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Most recent articles

Mortgage Rates Dropping

rates sept 27

Are you still thinking about packing it in for 2016?

Mortgage Rates maintained their recent winning streak today, falling for the 5th straight day.  The average lender is now offering the best rates in nearly 2 months.  You’d have to go back early August or late July (depending on the lender) to see a better combination of rate and upfront cost.

Read more here:

http://www.mortgagenewsdaily.com/consumer_rates/662742.aspx

Posted by on Sep 27, 2016 in Interest Rates/Loan Limits, Jim's Take on the Market, Market Conditions | 0 comments

Foreclosure Throwback

bp

Homes that were foreclosed back in the day have been re-selling – and someone you know just happens to have an extensive video library!

The original purchase price for this McMansion in Chula Vista was $1,301,500 in 2007, but got foreclosed 20 months later.  The bank listed it for $585,900, and it closed for $630,000 in March, 2009.

This is how it looked then:

It resold again for $965,000 a year ago, and then it closed for $1,275,000 this month.  Here is how it looked:

http://www.realtor.com/realestateandhomes-detail/361-Bryan-Point-Dr_Chula-Vista_CA_91914_M22586-80814

Posted by on Sep 27, 2016 in Bubbleinfo TV, Foreclosures, Foreclosures/REOs, Jim's Take on the Market, Sellers Waiting For Comeback | 2 comments

$880,000,000 in Slush Funds

doj

We’ve seen how bankers have been able to finagle fines instead of jail time for the harm done during the mortgage crisis.  Where did that money go?

Thanks to Art for sending:

https://judiciary.house.gov/press-release/majority-leader-announces-vote-goodlatte-bill-stop-obamas-settlement-slush-funds/

Washington, D.C. — House Majority Leader Kevin McCarthy (R-Calif.) announced that House Judiciary Committee Chairman Bob Goodlatte’s (R-Va.) bipartisan “Stop Settlement Slush Funds Act of 2016” (H.R. 5063) will receive a vote by the full House of Representatives next week.

Introduced by Chairman Goodlatte, this bill bars the Department of Justice (DOJ), and all other government agencies, from requiring defendants to donate money to outside groups as part of their settlement agreements with the federal government.

Need for this legislation arose after a 20-month House Judiciary Committee investigation found that DOJ had engaged in a “pattern or practice” of systematically subverting Congress’s Spending Power by using settlements from financial institutions to funnel money to left-wing activist groups. This bill would end this practice and restore accountability to the appropriations process.

Read the full story here:

https://judiciary.house.gov/press-release/majority-leader-announces-vote-goodlatte-bill-stop-obamas-settlement-slush-funds/

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Posted by on Sep 27, 2016 in Jim's Take on the Market, Mortgage News | 3 comments

San Diego Case-Shiller Index, July

sdcsijuly2016

The July, 2016 reading of the San Diego Case-Shiller Index was elevated compared to June – just like last year!  The increase this year was somewhat throttled though, and based on how it went in 2015, the San Diego CSI should be fairly quiet over the next six months.

Will sellers be happy to get what the last guy got?

Here are the recent San Diego Non-Seasonally-Adjusted CSI changes:

Month
CSI-SD
M-o-M chg
Y-o-Y chg
December
203.45
-0.3%
+5.0%
January ’15
204.67
+0.6%
+5.0%
February
205.94
+0.6%
+4.6%
March
208.52
+1.2%
+4.6%
April
209.78
+0.6%
+4.5%
May
211.57
+0.9%
+4.8%
June
212.09
+0.3%
+4.6%
July
214.58
+1.1%
+5.4%
August
215.34
+0.3%
+5.9%
September
216.48
+0.6%
+6.6%
October
215.62
-0.3%
+6.2%
November
216.35
+0.3%
+6.0%
December
217.67
+0.7%
+7.2%
January ’16
218.79
+0.4%
+6.9%
February
219.00
+0.1%
+6.4%
March
221.34
+1.0%
+6.2%
April
222.99
+0.8%
+6.3%
May
225.10
+0.9%
+6.4%
June
226.10
+0.3%
+6.4%
July
227.53
+0.6%
+6.0%

The highest reading of the San Diego NSA CSI was 250.34 in November, 2005.

Posted by on Sep 27, 2016 in Jim's Take on the Market, Same-House Sales | 0 comments

Inventory Watch

2016-09-13 13.39.48

As September wraps up, both buyers and sellers are wondering if they should pack it in for 2016. A logical question would be, “How does today’s market compare to the ‘selling season’ this year”?

During the 13 weeks of March, April, and May, we averaged 72 new pendings per week. For July, August, and September, we averaged 64 new pendings per week – including 68 this week and 69 last week!

Not much difference!

And that’s in spite of the fact that we hit the highest average list-price-per-sf of the year in all categories this week!

Click on the ‘Read More’ link below for the NSDCC active-inventory data:

Read More

Posted by on Sep 26, 2016 in Inventory, Jim's Take on the Market, Spring Kick | 3 comments