Mira Mesa dropping real fast, 10634 Kemerton Rd.

[briansd1]

[quote=Wah-Wah]is this a good deal?

IMHO- still 20% more to go. What do you all think?[/quote]

In the summer selling season, that’s a good deal. Of course it’s all relative.

All else being equal, you have to wonder what prices will do in winter.

San Diego is a diversified economy. But in the past 5 years, we have become more reliant on defense spending which helped cushion the economy (as compared to the rest of the country).

How did San Diego get through the recession better than the rest of the country?

San Diego and Washington, DC benefited from big defense and security spending. Silicon Valley has high-tech and they’ve been doing well.

If we get big cuts at Miramar, Mira Mesa will be adversely affected. We just have to wait and see if San Diego gets hits with big defense cuts.

Of course, interest rates and underwriting will dictate the direction of prices.

The GSE limits will be lowered later this. We will see in the winter how they affect the market. In San Diego, the GSE limit will drop from $697,500 to $546,250 for a decrease of $151,250.

What happens if the Tea Party is successful at eliminating government support of the mortgage market?

The federal government last year backed nine out of 10 new mortgages nationwide, and losses from soured loans are still mounting. Fannie Mae, which buys mortgages from lenders and packages them for investors, said last week it needed an additional $6.2 billion in aid, bringing the cost of its rescue to nearly $100 billion.

[Wah-Wah]

Thank you nina & brian. You raised some good points there.

I can’t remember I read it somewhere but someone mentions there is a huge amount of foreclosure/shadow inventory in Mera Mesa which will depress the price for a good number of years.

[Wah-Wah]

Thank you nina & brian. You raised some good points there.

I can’t remember I read it somewhere but someone mentions there is a huge amount of foreclosure/shadow inventory in Mera Mesa which will depress the price for a good number of years.

[Wah-Wah]

Thank you nina & brian. You raised some good points there.

I can’t remember I read it somewhere but someone mentions there is a huge amount of foreclosure/shadow inventory in Mera Mesa which will depress the price for a good number of years.

[Wah-Wah]

Thank you nina & brian. You raised some good points there.

I can’t remember I read it somewhere but someone mentions there is a huge amount of foreclosure/shadow inventory in Mera Mesa which will depress the price for a good number of years.

[Wah-Wah]

Thank you nina & brian. You raised some good points there.

I can’t remember I read it somewhere but someone mentions there is a huge amount of foreclosure/shadow inventory in Mera Mesa which will depress the price for a good number of years.

[SD Realtor]

Actually I am not quite in agreement with the statement about flippers. Given the first hand experience we had, pretty much none of what was said applied. First off, homes that were purchased at trustee sales by private parties are harder to obtain financing for in a short timeframe. What used to be only FHA guidelines with respect to a minimum 6 month seasoning before financing could be obtained for a buyer purchasing a flip quickly became adopted by MOST (but not all) lenders for conventional financing. Furthermore the lenders would also want verification on the profit margin being realized by the flipper as well. If that profit exceeded their guidelines they would not finance the home. We stopped our activity by mid 2010 so perhaps things are not as tight now. As with anything, I would like to see some hard data with reference to the statements made above.

Bank owned REO properties and short sales were/are not subject to the same scrutiny for obtaining financing. In fact Homepath financing is almost absurd these days.

Similarly with regards to down payment assistance and closing costs assistance when purchasing from a flipper, there is no difference there then there would be if you bought from a non distressed or reo. Short sales not so, because idiot asset managers work to guidelines that are generally unrealisitc. At any rate, if the assistance that is referred to above exceeds the lenders guidelines, then financing will not go through no matter who or what entity is selling the home.

[SD Realtor]

Actually I am not quite in agreement with the statement about flippers. Given the first hand experience we had, pretty much none of what was said applied. First off, homes that were purchased at trustee sales by private parties are harder to obtain financing for in a short timeframe. What used to be only FHA guidelines with respect to a minimum 6 month seasoning before financing could be obtained for a buyer purchasing a flip quickly became adopted by MOST (but not all) lenders for conventional financing. Furthermore the lenders would also want verification on the profit margin being realized by the flipper as well. If that profit exceeded their guidelines they would not finance the home. We stopped our activity by mid 2010 so perhaps things are not as tight now. As with anything, I would like to see some hard data with reference to the statements made above.

Bank owned REO properties and short sales were/are not subject to the same scrutiny for obtaining financing. In fact Homepath financing is almost absurd these days.

Similarly with regards to down payment assistance and closing costs assistance when purchasing from a flipper, there is no difference there then there would be if you bought from a non distressed or reo. Short sales not so, because idiot asset managers work to guidelines that are generally unrealisitc. At any rate, if the assistance that is referred to above exceeds the lenders guidelines, then financing will not go through no matter who or what entity is selling the home.

[SD Realtor]

Actually I am not quite in agreement with the statement about flippers. Given the first hand experience we had, pretty much none of what was said applied. First off, homes that were purchased at trustee sales by private parties are harder to obtain financing for in a short timeframe. What used to be only FHA guidelines with respect to a minimum 6 month seasoning before financing could be obtained for a buyer purchasing a flip quickly became adopted by MOST (but not all) lenders for conventional financing. Furthermore the lenders would also want verification on the profit margin being realized by the flipper as well. If that profit exceeded their guidelines they would not finance the home. We stopped our activity by mid 2010 so perhaps things are not as tight now. As with anything, I would like to see some hard data with reference to the statements made above.

Bank owned REO properties and short sales were/are not subject to the same scrutiny for obtaining financing. In fact Homepath financing is almost absurd these days.

Similarly with regards to down payment assistance and closing costs assistance when purchasing from a flipper, there is no difference there then there would be if you bought from a non distressed or reo. Short sales not so, because idiot asset managers work to guidelines that are generally unrealisitc. At any rate, if the assistance that is referred to above exceeds the lenders guidelines, then financing will not go through no matter who or what entity is selling the home.

[SD Realtor]

Actually I am not quite in agreement with the statement about flippers. Given the first hand experience we had, pretty much none of what was said applied. First off, homes that were purchased at trustee sales by private parties are harder to obtain financing for in a short timeframe. What used to be only FHA guidelines with respect to a minimum 6 month seasoning before financing could be obtained for a buyer purchasing a flip quickly became adopted by MOST (but not all) lenders for conventional financing. Furthermore the lenders would also want verification on the profit margin being realized by the flipper as well. If that profit exceeded their guidelines they would not finance the home. We stopped our activity by mid 2010 so perhaps things are not as tight now. As with anything, I would like to see some hard data with reference to the statements made above.

Bank owned REO properties and short sales were/are not subject to the same scrutiny for obtaining financing. In fact Homepath financing is almost absurd these days.

Similarly with regards to down payment assistance and closing costs assistance when purchasing from a flipper, there is no difference there then there would be if you bought from a non distressed or reo. Short sales not so, because idiot asset managers work to guidelines that are generally unrealisitc. At any rate, if the assistance that is referred to above exceeds the lenders guidelines, then financing will not go through no matter who or what entity is selling the home.

[SD Realtor]

Actually I am not quite in agreement with the statement about flippers. Given the first hand experience we had, pretty much none of what was said applied. First off, homes that were purchased at trustee sales by private parties are harder to obtain financing for in a short timeframe. What used to be only FHA guidelines with respect to a minimum 6 month seasoning before financing could be obtained for a buyer purchasing a flip quickly became adopted by MOST (but not all) lenders for conventional financing. Furthermore the lenders would also want verification on the profit margin being realized by the flipper as well. If that profit exceeded their guidelines they would not finance the home. We stopped our activity by mid 2010 so perhaps things are not as tight now. As with anything, I would like to see some hard data with reference to the statements made above.

Bank owned REO properties and short sales were/are not subject to the same scrutiny for obtaining financing. In fact Homepath financing is almost absurd these days.

Similarly with regards to down payment assistance and closing costs assistance when purchasing from a flipper, there is no difference there then there would be if you bought from a non distressed or reo. Short sales not so, because idiot asset managers work to guidelines that are generally unrealisitc. At any rate, if the assistance that is referred to above exceeds the lenders guidelines, then financing will not go through no matter who or what entity is selling the home.

[DomoArigato]

[quote=briansd1]
What happens if the Tea Party is successful at eliminating government support of the mortgage market?
[/quote]

If the Tea Party can do that they will have served at least one useful purpose. I’d like to see all government support of the mortgage market eliminated. I don’t see why my tax money should be used to help someone buy an overpriced house.

[DomoArigato]

[quote=briansd1]
What happens if the Tea Party is successful at eliminating government support of the mortgage market?
[/quote]

If the Tea Party can do that they will have served at least one useful purpose. I’d like to see all government support of the mortgage market eliminated. I don’t see why my tax money should be used to help someone buy an overpriced house.

[DomoArigato]

[quote=briansd1]
What happens if the Tea Party is successful at eliminating government support of the mortgage market?
[/quote]

If the Tea Party can do that they will have served at least one useful purpose. I’d like to see all government support of the mortgage market eliminated. I don’t see why my tax money should be used to help someone buy an overpriced house.

[DomoArigato]

[quote=briansd1]
What happens if the Tea Party is successful at eliminating government support of the mortgage market?
[/quote]

If the Tea Party can do that they will have served at least one useful purpose. I’d like to see all government support of the mortgage market eliminated. I don’t see why my tax money should be used to help someone buy an overpriced house.

[Author]

Posts