San Diego – Median home price dips, still high

San Diego County’s median home price was $575,000 in December, a slight decrease from the previous month but still near record highs.

The median price hit an all-time high of $594,909 in November, said CoreLogic data provided by DQNews. Still, San Diego County’s price in December was up 4.5 percent in a year — ending the year on a high note after a sluggish first six months.

San Diego’s rise mirrors a hot national real estate market, which has been lifted by low interest rates, a strong economy and historically low unemployment. National sales of previously owned homes increased 10.8 percent in a year as of December, the National Association of Realtors reported Wednesday.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-01-22/san-diego-median-home-price-575k-stayed-near-record-highs-in-december

Foreclosure rate in San Diego has hit record low

Foreclosures in San Diego County have hit record lows, following a national trend of better fortunes for homeowners coming out of the Great Recession.

There were 2,744 foreclosure filings in 2019 in San Diego County, said Attom Data Solutions, which includes default notices, scheduled auctions and bank repossessions. That’s down from 3,390 in 2018 and 4,025 in 2017.

It is the lowest number of foreclosure filings for San Diego County in more than a decade, and a sharp contrast to the 49,125 foreclosure filings in 2009.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-01-21/san-diego-foreclosures-near-14-year-low

Protect yourself and clients from real estate scams

The F.B.I. says real estate transactions are a growing target of wire fraud. Here are some ways to fight back.

Justin Rubinstein, a licensed associate real estate broker at Compass, was working with a buyer to close on a one-bedroom condo on the Williamsburg waterfront in June of 2016. As the deal was being finalized, the client received an email — ostensibly from his lawyer — providing specific instructions about where to wire a $213,500 down payment.

Within moments of sending the money, the client discovered that the wiring instructions had not been sent by his lawyer, but by a scammer, and that he was a victim of wire fraud. But the client got lucky. He alerted his bank immediately and was able to put a freeze on the account before the funds were transferred.

“The criminals operating the scam hacked into the attorney’s email, monitored their account, and closely followed their deals,” Mr. Rubinstein said. “When it came time to send a wire for the down payment, they intercepted the email and sent fraudulent wire instructions to the purchaser.”