Wednesday, 20 June 2012

San Diego News Report - Housing in 2012 and Beyond

The San Diego Union Tribune Real Estate section of the online paper is organized very well. In addition to the recent report from UCLA  that outlines a forecast of Real Estate and the Economy,  once can easily see other stories about the San Diego housing and real estate situation. Some interesting headlines:
  • Foreclosures are down 51% from one year ago
  • Short sales are up 18% from last year
  • Average rents are up 2.5% from last year
  • Vacancy rate is lowest since 2008

These numbers show growth in the housing sector, more sales, less bank foreclosures. Indeed, Home Loan Companies are busy, with  loans for San Diego home buyers and refinancers taking advantage of low rates. Investors, first time buyers, and people refinancing under government programs as well as under traditional products are busy making financial moves. Although Location, Location, Location, is often a common mantra, timing is a big factor right now. The current uptick could be the slow beginning of the next rise, first starting with home prices stabilizing, while rates are low, then as prices rise, rates would may also rise, to keep things in check. Acting now could be a favorable in the long run.