California Real Estate Blog
San Diego County Property Valued at Record $604B
The value of land in San Diego has never been higher. San Diego County’s assessed value of all taxable property — including residential, commercial and industrial land — is now $604.75 billion, the Assessor’s Office said this week. It represents an increase of 5.18 percent from last year. The valuation date is set at Jan. 1 each [...]
Will San Diego see Covid-related Surge of Foreclosures?
The shadow of the Great Recession hangs over the coronavirus crisis and it is easy to see why many assume that Americans will start losing their homes again, especially considering record unemployment and a host of economic problems related to COVID-19. Housing analysts and economists largely agree though that it will be a long time before banks [...]
Tech Hubs like San Diego May Have the Housing Edge
Nationally, the overall housing market is inching towards recovery as buyer interest and home price growth surpass pre-COVID19 levels — but more ground left to cover as growth in new supply and the pace of sales still lagging. The overall recovery index is showing the greatest recovery in Denver, Boston, Seattle, San Francisco and San Diego, all [...]
Mortgage Rates Drop to New Low and bring out the Buyers
Mortgage interest rates have gone from astonishingly low to almost ridiculously low in a closely followed survey that's been tracking rates for almost half a century. The extremely low mortgage rates are pulling would-be homebuyers out of Covid-19 lockdown and into the housing market, in what mortgage giant Freddie Mac is calling a "remarkable turnaround" for mortgage [...]
Looking to Buy a San Diego Home during Covid? It’s Slim Pickings
A global pandemic has not stopped people from buying houses in San Diego, but it has reduced the number of properties available. There were 31 percent fewer homes for sale in San Diego County from April 6 to May 3, as skittish sellers took houses and condos off the market to wait out the COVID-19 crisis. Homes [...]
San Diego Home Prices were Rising Fastest in CA before Pandemic
San Diego County homebuyers, like most of the nation, shrugged off early COVID-19 fears in February as prices increased more than any other California market. Home prices in the San Diego metropolitan area had risen 4.6 percent in a year, the S&P CoreLogic Case-Shiller Indices reported. The index reflects a strong economy up until the moment the [...]
Some Sellers Taking Homes off the Market due to Covid-19
Sellers are taking their homes off the market in San Diego County as the coronavirus pandemic continues. Redfin data shows 12.7 percent of all listings were removed, without selling, from March 7 to April 3. That’s higher than the national average of 9.5 percent. In terms of raw numbers for San Diego County, it comes out to 957 [...]
Touring Homes on Zoom as San Diego Agents go Virtual
Closing a real estate sale during a pandemic takes some creativity. For many real estate agents across the state, it has meant using apps like Zoom and WhatsApp to guide buyers virtually through dozens of properties because open houses are not allowed. Potential buyers were able to view the homes without breaking quarantine or violating social distance [...]
The Fed slashes interest rates, but will it help?
The Federal Reserve announced it would cut the federal funds rate by a full percentage point — which could potentially help San Diego businesses and consumers hurt by the coronavirus outbreak. The Fed is seeking a target range of 0.00 percent to 0.25 percent, and made significant moves to bolster the economy in the short-term. However, local economists [...]
Southern California’s Home Sales Jump almost 18%
Southern California home prices and sales bounced back last month, with prices up nearly 7% and sales jumping almost 18% in the year ending in January, a DQ News report based on CoreLogic data shows. Homebuyers snatched up 14,944 new and existing homes in January, up 17.8% from the same month a year earlier, DQ News reported. [...]
San Diego Home Prices Top West Coast Markets
Home prices were up 3.9 percent annually in the San Diego metropolitan area in November, outpacing all other West Coast markets, according to the S&P CoreLogic Case-Shiller Indices. San Diego metro’s price gain slightly outpaced the national average gain of 3.5 percent, and was a substantial reversal after a sluggish start to 2019. From January to June, annual [...]
San Diego’s Jobless Rate Still at Record Lows
California has now seen 117 months of job expansion. The statewide unemployment was 3.7 percent in November. When adjusted for seasonal swings, the statewide unemployment rate was 3.9 percent. The state Employment Development Department said California has gained 3.4 million jobs since the expansion began in February 2010, accounting for more than 15 percent of the nation’s [...]