Updated: February 17, 2010
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In North County San Diego, the median price for all homes in North San Diego County – single-family detached and single-family attached – fell from $370,000 in December 2009 to $361,000 in January 2010
The median price for detached homes in North County fell 3.67 percent from $436,000 in December 2009 to $420,000 in January 2010, the second month of price declines. The SFD median price OUTSIDE North County decreased 4.53 percent from $353,000 in December 2009 to $337,000 in January 2010.
The median detached home price in North San Diego County increased 16.26 percent from $361,250 in January 2009, continuing a six-month trend of rising year-over prices. Year-over median price rose 8.7 percent in Non-North County from $310,000 in January 2009, the fourth straight month of year-over increases.
The countywide median detached home price decreased 5.06 percent from $385,000 in December 2009 to $365,500 in January 2010, but increased 11.53 percent year over from January 2009 for the fifth month of year-over price increases countywide.
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Attached home prices in North County fell 5.76 percent from $238,750 in December to 225,000 in January 2010 the second month of price declines. Non-North San Diego County attached median home price remained at $200,000 in January 2010.
North San Diego County attached median prices increased 13.64 percent year-over from $198,000 in January 2009, the sixth month of year-over price increases after 24 months of year-over declines.
The county-wide SFA home median price fell 1.86 percent from $215,000 in December 2009 to $211,000 in January 2010, and increased 11.05 percent year over from January 2009.
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The median number of days-on-market for North County SFA homes sold rose from 33 in December 2009 to 42 in January 2010. The average number of days-on-market increased from 65 in December 2009 to 75 in January 2010.
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For several months, the California and local housing markets have been experiencing a sales rebound as a result of low interest rates, a continuing supply of distressed properties coming to market, and a continuing reduction in the fear factor on the part of prospective homebuyers.
Sales of new homes are down significantly because home-building activity has all but stopped completely. Meanwhile, 2010 will see a steady stream of sales of resale homes, driven by distressed properties at the low end of the market, coupled with moderate home price appreciation.
The statewide median-home price is expected to rise 3.3 percent in 2010 over this year. With distressed properties expected to account for nearly one-third of the sales in 2010, inventory will be relatively lean.
Expect interest rates to climb next year from about 5.2 percent to 5.7 percent on average. While demand from first-time buyers and low-end properties will continue throughout next year, sales could be impacted if discretionary sellers do not return to the market by the second-half of the year.
The wild cards for 2010 include foreclosures, loan modifications, the labor market, the worsening state budget crisis, and the actions of the federal government.
The moratorium of foreclosures by some institutions has reduced the inventory of homes for sale when compared to last year. However, home prices will not begin to stabilize until the number of Bank Owned Properties (also known as REOs) decline. The Federal Government’s proposed Economic Bills is expected to curtail the number of REOs.
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Sales continue to be hampered by problems in real estate finance. Both tighter underwriting standards and the ongoing effects of the credit/liquidity crunch continue to limit sales.
Buyers with secured financing, or all cash are not hampered by the constraints of the real estate financing market. In fact, several North County brokers and agents have experienced significant increases in activity in recent weeks, working with well-qualified buyers who recognize optimum buying conditions in which there are low interest rates and an abundant selection of homes on the market.
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First Time Buyers >Credit Card Common Sense
If you are buying a home for the first time, you need to establish a reasonably good financial foundation before a lender will approve you for a mortgage loan. Lenders look for a good credit rating, sufficient funds to make the initial down payment and pay the closing costs, and a stable employment situation.
People who have just qualified for a mortgage loan are usually in better-than-average financial shape. If you have recently purchased a new house, don't be surprised if you receive numerous offers from retail stores and other credit card companies offering you pre-approved revolving credit.
Be careful about accepting these offers! New home owners often use most of their savings in the process of financing the transaction, and they need everything from linens to furniture to get settled in the home. With all of the immediate credit available, it may be very tempting to just say "charge it." If you're not careful, you could be "up to your ears" in debt very quickly. It takes discipline to reach the goal of home ownership--and it takes that same kind of discipline to maintain financial health after you leave the closing table.
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| Q |
Who is the world's largest landowner?
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| A |
The United States government, with holdings of 728.8 million acres of land.
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 See More Real Estate Trivia > |
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- NUMBER1EXPERTS™ 
