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San Diego: Median Home Price In September Dips

Posted on October 20, 2015 | Leave a comment

San Diego County home prices dipped slightly in September, continuing a modest decline since June, CoreLogic reported Monday.

The median home price was $460,000, down 1 percent from last month, but $15,000 more than this time last year.

The change reflects the typical drop in sales between August and September in the robust sellers’ market. On average since 2000, sales between those two months have dropped 0.5 percent and it is usually attributed to buyers wanting to get in a home before school starts.

There were 3,633 home sales in September with the majority — 2,238 — coming from home resales. A lack of newly built homes has increased rental prices as buyers go for older homes typically used for rentals experts say.

read more: http://www.sandiegouniontribune.com/news/2015/oct/19/september-home-price-san-diego-corelogic/

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Is your home in a flood zone? El Nino is on its way report says

Posted on October 19, 2015 | Leave a comment

brace thyself for El Niño.

That’s the advice from the National University System Institute for Policy Research, which reported Tuesday that nearly 5,000 businesses and 55,000 residents of San Diego County are living in “100-year flood” zones susceptible to a strong storm season.

Link to interactive flood map:  https://msc.fema.gov/portal

Problems in San Diego ranged from destroyed homes and buildings to shoreline erosion and road damage. “A 1998 report from the California Coastal Commission identified 23 El Niño-related emergency permits issued in San Diego County in the 1997-98 winter, including $700,000 in storm related damage to the Oceanside Harbor, and $1.6 million in damages in Del Mar,” noted the National University report, which was written by senior analyst Vince Vasquez.

Tourism and agriculture are particularly vulnerable. Visitors might shun the region, and heavy storms with high winds tend to damage fruit crops and destroy greenhouses.

read more at: http://www.sandiegouniontribune.com/news/2015/oct/06/el-nino-storm-warning-economic-damage/

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Down payment insurance coming soon

Posted on October 17, 2015 | Leave a comment

The basic idea is straightforward. For an upfront premium that under some circumstances could be part of the interest rate you pay on your mortgage, your down payment — all the way up to $200,000 — would be insured, with you as the beneficiary. If the value of your house declines and you sell at a loss, you’d be eligible to make a claim for up to the full amount of your original down payment.

The premiums are expected to average around $1,200 on a $20,000, 10 percent down payment on a $200,000 house. If you purchase the coverage as part of a lender credit toward closing expenses, rather than paying cash for the coverage at closing, the +Plus premium could be rolled into the interest rate on the entire loan, raising the rate slightly. It could also be a supplement to lender-paid mortgage insurance, with a higher rate on your mortgage.

Sounds intriguing, right? But as with all insurance products, you’ve got to look hard at the details, especially the terms governing when and how much you’ll receive if you make a claim for a loss. The sponsor of the plan is a company in Dallas, ValueInsured.  For the +Plus program, ValueInsured is partnering with Texas-based specialty insurer Houston International Insurance Group, and Everest Re Group Ltd., a reinsurance company headquartered in Bermuda.

read more at: http://www.telegram.com/article/20151008/NEWS/151009437

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