Here is your monthly summary of activity in the San Diego real estate market. Keep in mind that real estate is highly local and that the activity here might be better or worse than in another area and that the activity in any sub-market could also vary.
Happy 4th of July and thanks to all those who have sacrificed to protect our freedom!
Slightly more listings, slightly fewer new escrows in June Turnover rate slows by about 1 week
Prices and Interest Rates Still Extremely Low Great buys are available even if prices drop a little more!
Detached Homes:
As of today, there are 8,085 detached homes on the market for sale as compared to 7,958 a month ago, an increase of 127 properties. In June 2011, 1,886 new detached homes entered new escrows compared to 1,959 last month, a decrease of 73. The time required to turnover the entire inventory is now 4.29 months vs. 4.06 in May. This keeps prices slightly in the seller's favor, rising to neutral. An additional 2,266 homes were made "contingent" during June, meaning they are short sales that are under contract and awaiting approval from the lenders. An unknown percentage of these will eventually close but we do not count them until they become "pending" when that approval is received.
Attached Homes:
There are now 3,592 condos/attached homes on the market vs. 3,579 at the end of last month, an increase of 13 properties. 815 went into new escrows in June vs. 841 in May, a decrease of 26. This makes the turnover rate 4.41 months now as compared to 4.26 months a month ago. Prices are in the neutral to slightly rising range.
We are seeing a rare combination of super low prices and interest rates, giving potential buyers an opportunity to get the best of both worlds. Even if prices drop a little more (I don't expect a large drop) this is a great time to acquire quality properties and keep the payments affordable.
Lenders are making a concerted effort to avoid foreclosures by diverting their resources into sophisticated systems that help get short sales processed quickly. I recently had Bank of America approve one in less than 30 days, very similar to a "normal" sale. Those lenders have finally realized that they lose more money when they foreclose, so a short sale is a win-win for them and the borrowers.
We have just opened a new web site with tons of information about the loan modification, short sale and foreclosure process. In my opinion, almost every foreclosure could/should be prevented if only borrowers understood their options. Please feel free to share this link with anyone you know that might be underwater on their loan. There is no reason for them to surrender to a foreclosure. Please check this out at www.SanDiegoHomeAssist.
Rick Ungar is a Certified Distressed Property Expert, solving the foreclosure issue one homeowner at a time. Contact us today to learn about the best options to preserve your credit and buy again soon.
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IMPORTANT NOTICE:
Casa Bella Realty Services, Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
Rick Ungar is a Certified Distressed Property Expert, solving the foreclosure issue one homeowner at a time. Contact us today to learn about the best options to preserve your credit and buy again soon.
