San Diego: New Report 38% Can’t Make Ends Meet

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While a study released last week shows the homeless population dropping in San Diego County, another study shows that people with homes and jobs are finding it increasingly difficult to live in the area without public or private assistance.

Does this effect real estate prices?  Contact the appraisers at www.scappraisals.com for your home value questions.

According to the Making Ends Meet report released by the Center on Policy Initiatives last month, 38 percent of the county’s working-age households — meaning households headed by someone younger than 65 — can’t pay for basic necessities such as rent, child care, groceries and food without help.

“This is very no-frills living,” said Susan Duerksen, senior communications adviser for the center, a research and action nonprofit formed in 1997 to advance economic equity and improve conditions for low-income people in the county. “It doesn’t include going to the movies or that sort of thing.”

The report — which was funded by the United Way and the Leichtag Foundation — is set to be presented at a United Way workshop on May 7 and to the Alliance for Regional Solutions in Vista the next day.

Overall, 300,000 working-age households in the county don’t earn enough to be self-sufficient, an increase of 8 percent since 2007. Of those households, 83 percent have at least one employed person.

The percent of households that can’t make ends meet is higher in San Diego than in San Francisco, but about average for the state, said the center’s research director, Peter Brownell.

About 24 percent of households headed by someone who works full time year-round don’t have enough income to be self-sufficient. More than half of all workers in tourism also can’t make ends meet.

read more at: http://www.utsandiego.com/news/2014/apr/21/making-ends-meet-study/

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San Diego County – Solar Upgrade Residential PACE loans are Now Available!!!

The county has spent six years developing the “property assessed clean energy” or PACE program, first extending it to commercial properties and now to homeowners.

Will this add value to your home?  Contact the appraisers that are forerunners in green property appraisals with your value questions.  www.scappraisals.com

One obstacle was the Federal Housing Finance Administration, which did not want federally backed loans to take a back seat to energy-efficiency programs in terms of repayment priority for mortgages.

The state Legislature last year approved a bill establishing a loan risk mitigation fund to take on the risk instead.

The fund provides $10 million to pay for any outstanding debts for solar upgrades to homes that carry Fannie Mae or Freddie Mac loans, assuring mortgage lenders will be compensated if homeowners default.

Supervisor Dave Roberts, who along with Jacob has been pushing for the residential solar program, said he recently visited a home with rooftop solar and believes it will become increasingly commonplace.

Similar residential rooftop financing programs are available in Oceanside, Carlsbad, Vista, San Marcos, Lemon Grove and Solana Beach. If the home is sold, the solar system and any remaining tax liability transfer to the purchaser.

Information on the three approved county vendors can be found at heroprogram.com; figtreefinancing.com and californiafirst.org.

read more at: http://www.utsandiego.com/news/2014/apr/17/tp-county-extends-rooftop-solar-program-to-homes/

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San Diego – Home Sales off to Slow Start

San Diego County’s housing market is off to one of its slowest starts to peak buying season, which began in March.

Last month, 3,057 homes sold for a median $427,000, real estate tracker DataQuick reported Tuesday. That’s a boost in activity from February’s 2,541 sales at a median $410,000, but it was a nearly 20 percent drop from the sales in March 2013. Last month was also the slowest for a March since 2009, toward the end of the Great Recession. March is generally the month in which activity in the housing market picks up, as weather improves and some families plan to move during the summer.

DataQuick analyst Andrew LePage said there are a variety of reasons for this year’s slow start.

“The inventory of homes for sale remains thin in many markets. Investor purchases have fallen. The jump in home prices and mortgage rates over the past year has priced some people out of the market, while other would-be buyers struggle with credit hurdles,” LePage said in a statement, “Also, some potential move-up buyers are holding back while they weigh whether to abandon a phenomenally low interest rate on their current mortgage in order to buy a different home.”

Last month’s median $427,000 was still a 12.4 percent jump from March 2013’s $380,000 price tag, but the value gain continued an overall trend of slowing annual appreciation. In June, for instance, when the median was $416,500, home values were up 24.1 percent from a year earlier.

read more at: http://www.utsandiego.com/news/2014/apr/15/dataquick-homes-mortgages-realestate-property/

Disclaimer: for information and entertainment purposes only