San Diego real estate blog

Yesterday, the S&P/Case-Shiller home-price index dropped 10.7 percent from January 2007, after a 9 percent year-on-year decrease through December 2007. This gauge has fallen for 13 consecutive months! The index was created by Robert Shiller, chief economist at MacroMarkets LLC and a professor at Yale University, and Karl Case, an economics professor at Wellesley College.

Home prices in Las Vegas and Miami fell the most of any region, at 19.3 percent year-over-year. Phoenix, San Diego and Los Angeles also suffered double-digit drops. The San Diego one year drop was 16.7% according to Case-Shiller. 

This may be the time to consider purchasing San Diego real estate. Sure it's hard to buy into a down market, but, this is how the big profits are made!    *To view the full post & chart, please visit the San Diego California real estate blog                           San Diego downtown condominiums

Also, reported by NAR was the fact the median existing sales price in February fell to $195,900, which was the largest year-over-year drop on records that go back to 1999. *To view the full post, please visit the San Diego real estate blog at: http://www.brokerforyou.com/brokerforyou

This was done by lowering to 20 percent from 30 percent the amount of extra capital the companies are required to hold.

The extra $200 billion would allow Fannie Mae and Freddie Mac to purchase both existing mortgage-backed securities and new home loans originated by banks. It could also enable them to increase their business of guaranteeing mortgages, a key to helping pull the US housing market out of its fall.  

My question here is the purchasing of existing mortgage backed securities. Many of these are worth MUCH less than the 'face' values. So, I hope the Goverment is buying these at their dcurrent value vs. the original value. If not, this would just be another big bank bailout paid for by the taxpayer.   San Diego county real estate agents

Obviously, no one can accurately predict when any market, especially the San Diego real estate market, will bottom and reverse course, except in hindsight.  California real estate agents and brokers are continually advised not to give legal advice or financial planning advice.  Perhaps, they should also be advised not to give economic forecast or predictions on market trends.  I believe not giving this type of advice is implied by California law. *To view the full post, please visit the San Diego real estate blog at:

http://www.brokerforyou.com/brokerforyou