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San Diego County Real Estate Market Update
Joanne’s Real Estate Market Update

Last Updated November 19, 2008

 

California 2009 Housing Market Forecast: Sales Rise, Prices Slip

 

Home prices throughout most areas of California will post declines next year while sales of existing homes will continue to rise in 2009, according to the California Association of Realtors’ “2009 California Housing Market Forecast,” released recently. “The current uncertainty about the financial system and economy is likely to persist over the next several weeks, and could extend into next year,” said C.A.R. President William Brown. “Our forecast assumes the financial system will begin to show signs of stabilization late in 2008 and into early 2009.”

 

The median home price in the state will decline 6 percent to $358,000 in 2009, compared with a projected median of $381,000 this year, according to the forecast. Sales for 2009 are projected to increase 12.5 percent to 445,000 units compared with 395,600 units projected this year.

 

“We expect the economy will be at its weakest period over the next three quarters through the second quarter of 2009…before we begin to see a turnaround in the second half of next year,” said Brown. “Going forward, a great deal depends on the state of the financial system in general and the real estate finance situation in particular, as well as the flow of distressed sales through the market. We expect sales of distressed properties to peak in early 2009…Looking ahead, home prices and favorable interest rates in 2009 will contribute to gains in affordability,” Brown explained.

 

Sales in 2008 will be ahead of last year by 12 percent, according to C.A.R. Chief Economist Leslie Appleton-Young. She added that the “median price will be influenced through the balance of 2008 by the typical seasonal decrease in home prices as well as ongoing downward pressure from distressed sales. For all of 2008, the median price is expected to fall by 31.7 percent from $558,100 to $381,000.”

 

Foreclosure Rescue Scams Prey On Homeowners

 

Beware if someone who is NOT your mortgage lender promises to save your home and asks for you to pay money upfront. Fraudulent foreclosure consultants are targeting desperate homeowners who are behind on their mortgage payments, cautions California Attorney General Edmund Brown, Jr. The attorney general’s warning comes on the heels of the arrest earlier this month of three members of a fraud ring who preyed on homeowners by falsely promising to renegotiate their home loans but instead ripped them off for thousands of dollars while their homes went into foreclosure. Typically the scam started with a flyer sent to the homeowner.

 

To avoid being a victim, the attorney general’s office says do not transfer title or sell your home to the foreclosure rescuer, do not pay money to people who promise to work with your lender to modify your loan, do not pay your mortgage payments to anyone other than your lender, and do not ignore letters from your lender. For assistance, contact a housing counselor approved by the US Department of Housing and Urban Development at 1-800-877-8339 or www.hud.gov. Also consider contacting the Homeownership Preservation Foundation at 1-800-995-HOPE or www.995hope.org.

 

 

The North San Diego County Resale Report

Single Family Detached Homes Sold In 2008

 

Area

 

Zip Code

 

2007 Average*

 

2008 Average*

         (thru Oct)

 

 

 

 

Bonsall

Borrego Springs

92003

                     92004

$1,014,067

359,210

$610,494

278,248

Carlsbad

92008

812,759

703,950

Carlsbad

92009

899,812

                   832,566

Carlsbad

Carlsbad

92010

92011

598,484

907,363

550,991

858,335

Carmel Valley

92130

                  1,166,453

1,151,775

Del Mar

92014

2,293,851

2,015,538

Encinitas

92007

1,091,550

1,001,828

Encinitas

92024

1,102,317

976,074

Escondido

92025

565,849

401,580

Escondido

92026

518,815

383,284

Escondido

92027

499,125

330,192

Escondido

92029

725,385

569,785

Fallbrook

92028

652,333

494,643

La Jolla

92037

2,140,296

2,341,837

Oceanside

92054

581,813

443,679

Oceanside

92056

505,597

384,385

Oceanside

92057

488,785

352,468

Pauma Valley

Poway

Ramona

92061

                      92064

92065

938,333

825,204

580,455

488,816

718,383

431,078

Rancho Bernardo

92127

1,119,369

943,309

Rancho Bernardo

92128

627,723

573,066

 

 

 

 

Rancho Santa Fe

92067

2,995,882

3,556,643

Rancho Santa Fe

 

92091

3,531,368

2,857,391

San Marcos

92069

545,865

387,238

San Marcos

92078

624,214

521,234

Solana Beach

92075

1,374,531

1,581,557

Valley Center

Vista

92082

92081

724,270

515,173

520,715

411,278

Vista

                     92083

443,862

295,384

Vista

Warner Springs

92084

92086

589,370

426,272

411,759

350,800

 

 

 

 

*Source: Multiple Listing Service

 

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Joanne sells San Diego, including Carlsbad, Carmel Valley, Del Mar, Encinitas, Rancho Santa Fe, San Marcos, Santaluz, and Solana Beach.


Prudential California Realty
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  Joanne Fishman, REALTOR®
Prudential California Realty
6105 La Granada, Suite R
Rancho Santa Fe, CA 92067
jf@joannefishman.com
Office: 858-756-4900
Mobile: 858-945-8333

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