SignOnSanDiego.com > News > Business -- Harvard: Housing slump to continue into 2008
Harvard Study said housing slump likely to continue into 2008. Study cites the subprime adjustible rate mortgages.
The article cited a professor from the university of San Diego as well.
Showing posts with label adjustable rate mortgates. Show all posts
Showing posts with label adjustable rate mortgates. Show all posts
Friday, June 15, 2007
Thursday, June 14, 2007
DailyBulletin.com - Housing sales plunge in May
Real Estate Sales in California including San Diego have been falling. You can see some stats in the article cited below. However, prices in some areas have not dropped much. Especially if you consider how significant the price drops have been in parts of florida, like Sarasota and Bradenton.
Having lived in both places, I would have to say that there are some significant differences. A higher ratio of people need to live in San Diego than in Sarasota or Bradenton. Many of the people coming to south west florida have to figure out what they are going to do to earn a living. They are not being pulled here by jobs. So, there is a lower "need" housing.
That being said if you wish to move to florida and you have school age kids, your choices are more limited. When it comes to schools Sarasota and Bradenton have some very good ones by florida and San Diego standards. (imho).
I suspect that plenty of people wish to live in both places but more peoople had to live in San Diego because of Jobs. Therefore, San Diego has not yet sold off that hard.
However, a significant increase in interest rates could make these arm resets much more significant. If adjustable rate mortgages increase significantly watch out.
DailyBulletin.com - Housing sales plunge in May
Having lived in both places, I would have to say that there are some significant differences. A higher ratio of people need to live in San Diego than in Sarasota or Bradenton. Many of the people coming to south west florida have to figure out what they are going to do to earn a living. They are not being pulled here by jobs. So, there is a lower "need" housing.
That being said if you wish to move to florida and you have school age kids, your choices are more limited. When it comes to schools Sarasota and Bradenton have some very good ones by florida and San Diego standards. (imho).
I suspect that plenty of people wish to live in both places but more peoople had to live in San Diego because of Jobs. Therefore, San Diego has not yet sold off that hard.
However, a significant increase in interest rates could make these arm resets much more significant. If adjustable rate mortgages increase significantly watch out.
DailyBulletin.com - Housing sales plunge in May
Tuesday, June 12, 2007
Most at risk for foreclosure
Who's most at risk for foreclosure? - Buying a House - MSN Real Estate
according to this source 33% of the arms from 2004-2006 which started out with a rate of less than 4 percent will lose their homes will be foreclosed upon.
The prediction assumes that property values remain flat with December 2006 levels. Since property values have fallen in San Diego and the Sarasota Bradenton area we may expect even more people to lose their homes to foreclosure. (according to the author of the study)
Each 1% drop in house prices translates in an increase of roughtly 70,000 foreclosures.
according to this source 33% of the arms from 2004-2006 which started out with a rate of less than 4 percent will lose their homes will be foreclosed upon.
The prediction assumes that property values remain flat with December 2006 levels. Since property values have fallen in San Diego and the Sarasota Bradenton area we may expect even more people to lose their homes to foreclosure. (according to the author of the study)
Each 1% drop in house prices translates in an increase of roughtly 70,000 foreclosures.
Thursday, June 7, 2007
SignOnSanDiego.com > News > Business > Dean Calbreath -- On many mortgages, reckoning day coming
this is interesting stuff. two years ago 83% of the buyers in San Diego used adjustable rate mortgages as purchase money and 63% used arms to refinance.
And apparently the two year lock in are about to expire this month and for every month going forward.
Caveat - We have been hearing this cry for years. Will the bears be right this time? Prices of the median san diego home were down 3% from a year earlier. Where is all the pain the blog guys and housing bears are predicting.
I know there plenty of people looking to buy a 20-30% break in prices. Perhaps there is just too strong a bid under this market.
In my opinion as long the the banks are wiling to lend to lend out there the pain will not be widespread. (but I could be wrong, please do not selling puts on housing futures).
SignOnSanDiego.com > News > Business > Dean Calbreath -- On many mortgages, reckoning day coming
And apparently the two year lock in are about to expire this month and for every month going forward.
Caveat - We have been hearing this cry for years. Will the bears be right this time? Prices of the median san diego home were down 3% from a year earlier. Where is all the pain the blog guys and housing bears are predicting.
I know there plenty of people looking to buy a 20-30% break in prices. Perhaps there is just too strong a bid under this market.
In my opinion as long the the banks are wiling to lend to lend out there the pain will not be widespread. (but I could be wrong, please do not selling puts on housing futures).
SignOnSanDiego.com > News > Business > Dean Calbreath -- On many mortgages, reckoning day coming
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