Thursday, September 1, 2011
Obama's plan would help San Diego's housing market...
Obama Expected to Unveil Plan to Revive Housing
Daily Real Estate News | Thursday, September 01, 2011
The Obama administration is expected to announce a new mortgage relief program next week to help struggling home owners stay in their home and reduce the number of foreclosures, Reuters reports.
While the exact details of the proposal are still unknown, analysts are speculating that President Barack Obama is likely to announce a plan that would help more borrowers to refinance loans, allowing them to lower their monthly payments and ward off possible foreclosure.
The refinancing plan will reportedly apply to loans backed by government-owned Fannie Mae and Freddie Mac or the Federal Housing Administration, allowing more home owners who have been unable to refinance due to poor credit, owing too much above their home’s current value, or unemployment, to take advantage of current low interest rates.
Other lawmakers who have pushed for such a move have argued that by lowering home owners’ monthly payments, it would free up cash for other spending, which will help stimulate the overall economy.
Source: “White House Could Unveil Mortgage Plan Next Week,” Reuters (Aug. 31, 2011)
San Diego Housing Market will benefit from this...
Banks Agree to More Short Sales
Daily Real Estate News | Friday, August 26, 2011
Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.
“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”
During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.
What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice--that’s down from 256 days in the first quarter, RealtyTrac reports.
Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount--or an average sales price of $192,129--compared to the sales price of non-distressed homes.
Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)
Daily Real Estate News | Friday, August 26, 2011
Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.
“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”
During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.
What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice--that’s down from 256 days in the first quarter, RealtyTrac reports.
Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount--or an average sales price of $192,129--compared to the sales price of non-distressed homes.
Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)
HUD extends help to unemployed homeowners in San Diego
HUD Extends Unemployed Mortgage Relief Program
Daily Real Estate News | Tuesday, August 30, 2011
The Department of Housing and Urban Development has once again extended its deadline for a program that provides up to $50,000 in interest-free loans to unemployed or medically ill home owners who are struggling to make their mortgage payments.
The new deadline is now Sept. 15. HUD resumed taking applications for the program on Monday.
The $1 billion Emergency Homeowners Loan Program, which launched in June, was originally slated to end on July 22, but HUD first extended the deadline to July 27 to give home owners more time to apply.
Home owners eligible for the program will be able to qualify for up to $50,000 in interest-free loans for up to two years. Home owners who have had a drop in income of at least 15 percent from involuntary unemployment or underemployment due to economic conditions or a medical emergency are eligible for the program. Home owners must still be able to contribute $150 per month toward their mortgage. (Learn more about eligibility requirements and the participating states at http://findehlp.com.)
Source: “HUD Extends Deadline for Unemployed Mortgage Assistance,” HousingWire (Aug. 29,
Daily Real Estate News | Tuesday, August 30, 2011
The Department of Housing and Urban Development has once again extended its deadline for a program that provides up to $50,000 in interest-free loans to unemployed or medically ill home owners who are struggling to make their mortgage payments.
The new deadline is now Sept. 15. HUD resumed taking applications for the program on Monday.
The $1 billion Emergency Homeowners Loan Program, which launched in June, was originally slated to end on July 22, but HUD first extended the deadline to July 27 to give home owners more time to apply.
Home owners eligible for the program will be able to qualify for up to $50,000 in interest-free loans for up to two years. Home owners who have had a drop in income of at least 15 percent from involuntary unemployment or underemployment due to economic conditions or a medical emergency are eligible for the program. Home owners must still be able to contribute $150 per month toward their mortgage. (Learn more about eligibility requirements and the participating states at http://findehlp.com.)
Source: “HUD Extends Deadline for Unemployed Mortgage Assistance,” HousingWire (Aug. 29,
Wednesday, August 3, 2011
Protect Your Property in Rancho Santa Fe
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Home Security Check
By: Joseph D'Agnese
Published: February 1, 2010
The first step toward protecting your home from break-ins is to conduct a home security check that will show where your property is most vulnerable.
This step-by-step list, arranged according to the hierarchy of risk, is a good place to start.
Your home's appearance
Burglars want an easy target. Stand on the street outside your house and ask yourself: Does my property look neglected, hidden, or uninhabited? A front door or walkway that's obscured by shrubbery offers crooks the perfect cover they need while they break a door or window.
Consider trimming shrubs away from windows, widening front walks, and installing outdoor lighting with motion detectors. Simple motion-activated floodlights cost less than $50, and installing them is an easy DIY job if the wiring is already in place. All sides of your house should be well-lit, not just the front.
Doors: The first line of defense
Are your front and back doors vulnerable? Steel, solid wood, and impact-resistant fiberglass are all good choices for security. If you must have glass, make sure it is tempered or reinforced for added strength, and that sidelights are positioned where somebody can't easily reach in and turn the lock.
Open all doors and check the strike plates, the metal fittings that catch bolts and latches. Chances are, the strike plates are fastened to the soft wood of the door jamb with two screws only. Not good. Best are four-screw strike plates with 3-inch screws that penetrate the jamb and bite into the hard wood of the stud behind the jamb. All exterior doors should have deadbolts that throw at least a 1-inch bolt. Ask your locksmith to upgrade to Grade 1 or Grade 2 locksets and deadbolts, the most secure options.
Back doors and garage doors are more likely to be attacked before the front door, according to Chris McGoey, a Los Angeles-based home security consultant. If you have an attached garage, secure the door by disabling the automatic opener and locking the door before you go away on a long trip. The door leading from the garage into the house should be outfitted with the same hardware as all other exterior doors and be kept locked at all times.
Windows
In order of risk, ground-floor and basement windows are more likely to be attacked than second-floor windows. The exception is second-floor windows that can be easily accessed by a deck or other elevated structure outside the home. Make sure all windows can be opened, closed, and locked with relative ease--and then remember to lock them. The biggest problem with windows is that homeowners leave the house and leave them wide open.
For added security, consider installing blocking devices on the most easily accessed windows so they can't be opened from outside, says McGoey. Wooden dowels laid in the track block windows that slide horizontally, and steel locking pins (about $7 each) inserted in small holes drilled through the frames prevent windows from sliding vertically. If you install a home security system later, the pros will install glass-break sensors on your most vulnerable windows.
Storage sheds
Don’t ignore the doors and windows on your outdoor storage shed, especially if you store tools such as ladders, saws, screwdrivers, and hammers, any of which would be handy to a burglar. As with house doors, the best option is a secure deadbolt. Hasp closures are easily defeated because someone can insert a crowbar behind the hasp and snap it.
Not all storage shed doors are able to accommodate a deadbolt. In that case, opt for a heavy-duty slide bolt ($15-$25) instead of a hasp closure. With one of these, a tough steel bolt slides into a fitting attached to the shed door frame or a second shed door. The bolt is then rotated down and locked in place with a padlock. When attaching a slide bolt, avoid screws, which can be easily undone. You're better off using nuts and bolts because they're stronger, and because the nut does its job from the interior of the shed.
Patio doors
It's relatively easy to lift a set of older patio doors off the track, even when they are locked. Don't attempt to do this on your audit, but take time to inspect the doors and hardware. Replace any missing or broken locks, and consider installing and using locking pins to prevent them from sliding.
Consider your family's habits: Do you leave the patio doors open all summer? Locking the screen door isn't good enough; it keeps out bugs, not thieves. Get in the habit of closing and locking patio doors when they're unattended or you're not home.
Safeguarding household valuables
Thieves want easy-to-grab electronics, cash, jewelry, and other valuables, though some are not above running down the street with your flat-screen TV. Most make a beeline for the master bedroom, because that's where we're likely to hide spare cash, jewelry, even guns.
Tour each room and ask yourself: Is there anything here that I can move to my safe deposit box? Consider getting rid of old jewelry you never wear. A home safe, bolted to your basement slab, is a good spot for everything else. Have you made a video inventory of other items of value in your home? Are you properly insured for theft? Understand that high-ticket items in your home office, such as computers, professional camera equipment, or other business essentials, may require an additional rider or a separate policy. And take steps to back up the personal information stored on your home computer.
Joseph D'Agnese is a journalist and book author who has written numerous articles on home improvement. He lives in North Carolina.
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Home Security Check
By: Joseph D'Agnese
Published: February 1, 2010
The first step toward protecting your home from break-ins is to conduct a home security check that will show where your property is most vulnerable.
This step-by-step list, arranged according to the hierarchy of risk, is a good place to start.
Your home's appearance
Burglars want an easy target. Stand on the street outside your house and ask yourself: Does my property look neglected, hidden, or uninhabited? A front door or walkway that's obscured by shrubbery offers crooks the perfect cover they need while they break a door or window.
Consider trimming shrubs away from windows, widening front walks, and installing outdoor lighting with motion detectors. Simple motion-activated floodlights cost less than $50, and installing them is an easy DIY job if the wiring is already in place. All sides of your house should be well-lit, not just the front.
Doors: The first line of defense
Are your front and back doors vulnerable? Steel, solid wood, and impact-resistant fiberglass are all good choices for security. If you must have glass, make sure it is tempered or reinforced for added strength, and that sidelights are positioned where somebody can't easily reach in and turn the lock.
Open all doors and check the strike plates, the metal fittings that catch bolts and latches. Chances are, the strike plates are fastened to the soft wood of the door jamb with two screws only. Not good. Best are four-screw strike plates with 3-inch screws that penetrate the jamb and bite into the hard wood of the stud behind the jamb. All exterior doors should have deadbolts that throw at least a 1-inch bolt. Ask your locksmith to upgrade to Grade 1 or Grade 2 locksets and deadbolts, the most secure options.
Back doors and garage doors are more likely to be attacked before the front door, according to Chris McGoey, a Los Angeles-based home security consultant. If you have an attached garage, secure the door by disabling the automatic opener and locking the door before you go away on a long trip. The door leading from the garage into the house should be outfitted with the same hardware as all other exterior doors and be kept locked at all times.
Windows
In order of risk, ground-floor and basement windows are more likely to be attacked than second-floor windows. The exception is second-floor windows that can be easily accessed by a deck or other elevated structure outside the home. Make sure all windows can be opened, closed, and locked with relative ease--and then remember to lock them. The biggest problem with windows is that homeowners leave the house and leave them wide open.
For added security, consider installing blocking devices on the most easily accessed windows so they can't be opened from outside, says McGoey. Wooden dowels laid in the track block windows that slide horizontally, and steel locking pins (about $7 each) inserted in small holes drilled through the frames prevent windows from sliding vertically. If you install a home security system later, the pros will install glass-break sensors on your most vulnerable windows.
Storage sheds
Don’t ignore the doors and windows on your outdoor storage shed, especially if you store tools such as ladders, saws, screwdrivers, and hammers, any of which would be handy to a burglar. As with house doors, the best option is a secure deadbolt. Hasp closures are easily defeated because someone can insert a crowbar behind the hasp and snap it.
Not all storage shed doors are able to accommodate a deadbolt. In that case, opt for a heavy-duty slide bolt ($15-$25) instead of a hasp closure. With one of these, a tough steel bolt slides into a fitting attached to the shed door frame or a second shed door. The bolt is then rotated down and locked in place with a padlock. When attaching a slide bolt, avoid screws, which can be easily undone. You're better off using nuts and bolts because they're stronger, and because the nut does its job from the interior of the shed.
Patio doors
It's relatively easy to lift a set of older patio doors off the track, even when they are locked. Don't attempt to do this on your audit, but take time to inspect the doors and hardware. Replace any missing or broken locks, and consider installing and using locking pins to prevent them from sliding.
Consider your family's habits: Do you leave the patio doors open all summer? Locking the screen door isn't good enough; it keeps out bugs, not thieves. Get in the habit of closing and locking patio doors when they're unattended or you're not home.
Safeguarding household valuables
Thieves want easy-to-grab electronics, cash, jewelry, and other valuables, though some are not above running down the street with your flat-screen TV. Most make a beeline for the master bedroom, because that's where we're likely to hide spare cash, jewelry, even guns.
Tour each room and ask yourself: Is there anything here that I can move to my safe deposit box? Consider getting rid of old jewelry you never wear. A home safe, bolted to your basement slab, is a good spot for everything else. Have you made a video inventory of other items of value in your home? Are you properly insured for theft? Understand that high-ticket items in your home office, such as computers, professional camera equipment, or other business essentials, may require an additional rider or a separate policy. And take steps to back up the personal information stored on your home computer.
Joseph D'Agnese is a journalist and book author who has written numerous articles on home improvement. He lives in North Carolina.
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Tuesday, July 26, 2011
7/26/2011-Rancho Santa Fe, Carmel Valley, Del Mar, Solana Beach, The Bridges, Santaluz
YOUR WEEKLY REAL ESTATE
GUIDE SERVICING: 92014, 92067,
92075, 92091, 92127 & 92130
This Week Featuring 44 Properties
GUIDE SERVICING: 92014, 92067,
92075, 92091, 92127 & 92130
This Week Featuring 44 Properties
Wednesday, July 20, 2011
San Diego, Carlsbad, San Marcos housing market looks better than most...
real-estate-forecast-home-prices-limp-into-2012-07082011.html
Monday, July 18, 2011
Selling a Home for less than owed to the bank? Short Sale Victory...!
LAW AGAINST SHORT SALE DEFICIENCIES EXPANDED
In a major victory for REALTORS®, Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.
Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does not prohibit a borrower from voluntarily offering a monetary contribution to a lender in hopes of obtaining a short sale. A lender is also permitted under the new law to negotiate for a contribution from someone other than the borrower, such as other lenders, agents, relatives, and the like.
Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.
This law is fully set forth as Senate Bill 458 (Corbett) at www.leginfo.ca.gov.
In a major victory for REALTORS®, Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.
Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does not prohibit a borrower from voluntarily offering a monetary contribution to a lender in hopes of obtaining a short sale. A lender is also permitted under the new law to negotiate for a contribution from someone other than the borrower, such as other lenders, agents, relatives, and the like.
Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.
This law is fully set forth as Senate Bill 458 (Corbett) at www.leginfo.ca.gov.
If you are Selling your Home you are legally required to...
CARBON MONOXIDE DETECTORS REQUIREMENT - THE TIME IS HERE!
As of July 2, 2011, homeowners now have another regulation to meet. The new California law (California Health and Safety Code 132600 et. seq.) requires carbon monoxide detectors in "every" dwelling intended for human occupancy." Other dwelling units have until January 1, 2013.
As of July 2, 2011, homeowners now have another regulation to meet. The new California law (California Health and Safety Code 132600 et. seq.) requires carbon monoxide detectors in "every" dwelling intended for human occupancy." Other dwelling units have until January 1, 2013.
Home Buying Affordability In Jeopary for San Diego County
Bill Calls for Extending Jumbo Loan Limits
Daily Real Estate News | Monday, July 18, 2011
A bill introduced late last week calls for extending the current conforming loan limits on government-backed mortgages at Fannie Mae and Freddie Mac for another two years.
The bill, introduced by Rep. John Campbell, R-Calif., and Rep. Gary Ackerman, D-N.Y., would allow the government-sponsored enterprises and the Federal Housing Administration to guarantee or buy mortgages worth up to $729,750 in many neighborhoods.
The current loan limits are set to expire Oct. 1. If an extension isn’t granted, the maximum mortgage amount in high-cost areas will drop from $729,750 to $625,500 (however, that limit will vary throughout the country).
"With the economy remaining fragile and the housing sector still struggling to recover, now is not the time to make the cost of mortgages more expensive," Ackerman said.
The National Association of Home Builders has said it fears more than 17 million homes nationwide will become ineligible for more affordable federal funding if the loan limit expires. However, last week, Federal Reserve Chairman Ben Bernanke saidhe was confident that the private market, including investors and insurers, would fill the void if the conforming loan limits expired — although likely at a higher cost to borrowers.
Daily Real Estate News | Monday, July 18, 2011
A bill introduced late last week calls for extending the current conforming loan limits on government-backed mortgages at Fannie Mae and Freddie Mac for another two years.
The bill, introduced by Rep. John Campbell, R-Calif., and Rep. Gary Ackerman, D-N.Y., would allow the government-sponsored enterprises and the Federal Housing Administration to guarantee or buy mortgages worth up to $729,750 in many neighborhoods.
The current loan limits are set to expire Oct. 1. If an extension isn’t granted, the maximum mortgage amount in high-cost areas will drop from $729,750 to $625,500 (however, that limit will vary throughout the country).
"With the economy remaining fragile and the housing sector still struggling to recover, now is not the time to make the cost of mortgages more expensive," Ackerman said.
The National Association of Home Builders has said it fears more than 17 million homes nationwide will become ineligible for more affordable federal funding if the loan limit expires. However, last week, Federal Reserve Chairman Ben Bernanke saidhe was confident that the private market, including investors and insurers, would fill the void if the conforming loan limits expired — although likely at a higher cost to borrowers.
Carmel Valley, Solana Beach, Rancho Santa Fe, Santaluz, & Del Mar Homes for Sale
This Week Featuring 32 Properties
YOUR WEEKLY REAL ESTATE
GUIDE SERVICING: 92014, 92067,
92075, 92091, 92127 & 92130
PITCH 10:45 AM TO 12:00 PM EVERY TUESDAY CARAVAN 1:00 PM TO 4:00 PM
702 MAP GUIDE
Each week Real Estate Agents feature
selected properties to their fellow
agents. This is your 702 Map Guide to
the properties featured this week.
Included you will find maps by zip code
as well as a Featured List of those
properties pitched at today’s marketing
session. Contact Karen at Ranch and Village Homes for the list of these properties.
YOUR WEEKLY REAL ESTATE
GUIDE SERVICING: 92014, 92067,
92075, 92091, 92127 & 92130
PITCH 10:45 AM TO 12:00 PM EVERY TUESDAY CARAVAN 1:00 PM TO 4:00 PM
702 MAP GUIDE
Each week Real Estate Agents feature
selected properties to their fellow
agents. This is your 702 Map Guide to
the properties featured this week.
Included you will find maps by zip code
as well as a Featured List of those
properties pitched at today’s marketing
session. Contact Karen at Ranch and Village Homes for the list of these properties.
Is buying a house still a good investment...consider this
July 13, 2011
Dear Sir:
The author ignores some important facts in arguing against the financial benefits of owning a home (“A Home is a Lousy Investment,” July 11, 2011). First, most home buyers do not pay cash for a home, but instead take out a mortgage along with a down payment. Following the author’s example, a home buyer in California who purchased a median priced single-family home in 1980 ($99,550) with a 20 percent down payment ($19,910) would see that investment grow to $296,820 when the home was fully paid off in 2010. Investing the same $19,910 in the Dow-Jones Industrial Index in 1980 would result in a balance of just over $238,000 in 2010 and be subject to taxes on the investment gains along the way.
Second, during the 30-year period while the homeowner is whittling down their mortgage balance and banking home equity, the renter has been paying rent that has increased by an average of 3.7 percent per year even as the monthly principal and interest payments on a 30-year fixed rate mortgage remain level. Based on rental trends, it is not too difficult to come up with reasonable scenarios where the investor who rents a home will pay significantly more in rent than the homeowner will pay in mortgage interest over the span of the 30-year mortgage. That’s because rent payments for a comparable home could easily exceed the principal and interest payment on a 30-year fixed rate mortgage in as few as seven or more years. In the end, the homeowner will have a free and clear asset while the renter will continue to pay rent.
Third, many homeowners also are able to take advantage of deductions for mortgage interest and property taxes when filing their federal income tax return making the cost of ownership even more favorable compared with renting. Furthermore, a capital gains deduction of up to $500,000 ($250,000 for single homeowners) applies when the home is sold.
Fourth, homeownership builds wealth. According to the Federal Reserve’s 2009 Survey of Consumer Finances, the median net worth of the typical homeowner exceeds $190,000 but is less than $4,000 for the typical renter. Given this difference, it’s hard to see how long-term renting is a strategy for financial stability and independence.
And, finally, people who buy homes well within their budget are long term planners. Research suggests that people who are long term thinkers and willing to forego short term gratification do well in many dimensions of life-wellness measures. That is why homeownership meets long term objectives and provides great incentives for people to work hard and lay the foundation for a stable and successful country.
Lawrence Yun
Chief Economist, NATIONAL ASSOCIATION OF REALTORS®
Washington, D.C.
Dear Sir:
The author ignores some important facts in arguing against the financial benefits of owning a home (“A Home is a Lousy Investment,” July 11, 2011). First, most home buyers do not pay cash for a home, but instead take out a mortgage along with a down payment. Following the author’s example, a home buyer in California who purchased a median priced single-family home in 1980 ($99,550) with a 20 percent down payment ($19,910) would see that investment grow to $296,820 when the home was fully paid off in 2010. Investing the same $19,910 in the Dow-Jones Industrial Index in 1980 would result in a balance of just over $238,000 in 2010 and be subject to taxes on the investment gains along the way.
Second, during the 30-year period while the homeowner is whittling down their mortgage balance and banking home equity, the renter has been paying rent that has increased by an average of 3.7 percent per year even as the monthly principal and interest payments on a 30-year fixed rate mortgage remain level. Based on rental trends, it is not too difficult to come up with reasonable scenarios where the investor who rents a home will pay significantly more in rent than the homeowner will pay in mortgage interest over the span of the 30-year mortgage. That’s because rent payments for a comparable home could easily exceed the principal and interest payment on a 30-year fixed rate mortgage in as few as seven or more years. In the end, the homeowner will have a free and clear asset while the renter will continue to pay rent.
Third, many homeowners also are able to take advantage of deductions for mortgage interest and property taxes when filing their federal income tax return making the cost of ownership even more favorable compared with renting. Furthermore, a capital gains deduction of up to $500,000 ($250,000 for single homeowners) applies when the home is sold.
Fourth, homeownership builds wealth. According to the Federal Reserve’s 2009 Survey of Consumer Finances, the median net worth of the typical homeowner exceeds $190,000 but is less than $4,000 for the typical renter. Given this difference, it’s hard to see how long-term renting is a strategy for financial stability and independence.
And, finally, people who buy homes well within their budget are long term planners. Research suggests that people who are long term thinkers and willing to forego short term gratification do well in many dimensions of life-wellness measures. That is why homeownership meets long term objectives and provides great incentives for people to work hard and lay the foundation for a stable and successful country.
Lawrence Yun
Chief Economist, NATIONAL ASSOCIATION OF REALTORS®
Washington, D.C.
Tuesday, July 12, 2011
Coming soon.
Ranch & Village Homes will be introducing San Diego North County community websites over the next several months. We are a premium real estate sales and marketing team that operates from the Coldwell Banker office in Rancho Santa Fe, Ca.
We refer to our community websites as "Village Sites". Each of our village sites is focused on a particular community including: Rancho Santa Fe, Fairbanks Ranch, La Jolla, Del Mar, Santaluz, Carlsbad, Solana Beach, Encinitas, and more. Each site will contain comprehensive data about the community including statistics, events, local features, and plenty of videos. Our sites are for locals and prospective residents alike. We welcome your participation in these sites as well as your suggestions.
www.RanchAndVillageHomes.com
We refer to our community websites as "Village Sites". Each of our village sites is focused on a particular community including: Rancho Santa Fe, Fairbanks Ranch, La Jolla, Del Mar, Santaluz, Carlsbad, Solana Beach, Encinitas, and more. Each site will contain comprehensive data about the community including statistics, events, local features, and plenty of videos. Our sites are for locals and prospective residents alike. We welcome your participation in these sites as well as your suggestions.
www.RanchAndVillageHomes.com
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