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are several news sources announcing information that ought to be
considered in combination rather than looking at each informational
statistic on its own. Forbes said:
“The final figures for the U.S. housing
market’s performance thus far in 2010 won’t be officially released
for several weeks. But a review of the best preliminary data
available indicates that the recovery in home values that began in
early 2009 has stalled. A second dip is clearly under way in some
places, if not across the entire U.S.”
The San Diego Association of Realtors reported active listings on
the market stood at 12,047 as of Monday, up from 9,209 a year ago.
recently released the information that sales of condos and homes
totaled 3,885 for San Diego in June 2010. That was the highest
figure in four years; it is still 17 percent below the average
activity for that month since the company began tracking the market
Keep in mind, a large number of properties that closed in June
reflected sales influenced by the Federal tax credit which applied
to homes that entered escrow before April 30th.
Figures provided by FICO Inc. show that 25.5 percent of consumers —
nearly 43.4 million people — now have a credit score of 599 or
below, marking them as poor risks for lenders. It’s unlikely they
will be able to get credit cards, auto loans, or mortgages under the
tighter lending standards banks now use.
The best seasonal real estate marketing time of the year, combined
with some of the lowest home mortgage rates in 40 years, prices at
40% below their 2005 peaks, and the tail end of the Federal tax
credits, could at best produce anemic real estate sales results.
Perhaps everyone is missing one vital fact …. The real estate
downturn that started in 2005 was so severe and prolonged that it
has broken the myth that owning San Diego (or California) property
was a sure way to gain wealth through
In my 7-7-10 my post: San
Diego real estate 2010 2nd. Half Outlook … double-dips
I said that my local San Diego real estate market observations
indicated that we are heading into a double dip for the real estate
is one of those times I would like to be wrong.
is a Certified Residential Specialist,
San Diego real estate
agent specializing in
San Diego California real estate & co-owner of a
search engine optimization
WebsiteTrafficBuilders.com, specializing in domain name
registration and Internet domain website hosting. Bob received his BBA
majoring in real estate & computer programming. Be sure to visit his popular
San Diego real estate blog
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