Read more at: http://www.freddiemac.com/pmms/index.html?intcmp=CWS-HP
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San Diego – 10% of Homes Still Underwater
Tens of thousands of San Diego County homeowners continue to owe more on their properties than they are worth, despite the run-up in prices that has taken place over the last two years.
In the second quarter of this year, there were 46,585 county homeowners underwater on their homes, real-estate tracker Zillow reported this week. Those with negative equity make up about 10 percent of property owners in the county who have a mortgage, down from 21 percent in the second quarter of last year.
The homeowners were underwater despite an increase in the county’s median home price of more than $100,000 over the last two years.
“There were a lot of people that got caught at the top (of the housing bubble),” said Mark Goldman, a loan officer and real-estate lecturer at San Diego State University. “During the run-up, people were just out at a frenetic frenzy in 2006 and 2007. They didn’t care what price they paid for property.”
Negative equity in the county peaked at 35.6 percent of homeowners in the first quarter of 2012, but it appears those remaining underwater bought in areas with new construction completed just before the housing crash. Most of the negative equity in the county is in Chula Vista, Oceanside, San Marcos, Spring Valley and El Cajon.
As a whole, San Diegans who are underwater collectively owe $6.14 billion. That amount, however, should continue to decrease as San Diego home values rise, and people regain equity in their properties.
Read more at: http://www.utsandiego.com/news/2014/aug/28/zillow-negative-equity-underwater-homes-mortgages/
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Bay Park/Bay Ho, Linda Vista, UTC, La Jolla – How will the Trolley Expansion Effect Value of Homes?
Extending the trolley from Old Town to La Jolla has always promised to change the neighborhoods it passed through on the way.
But residents of Linda Vista, Bay Park and Clairemont – predominantly single-family, middle-class neighborhoods where the expansion will run – don’t seem too interested in the type of change the city has in mind.
The discontent comes from the city’s attempts to allow for new types of development in the areas surrounding two new trolley stops. The city wants the area to develop with trolley users in mind.
It wants to encourage developers to build businesses and lots of homes near the trolley, so people who live there can make it their primary transportation option.
Allowing dense development clusters around the stops, the thinking goes, gets the most out of the $1.7 billion investment in extending the trolley.
read more at: http://voiceofsandiego.org/2014/04/21/the-height-of-trolley-tensions/
Disclaimer: for information and entertainment purposes only
Green Real Estate Appraiser 