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cbr600f4i2
Posts:478

06/30/2009 12:18 PM	Alert
San Diego County's home prices in April dropped at the slowest pace in three years, the Standard & Poor's Case-Shiller Home Price Index showed Tuesday. The index, which measures resale house prices on a three-month rolling average for 20 metro areas, stood at 144.43 points for San Diego in April, down only 0.13 point from March, the smallest month-to-month change since June 2006, when the index rose 0.46 point from the month before. On a year-over-year basis, the index was off 20.01 percent from April 2008, the smallest year-over-year decline since February last year. http://www3.signonsandiego.com/stories/2009/jun/30/bn30housing115437/?business&zIndex=124782

ownhomeinSD
Posts:1068

06/30/2009 12:46 PM	Alert
Time is telling how SD RE market is going on. I predict a positive change for Standard & Poor's Case-Shiller Home Price Index in May and further up in June.

ownhomeinSD
Posts:1068

07/01/2009 7:44 AM	Alert
Pending home sales up for 4th straight month NEW YORK (CNNMoney.com) -- Home sales continued their modest upward swing in May, according to a closely watched industry report that rose for the fourth straight month for the first time in nearly 5 years. The Pending Home Sales Index, reported Wednesday by the National Association of Realtors (NAR), rose 0.1% during the month. The index was up 6.7% compared with May 2008. It was the first four-month runup in the pending sales measure since October 2004 Industry prognosticators had forecast no growth at all in the index for the month, according to Briefing.com, expecting it to settle back after ramping up 6.7% in April. But the rise in sales contracts may not yield a like increase in completed sales, according to Lawrence Yun, chief economist for NAR. "Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions," he said. Many industry insiders have complained that home appraisals are being too often based on values of foreclosed properties, which sell for significantly less than the homes of ordinary sellers.

jpinpb
Posts:4526

07/01/2009 9:25 AM	Alert
I'd question anything the NAR says at this point. Who knows if those numbers don't come back revised end of year b/c of a "glitch." At least Yun admits not all the contracts will close. Oh, those industry insiders complaining the appraisals are based on foreclosed properties. As if anything else is selling. Maybe we should base it on sales from 2 to 3 years ago. HA! Nationally, I don't think we had a bubble, though. I'm sure some states didn't see home prices double in a few years this cycle.

livingincali
Posts:30

07/01/2009 4:30 PM	Alert
More data seems to be coming in that confirms the "spring bounce" that we've been observing over the past couple of months. Still don't know if it's the bottom but it may pull a few more fence sitters into the market. The biggest thing I'm not seeing is any real signs of rising prices at a price per sqft level. It would seem that there is a lot of demand by buyers in the market but they appear to be capped on how much they can spend either voluntarily or involuntarily. Inventory that falls into their budget get snapped up rather quickly, but it hasn't created much pricing pressure. If I had to guess were seeing quite a few buyers in the 80K-120K household income area (760+ credit that waited out the bubble) that want a SFH and are able to spend 250-400K, if something good comes on the market in this price range they all bid on it and somebody gets lucky and wins. The rest feel frustrated and either wait for the next one or settle for something less ideal in that price range. Between the tax credit, the mortgage interest deductions, and being sick and tired of paying 5 figure tax bills to the IRS I can see why they are out in the market. If these type of buyers are the majority of the market then I can't see much room for future price appreciation, flat lining at these levels seems like the best case scenario.

BullBull
Posts:192

07/02/2009 10:22 AM	Alert
Don't underestimate the determination of our elected leaders: "FHFA AUTHORIZES FANNIE MAE AND FREDDIE MAC TO EXPAND HOME AFFORDABLE REFINANCE PROGRAM TO 125 PERCENT LOAN-TO-VALUE Washington, DC - The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refinance Program (HARP) to homeowners who are current on their mortgage payments from the present loan-to-value ratio ceiling of 105 to 125 percent. With these expanded refinance opportunities, qualified borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will be allowed to refinance those loans according to the terms of the Home Affordable Refinance Program established earlier this year." http://www.fhfa.gov/webfiles/13495/125_LTV_release_and_fact_sheet_7_01_09.pdf Your tax money, hard at work.....

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