I have checked out several sources of statistics and they all seem to be close to the following provided from www.rereport.com by Rick Campbell. Let’s take a look at the numbers from last month:
Inventory of single-family, re-sale homes was down for the fourth month in a row. It dropped 7.1% compared to last May. Pending sales rose 3.1% from April, and were up 16.7% year over-year. This is the sixth month in a row pending sales have been higher than the year before. Closed sales were off 1.5% month-over-month, and down 16% year-over-year. This is the eleventh month in a row closed sales have been lower than the year before. The median price for single-family, re-sale homes inched up 0.3% from April, but was down 3.9% compared to last May. This is the fourth month in a row the median price has been lower than the year before.
So, this is how I see what these numbers tell us:
First, inventory is down buy 7.1% and the median price is down by 3.9% from last May. Decrease in inventory usually creates some upside on price, especially in central San Diego where inventory always seems to be lacking. So, demand must also be down to create this year-over-year continued price decline. Demand is still being negativity effected by tight money and fear of an even deeper recession (or at least a lack of much indication of economic recovery).
Now let’s take a look a pending sales to closed sales. Normally, pending sales are the main indicator of future closed sales. Pending sales were up 16.7% year over-year but, closed sales were down 16% year-over-year! Usually there is only a few percentage points or even fractions of a percent difference in these numbers. The month to month difference can be due to long escrows for short sales, delays in banks closing on REO inventory as well as financing difficulties. However, the year over year difference being 16% has to be mainly attributed to financing issues.
Lenders have really buckled down and things needed to be tightened. But, it really seems the pendulum has swung too far in that direction. Of course, this is not all caused by the tightening of money by lenders. Buyer’s financial situations shift drastically much quicker then ever before which is also often a factor in the deal not getting closed. Loss of a job or even slight cutbacks in hours can change everything. We will discuss financing issues further in a future article. Let me know your thoughts.
I am getting long winded here so I will wrap this one up and we can continue this discussion next time. What these numbers say to me is this is possibly the best market for buyers, investors (who qualify for, know how to get, or have money) ever in San Diego and most other markets. We will discuss why next time!
Don't pass up this opportunity! This is a Fannie Mae HomePath property. Gated community. Ground floor unit with patio, fireplace, updated kitchen with tile counters, laminate flooring, new carpet, paint, newer light fixtures, updated vanities in baths. Not a condo conversion! Central location, close to shopping, schools, park, beach, freeway access.
Purchase this property for as little as 3% down! This property is approved for HomePath Mortgage and HomePath Renovation Mortgage Financing.
For more information, visit http://www.sdmyhome.com/
Mark Kunce
Keller Williams Realty SD Metro
619-796-6275
DRE# 01458113
 |
 |
 |
 |
Don't pass up this opportunity! Beautiful Craftsman built in 1917. Gourmet kitchen with slate counters. Red gumwood cabinetry, coffered ceilings. Fireplace in living room. Master bedroom with cedar lined closets, 0.5 bath with dual European shower heads. Fire pit on lower deck. Garage was converted to office. Basement with slate flooring, laundry room. Serene and private living on a 1/4 acre in Mission Hills! Cash offers may be eligible for an express cash closing time frame of 15 business days.
Don't pass up this opportunity! Resort-like complex with pool, spa, gym, tennis court, volleyball courts. Upgraded unit features Kitchen and baths with granite counters, newer carpet, balcony, fireplace. Central location, close to UCSD, La Jolla Shores beaches, schools, shopping.
Purchase this property for as little as 3% down, approved for HomePath Mortgage Financing. Owner occupant buyers may be eligible for up to 3.5% BCC.
This is a Fannie Mae HomePath property. Gated resort-like community with pool, tennis, BBQ area, clubhouse, sand volleyball courts, steam room, gym, on site laundry. Very well maintained 3rd floor unit, features kitchen with tile counters.
I serve San Diego County. I list REO/Short Sale properties, work with investors. If you have clients buying/selling in San Diego, refer your clients to us
I would like to welcome you to our ActiveRain blog. I say our blog because I plan to have many people who contribute to the blog as well as feedback from our readers.
My name is Mark Kunce and I have been involved in Real Estate in one way or another most of my life . I am currently an agent with Keller Williams San Diego Metro in Hillcrest. Our offices are located just above the Landmark Theatres in the Uptown Complex. Stop by and see us sometime. I have spent the past four years mainly dealing with distressed properties; bank or investor owned properties known as REOs (Real Estate Owned), short sales, investment properties and investors. I am also a real estate investor.
Many people are experiencing personal negative impact as a result of an economy in turmoil. Many people look at this as a time of hardship and despair. However, I see it as one of the greatest opportunities in Real Estate investment there has ever been. It is a time when through short sale or foreclosure many will find themselves in a rebuilding period hopefully with the opportunity to start again, to start over in a real estate environment which makes more since than it has for many years. It will take time and effort but over the next few years there will be many opportunities emerge for everyone. Real Estate investors over the next three to five years are going to be able to take advantage of these opportunities like no time in the past 75 years.
Realtors, do you have clients buying or selling in San Diego? Refer your clients to San Diego My Home Team - Top Selling Team!
Short Sale - Helping San Diego Homeowners Avoid Foreclosure
Homeowners can avoid the financial pain and stress of foreclosure. If you are currently behind on your mortgage, and owe the bank more money than your home is worth, we can help you avoid a foreclosure with a short sale. If you have recently had an interest rate adjustment, are behind on mortgage payments, have been contacted by your lender about a foreclosure, or are considering selling your home to avoid a foreclosure, call 619-957-4969 about conducting a short sale for you. We respect your privacy and will not release your information to anyone.
In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor.
A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure.
San Diego My Home Team Keller Williams Realty San Diego Metro
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
