City of San Diego Overview!
City of San Diego Overview: The median list price in San Diego for the week is $255,000 and average list price is $350,731 according to Altos. Positive indication for the market is inventory has been shrinking. As far as supply and demand both prices and inventory levels are unchanged in recent weeks.
According to California Association of Realtors on July 14, California home sales median price rose to its highest level since December 2010.. June homes sales were down 3.6 percent. Conforming loan limit will be reduced on October 1st. Buyers who are on the fence need to move before the conforming loan limit changes. Other wise they may be facing higher loan rates, tougher underwriting standards and perhaps larger downpayment in order to qualify.
SB 458 law: Gov. Jerry Brown signed SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans. Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.
“The signing of this bill will help California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce. “SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lien holders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.” San Diego has had a best weather in USA this year and we have been enjoying sunny yet cool weather.
According to California Association of Realtors on July 14, California home sales median price rose to its highest level since December 2010.. June homes sales were down 3.6 percent. Conforming loan limit will be reduced on October 1st. Buyers who are on the fence need to move before the conforming loan limit changes. Other wise they may be facing higher loan rates, tougher underwriting standards and perhaps larger downpayment in order to qualify.
SB 458 law: Gov. Jerry Brown signed SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans. Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.
“The signing of this bill will help California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce. “SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lien holders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.” San Diego has had a best weather in USA this year and we have been enjoying sunny yet cool weather.
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