Activerain and san diego real estate

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san diego housing prices and the bailout

Quick note - its the weekend before the great monday bailout is supposed to happen and I predict that if we give 700 billion to the lender who lost all the money funding over priced properties in places like San Diego an Naples. We are still going to see real estate prices decline further. I also suspect that that 700b should not go to lender but borrowers. You can't push on a string.

If it were up to me.. I would spend the 700b on high speed trains, solar and wind and bridges. That would be one heck of useful stimulus.

Minyanville - NEWS & VIEWS-Article

Someone elses take on the housing bottom. I have toagree but then, I get calls from upside down homeowners all day long. To me this like it will not end until family homes in san diego are affordable for families. When you can buy a family home in a good school district for mortgage and taxes of 3500 a month - we will find a bottom.


Minyanville - NEWS & VIEWS-Article: "Housing Bottom Nowhere in Sight
Mike Mish Shedlock Feb 15, 2008 11:00 am
Tags: HOUSING, BUBBLE


Bust no longer confined to high-value states.


Inquiring minds have been asking me how far the housing bubble busting has progressed. Many are asking 'Is this the bottom?' It's a good question, so let's take a look at several viewpoints: Bernanke's, mine, and a friend of mine who prefers to be known simply as 'BC'."

Mortgage Debt forgiveness - Forclosure

Mortgage Debt forgiveness - Loan forgiveness - 1009 c: "Borrowers whose debt is reduced or eliminated receive a year-end statement (Form 1099-C) from their lender. For debt cancelled in 2007, the lender was required to provide this form to the borrower by Jan. 31, 2008. By law, this form must show the amount of debt forgiven and the fair market value of any property given up through foreclosure."

Please remember to consider capital gains and the taxation rules of the California franchise tax board in your pre-foreclosure analysis.

California Foreclosure

One Man's Foreclosure, Another Man's Steal, Wave Of Foreclosures In Calif. Takes Auction Home Prices Way Down, To The Delight Of Buyers - CBS News: "One-thousand homes lost in the real-estate wreckage are auctioned off to a crowd of thousands in Los Angeles - up to 40 percent off, CBS News correspondent Ben Tracy reports.

'Sold!' said one auctioneer with a gavel bang. '$170,000, sir, you're the buyer.'

In Stockton, Calif., bargain buyers tour foreclosed homes courtesy of the repo-bus.

'Obviously we've got a full house,' said one bus driver.

Debra Knowles, a home loan consultant said: 'They're reaping the benefit, unfortunately, of someone else's loss.'

New numbers out today show California among 10 states hit hardest by foreclosures in 2007. That's 250,000 homes taken by the bank."

CA home sales fall

Dec 07 sales price report: "# C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in December 2007 was 14.5 months, compared with 5.9 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
# Thirty-year fixed-mortgage interest rates averaged 6.10 percent during December 2007, compared with 6.14 percent in December 2006, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.50 percent in December 2007 compared with 5.45 percent in December 2006.
# The median number of days it took to sell a single-family home was 67.2 days in December 2007, compared with 72.1 (revised) for the same period a year ago."

Ca home sales fall in Dec

Dec 07 sales price report: "C.A.R. reports sales decrease 33.4 percent, median home price falls 16.5 percent

LOS ANGELES (Jan. 29) – Home sales decreased 33.4 percent in December in California compared with the same period a year ago, while the median price of an existing home fell 16.5 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“December is typically one of the slower months for sales, and the liquidity crunch continued to dampen sales beyond the normal seasonal decrease,” said C.A.R. President William E. Brown. “Even so, seasonally adjusted sales edged above 300,000 homes for the first time since August 2007.

“The liquidity crunch also contributed to the significant decline in the median price due to the lack of financing options for loans above the conforming loan limit of $417,000,” Brown said. “It is imperative that the proposed increase to conforming loan limits that is part of the economic stimulus package receive swift approval by both houses of congress.”"