California Extends Homebuyer Tax Credit

California has re-established and extended a $10,000 home buyer tax credit, allocating $200 million to the credit for homes purchased between May 1 and Dec. 31, and between Dec. 31 and Aug. 1, 2011.

Steve Goddard, president of the California Association of REALTORS®, said the tax credit will help create incentive for first-time home buyers to purchase abandoned and foreclosed homes.

"It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities," Goddard said.The credit will be split between first-time buyers and buyers who have lived in their home for at least two years."

The tax credit will help push prospective buyers off the fence, clear out inventory, and jump-start the homebuilding industry, which will help create jobs and reinvigorate the state's economy," said Liz Snow, CEO and president of the California Building Industry Association, in a statement.
Source: Inman News (03/25/2010)

Defaults up 24% in San Diego

Homeowners in San Diego County defaulted at their highest monthly rate in more than a year in February, MDA DataQuick reported Friday.

Defaults totaled 2,166, up 24.4 percent from January’s 1,741, the biggest one-month jump since the figure jumped 121.3 percent from November to December 2008.

Meanwhile, there were 973 foreclosures, down from 986 in January in the sixth month-to-month decline in the past year. The number was down 21 percent from year-ago levels.
More notices of default normally signal spreading distress in the housing market. As owners fall three months or more behind in their monthly payments, lenders usually file this first formal action that often leads to foreclosure. The number spiked a year ago, when lenders were catching up on a backlog of defaults delayed through extended noticing requirements and moratoriums.

DataQuick analyst Andrew LePage said the default rise last month might be a fluke.
“You can’t just read too much into a single month,” he said. “There’s been a very irregular (pattern) of notice-of-default filings.”

Click here for the whole story.

http://www.signonsandiego.com/news/2010/mar/19/notices-of-default-up-24-in-county/

WSJ: California High-End Housing in Trouble?

While sales of low-priced foreclosed homes are sparking bidding wars in some areas and there’s talk of healing in California, a huge storm cloud hovers over the Golden state: The high-end real estate market.

In California, delinquencies on jumbo mortgages, which are too large for government backing (and start at anywhere from $417,000 to $729,750) rose for the 33rd consecutive month in February, according to a report out from Fitch Ratings on Thursday.

Fitch says that 11.6% of prime jumbo loans in the state are 60 days or more delinquent.Click link for more.

http://blogs.wsj.com/developments/2010/03/12/is-californias-high-end-housing-market-in-trouble/

Thanks for reading!
Christine Van Tuyl
Prudential California Realty
Coronado, CA 92118
http://www.coronadoislandhomes.com

Great Deal in the Coronado Cays!

Check out the great price on this waterfront condo in the Coronado Cays: $695,000-$775,000!This east-facing, 2 bed/2 bath condo has more than 1500 square feet, along with a private slip for a boat. Enjoy amazing waterfront views and relax on the balcony overlooking the Bay.

2 car garage, pool, club house, and other great amenities. Wow! We haven't seen the inside yet, but for a price like this, it's hard to go wrong!

Thanks for reading!

Christine Van Tuyl

Prudential California Realty

Coronado, CA 92118

http://www.coronadoislandhomes.com

First-Timers Snap up 47% of Homes

Nearly half of home purchases statewide last year went to first-time buyers, the highest since 1995, the CALIFORNIA ASSOCIATION OF REALTORS® reported.But its chief economist said first-timer dominance may dip a bit this year because of the pending end to the $8,000 federal homebuyer tax credits.

A survey of 15,000 association members conducted last summer showed that 47 percent of single-family resale purchases went to first-time buyers, up from 35.9 percent in 2008 and the highest since just more than 50 percent in 1995. The survey was not broken down by county or metro area.

The group’s chief economist, Leslie Appleton-Young, said the rise was due to falling prices, low mortgage rates and the tax credit. But when the credit ends this spring, she said popularity may wane among first-timers, although the proportion could still rise above 50 percent given how weak the more expensive end of the market continues to be.
Click here for whole story.http://www.signonsandiego.com/news/2010/mar/11/first-timers-snap-up-47-of-homes/
Thanks for reading!

Christine Van Tuyl
Prudential California Realty
Coronado, CA 92118

Coronado Best Buys List for March 16, 2010

Greetings!

The sales continue! There are 36 properties currently in escrow in Coronado right now, another jump from last month. A third of the listings in escrow are from our Best Buys List. 5 of the homes in escrow are bank owned foreclosures and 3 are short sales.

Here is the complete BEST BUYS LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!

$525,000—414 G, 1/1, condo. Beautifully renovated Spanish condo with designer finishes! Completely turn-key with no expense spared. Hardwood flooring, open great room, cozy dining area, Gourmet kitchen with European appliances, granite counters, & wine chiller. Custom cabinetry, built-ins and marble bathroom . Condo opens to a lovely covered patio deck wonderful for relaxing. 1 car garage and laundry in unit.
$475,000-$525,000—333 Orange Ave, #30, condo, 2/2, SHORT SALE! Come see this beautiful remodeled bright corner condo with two master suites. Upgrades include, bamboo hardwood floors, granite counter tops and gorgeous bathrooms. Spectacular downtown views from the community roof top deck or go relax by the pool and spa. Located in the heart of the village, you can walk to restaurants, shops and beaches.
$575,000—1112 Second Street, condo, 2/3. SHORT SALE! Negotiator Once Purchase Agreement is received they will order a BPO and have your approval within 3 weeks or less. Views of Bridge and Downtown City Lights. 1st Floor offers open floor plan with HWD Floors and Fireplace. 2nd Floor Offers One Spacious Bed/Bath and Master Bed/Bath with Private Balcony and Fireplace.
$650,000—36 Montego, Condo, 2/3. Views, Views, Views from this 1471 sq Ft. 2bd/2ba Montego Court Condo. Priced to sell, original owner, great opportunity to own property on the water. Views of the bay, bridge and ocean. Boat docks available. Private village, swimming pool, tennis courts.
$749,000—210 B Avenue, condo, 2/3. Spanish Mediterranean 2 bedroom, 2.5 bath townhome. Dual master suite floorplan with vaulted ceilings. Meticulously maintained 4 unit complex. Recent improvements include Milgard windows, synthetic lawn and exterior paint/stucco updates. Interior boasts hardwood/porcelain tile floors, custom built-ins, upgraded kitchen, black granite fireplace, roman jacuzzi tub, central AC/Heat & water filtration system. One car garage.
$749,000—10 Antigua, condo, 2/2. Coronado Cays Antigua Village. Updated East facing unit overlooking the water. Spacious 2 bedroom/2 bath floorplan. Enjoy stunning views of the bay, morning sunrise and distant mountain peaks. More than 1,500 square feet. Second level unit invites abundant natural light and ventilation throughout. Relax, entertain, or lock up and leave worry free. Clubhouse, pool and spa amenities.
$798,000-$898,000—1405 First, condo, 3/3. SHORT SALE! Beautifully remodeled and tastefully decorated! This spacious "townhome style" residence offers 3 bedrooms, 3 baths, wood floors, granite counters, exceptional storage, attached 2 car garage, and much, much more! What a fabulous location situated next to the Ferry Landing. Relax and enjoy the city/bay view from the MB balcony day or evening!
$799,000-$849,000—518 Adella, house, 2/2. A sleeper! A unique property waiting for the right buyer to remodel or rebuild. Hidden behind the wooden gates, an oasis of rest & relaxation awaits you. Live the Coronado lifestyle in the sanctuary of your private home. The secluded back yard features a BBQ area, built in spa, & in-ground pond. Surrounded by lush landscape, this is truly a unique & safe haven. The charming main house's wood finishes accentuate the character of this "boathouse" style residence. Next door is an attached guest house that can home visiting friends & family. Each unit is 1bed/1bath w/ their own kitchens. Nice lot size!
$999,000--1099 First Street #421, condo, 2/3. PENTHOUSE unit on the Bay priced under 1 million…unbelievable! More than 2,000 square feet of living space at the Coronado Landing. In original but good condition. Light, bright unit features fabulous bay views and a wonderful loft on the second level.
$995,000-$1,050,00--611 Fifth Avenue, house, 3/3. PRICE DROP! Step back into simpler days in this adorably and well appointed quaint Coronado Cottage by the sea. Nestled comfortably on a reverse corner 50'x70' lot leaves you with great options for improvement. Currently setup as a 3 bedroom, 1.5 bathroom 'beach house' but could easily be improved upon. Current owners remodeled property including appliances, bathrooms, paint, beautifully finished hardwood flooring and more. Enjoy a short bicycle ride to our Top 10 rated Coronado Beach! Coronado Living....begins here!
$1,199,000-$1,349,000—851 G Avenue, house, 3/ 4. What a deal to be made for the ready and positioned buyer! **BRAND NEW CONSTRUCTION**NEVER BEEN LIVED IN**3 BLOCKS TO CORONADO BEACH!! 3 bedrooms,3.5 bathrooms and over 1,900 square feet of Coronado living. Immaculate “front house.”

We update this list every two weeks based on price, location, square footage, and condition of ALL homes currently on the Coronado MLS. To subscribe to the Coronado Best Buys List and get pictures and additional information, please email christinevt@prusd.com with BEST BUYS in the subject line.

CNNMONEY: Buy a House While you Still Can

The combination of affordable home prices, low interest rates, and the federal tax credit for home buyers have created an opportune time for many buyers to purchase a home. Many real estate analysts also believe that most housing markets have stabilized, but that some markets may decline further.

IN A NUTSHELL:
-Buyers should keep in mind that housing markets are local and can vary greatly from one neighborhood to the next. Working with a REALTOR® familiar with the area in which the buyer is searching can help the buyer select a house that best suits their needs.
California’s housing market has shown signs of stabilization since early last year. Sales of existing, single-family homes bottomed out in August 2007, and the median home price reached its trough in February 2009. In January, California’s median home price was 17.2 percent above the low for the current cycle.
-The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30, 2010. Repeat buyers may be eligible for a tax credit of up to $6,500. Visit http://www.irs.gov/newsroom/article/0,,id=187935,00.html for more information about the federal tax credit for home buyers, including eligibility requirements.
-The Federal Reserve has helped maintain low interest rates, which, in turn, has assisted home buyers. However, the agency plans to stop purchasing mortgage-backed securities at the end of this month, which likely will increase rates on 30-year fixed mortgages. Buyers may be able to lock in a low interest rate by working with their lender.

Thanks for reading!
Christine Van Tuy
lPrudential California Realty
Coronado, CA 92118
http://www.coronadoislandhomes.com

This Week:
The median list price in CORONADO, CA this week is $2,195,000.
The Market Action Index has been trending down lately, while
inventory and days-on-market are climbing. The trends imply a
weakening market.
Prices
Prices continue their climb again this week. We're a long way
from the market's price high-point so watch the Market Action
Index as an indicator of how long this trend will last.
Supply and Demand:
In terms of supply and demand, the market is getting cooler - more
supply is coming on the market relative to the sales demand.
However, in recent weeks prices have been moving higher. Since it is
technically a Buyer's market, this price trend may be a result of
improved quality (newer, larger homes) of the homes being listed.
Look at the descriptive statistics where you may notice the homes
being listed are larger and younger than they have been in the past.

Shopping for a Loan? How a Good Faith Estimate Will Protect You

Beginning Jan. 1, the Dept. of Housing and Urban Development (HUD) required lenders to issue Good Faith Estimates to protect consumers applying for mortgage loans. Some loan officers, however, sidestep the new requirement by giving their initial quotes on informal worksheets that carry no federal consumer protections. It is important that consumers understand the differences between the federally mandated good faith estimate form and a lender’s informal worksheet.

IN A NUTSHELL:
-Last month, HUD told lenders and loan officers that under no circumstances can worksheet quotes be issued to a mortgage applicant in lieu of a good-faith-estimate form.
Under the new law, once a mortgage applicant supplies the essential application information, including Social Security number, property address, and estimated value, among other data, lenders must issue a binding-cost good-faith estimate. Once this information is provided, lenders are required to issue the good faith estimate within three days of the application.
-Loan officers cannot refuse to provide a good faith estimate to an applicant who requests one, nor can they tell applicants that they must commit to moving forward with their mortgage company to obtain a mortgage prior to receiving a good faith estimate.
-Once an applicant has received a good faith estimate, they can take the form with them to comparison shop. The new form includes itemized boxes allowing mortgage applicants to compare quotes from up to four lenders, such as interest rates, loan fees, prepayment penalties, and total settlement expenses.
-The good faith estimate also ties upfront estimates to later charges at closing, and encourages borrowers to check line by line for any discrepancies. The form explains which fees come with zero tolerance for changes between upfront estimates and closing—generally the lender’s own fees and local transfer taxes—and which fees allow a 10 percent fluctuation for changes higher than the estimate, such as certain title and closing-related services.
-Some worksheets resemble good-faith estimates, but have titles such as “estimated settlement costs” at the top of the page. Others indicate on the bottom of the form that the worksheet is not a good faith estimate, so consumers should carefully review documents before making any decisions.

Source: California Association of Realtors & LA Times

Jumbo Loans Getting Easier

The jumbo loan market is starting to thaw, making it easier for move-up buyers to borrow.Rates on jumbo loans of more than $729,750 in highest-priced markets rose during the financial crisis and lending standards tightened to the point where borrowers couldn’t refinance or get a new loan.

In the last couple of weeks, the average interest rate on a 30-year fixed-rate jumbo fell to 5.79 percent, a five-year low, according to rate tracker Informa Research Services. Rates are even lower on hybrid adjustables.

The availability of these loans suggests that banks are feeling more confident since Fannie Mae, Freddie Mac, and the Federal Housing Administration do not insure them.

Source: Los Angeles Times, E. Scott Reckard (02/28/2010)

Foreclosued Borrowers May Get Loans Again

Will people who currently face foreclosure or short sales or who walk away from their underwater properties ever be able to get financing to buy another home down the road?

Banks haven’t been very forthcoming on this issue. However, knowledgeable observers of the situation say that while it may take some time, the situation will right itself for most people.

Because bankrupt borrowers have eliminated their debts, they should "constitute attractive fodder for mortgage lenders," says University of Michigan law professor John Pottow, whose specialty is bankruptcy.

As home prices and the mortgage market stabilize, lenders will be motivated to lend to people who previously had financial troubles if they look like they can pay the next time around, says Alan Riegler, a consultant with CCG Catalyst, which advises banks.

"The lender who figures out how to do more of this case-by-case stuff cost-effectively is going to end up ahead of the pack," Riegler says.

Source: Inman News, Matt Carter (03/05/2010)

30 Year Rates Dip Below 5%

Freddie Mac documented a decline in mortgage rates during the week ended March 4, with 30-year fixed home loans slipping to 4.97 percent from 5.05 percent and 15-year interest averaging 4.33 percent.

Also, the Mortgage Bankers Association reported that its index of home loan applications jumped 15 percent during the week ended Feb. 26. Refinancing activity was up 17 percent, and purchase demand rose 9 percent.

Source: Kansas City Star (03/05/10)

SD County Home Prices Up!

A widely watched index of housing prices yesterday showed San Diego County’s prices up 0.1 percent from November to December, the eighth straight month of improvement.

That is the longest upward trend among the 20 metro areas monitored by the Standard & Poor’s/Case-Shiller Home Price Index.

But analysts remain cautious that the trend line may not continue upward. Potential obstacles to further recovery include rising interest rates, a generally stagnant economy and weak housing demand.

The December index showed San Diego prices up 2.7 percent from a year earlier. The index, set at 100 for January 2000, stood at 156.29, up 8.2 percent from a low of 144.43 in April.

Click here for the rest of the article.

http://www.signonsandiego.com/news/2010/feb/24/county-home-prices-up-for-8th-month/

Thanks for reading!

Christine Van Tuyl

Prudential California Realty

Coronado, CA 92118

http://www.coronadoislandhomes.com

Building Permits, New Homes Sales Up

Building permits and new-home sales rose last month in San Diego County, offering a bit of optimism to an industry hit hard by five years of downturn, new reports showed yesterday.

However, in both cases, the numbers are far below historic trends of the last few years and demonstrate how far the home-building industry has yet to go to return to robust activity.

The Burbank-based Construction Industry Research Board reported that local jurisdictions authorized 282 units last month, more than three times the January 2009 level.

But it was still far below the most recent January peak of 1,461 units in 2005.

Statewide, total permits totaled 2,979 units, up 48.4 percent from year-agolevels also far below totals during the early-2000s boom.

Click here for more.
http://www.signonsandiego.com/news/2010/feb/25/building-permits-new-home-sales-up/

Thanks for reading!

Christine Van Tuyl

Prudential California Realty

Coronado, CA 92118

http://www.coronadoislandhomes.com

Hefty tax bill may hit those who lost home

San Diegans who have lost their homes through foreclosure or short-sales thought they had emerged from the dark times and could start rebuilding their lives.

Then the state tax man came calling.

With less than six weeks before taxes are due, an estimated 16,000 former homeowners statewide will owe $15 million in extra income taxes this year and $29 million through 2012.
The tax applies to what is called the “cancellation of debt” that occurs when property owners lose their homes through foreclosure or arrange a short-sale in which they sell for less than the mortgage balance. The lender sends them a form itemizing the forgiven debt, and the amount is subject to income tax.

Click here for the rest of the article.
http://www.signonsandiego.com/news/2010/mar/03/hefty-tax-bill-may-hit-those-who-lost-home/

Thanks for reading!
Christine Van Tuyl
Prudential California Realty
Coronado, CA 92118
http://www.coronadoislandhomes.com

Coronado Weekly Update

THIS WEEK IN CORONADO:

The median list price in CORONADO, CA this week is $2,100,000.
With inventory and days-on-market basically unchanged and the
Market Action Index increasing, the market is not sending strong
directional signal for the near-term outlook.

SUPPLY AND DEMAND

Home sales have been exceeding new inventory for several weeks.
However because of excess inventory, prices have not yet stopped
falling. Should the sales trend continue, expect prices to level off
soon and potentially to resume their climb from there. Watch prices
as the market transitions from a Buyer's market to a Seller's market.

PRICES

Again this week we see a downward notch for prices. Pricing has
been weak in recent weeks and versus their absolute-high levels.
The Market Action Index is a good leading indicator for the
durability of this trend.

Thanks for reading! To get weekly PDFs of Coronado real estate market reports, contact christinevt@prusd.com with MARKET REPORT in the subject line.

Coronado Best Buys List for March 3, 2010

Greetings!

Busy, busy, busy! There are 32 properties currently in escrow in Coronado right now, quite a jump from last month. Sellers are starting to price their properties much lower, and the buyers are taking the bait. The best listings are going fast. 11 of the listings in escrow are from our Best Buys List. 4 of the homes in escrow are bank owned foreclosures and 3 are short sales.

Here is the complete BEST BUYS LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!

$399,000—730 E Avenue, condo, 2/2 , SHORT SALE! Centrally located 2 bedroom, 2 bath Condominium in the heart of the Village. Has recently been updated with slate flooring and new bathroom fixtures. Convenient to all the best that Coronado has to offer.
$475,000-$525,000, condo, 2/2, SHORT SALE! Come see this beautiful remodeled bright corner condo with two master suites. Upgrades include, bamboo hardwood floors, granite counter tops and gorgeous bathrooms. Spectacular downtown views from the community roof top deck or go relax by the pool and spa. Located in the heart of the village, you can walk to restaurants, shops and beaches.
$650,000—36 Montego, Condo, 2/3. Views, Views, Views from this 1471 sq Ft. 2bd/2ba Montego Court Condo. Priced to sell, original owner, great opportunity to own property on the water. Views of the bay, bridge and ocean. Boat docks available. Private village, swimming pool, tennis courts.
$745,000—10 Antigua, condo, 2/2. Coronado Cays Antigua Village. Updated East facing unit overlooking the water. Spacious 2 bedroom/2 bath floorplan. Enjoy stunning views of the bay, morning sunrise and distant mountain peaks. More than 1,500 square feet. Second level unit invites abundant natural light and ventilation throughout. Relax, entertain, or lock up and leave worry free. Clubhouse, pool and spa amenities.
$798,000-$898,000—1405 First, condo, 3/3. SHORT SALE! Beautifully remodeled and tastefully decorated! This spacious "townhome style" residence offers 3 bedrooms, 3 baths, wood floors, granite counters, exceptional storage, attached 2 car garage, and much, much more! What a fabulous location situated next to the Ferry Landing. Relax and enjoy the city/bay view from the MB balcony day or evening!
$979,000—401 E Avenue, house, 3/ 4. Almost 2000 square feet of beautiful new construction in the heart of Coronado. Attic is fully finished. Finished Basement has a full laundry room with granite counter tops, full bathroom, bedroom & extra high ceilings. It is wired for alarm, intercom, internet, cable & central vacuum. The deck/balcony is plumbed for BBQ. The high end tile & granite is simply beautiful.
$999,000--1099 First Street #421, condo, 2/3. PENTHOUSE unit on the Bay priced under 1 million…unbelievable! More than 2,000 square feet of living space at the Coronado Landing. In original but good condition. Light, bright unit features fabulous bay views and a wonderful loft on the second level.
$995,000-$1,050,00--611 Fifth Avenue, house, 3/3. PRICE DROP! Step back into simpler days in this adorably and well appointed quaint Coronado Cottage by the sea. Nestled comfortably on a reverse corner 50'x70' lot leaves you with great options for improvement. Currently setup as a 3 bedroom, 1.5 bathroom 'beach house' but could easily be improved upon. Current owners remodeled property including appliances, bathrooms, paint, beautifully finished hardwood flooring and more. Enjoy a short bicycle ride to our Top 10 rated Coronado Beach! Coronado Living....begins here!
$1,199,000-$1,349,000—851 G Avenue, house, 3/ 4. What a deal to be made for the ready and positioned buyer! **BRAND NEW CONSTRUCTION**NEVER BEEN LIVED IN**3 BLOCKS TO CORONADO BEACH!! 3 bedrooms,3.5 bathrooms and over 1,900 square feet of Coronado living. Immaculate “front house.”
$1,35,000--255 B Avenue, house, 3/2. Charming Cape Cod in excellent condition. Beautiful oak floors throughout, dormers, cubbies, built-ins, bay window, large yard, swimming pool, 2 fireplaces, wheelchair friendly on first floor with bedroom & adjoining bath with wheel in shower, double garage, short walk to bay, ferry landing, shopping & restaurants, note R-1B zoning. Furnishings negotiable. Vistas to the Coronado bridge/evening lights.

We update this list every two weeks based on price, location, square footage, and condition of ALL homes currently on the Coronado MLS. To subscribe to the Coronado Best Buys List and get pictures and additional information, please email christinevt@prusd.com with BEST BUYS in the subject line.
Thanks for reading!