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Property Management News
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Plunging prices attracted buyers into the Southern California housing market in October in the highest numbers in months, MDA DataQuick reported yesterday.
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As the nation's economy heads toward a possibly deep recession, San Diego County's housing market is not all doom and gloom.
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San Diego home prices have been falling for three years as sellers facing financial distress accept lower offers from bargain-hunting buyers. But the course of home values tells a slightly different story.
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San Diego County's three-year housing slide eventually will hit bottom and turn back up. The questions are when, and how we will know we're there.
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An unusual September jump in home sales, together with the biggest monthly drop yet in prices, could be early signs that San Diego County housing is approaching the bottom of a three-year-old downturn, industry experts and observers said yesterday.
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While home prices continue to fall, the cost of renting an apartment remains stable in San Diego County, according to a new survey by the research firm RealFacts Inc.
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WASHINGTON – Pending home sales rose 7.4 percent from July to August, an unexpected piece of positive news for the battered U.S. housing market.
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San Diego County's office market deteriorated further in the third quarter – with even the region's most sought-after, expensive business district, Carmel Valley, showing signs of stress.
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Homeowners already coping with an uncertain credit market and falling real estate values got more discouraging news yesterday when PMI Mortgage Insurance Co. said home prices in San Diego County are likely to continue dropping for another two years.
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Apartment rents in the county increased 2.49 percent in the last six months while vacancies decreased 1.38 percentage points as homeowners lost their properties to foreclosures and renters found themselves unable to buy.
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WASHINGTON – New home sales tumbled in August to the slowest pace in 17 years, while mortgage rates spiked this week, increasing pressure on the new chief executives of Fannie Mae and Freddie Mac to help stabilize the housing market.
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San Diego, which three years ago had one of the most overvalued housing markets in the country, is now the most undervalued in California, the economic and financial analysis company Global Insight reported yesterday.
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The first hint of good news about housing showed up last week. But it was tentative.
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A key housing-price index released yesterday offered a glimmer of hope that the downward spiral might be slowing in some places, but San Diego and other once-high-flying cities have yet to see any return to stability.
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WASHINGTON – Sales of existing homes rose in July, surpassing expectations, as buyers snapped up deeply discounted properties in parts of the nation hit hardest by the housing bust.
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There's a silver lining in San Diego's slumping housing market: improved affordability.
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Propelled by low-cost foreclosure sales and accelerating price drops, more San Diego County homes were sold last month than at any time in more than a year, MDA DataQuick reported yesterday.
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The housing market decline that has triggered a wave of foreclosures and deeply eroded recent home equity gains is also opening the door to ownership for renters who can meet tightening lending standards.
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The cost of renting an apartment in San Diego County rose slightly in the second quarter, according to a report released yesterday by research firm RealFacts.
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The median home price in Southern California was down 29.3 percent from a year earlier to $355,000 last month, pushed downward by an unprecedented volume of foreclosure homes selling at a discount, DataQuick Information Systems reported yesterday.
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Despite the arrival of the traditional peak summer home-buying season, DataQuick Information Systems yesterday reported no sign of an easing in the housing downturn.
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California housing sales were at their lowest level in 13 years last month, as prices slid 30 percent from year-ago levels, San Diego-based DataQuick Information Systems reported yesterday.
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Home prices continued to tumble in San Diego County last month, with the median reaching its lowest level – $380,000 – since September 2003.
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When San Diego housing officials learned last year that the city was free to withdraw from the federal government's decades-old public housing program, they immediately faced the financial reality of managing hundreds of rental units on their own.
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San Diego County's apartment vacancy and rental rates increased modestly over the past six months as foreclosures and failed condo conversions increased the supply of rental units.
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About one in 11 American mortgages was past due or in foreclosure at the end of March, according to a report released yesterday, a figure that is rising fast as home prices fall and the job market weakens.
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San Diego County's apartment vacancy and rental rates increased modestly over the past six months as foreclosures and failed condo conversions increased the supply of rental units.
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In yet another sign of weakness in the housing sector, a government measure of home prices showed the sharpest nationwide decline in its 17-year history, down 3.1 percent in the first quarter from a year earlier.
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Nearly 50 San Diego County dwellings per day were lost to foreclosure in April, as the tally of mortgage failures rose 169 percent above last year, DataQuick Information Systems reported yesterday.
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San Diego County's housing affordability remained the 16th lowest in the nation for the third quarter in the row, the National Association of Home Builders said yesterday.
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After months of grim reports of slumping sales and free-falling prices, San Diego County's housing market showed signs of life in April with sales up 33.3 percent from March and the median price back at the $400,000 level.
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Great Reasons To Rent
By Mike hammer
Parade, May 4, 2008 Page 14
Before the housing boom went bust this year, homeownership was considered a good investment. But now, with the rash of mortgage foreclosures, renting may be amore attractive option.
Renting can Save money
Homeowners tax deductions are overstate
There are more options available to renters
Renting gives you flexibility
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Las Vegas, Miami, Phoenix, Los Angeles and San Diego, five areas that saw home prices rocket ahead in the housing boom, are now leading the retreat backward, as prices fall in the wake of mortgage-financing troubles and an economic slowdown.
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San Diego County's unprecedented housing downturn has created a sharp split in the resale market, with foreclosed properties selling at steep discounts while other homes take a much smaller hit.
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WASHINGTON – Sales of new homes plunged in March to the slowest pace in 16½ years as a two-year housing downturn extended into the start of another spring sales season. The median price of a new home in March compared with a year ago fell at the fastest clip in 38 years.
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Tenants who live in San Diego County's large apartment complexes saw their rents rise slightly in the first quarter of 2008, the RealFacts research firm reported yesterday.
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As median home prices continue to decline, it seems no community is immune to the slumping real estate market. And yet, during the last quarter a few coastal areas were able to eke out a healthy rate of price appreciation reminiscent of the housing boom.
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San Diego County's median home price tumbled below the $400,000 mark last month for the first time in nearly five years as the region grappled with rising foreclosures and defaults, DataQuick Information Systems reported yesterday.
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Despite a weakening economy, rental rates in San Diego County are up 4 percent from a year ago, fueled in part by strong demand as fewer people buy homes and mushrooming foreclosures turn homeowners into renters.
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