California Foreclosure Rates

The chart below shows California foreclosure rates by county.  As you will see San Diego County and especially San Diego North County has done well when comparing it to the rest of the state.  Only 1 in 27  households have been foreclosed on in San Diego County compared to 1 in 10 in many counties.  If you are looking for a distressed home to buy, you might want to consider a San Diego foreclosure homes, short sales, REO’s or bank owned homes. 

If you are interested in finding  San Diego foreclosure homes or other distressed properties, contact Gary Harmon, your top North County Realtor.   See up to the minute San Diego North County homes market statistics here.

Ever wonder which lenders made the most bad loans, see San Diego Short Sale Lenders.

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HAPPY INDEPENDENCE DAY SAN DIEGO

Fourth of July is almost here and it is time to kick off summer fun with some picnics and San Diego County Fireworks – 2011.  

Save up to 40% at www.PatioProductions.com through the 4th of July on sofas, dining sets, daybeds, and more.  

Because of funding shortfalls, some cities may cancel 4th of July celebrations.  Always call the city where you plan to attend the festivities and confirm the place and time of their celebrations.  And from me to you, Happy Fourth of July.

If you are looking for a good experienced Realtor, contact Gary Harmon, your North County real estate expert.

Are San Diego County Short Sales Increasing?

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 18.9 percent of resales last month. That was up from an estimated 18.7 percent in January, 17.6 percent a year earlier, and 11.2 percent two years ago.

The short sale option provides a way for financially distressed San Diego North County sellers to prevent foreclosure.   But, what exactly is a short sale?  See answer below.

A short sale is an agreement in which the mortgage lenders or other lien holders agree to accept a payoff on the loan for less than the current balance. Many lenders agree to a short sale because they receive more of the loan balance in comparison to the amount from selling the North County home under foreclosure. The short sale process also aids in maintaining San Diego North County homes values in the community and helps the seller maintain better credit compared to foreclosure. In most instances, homeowners considering a short sale must meet specific criteria to qualify.

A short sale is not a typical real estate transaction, San Diego North County  home owners should consult a tax expert, obtain advice from an attorney and hire a qualified and experienced Prudential California Realty Realtor® like Gary Harmon.  Gary can help guide you through the process and act as a liaison between all the parties involved.

If you think a short sale might work for you, contact Gary Harmon.  Gary Harmon has completed Prudential’s short sale training program and has been certified as a “Short Sale Specialist.”  To learn more about “short sales” check out these instructional short sale  videos.

San Diego County Market Forecast 2011

What will the San Diego North County homes market be like in 2011? Will it advance on positive economic news or will it retreat due to continued high unemployment?  One thing is certain – the San Diego North County housing in 2011 will be a unique market, the first to recover from a recession without a significant growth in jobs or incomes.

Current trends show that the return to a more active sales environment will be gradual, and that adjustments must be made before any real growth can be experienced. We believe that the existing San Diego County home sales market will stabilize throughout 2011.

Affordability in San Diego North County homes is at record highs. The economy is expanding. More jobs are being created. Hard-won federal tax incentives could spur companies to hire even more workers. Yet, San Diego County home buyers are waiting for more clarity, which suggests that buying at the bottom is not as important as buying with confidence in the future.

The California Association of REALTORS says one-third of California cities are reporting an increase in the median home price over last year, suggesting that the bottom has passed, regardless of how slow the housing recovery.

Advice for San Diego Buyers

 The wild card for buyers is pent-up demand. Signs that job security is improving, that home prices have bottomed, or that mortgage interest rates will go higher could move San Diego buyers off the sidelines and into the market in a rush. Market conditions will continue to be favorable to buyers, but mortgage interest rates are unlikely to return to October lows. Be satisfied with the excellent affordability available now.

Advice for San Diego County Sellers

Don’t try to anticipate the market, one direction or the other.  Price your San Diego home for today’s conditions so you have a better chance of attracting the right buyer. As long as inventory levels remain high and you have competition from distressed North County homes, pricing your home attractively and putting it in white-glove, move-in condition are more crucial than ever to selling it quickly. Keep in mind that the losses and gains are relative. You may not net as much as you would like from the sale of your San Diego North County home, but being able to buy your next home at a discount and with better financing rates will make up the difference.

Your San Diego North County Realtor

To find out how to take advantage of this San Diego North County real estate market, contact Gary Harmon, your top North County Realtor.

Transfer Tax Base – San Diego County

Using Proposition 60, under certain requirements, allows a San Diego County home owner, 55 years of age or older at the the time of sale of his principal residence, to transfer his tax base rate within San Diego County.   Proposition 90, expands the rule by allowing , under certain County requirements, a homeowner 55 years of age or older at the time of the sale of his principal residence, to transfer his tax base rate from one California County to another. 

Proposition 60 transfers

  • One San Diego County property owner must be at least 55 years old on the day of transfer of the principal place of residence.
  • The subsequent principal place of residence must be transferred (i.e. close of escrow on purchased home) within two years of the transfer date of the first principal place of residence.
  • A 5% inflation allowance is allowed if the subsequent purchase is less than one year of sale date of the original place of residence.
  • A 10% inflation allowance is allowed if the subsequent purchase of the San Diego County home is a least one year and one day, but less than two years of the original property.

Please remember, if you purchase a replacement San Diego principal place of residence prior to closing escrow on the San Diego residence you want to transfer your tax base from, you do not have an inflation allowance.  Your former home mjust sell for at least what was paid for the replacement residence.  All Proposition 60 transactions must be completed within two years.

Proposition 90 transfers

Proposition 90 will allow the inter-county transfer of the property tax base if the county supervisors have approved it.  Counties subject to change without prior notice.   California counties currently accepting Proposition 90 transfers are:  Alameda, Los Angeles, Orange, San Mateo, Santa Clara, and San Diego County.  For futher verification, please contact your county’s assessor’s office before attempting to do any transfer of tax base.

Example of Proposition 60 and Proposition 90 transfer

For more information about Proposition 60 and Proposition 90, contact Gary Harmon, Hadley Home Team.  I used Proposition 60 to transfer my own tax base.  See North County Homes for over 55 or Ocean Hills Country Club homes.

San Diego County Foreclosure Comparison – YTD September 2010

Notice of Defaults and Foreclosures

The following data is from the San Diego County Assessor’s office.  It is provided as a courtesy by one of Gary Harmon’s Winning Team members, California Title Company.  It shows year to date through September 2010.  Both notices and foreclosures have slowed.  To see San Diego North County Notice of Defaults and Foreclosures go to “Foreclosure Search.”  

Free Foreclosure Search is a foreclosure map search that allows you to find preforeclosure, auction, and foreclosure North County homes, many times before they are listed in the San Diego MLS.  Use the popular “map search” or search by location.   For more information on North County Foreclosures, contact Gary Harmon, your North County Realtor.