San Diego County’s home prices in March up 7.7%

The San Diego County median home price reached $515,000 in March, its highest point in a decade and a 7.7 percent increase in a year, real estate tracker CoreLogic reported Tuesday.

The median price had been below half a million dollars since October last year, which had some analysts surmising costs had hit an affordability wall. But, the March numbers show some buyers are willing to go higher to get homes.

While the new price might seem historically high, it is still below the nominal 2005 peak of $517,500, the equivalent of $644,487 in 2016 dollars after adjusting for inflation.

Analysts say a lack of available homes for sale is probably the biggest factor in March’s numbers, but there are other reasons, too.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-san-diego-home-price-march-20170425-story.html

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Dodd-Frank reform could make it easier to get a mortgage

It should be easier for you to get a mortgage if President Donald Trump signs legislation that will lift lending restrictions on community banks.

Congress on Tuesday voted in favor of rolling back Dodd-Frank banking rules. The reforms would ease some of the mortgage laws from the Dodd-Frank Act of 2010, a massive financial law enacted in response to the financial crisis.

The new changes will allow community banks and credit unions to offer mortgages outside the typical Qualified Mortgage rule so long as they don’t sell that mortgage but keep it in-house. By holding that mortgage on the books, it would be deemed a Qualified Mortgage. The carve-out would apply to institutions with less than $10 billion in assets.

Many lenders think this change would allow more community lenders to offer mortgages. It would also be helpful for homebuyers, when mortgage rates are rising but still low.

It’s unclear how much of an impact a change to the mortgage laws would have on the housing market. A large portion of homebuyers already meet the requirements within the Qualified Mortgage rule. The Urban Institute says the Qualified Mortgage rule has had “little impact” on credit availability, though there are fewer mortgages being offered for under $100,000.

read more at: https://www.bankrate.com/mortgages/dodd-frank-reform-easier-to-get-mortgage/

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San Diego home price hits (another) record high $570,000

San Diego County’s median home price hit an all-time high of $570,000 in April, increasing 8.6 percent in a year, said real estate tracker CoreLogic. It surpases the previous peak of $550,000 from the month before.

The increase was largely led by the rising price of resale condos, going up 11.7 percent in a year to a record high median of $430,000 with 1,102 sales.

While the rising prices are notable, they still technically lower than prices at the height of the housing boom. In November 2005, the median hit $517,500, which would be more than $655,000 today after adjusting for inflation. Some economists argue comparing the current market to the last housing boom is faulty because the runup was based on unrealistic access to loans, and that’s not the case now.

In April, 3,717 homes sold, about the same as April 2017 when 3,640 sold.

It was not just condos that hit a record price in April, but resale homes. The highly desired resale home reached a record median of $610,500 with 2,258 sales.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-corelogic-april-20180523-story.html

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