North Coast San Diego Real Estate

The Taylors - Prudential California Realty - Carlsbad

1564 Triton Street, Carlsbad, CA 92011, Home for Sale

Traditional Sale and No Mello Roos! This spectacular home offers 5 Bedrooms, 4 Full Baths, with a bed/bath on the main level, and a 3 car garage. Spacious master suite with a retreat room, master bath suite, dual vanity sinks, large tub and oversized walk-in shower. Enjoy the deck off the master suite and ocean view. This is a chef's dream for entertaining indoors and out. GE Monogram Stainless Steel applicances and a lush landscaped back yard with Built-in BBQ and firepit. Partial ocean views. - San Diego MLS# 120006936, $759,000.00, Call Nick or Janet Taylor 760-707-9291 or 760-710-7234 to learn more about this home.

Home prices fall in October, Case-Shiller report says

December 27, 2011 |  8:11 am

Home prices in the nation’s largest cities fell in October for the second straight month, continuing to dash hopes that the sluggish housing market is headed for an upturn.

The Standard & Poor's/Case-Shiller index, a measure closely followed by economists, showed price drops in 19 of 20 cities since September. Overall, prices slipped 1.2% month-over-month and fell 3.4% compared with October 2010.

The decline is typical of the season, when home buyers back off after the busy summer period. But coming off of five straight months of increases, the retreating prices in the fall suggest that weakness in the market may stretch into 2012.

Atlanta was on particularly shaky ground, according to the index. Prices there declined 5% in October after falling 5.9% in September and were down 11.7% over the last 12 months. Atlanta, along with Cleveland, Detroit and Las Vegas, had average prices that were lower than they were in January 2000.

In Los Angeles prices were down 1.5% in October after sliding 0.8% the month before. Year over year, L.A. prices are down 4.9%.

The Case-Shiller data cast a pall on recent, more promising market feedback. Last week, the Commerce Department said construction of new homes and apartments was up 9.3% last month from October and up 20.1% compared wikth November 2010.

Sales in California were up 4% last month compared with the same period a year earlier, though they fell 4.2% from October, according to real estate research firm DataQuick. The median home price in the state was $244,000, down 4.3% from a year earlier but up 1.7% from October, the report found.

original link: http://latimesblogs.latimes.com/money_co/2011/12/home-prices-fall-in-october-says-case-shiller-report.html 

Good News on Rent Restrictions for Second Dwelling Units on Property in Carlsbad

Second unit rent restrictions lifted for homeowners

By  on Dec 23, 2011 with Comments 0

CARLSBAD — A recent unanimous City Council vote made an important change for homeowners who have a second dwelling unit on their property. Rent restrictions have been lifted and homeowners can now charge the market value of their unit.

Before the vote, homeowners who had a second dwelling unit fell under the same category as developers who built multiple residential units and had to comply with the city’s Housing Element by renting to lower income groups.

But that’s all changed.

According to Corey Funk, associate planner for the city of Carlsbad, second dwelling units, or SDUs, are now split into two categories: inclusionary and noninclusionary.

Funk presented the proposal to City Council and it approved the revisions to the city’s Zoning Ordinance and Local Coastal Program Amendments for SDU rent regulations.

The inclusionary SDU was not amended. It will still go into effect when a developer builds multiple residential dwelling units and must provide 15 percent of the units as affordable housing.

“Developers doing a larger scale project must comply with the inclusionary housing ordinance, so we created the ‘inclusionary’ term to build that type of ordinance,” Funk said.

For a homeowner, a noninclusionary SDU label was issued distinguishing the difference between the reasons why a homeowner builds this type of dwelling unit versus a developer.

And those goals are quite different.

A noninclusionary SDU, Funk said, has a kitchen and bathroom and can serve as multiple functions. The unit can be used as a guest house, a mother-in-law quarter, or an office.

The noninclusionary SDU used to be restricted to at least low-income housing. Low income, Funk said, is defined by 50 to 80 percent of the area median income.

Funk said this proposal was brought to City Council because of a previous project that was presented to the Planning Commission a couple of years ago.

The topic of a SDU on a single-family residential property raised some awareness.

The Planning Commission felt that putting rent restrictions on homeowners was a burden.

City Council agreed.

City Council members felt that it was time to give homeowners the freedom to rent out their SDU at a fair market rate. Above all, staff said the noninclusionary SDU label was still consistent with the Housing Element requirements.

“The Housing Element counts the inventory of affordable housing opportunities and depends on SDUs to meet those goals,” Funk said. “When the noninclusionary SDUs were rent restricted we were counting them toward the low-income category for the housing element, but we also have to plan for the moderate income.”

Income categories include very low income, low income, moderate and above moderate. The calculations are similar to those used at U.S. Department of Housing and Urban Development.

With homeowners now renting their units at a reasonable market rate, staff expects these units to be at affordable to moderate income levels, which will fall under the Housing Element guidelines.

Recent calculations show that the city of Carlsbad has a total of 215 SDUs. A total of 39 noninclusionary SDUs are part of this number.

“The noninclusionary SDUs are a small percentage,” Funk said.

Original Link http://thecoastnews.com/2011/12/second-unit-rent-restrictions-lifted-for-homeowners/

 

Why Home Prices Are (and Aren’t) Stabilizing - WSJ

  • DECEMBER 6, 2011, 1:19 PM ET

Why Home Prices Are (and Aren’t) Stabilizing

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Home prices are falling again, but some analysts see a silver lining because the prices of homes that aren’t selling out of foreclosure have been holding steady.

CoreLogic reported that home prices in October declined by 1.3% from September and by 3.9% from one year ago. A separate index released Monday by LPS Applied Analytics showed that home prices in September had dropped by 1.2% from August.

“Many housing statistics are basically moving sideways,” said Mark Fleming, chief economist at CoreLogic.

Still, the CoreLogic index shows an important emerging trend where home prices are stabilizing after excluding distressed sales.

What’s the difference between distressed sales and non-distressed sales?

Unlike traditional owners, banks are often faster to cut prices in order to unload properties quickly—or what are called “distressed” sales. The upshot is that, the more homes being sold by lenders in any given month the faster prices tend to fall.

This was clear throughout the initial years of the housing bust. Prices declined most sharply in 2008 as banks dumped foreclosed properties at fire-sale prices. Owner-occupants are less likely to list their homes for sale in the winter months, too, which means that each winter there are also drops in prices because distressed sales account for a growing share of sales.

Are prices of distressed homes falling at the same rate as non-distressed homes?

That’s been the case up until recently. While total home prices were down by 3.9% from one year ago, prices were down by just 0.5% from one year ago when excluding distressed sales. In September, total prices were down by 3.8% from one year ago, but non-distressed prices were down by 2.1%.

This shows that while price declines are resuming, they are not yet falling from one-year ago for non-distressed homes. In fact, during the first nine months of 2011, prices of non-distressed homes remained relatively stable, with year-over-year declines between 2% and 3%.

Analysts at Barclays Capital called this “the most important trend in the housing industry right now,” in a report published on Monday.

Why would any stabilization of non-distressed prices matter?

If it’s true that prices of non-distressed homes are stabilizing, even as distressed homes continue to fall in price, it would mean that a distressed home is “increasingly being seen as a poor substitute for a non-distressed home,” writes Stephen Kim, the Barclays housing analyst. He says it’s possible that the “bifurcation between distressed and non-distressed homes will only widen with the passage of time.”

Won’t the overhang of foreclosures put pressure on non-distressed prices anyway?

That’s all too possible. There are more than two million loans in some stage of foreclosure, and it may be too early to argue that those won’t in some way impact the sales prices of non-distressed homes. For one, homes that sell out of foreclosure at significantly lower prices could be used by appraisers as “comparable” sales that may make banks less willing to lend at an agreed sales price for a non-distressed home.

In certain markets where many homes are selling out of foreclosure, it’s hard to simply set aside distressed homes. “You can’t deny the fact that if half of homes that sold in San Diego in a given year were distressed, that is the trend,” said Kyle Lundstedt, managing director at LPS.

What could happen if this trend holds up, with distressed prices falling and non-distressed prices staying flat?

It could stabilize something else: home-buyer confidence. “There is nothing that strikes fear in a homeowner’s heart than to hear that his home value has declined,” writes Mr. Kim of Barclays. “But if it was home price trends that got us into this funk, it stands to reason that a recovery in sentiment will be similarly ushered in once price declines have abated—which is precisely what the CoreLogic price data shows us.”

Original Link: http://blogs.wsj.com/developments/2011/12/06/why-home-prices-are-and-arent-stabilizing/

Don't be scammed on buying homes

Carlsbad Investor Scammed out of $250,000

The investor was a victim of two Oceanside men who were both sentenced to prison today.

  • December 9, 2011

Top 10 U.S. Hotspots for Smallest House Sizes - Inman News

Before you read this article. One of the top spots is California. However, do not expect to buy a home as the picture shows next to the ocean for under $300,000. Very misleading. The good news is you can buy a home that size for $300,000 +/-. Southern California is experiencing some tremendous buys for $300,000 or less for first time home owners and investors. Homes in the $1M+ range in certain areas are experiencing out of state and international buyers taking advantage of the buys. Don't wait, give us a call to help with your real estate needs. 

10 U.S. hotspots for smallest house sizes

Realtor.com: Midwest states host some of smallest median home sizes

By Inman News
Inman News™

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Six of the 10 U.S. areas with the smallest homes are in the Midwest, based on the median square footage of homes for sale on Realtor.com in September.

Realtor.com reported that the median size of homes for sale in Washington, D.C., was the smallest in the country that month, at 1,000 square feet. The nation's capital was also the only area to post a median two bedrooms for the typical home -- every state in the top 10 posted a median three bedrooms.

The six Midwestern states among the top 10 with the smallest homes are: Michigan, Iowa, Ohio, Illinois, Missouri and Wisconsin. Two of the states are in the West: Hawaii and California. One Northeast state is on the top 10 list: Maine. Washington, D.C., is the only area in the South to make the list.

The two areas at the top of the list -- Washington, D.C., and Hawaii -- also had the highest median list prices of the bunch: at $432,500 and $575,000, respectively.

The two areas varied widely in lot sizes. While Washington, D.C., had the smallest median lot size among the top 10, at 2,375 square feet, Hawaii's median lot size in September was 21,778 square feet. Maine had the biggest lot size among the top 10, at 44,431 square feet, followed by Wisconsin at 30,000 square feet.

Michigan had the lowest median list price among the 10, at $118,900. The median price data reflects all for-sale property listings on Realtor.com, including land, single-family homes, condos and co-ops. (View the full list of median house sizes for all 50 states and Washington, D.C.)

State: California

 

Median house size (sq. ft.) 1,625
Median lot size (sq. ft.) 7,200
Median price $299,900
Median beds/baths 3/2


Beach house along California's coast. Sahani Photography/Shutterstock

Original URL: http://lowes.inman.com/newsletter/2011/11/10/news/160671 

Where are the top 3 sunny states to live?

PRESS RELEASE

Nov. 9, 2011, 6:04 a.m. EST

3 Sunny States Remain Top Choices for Where Americans Would Like to Live

California drops from the top choice for the first time since 2001, replaced by Hawaii

 

 

NEW YORK, Nov. 9, 2011 /PRNewswire via COMTEX/ -- Excluding their current state, if Americans had to say where they would most like to live, the top three mentions are states typically associated with sunshine and the beach: Hawaii (1), California (2) and Florida (3). These states have consistently been in the top 3 the last 8 times this question has been asked. However, this year marks the first time since 2001 that California has not been the top mention.

 

 

These are some of the results of The Harris Poll of 2,463 adults surveyed online between October 10 and 17, 2011 by Harris Interactive.

Rounding out the top 5 this year is Texas (4) and Colorado (5). Texas saw a nice jump this year, up to 4 from 8 last year, while Colorado dropped from 4 last year, to 5 this year.

The remaining 10 states on the list cover every geographic region of the country:

In the Pacific Northwest Oregon (7) and Washington (9) are Top 10 mentions;

The Southwest is represented with Arizona (8);

Nevada (14) makes the Top 15 for the West;

Montana represents the Midwest (13);

New York does so for the Northeast (11); and,

Virginia, Tennessee and South Carolina all come through for the South (10, 12 and 15, respectively).

Favorite Cities

In terms of cities Americans would most like to live in, the Top 15 mentions cover a wide range of geographical areas and climates this year as well. Unchanged since 1999, New York is the most frequently mentioned city that Americans would like to live in, followed by San Diego, which remains in the 2nd position, consistent with last year. The third top mention this year is Seattle, which seems to be steadily climbing, up from 4 last year and 5 the previous year. Similarly to the jump Texas made as a desirable state to live in this year (to 4 from 8 last year), its city of Dallas also made an impressive showing this year, coming in as the 4th most popular city. This is particularly notable because Dallas was not in the Top 15 last year at all, and only at number 10 the prior year. The countless entertainment and culinary options may be what appeals to some about Las Vegas, which is the 5th top city mentioned this year, followed on the list by San Francisco (=6) and Boston (=6), Chicago (8), Honolulu (9) and Denver (10). The Top 15 this year are rounded out with Nashville (11), Orlando (12), Los Angeles and Portland (tied for 13) and then two southern cities--on opposite sides of the country--are tied for 15: Atlanta and Phoenix .

Least Favorite Cities

While fantasizing about where you would most like to live can be fun, it can be equally fun to think about where you might least like to live. Thinking about these places can make a harsh Northeast winter or a sweltering Southern summer seem not as bad, depending on your geographic woes. Although New York has been the top favorite city for some time, it's also an extremely unappealing place for many people and it comes in, similarly to last year, as the least favorite city to live in. Despite reports of a rebirth, comeback and major gentrification efforts, Detroit remains as the 2nd least popular city, followed by Los Angeles (3), Washington D.C. (4) and Chicago (5). While some people are feeling excited about Texas, many are not as Dallas and Houston come in at 6 and 7 on the least favorite city list respectively. Further down the least favorite city list is New Orleans (8) and Miami (9), followed by four polarizing cities, which appear on both the favorite and least favorite lists: San Francisco (=10 least favorite), Last Vegas (=10), Atlanta (12) and Phoenix (13). Tied for 14 on the least favorite list are Cleveland, OH and Newark, NJ.

So What?

While sun-belt states have traditionally dominated the Favorite State list, this year with the inclusion of Washington, Oregon, Montana and New York in the Top 15, the list seems more diverse. And, looking at the Least Favorite City list, where 8 of the top 15 also appear on the most Favorite City list, it's clear what appeals to some definitely does not appeal to all.

Residential Community Exclusively Built for Memory Loss Care to Open in Carlsbad

ActivCare® at Bressi Ranch Serves Individuals with Alzheimer's and Related Dementia
http://www.sacbee.com/2011/11/01/4021965/residential-community-exclusively.html

Let The Taylors know if we may be of help selling your loved ones homes. This new facility will most likely fill up fast. Located in a wonderful community of Bressi Ranch, Carlsbad, CA 92009.

 

Troubled homeowners get a lifeline - CNN Money

By Les Christie October 24, 2011: 6:05 PM ET

NEW YORK (CNNMoney) -- In the latest attempt to address the ailinghousing market, the government on Monday announced changes to a federal program that will make it easier for struggling homeowners to refinance to today's near-record low rates. 

Under the new program, homeowners who owe more on their homes than they are worth will be able to refinance no matter how much they are underwater, as long as they are current on their payments.

More than 1 million homeowners could get cheaper mortgages as a result, officials estimated.

The revamped Home Affordable Refinance Program (HARP) will also streamline the refinancing process, doing away with certain types of appraisals and underwriting requirements, and reducing or eliminating fees that prevented homeowners from refinancing in the past.

More than 890,000 homeowners have already refinanced under HARP, which is available to borrowers with loans backed by Fannie Mae and Freddie Mac originated before May 31, 2009.

But hundreds of thousands more could not qualify -- mainly because of the previous 125% loan-to-value limit on the program or because banks would not take on the risk.

The 4% mortgage -- good luck getting one

"We know there are many homeowners who are eligible to refinance under HARP and those are the borrowers we want to reach," said Edward DeMarco, acting director for the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac.

Currently, about 11 million borrowers are underwater on their mortgages, with about 4.7 million of those loans meeting or exceeding the 125% loan-to-value limit, according to CoreLogic, a financial analytics company.

By the time HARP expires in 2013, the federal housing agency estimates, up to 1 million more borrowers may benefit from the new regulations.

Many of those borrowers will be from states like Florida, California, Nevada and Arizona where home values have been hit the hardest. In metro areas like Las Vegas, for example, prices have plunged nearly 60% from their early-2006 peak.

The new rules and other details have yet to be finalized, but FHFA said that should all be worked out by Nov. 15. Banks may be able to start issuing refinanced loans by Dec. 1.

Lifting the loan-to-value restrictions may still only help a limited number of borrowers, according to Jaret Seiberg, an analyst for MF Global Inc.'s Washington Research Group, which analyzes public policy for institutional investors.

The problem: Mortgage holders still must be current on their payments for the past six months -- with no more than one missed payment in the past 12 months --and they also must be able to qualify for a new loan.

However, Seiberg believes, the changes should allow banks to refinance loans without worrying that Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FMCC, Fortune 500) will force them to repurchase the loans if the borrower defaults.

In the past, banks have been reluctant to refinance loans because they didn't want to take on that liability, explained Shaun Donovan, the secretary of the U.S. Department of Housing and Urban Development. By doing away with that liability, more lenders will compete to refinance the loans, which he believes will make them more affordable for borrowers.

That should help remove one of the biggest barriers to refinancing through HARP, said Gene Sperling, director of the National Economic Council.

What about us? Responsible homeowners get left out in the cold

Under the newly-revamped program, Fannie and Freddie will also reduce the fees they have charged in the past in order to enable borrowers to better afford the new loans.

Among the fees that may be reduced or eliminated are those for loan level price adjustments. Going forward, borrowers may not be penalized for less-than-perfect credit scores, for example.

Fees will also be waived for some underwater borrowers who refinance into 20-year or other, shorter-term loans. By doing so, it could help homeowners get above water faster.

A homeowner who has a $200,000 balance on a 30-year mortgage with a 6.5% rate and a home value of $160,000, for example, currently makes payments of $1,264 a month.

If they refinance into a 20-year fixed-rate loan at 4.25%, it will reduce monthly payments to $1,238 and slash the balance to $160,000 in just five-and-a-half years. If they refinance to a 30-year loan at 4.5%, however, their monthly payments will be much lower, $1,038, but it will take 10 years to reach $160,000.

"It's an opportunity for borrowers to improve their household balance sheets by repaying their mortgages much quicker," said DeMarco. To top of page

Original URL: http://money.cnn.com/2011/10/24/real_estate/housing_refinance/index.htm?hpt=hp_t2