Carmel Valley, San Diego Weekly Housing Report

As school is back in session this week, it is natural that we found a bit less activity in home sales.  This week’s focus on Carmel Valley is due to the popularity of this neighborhood, as well as it’s desirability in terms of community, location, schools, and safety. With Labor Day behind us, we home to see a slight uptick in sales again as we approach October.

Be sure to check current MLS homes for sale in Carmel Valley…or anywhere in San Diego on our HOME SEARCH page.

Below is a listing of the 7 homes that went into escrow this week and the 4 homes that sold in Carmel Valley this week.  There were also 11 homes that went off the market, 3 of them being bank owned REO properties. Some of the more active neighborhoods for sales currently are Torrey Del Mar, Rancho Pacifica, Lexington, Pacific Highlands Ranch and Palacio Del Mar.

  • Carmel Valley Homes That Went into Escrow This Week in San Diego:
Address Community MLS Number Bed Bath Sq Ft List Price
3835 Elijah Ct # 538 Carmel Valley 100048359 2 2 1193 $350,000
11370 W. San Raphael Drw San Raphael 100047296 3 3 2372 $689,000
5436 Caminito Exquisito Palacio Del Mar 100042643 4 3 1941 $709,900
7656 Mona Ln Torrey Del Mar 100051420 6 5 3845 $829,000
5311 Harvest Run Dr Lexington 100041906 6 6 4670 $1,198,000
7487 Collins Ranch Ter Collins Ranch 100019453 6 8 6280 $1,879,000
5095 Rancho Quinta Bend Rancho Pacifica 100037833 5 7 7378 $3,895,000
  • Carmel Valley Homes That Sold This Week in San Diego:
Address Community MLS Number Bed Bath Sq Ft Sold Price
12618 Portada Pl Bayshore 100041929 3 3 1568 $665,000
5209 Ruette De Mer Palacio Del Mar 100040815 4 3 2604 $860,000
5449 Sonoma Pl Pacific Highlands Ranch 100045115 5 3 2759 $895,988
4958 Hidden Dune Ct Sonoma 100047518 5 5 4130 $1,170,000

If you are looking to sell your home, click here to see the VALUE OF YOUR HOME in today’s market.


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CalHFA Offers New Program To Keep Your Home in California

The U.S. Treasury Department has approved CalHFA’s plan to use nearly $700 million in federal funding to help  California families struggling to pay their mortgages. The “Keep Your Home” programs are focused on assisting low and moderate income families stay in their homes, when possible, and leveraging additional contributions from lenders and mortgage servicers.

Primary objectives for the Keep Your Home Program include:

* Preserving homeownership for low and moderate income homeowners in California by reducing the number of delinquencies and preventing avoidable foreclosures

* Assisting in the stabilization of California communities. Each of the Keep Your Home programs is designed to address one or more aspects of the current housing crisis by doing the following:

* Helping low and moderate income homeowners retain their homes if they either have suffered a financial hardship such as unemployment, have experienced a change in household circumstance such as death, illness or disability, or are subject to a recent or upcoming increase in their monthly mortgage payment and are at risk of default because of this economic hardship when coupled with a severe decline in their home’s value.

* Creating a simple, effective way to get federal funds to assist low and moderate income homeowners who meet one or all of the objective criteria described above. Speed of delivery will be balanced with fulfillment of the specific program’s mission and purpose.

* Creating programs that have an immediate, direct economic and social impact on low and moderate income homeowners and their neighborhoods.

CalHFA is not taking applications or maintaining waiting lists for the Keep Your Home Programs at this time.  The Keep Your Home programs are under development and will not be available until November 1, 2010. If you are currently struggling to make your mortgage payment, are in any stage of mortgage delinquency or are already facing foreclosure, it is important for you to contact your loan servicer or a HUD-certified housing counselor immediately. When the program does roll out, here are some important facts:

*Anyone who did a cash-out refinance is ineligible

*Homeowners who have lost their job and are in imminent danger of foreclosure due to a short term financial problem can obtain a payment subsidy of up to $1,500 or 50% of their monthly mortgage payment, whichever is less–for up to six months.

*Homeowners who have missed one or more payments can receive up to $15,000 or 50% of the past due amount, whichever is less, to reinstate the mortgage and prevent a foreclosure.  The lender, loan servicer, mortgage insurer, and or borrower must match the catch-up money on a dollar-for-dollar basis.

*Homeowners who have severe negative equity can receive up to $50,000 to reduce the principal balance on their mortgage to a market level to prevent an avoidable foreclosure and promote sustainable homeownership.

*Homeowners who can’t afford to keep their home and are willing to participate in the lender’s short sale or deed-in-lieu of foreclosure program can receive a one-time grant of up to $5,000 to transition to a more affordable residence.

To qualify, the home must be occupied as the primary residence, income restrictions must be met, a hardship must be evident, and there must be the ability to make the modified payment arrangement. Expect modifications to the program prior to rollout. A chart of the  income limits with this program is available. Please call the 24-Hour Home Hotline at 877-610-1717 ext 111 to request the chart of income limitations and other restrictions. If you would like to be notified when the program is activated in California, please send an email request to: CALHFA@homefetchers.com or call the 24-Hour Home Hotline with your contact information.

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Housing Prices Continue To Fall…Is The Bottom In Sight?

Everyone wants the glory days to return…when they had hundreds of thousands of dollars of paper equity in their homes. But does anyone think that will ever happen again? Perhaps, only the people who predict the resurgence of the dot.com boom years. So, if you thought the housing crisis was over, it’s not quite finished yet.

Despite four years of falling prices and recent signs that they were finally bottoming out, homes are expected to lose still more value in many metro areas over the next year. Many say at least until 2013.

The simply, undeniable fact is we are in a long term housing bust. Terms like the ‘L Shaped Recovery’ are being tossed around. Some expect that the housing market and housing values will bounce along a very protracted horizontal line for 10+ years. In other words, no significant appreciation or depreciation. There is some validity to this viewpoint.

There is simply no way that the sheer volume of bank controlled ‘shadow inventory’ combined with….. 1) Changing attitudes about owning a home vs being a renter 2) Demographic shifts 3) Stricter lending standards 4) High unemployment 5) Over supply of housing stock…… wont result in more price erosion in most major cities. “When I drive past all the vacant homes, it’s hard to believe we are anywhere near a bottom.”, says Tim Harris of Harris Real Estate University.

That’s the conclusion of economists who have been reducing their estimates for home prices as the outlook for the economic recovery has darkened. The number of homes for sale or headed for foreclosure is so high that they think prices will be even lower by next July.

Because housing is such an important engine of the economy, lower prices could dim the recovery. When home values fall and people have less equity, they tend to cut back on spending. And as prices decline, potential homebuyers stay on the sidelines, slowing sales even more.

The average home price in the Standard & Poor’s Case-Shiller index of 20 big U.S. cities is forecast to drop nearly 2 percent this year from a year earlier, according to the average estimate of more than 100 economists polled this month by MacroMarkets LLC.

That’s more pessimistic than in May, when the consensus was for prices to be nearly flat. Other, more bearish analysts think prices will sink 10 percent or more.

Price drops of more than 10 percent are expected in the Phoenix, Miami and Las Vegas areas over the next year, according to Moody’s Analytics. Those areas have already been scorched by 50 percent declines in home values.

The average home price in the Standard & Poor’s Case-Shiller index of 20 big U.S. cities is forecast to drop nearly 2 percent this year from a year earlier, according to the average estimate of more than 100 economists polled this month by MacroMarkets LLC.

That’s more pessimistic than in May, when the consensus was for prices to be nearly flat. Other, more bearish analysts think prices will sink 10 percent or more.

Price drops of more than 10 percent are expected in the Phoenix, Miami and Las Vegas areas over the next year, according to Moody’s Analytics. Those areas have already been scorched by 50 percent declines in home values.

Moody’s predicts that other areas — New York, Los Angeles, San Diego, San Francisco, Denver, Detroit, Cleveland, Minneapolis, Tampa, Fla.; and Washington D.C. — will see declines of 2 to 8 percent by next July.

Nationally, about 7.1 million homeowners — more than 13 percent of households with a mortgage — have either missed at least one payment or are in foreclosure, according to data provider Lender Processing Services Inc.

That is an amazing number. Here are a few more stats for you. Its estimated that 50% of all homes are owned…no mortgage. Of the 50% with a loan…50% of THOSE are upside down. Or, 25% of all home owners are upside down in their home.

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