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San Diego is poised for double digit increases in housing prices again. It may not happen in 2011 but will certainly happen before 2014 and look for more than a 50% increases in housing costs over the next 3 to 4 years. Why so much optimism? Many reasons, no building is going on in San Diego, yet the [...] Mortgage rates hit a record low last week on increasing worries of a second recession. The average conforming 30-year fixed mortgage rate dropped to 4.75%. The last time mortgage rates were above 6% was in November 2008. At that time, the average rate was 6.33%, which meant a $200,000 loan would have carried a monthly payment of [...] It was expected, but not this bad. All of the experts were prepared for a drop once the homebuyer tax credit lapsed at the end of April, but no one expected it to be close to a shocking decrease. According to the National Association of Realtors (NAR), pending home sales fell a whopping 30% in May. [...] The congress has extended the home buyer tax incentive closing date to September 30th. For everyone that met the initial guidelines and was under contract by June 30th but were unable to get the transaction closed, you now have a few more months to get the deal finalized. Mostly this applies to short sales since anyone [...] |
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