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Mixed Report On San Diego’s Real Estate Market

Evening Edition

Aired 9/16/13 on KPBS Midday Edition.

GUESTS

Michael Lea, director of SDSU's Corky McMillin Center for Real Estate.

Gary London, a real estate economist with the London Group Realty Advisors.

Transcript

San Diego's home sales and housing prices took a dip in August, surprising some experts. But as always, there are a number of different ways to look at San Diego's real estate market. The real estate information service Dataquick reported last week that the median home price in San Diego County is up 20 percent from August, 2012, to $415,000.

There are changes ahead, most notably in a reduction in the size of federally-backed home loans that could make this volatile market even more unpredictable.

Michael Lea, director of SDSU's Corky McMillin Center for Real Estate, says the plan by Fannie Mae and Freddie Mac to reduce their loan caps is in line with the goal of reducing government's role in housing finance. In San Diego County, the current loan limit is $626,000. It's unknown how much the cap will lower but Lea says the changes will have a bigger effect here.

A report by Bloomberg found that some mortgage lenders are trying to make it easier for people to get mortgages by lowering some lending requirements - accepting lower credit ratings, and increasing the loan-to-home value ratios. This comes amid rising mortgage rates and layoffs in the mortgage industry.

Comments

Avatar for user 'merrybrovo'

merrybrovo | February 15, 2014 at 11:21 p.m. ― 7 months ago

There are several factors responsible for such report two of these are

1: Home loan interest rates
2: Slow market growth.

Improving liquidity can be the answer of the current problem of real estate market.
www.mariabarr.com

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