. As a borrower, you are still responsible for making your payments on time. If you would like to learn more about FHA loans and how they work, refer to the resource links provided above.

<!-- <p>© 2010, Cornett Communications.</p> <p><strong>About the Author:</strong> Brandon Cornett is the publisher of the Austin Mortgage Center, a resource for home buyers in Austin, Texas. You may visit the author's website at <a href="http://www.austinprobe.com" mce_href="http://www.austinprobe.com" target="_blank">www.austinprobe.com</a> to learn more about this topic.</p> -->

Author's Note: The original version of this article was written by Brandon Cornett. Brandon is a consumer advocate and publisher of the Home Buying Institute. Visit the author's website at www.HomeBuyingInstitute.com to learn more.

If you would like to talk to a San Diego lender about FHA, or other loan options, please let me know. Deborah Engel, Prudential California Realty, is a recognized San Diego and Carmel Valley Realtor for top client satisfaction. If you'd like to learn more about Deborah, visit her website, www.PropertyByDeb.com, email her, Deb@PropertyByDeb.com, or call her at 858-829-1989.