California Real Estate Blog
Big Hit to Second Home and Investment Mortgages
Fannie Mae announced that they are limiting new loans secured by second homes or investment properties to 7% of the overall loans they purchase (roughly HALF their historic levels!), effective April 1. What does this mean to borrowers seeking investment or 2nd home mortgages? Turns out, it means A LOT. Demand for second homes surged during the [...]
Despite Pandemic, San Diego Homebuilding was Up in 2020
San Diego County had the biggest increase in homebuilding in Southern California in 2020 during a pandemic that shuttered much of the economy. There were 9,486 homes constructed in 2020, up 18% from a dismal 2019, said the Real Estate Research Council of Southern California. It is still way off from the more than 17,000 homes built [...]
San Diego Home Prices End Year Up 13 Percent
San Diego home prices were up 13% in a year at the end of 2020 — the third fastest of any city in the nation. December home prices showed market conditions during the pandemic, that resulted in substantial gains, continued into the typically sluggish winter months, the S&P CoreLogic Case-Shiller Indices reported. The last time home prices [...]
San Diego Home Price Starts the Year at $640K
San Diego County started the year with a $640,000 median home price brought on by intense competition over limited home inventory. The January price represents a 9.4% increase in the last 12 months following major gains during the pandemic. It is down from the high of $650,000 reached in September to November last year. Experts continue to [...]
U.S. Home Price Index Hits Yet Another New High
Housing continued to exceed expectations, even during the winter months when demand tends to cool down. With existing home sales up over 20% from a year ago, the CoreLogic Case-Shiller Index clocked a 9.49% surge in November – a new high since February 2014. New record lows for mortgage rates helped lure in home buyers. At the same [...]
New California Homestead Equity Protection Law
Effective January 1, 2021, Assembly Bill 1885 increases the amount of home equity protected against creditors, likely preventing more owners from losing their homes in bankruptcy. The new homestead protection starts at a floor of $300,000 and caps at $600,000. The previous homestead exemption ranged from $75,000 for singles, $100,000 for a married couple and $175,000 for seniors [...]
Happy New Year!
Cheers to the New Year! 2020... We happily say Goodbye. Let's hope 2021 brings better days for all of us! May success knock on your door this year May all your joys multiply May you find peace, love and light Wishing you and yours a Very Happy and Healthy New Year! All the [...]
San Diego Home Prices have Biggest Gain in 6 Years
San Diego home prices continued their climb in October, rising 11.6% — the highest in more than six years. Prices in America’s Finest City increased the third-fastest annually in the nation, the S&P CoreLogic Case-Shiller Indices reported. Only Phoenix, up 12.7%, and Seattle, up 11.7%, had bigger gains. The last time prices in the San Diego metropolitan [...]
Happy Holidays Everyone!
May the joy of this holiday season fill your hearts with love and your homes with peace, warmth and happiness. Happy Holidays & Merry Christmas! All the Best, Gregg Watkins Watkins Realty Group
Southern California Home Prices Rise Nearly 11%
The Southern California median home price rose by double digits for the fourth consecutive month, underscoring strong demand for housing during the Covid-19 pandemic. The six-county region’s median price was $603,000 in November, a 10.8% increase from a year earlier, according to data released by DQNews. Sales rose 18.9% from November 2019. Experts say the upswing in recent [...]
San Diego Unemployment Dropped to 7.7% in October
San Diego County’s unemployment rate hit its lowest since the pandemic began — 7.7 percent — in October. However, the numbers are from before the region went back into the state’s restrictive COVID purple tier, which meant many businesses had to scale back workforces and possibly cut employees. October marked five consecutive months of reduced jobless claims. In [...]
Mortgage Forbearances Down Slightly, led by Fannie and Freddie
The U.S. forbearance rate measuring the share of mortgages with suspended payments fell slightly to 5.9%, according to the Mortgage Bankers Association. Though the rate fell 2 basis points, the decline has begun to slow after two weeks of what MBA’s chief economist Mike Fratantoni called “a flurry of borrowers” exiting as they reached the six-month mark. The [...]