San Diego Real Estate - Demand for VA loans is on the rise in San Diego.
For a lot of years, the VA loans had such a low loan limit, they didn't work too well for most homes or even condominiums here in San Diego.
This past year, with significant higher loan amounts of up to $593,750,the new loan limit is well above the median home price now in San Diego. There has been a real surge in VA loan requests. The VA insured loan purchases this past year represent between 9% and 10% of all the sales of single-family homes.
MDA DataQuick, here in San Diego, reported an interesting statistic on loan failure rates associated for VA insured loans. In San Diego County, VA insured loans failure rate stood at 4.3%. This compares more favorably to the other failure rates, Subprime loans failed at a rate of 29%, FHA loans at 7% and Conventional loans failed at 5%.
There have been numerous accounts through our network of real estate professionals working here in San Diego to say that some buyers with VA insured loans are having a more difficult time in getting VA offers accepted. Some of the reasons cited were that Sellers were resistant to pay the required mandated fees normally paid by the seller, appraisals are conducted with more scrutiny and Sellers must have the home in move-in ready condition (meaning, sellers are required to make significantly more repairs if escrows are to close).
Since many of our home sales are centered around distressed property, the Short Sale Sellers don't have the resources to make the property ready since they are already upside down and REO Lenders sell their property "as is" and Va financing is certainly not the best for this category of property. But these properties are priced most within the realistic budgets and VA Buyers get frustrated trying to make a deal work.
In a recent post I wrote about the proposed First-time Homebuyers Federal Tax Credit extension for veterans, Congress has before them a bill supported by the chairman of the House Ways and Means Committee to provide an extension of the federal tax credit to veterans that have at least 90 days overseas duty.
If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my San Diego Real Estate website and sign up for Listing alerts for your favorite San 
Diego Home and Condominium Property Searches.
I specialize in Single Family Homes and Condominiums throughout the coast and inland areas of San Diego. Some of the communities are La Jolla, University Town Center, Bay Park, Mission Valley, Pacific Beach, Scripts Ranch, Poway, Carmel Mountain Ranch, Rancho Bernardo, Rancho Penasquitos,Carmel Valley and Solona Beach. If I didn't mention a city or community that you are interested in, just let me know and i will find you an expert for that community as well.
Need Help and Guidelines for Buying or Selling a Home ? Check out my new " Voice of San Diego Real Estate Blog "
Copyright 2009 William Johnson author of The Real Estate Text Book
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If this bill is approved by Congress, it will also help to further increase the demand for VA insured loans , not justhere in san Diego but wherever the Veterans chose to live. And if the amendment that was offered goes along with the original Bill and is enacted, those currently on active duty would get an additional benefit. If they are re-assigned to another base for duty, they would not lose the tax credit benefit if they have to sell the home before the mandated minimum of 36 months of holding ownership as their primary residence.
San Diego Real Estate - Famous Political Figure Collaborating On New Book In San Diego 
This past month, Sarah Palin , the immediate past Governor of Alaska was in San Diego collaborating on her new book " Going Rogue: An American Life", expected to be released to the public in late November by Harper Publishing.
It is my understanding that there were several sightings of Sarah and her family in North San Diego County during this past month of August.
What a delight it would have been to be able to have meet up with her. That would have been a really special post. As an up and comer in the political arena on the national scene and a soon be acclaimed author, it is always a special treat to have future leaders visit our area here in the most southern part of Southern California.
Sarah's book with an interesting title is still in the editing stages in New York but it is estimated that her memoirs celebrating her independence is expected to be nearly 400 pages in length. I find it exciting that she has been here in San Diego , even if we didn't find out she had been here until after she had already gone.
I can only hope she comes back to San Diego at some point and that would give many of us San Diegans a chance to meet her, if only at an upcoming book signing after her new book is released this Fall. I can assure you she would get a very warm welcome here in America's Finest City.
If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my San Diego Real Estate website and sign up for Listing alerts for your favorite San 
Diego Home and Condominium Property Searches.
I specialize in Single Family Homes and Condominiums throughout the coast and inland areas of San Diego. Some of the communities are La Jolla, University Town Center, Bay Park, Mission Valley, Pacific Beach, Scripts Ranch, Poway, Carmel Mountain Ranch, Rancho Bernardo, Rancho Penasquitos,Carmel Valley and Solona Beach. If I didn't mention a city or community that you are interested in, just let me know and i will find you an expert for that community as well.
Need Help and Guidelines for Buying or Selling a Home ? Check out my new " Voice of San Diego Real Estate Blog "
Copyright 2009 William Johnson author of The Real Estate Text Book
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If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my San Diego Real Estate website and sign up for Listing alerts for your favorite San Diego Home and Condominium Property Searches. I specialize in Single Family Homes and Condominiums throughout the coast and inland areas of San Diego. Some of the communities are La Jolla, University Town Center, Bay Park, Mission Valley, Pacific Beach, Scripts Ranch, Poway, Carmel Mountain Ranch, Rancho Bernardo, Rancho Penasquitos,Carmel Valley and Solana Beach. If I didn't mention a city or community that you are interested in, just let me know and i will find you an expert for that community as well.
Need Help and Guidelines for Buying or Selling a Home ? Check out my new " Voice of San Diego Real Estate Blog "
Copyright 2009 William Johnson author of The Real Estate Text Book
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Chula Vista Little League wins World Series
Chula Vista's Park View All-Stars were crowned Champions of the Little League World Series held in Williamsport, PA. Chula Vista welcomed home last night the Park View team and thousands were hand to greet the new celebrities. The City of Chula Vista is planning a celebrity parade on Friday. And guess who the celebrities are? The Chula Vista All-Stars and every single player is just that. Celebrities.
The 20 or so team members who began their quest to the title a little over 3 weeks ago were nearly perfect in losing only one game in the whole series. Saturday they won the US Championship and played Taiwan on Sunday to win the whole "shootin" match.
This is the 2nd time a San Diego Little League team has won the title but it had not been since 1961 when a team from the combined areas of El Cajon and La Mesa brought the title home from Williamsport. 48 years is a long time ago but when it comes to little league, people still talk about it and that special someday when the title would return. They won’t have to wait any longer, the title is here now, the team has returned home and the World Series banner will be proudly on display during the Parade of Champions on Friday.
The Chula Vista Park View All-Stars are truly role models for young generations in all parts of the world that support this character building sport called Little League. The All-Stars, besides winning the World Series title also set a new world record. Nineteen Home runs in 5 games. Pretty amazing.
And for those that don’t already know this, there is no local, state or federal funding for Little League. Each team has local sponsors that help to pay for their shirts and the rest is funded by families and fund raising events. This is a local grass roots enterprise that relies on very local participation of community builders and leaders for support. And in return for their support, they are assured of the marvelous character building of the players that the Little League enterprise brings forth through the many decades of character building since its inception. No one could dispute that this is a pretty good trade off of value.
Congratulations to the Home Team, The Chula Vista All -Stars.
If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my San Diego Real Estate website and sign up for Listing alerts for your favorite San 
Diego Home and Condominium Property Searches. I specialize in Single Family Homes and Condominiums throughout the coast and inland areas of San Diego. Some of the communities are La Jolla, University Town Center, Bay Park, Mission Valley, Pacific Beach, Scripts Ranch, Poway, Carmel Mountain Ranch, Rancho Bernardo, Rancho Penasquitos,Carmel Valley and Solana Beach. If I didn't mention a city or community that you are interested in, just let me know and i will find you an expert for that community as well.
Need Help and Guidelines for Buying or Selling a Home ? Check out my new " Voice of San Diego Real Estate Blog "
Copyright 2009 William Johnson author of The Real Estate Text Book
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San Diego Real Estate- Market Statistics Indicate Housing Market Firming in San Diego
San Diego county median home price for July tended up from June figures as were the reported number of sales. Are we at the bottom of the market heading up?
There seems to be a growing confidence by REALTORS locally as well as nationally that conditions are improving in the respective markets and a recent survey by NAR ( our National Association of REALTORS ) REALTORS nationwide feel confident of continual improvement over the next 6 months. Does that survey reflect wishful thinking or just sending out the positive vibes needed to get Buyers off the fence?
I raise this question because in the same report NAR’s Housing Afordability Index ( HAI ) indicated that housing was a bit less affordable in it’s last released report. Actually since the high reached in April of 178.8, the last reported AHI is 159.2. That is a clear trend that affordability is declining. I Googled the NAR Housing Affordability Index and this is how it is calculated ( just in case you were wondering).
[The NATIONAL ASSOCIATION OF REALTORS® Affordability Index measures whether or not a typical family could qualify for a mortgage loan on a typical home. A typical home is defined as the national median-priced, existing single-family home as calculated by NAR. The typical family is defined as one earning the median family income as reported by the U.S. Bureau of the Census. The prevailing mortgage interest rate is the effective rate on loans closed on existing homes from the Federal Housing Finance Board and HSH Associates, Butler, N.J. These components are used to determine if the median income family can qualify for a mortgage on a typical home.
To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment. For example, a composite HAI of 120.0 means a family earning the median family income has 120% of the income necessary to qualify for a conventional loan covering 80 percent of a median-priced existing single-family home. An increase in the HAI, then, shows that this family is more able to afford the median priced home.
The calculation assumes a down payment of 20 percent of the home price and it assumes a qualifying ratio of 25 percent. That means the monthly P&I payment cannot exceed 25 percent of a the median family monthly income ]
With a bit more breakdown of the market stats in Southern California, DataQuick reported that 20.1% of the resale market solds were above the $500,000 value line compared to the lower percent recorded this year of 15%. San Diego’s percentage was 27.9 % indicating that San Diego is doing better on average of the other 5 regions making up Southern California.
Other statistics of note were that the percentage of foreclosed homes was at 37.4 % of all the resales for the month. Investor purchasing increased from 15.4 to 19.4 percent of recorded sales.
I hope I am missing something here as these numbers alone do not necessarily bode that well for our equity resale market. Especially when you factor in the more difficult processes for obtaining financing, the HCVV appraisal issues, increasing state and local unemployment, state and local treasuries needing new sources and increased tax revenue to balance budgets and pay debts, with so many homeowners not previously affected by the sub-prime crisis but are now upside down in their homes, bucket loads of new properties to hit the foreclosure market this next month, does the slight increase in month over month sales and prices indicate we are at the bottom moving up? Yep, the title says it all. Maybe the analogy of setting Jello is applicable here. While it is firming up, it is still pretty shaky.
Statistics for July 2008 through July 2009
July 2008 Home Sales 3,431
July 2009 Home Sales 3,809 ( This reflects an 11% increase in Sales ).
July 2008 Median Home Price in San Diego $364,000
July 2009 Median Home Price in San Diego $320.000 ( This reflects a 12.1 % drop from 2008 but a 3% increase
over June 2009 reported at $316,000 and thus the title).
If you are Buying, Selling or Relocating to San Diego and need help from a professional REALTOR®, give me a call or visit my San Diego Real Estate website and sign up for Listing alerts for your favorite San Diego Home and Condominium Property Searches. I specialize in Single Family Homes and Condominiums throughout the coast and inland areas of San Diego. Some of the communities are La Jolla, University Town Center, Bay Park, Mission Valley, Pacific Beach, Scripts Ranch, Poway, Carmel Mountain Ranch, Rancho Bernardo, Rancho Penasquitos,Carmel Valley and Solana Beach. If I didn't mention a city or community that you are interested in, just let me know and i will find you an expert for that community as well.
Need Help and Guidelines for Buying or Selling a Home ? Check out my new " Voice of San Diego Real Estate Blog "
Copyright 2009 William Johnson author of The Real Estate Text Book
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LIKE MY BLOG, Subscribe and enjoy all the great and creative things yet to come!
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I consider San Diego an excellent place to live and would love to share with you my enthusiasm for the numerous communities that encompass it. Looking forward to working with you. CA Lic # 01048160
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