San Diego home sales fall

For March 2006, The number of homes sold continued to drop across Southern California -- with the exception of Riverside County, which saw a 6 percent increase in home sales. In San Diego County, there were 4,146 home sales last month. That represents a 17.4 percent drop from the 5,018 sales in March 2005.Across Southern California -- including Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura counties -- there were 29,509 home sales last month, down 9.7 percent from March 2005, when 32,674 homes were sold.

For San Diego, best real estate sites: San Diego coastal real estate
San Diego downtown real estate
San Diego for sale by owner real estate
San Diego real estate

Overvalued Housing!

From a CNN article published 4-7-06 and a Local Market Monitor calculation the following California cities were shown to be overvalued as to their equilibrium value -- what the typical house should sell for!


San Diego CA - 67% - Overpriced

San Jose CA - 62% - Overpriced

San Francisco-Oakland CA - 53% - Overpriced

Sacramento CA - 57% - Overpriced

Riverside-San Bernardino CA - 63% - Overpriced

Los Angeles-Anaheim CA - 56% - Overpriced

Fresno CA - 51% - Overpriced

Santa Barbara-Santa Maria CA - 83% - Overpriced

For San Diego, best real estate sites:
San Diego coastal real estate
San Diego downtown real estate
San Diego for sale by owner real estate
San Diego real estate

Cooling Housing Market!

Red-Hot Housing Markets Cooling Down(April 12, 2006) -- Housing that last year was selling in a matter of hours — Florida coastline condos, townhouses in Washington, D.C., and desert haciendas in Arizona — are now languishing on the market.Home sales have declined 20 percent in Florida, according to the Florida Association of REALTORS®. And in California, sales dropped 15 percent. Sales were off by 19 percent in Washington. D.C., and down 25 percent around Phoenix. Experts blame a number of factors, including a sell-off among investors, worsening affordability due to soaring property prices and rising interest rates. In Florida, last year’s active hurricane season discouraged some buyers.But economists note that while sales in some markets are weaker, they aren't collapsing — just settling into a normal market pace. Inventories are rising but not to an alarming level, and demand for homes is actually posting gains in cities where prices are still considered bargains, such as Indianapolis and Houston.Source: The Wall Street Journal, by Michael Corkery (04/12/06)

Rates Move Higher!

McLEAN, VA -- Freddie Mac released the results of its Primary Mortgage Market SurveySM in which the 30-year fixed-rate mortgage (FRM) averaged 6.49 percent, with an average 0.6 point, for the week ending April 13, 2006, up from last week’s average of 6.43 percent. Last year at this time, the 30-year FRM averaged 5.91 percent. The 30-year FRM has not been higher since the week ending July 12, 2002, when it averaged 6.54 percent.The average for the 15-year FRM this week is 6.14 percent, with an average 0.5 point, up from last week’s average of 6.10 percent. A year ago, the 15-year FRM averaged 5.46 percent. The 15-year FRM has not been higher since the week ending June 13, 2002, when it averaged 6.17 percent.

Buying a House - MSN Real Estate

Buying a House - MSN Real Estate: "Los Angeles: The City of Angels has been described as the poster child for how a lack of new housing near employment centers can hurt an economy. Affordable housing has been an issue in the market for years. It's ranked as one of the least affordable places in the country to live, with housing prices consuming 91% of income, according to statistics from John Burns Real Estate Consulting. The median price of an existing single-family home was $568,000 at the end of 2005, the National Association of Realtors reports. Plus, job growth is virtually flat. Together, it's cause for real estate market consultant Gollis to predict that the prices for California coastal markets are topping out in single-family homes. Fortune predicts a drop-off of nearly 8% in housing prices in the next two years, putting it in 95th out of 100 markets for growth. "

Buying a House - MSN Real Estate

Buying a House - MSN Real Estate: "Los Angeles: The City of Angels has been described as the poster child for how a lack of new housing near employment centers can hurt an economy. Affordable housing has been an issue in the market for years. It's ranked as one of the least affordable places in the country to live, with housing prices consuming 91% of income, according to statistics from John Burns Real Estate Consulting. The median price of an existing single-family home was $568,000 at the end of 2005, the National Association of Realtors reports. Plus, job growth is virtually flat. Together, it's cause for real estate market consultant Gollis to predict that the prices for California coastal markets are topping out in single-family homes. Fortune predicts a drop-off of nearly 8% in housing prices in the next two years, putting it in 95th out of 100 markets for growth. "

Buying a House - MSN Real Estate

Buying a House - MSN Real Estate: "Los Angeles: The City of Angels has been described as the poster child for how a lack of new housing near employment centers can hurt an economy. Affordable housing has been an issue in the market for years. It's ranked as one of the least affordable places in the country to live, with housing prices consuming 91% of income, according to statistics from John Burns Real Estate Consulting. The median price of an existing single-family home was $568,000 at the end of 2005, the National Association of Realtors reports. Plus, job growth is virtually flat. Together, it's cause for real estate market consultant Gollis to predict that the prices for California coastal markets are topping out in single-family homes. Fortune predicts a drop-off of nearly 8% in housing prices in the next two years, putting it in 95th out of 100 markets for growth."