San Diego Union Tribune Zip Code Chart

for Home Sales Recorded in May 2010
http://www.dqnews.com/Charts/Monthly-Charts/SDUT-Charts/ZIPSDUT.aspx

California´s economy to see sluggish recovery this year, UCLA economists say

California´s unemployment rate, currently at 12.4 percent, will not return to single-digit levels until 2012 and the state´s inland areas will continue to be impaired by excess housing inventory and state budget cuts, according to a forecast released Tuesday by UCLA´s Anderson School of Business.

KEEP THIS IN MIND

• California´s economic recovery is contingent on consumer shopping behavior nationwide, as retail spending drives traffic at California´s ports and logistics centers, which are both substantial employers throughout the state, the report said. However, consumers are unlikely to increase spending until businesses begin hiring again, which many economists believe will only happen gradually over time.

• The coastal areas of the state will benefit from growth in health care, education, and technology, while inland areas will be constrained by excess housing inventory and state budget cuts, impacting rural inland areas where government workers account for a significant percentage of the workforce, according to the forecast.

• The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently issued its mid-year housing market forecast. Based on C.A.R.´s forecast, the median home price in California is expected to rise 9.1 percent this year compared with last year, while sales of existing, single-family homes will decline 4.7 percent. Rates on 30-year, fixed-rate mortgages will rise to 5.3 percent compared with 5.1 percent in 2009 and 15-year mortgages will average 4.2 percent compared with 4.7 percent last year, according to the forecast

To read the full story, please click here:

http://www.latimes.com/business/la-fi-ucla-forecast-20100615,0,6824904.story

Trading down: Can it still bankroll your retirement? Trading down to a smaller home is a retirement-planning staple. According to an April study by the Society of Actuaries, 20 percent of not-yet retirees say they plan to downsize after the last child leaves the nest.

To read the full story, please click here:

http://online.wsj.com/article/SB10001424052748703890904575297181180921488.html?mod=WSJ_RealEstate_LeftTopNews

Home shortages could develop as recovery unfolds Sooner or later, the economy will rebound, jobs will return and new households will form. When that time comes, however, there might not be enough housing to accommodate all the new family formations.

To read the full story, please click here:

http://www.latimes.com/business/realestate/la-fi-lew-20100613,0,7268736.story

U.S. housing market recovery dependent on jobs growth, Harvard report says

Job growth will be the key factor in whether the U.S. real estate market can extend a recovery after the end of the federal home buyer tax credit, according to a Harvard University study.

To read the full story, please click here: http://preview.bloomberg.com/news/2010-06-14/u-s-housing-market-recovery-dependent-on-jobs-growth-harvard-report-says.html

Consumer sentiment strengthens in June

U.S. consumer sentiment improved in early June to its strongest level in nearly 2-1/2 years, bolstered by hopes of better job and credit conditions, a recently released survey showed.

To read the full story, please click here: http://www.msnbc.msn.com/id/37637779/ns/business-stocks_and_economy/

High default rate seen for modified mortgages Fitch Ratings Ltd. forecasts that most borrowers who get lower mortgage payments under a federal government program will default within 12 months.

To read the full story, please click here: http://online.wsj.com/article/SB10001424052748703280004575308992258809442.html?mod=WSJ_RealEstate_LeftTopNews


 

Short sales and ways to exploit them rise in Sacramento

Every for-sale sign tells a story. These days, most tell about trouble making the house payment.

To read the full story, please click here: http://www.sacbee.com/2010/06/11/2814573/home-front-short-sales-and-ways.html#ixzz0qYn86JQA

The Federal Tax Credit Has Been Extended

Up To $8,000 For First Time Buyers Who Qualify
Up To $6,500 For Existing Homeowners Who Qualify

Call me to see if you qualify, whether you're buying for the first time, or have owned a home for at least five of the past eight consecutive years.

(760) 715-0478 or mailto:GBPagnotta@gmail.com . 

  • You must sign a purchase agreement prior to April 30, 2010, and must close before July 1, 2010.
     
  • The income limit is $125,000 for single filers and $225,000 for joint filers.

     
  • Available for the purchase of a principal residence with a purchase price of $800,000 or less.

  • Tax credit does not have to be repaid as long as your home remains your principal residence for three years.

  • Can be claimed on a 2009 or 2010 tax return.

  • Tax Credit for First Time Homebuyers
    • Qualifying taxpayers can claim up to10% of the purchase price. The maximum credit is $8,000, or $4,000 for married individuals filing separately.

  • Tax Credit for Existing Homeowners
    • Qualifying taxpayers can claim up to10% of the purchase price. The maximum credit is $6,500 if your previous home was a principal residence for five of the past eight years.


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