Happy September! Wow, that's hard to believe...
August was another active month for real estate in San Diego, as well as many other areas. Buyer interest is still extremely high and up to 40 offers are generated on the best listings. Interest rates and prices are still extremely low and the $8,000 First Time Buyer Tax Credit will expire at the end of November unless it is extended. Many listings are selling for above the listed price.
Here's a quick summary of activity in San Diego county in August:
Single Family detached listings: 5,918
Single Family detached new escrows opened in August only: 2,142
Months of inventory: 2.67 (This indicates prices are rising)
Single Family attached listings: 2,738
Single Family attached new escrows opened in August only: 1,132
Months of inventory: 2.41 (This indicates prices are rising)
Total all detached + attached listings now on the market: 8.456
Total new escrows opened in August only: 3,274
Months of inventory: 2.58
The total inventory is approximately 50% of "normal", hence the strong demand for the available properties, especially the equity and bank owned sales.
Per my normal practice, here are some links to articles that I saw during the month, including one quoting me about distressed properties:
37% of all Realtors in the USA have had at least ONE sale fall through since May 1st due to the enactment of the government's HVCC "new appraisal regulations"! This equates to 400,000 deals killed by appraisers & this new program! Another example of governmental brilliance at work!
http://www.realestatechannel.com/us-markets/residential-real-estate-1/freddie-mac-nyse-fre-primary-mortgage-market-survey-pmms-mortgage-rates-2009-new-home-sales-1285.php
Mortgage rates lowest in months
http://www3.signonsandiego.com/stories/2009/aug/20/affordability-homes-county-dips-still-near-record-/?uniontrib
Affordability dips but still near all time record
http://rismedia.com/2009-08-22/entry-level-housing-affordability-reaches-67-in-second-quarter-of-2009/
Affordability at high level
http://www3.signonsandiego.com/stories/2009/aug/22/8216underwater8217-households-resurfacing-it-depen/?uniontrib
SDUT article quoting me
http://www.marketwatch.com/story/home-prices-rise-for-2nd-month-in-a-row-2009-08-25?siteid=bnbh
Prices up for 2nd month in row
Rick Ungar is a Certified Distressed Property Expert, solving the foreclosure issue one homeowner at a time. Contact us today to learn about the best options to preserve your credit and buy again soon.
