Archive for March, 2009
California Association of Realtors to offer mortgage payment protection
March 31st, 2009 Categories: Real Estate News, San Diego County Community News, San Diego county Real Estate News
SAN DIEGO– What a great time to be a first time home buyer.
You have incredibly low mortgage interest rates, sub 5% in some 
cases, creating the opportunity for a loan you may never want to refinance. Then there is the up to $8000 federal tax credit and now the California Association of Realtors is offering mortgage payment protection in case of income loss for first time buyers.
Through the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a reduced monthly benefit of $750 per month for up to six months in the event of a job loss. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million to the program this year, and estimates that as many as 3,000 families will benefit from the program throughout 2009.
To qualify for the Mortgage Protection Program, applicants must:
. Be a first-time home buyer – someone who has not owned a home in the last three years
. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed or military personnel)
This makes me feel good about being a REALTOR as this is something tangible being given back to the community.
Give me a call when you ready to find your new home. 760.415.3329
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FREE beach front homes in Oceanside
March 30th, 2009 Categories: San Diego county Real Estate News
Oceanside– So I am on a midday ride through Oceanside near the pier when I come across a real estate deal taken straight from the playbook of Jerome’s Furnishings.
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Home sales soar in February, spark hope of turnaround?
March 24th, 2009 Categories: Real Estate News, San Diego County Community News, San Diego county Real Estate News
SAN DIEGO– The headline in today’s business section of the San Diego Union Tribune reads, “Home sales soar in February, spark hope of turnaround”. Resale homes nationwide went up 5.1 percent versus 2008 and while this is a great, I believe it is less of an indicator of market health than the by product of the foreclosure moratoriums that were announced late 2008.
With sales of distressed homes accounting for more than 50% of our local market, this breather was just what the banks needed to process the enormous volume of files the banks had to wade through and I first wrote about it here in December.
Additionally in that same posting I wrote that the the moratorium would also slow down the pipeline of new listings. 
An article in the San Diego Union Tribune published March 17, 2009 supports my forecast.
The San Diego Association of Realtors said there were 14,733 active listings as of yesterday, the fewest in three years and the fourth straight monthly decline.
If you are looking for a REALTOR that is in touch with our local market, give me a call at 760.415.3329.
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Will mortgage deduction changes effect San Diego homeownership
March 13th, 2009 Categories: Real Estate News, San Diego County Community News, San Diego county Real Estate News, Triathlon Club of San Diego Race Reports
SAN DIEGO– As a member of the California Association of Realtors I receive various newsletters and announcements. Yesterday I received an enewsletter titled Market Matters.
Normally I scan these very quickly, but this time the headline “Obama’s plan to limit write-offs provokes push-back”. It seems that my association is opposing a plan by the Obama administration to limit tax deduction related to real estate.
The Obama administration’s first budget proposal included a provision to reduce the mortgage interest and local property tax deductions for those earning more than $250,000.
The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and the National Association of REALTORS® (NAR) are strongly opposed to this provision and are working to convince lawmakers to oppose it as well.
Although the government predicts it could save billions of dollars by reducing the deductions, it also will negatively impact the California housing market; further erode opportunities for homeownership in the state; and will contribute to further price declines and diminished equity for homeowners.
First I know that no one likes to pay more than their fair share of taxes, while some don’t even like to do that, and this is not a political statement, but one statement really jumped out at me and prompted this repsonse; further erode opportunities for homeownership in the state. Are you kidding me? This is the association who strives to promote itself as the gateway to the American dream and they are missing the target. Remember this would effect those that earn in excess of $250,000 not all those with mortgages.
In San Diego county, one of the priciest housing markets in the nation, we are finally approaching an affordability rate of 50% with a median income of $72,100 which is a considerably long ways off of $250,000.
A silver lining to San Diego County’s falling home prices emerged yesterday as an index showed housing affordability approaching the 50 percent mark for the first time in 15 years.
A report from the National Association of Home Builders showed that 44.6 percent of homes sold in the fourth quarter of 2008 were affordable to households earning the county’s median income of $72,100.– Roger Showley,San Diego Union Tribune
February 20, 2009
According to the 2006 census approximately 3.4% of US households make over $200,000 a year. Looking specifically at San Diego, our wealthiest zip code is that of Rancho Santa Fe and according to Mongabay.com’s wealth report the average salary was $242,282.
I am curious who CAR is really looking out for as this proposal in no way would hamper home ownership? Are we really to beleive that those that earn over $250,000 a year would stop buying real estate? PAH-leeze.
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CROCs warehouse sale starts Thursday
March 12th, 2009 Categories: San Diego County Community News, San Diego County Triathlon Race Reports, Triathlon Club of San Diego Race Reports
SAN DIEGO– Here’s the perfect opportunity to save some money. The manufacturer of the shoe people love to hate is having their warehouse sale this weekend at their San Marcos location. The inspiration behind the website I Hate Crocs and the phrase “Crocs; Second Hand Smoke For The Eyes” are probably the comfiest kicks going!! Click on the image for all the info.
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San Diego homeowners and housing market swimming in change
March 6th, 2009 Categories: Real Estate News, San Diego county Real Estate News
SAN DIEGO– WOW!!! There has been so much activity pertaining to the 
housing market in the last couple weeks that I would be nuts to even try to wade through it all on my own. I do feel though that I do need to try to provide good and accurate information here. So here we go.
There is the “Cram Down” legislation also known as ‘Helping Families Save Their Homes Act’ which will allow bankruptcy judges to rewrite mortgages. Then there are two new tax credits that are applicable to Californians. One is the federal tax credit for first time buyers and the other is a California tax credit on new home purchases. Next, there is the housing act just announced this week, broken down here by USATODAY. I will say that this act will most likely have limited impact here in the San Diego area, but I’ll leave this to them.
Lastly, this is probably the best one stop source for all that is happening. It is a QnA from the California Association of Realtors. If you have a question they have the answer.
GO HERE with your questions about the housing act and tax`credits
If this link is dead send me an email and I will email you back the direct link. It is off and on.
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New San Diego Real Estate market reports
March 1st, 2009 Categories: Real Estate News, San Diego County Community News, San Diego County Fixer of the Week, San Diego county Real Estate News
SAN DIEGO– I am very excited about the upgrades to the Market Report service I subscribe to.
This new tool looks at all areas of San Diego and can produce archive reports back to 2000. To do this, in the upper left corner you can select an area, or city, detached or attached homes and then the period of time.
The best upgrade however is the ability to look at reports and listings, including active, pended or sold, within a specified distance of an address. To do this, just click on the “PROPERTY ANALYSIS” tab in located at the top left.
To access this great tool, just click on the “MARKET REPORT” swim cap located above in the header.
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