ARAMCO Report - The Mother of ALL Mortgage Blogs!

ARAMCO Report - Thursday May 28, 2015

Posted by The Aramco Group on Thu, May 28, 2015 @ 16:05 PM

Homeowners control San Diego’s inventory

Homeowners currently have more influence on San Diego’s housing market than they have in years.

Real estate investors are more active when they are able to find distressed properties at a discount, but current foreclosure rates are near zero.

According to CoreLogic on 5/25/15 the foreclosure rate in San Diego in March 2015 was less than one half of one percent of all outstanding mortgages. The rate decreased 0.1 percentage points to 0.42 percent in March and stayed below 0.5 percent in April.

New housing project starts have been low until recently also, and the units currently under construction will take months to enter the market.

Therefore, it’s San Diego’s homeowners who are benefiting from controlling the limited inventory in the current sellers’ market where prices have risen around 1.2 percent in the last couple of months according to S&P Case Shiller.

Demand is still strong as can be seen in the rise in national mortgage applications for purchase which were up 1.2 percent in the week that ended May 22, 2015, despite that week’s slight rise in mortgage rates.

Mortgage applicants will find that conforming no point 30-year mortgage rates average 3.875 percent while 15-year rates average 3.125 percent.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Topics: home prices, homeowners, S&P Case Shiller, inventory, 30 year fixed rates, foreclosure, foreclosures, Investors, home price appreciation, foreclosure inventory, Home Inventories

ARAMCO Report - Monday May 11, 2015

Posted by The Aramco Group on Mon, May 11, 2015 @ 13:05 PM

San Diego’s vacancy rate must be incredibly low

Residential rents have gone up, renters will pay more, and—paradoxically—investments in real estate are down. How? The vacancy rate must be very low. The San Diego County Apartment Association (SDCAA) will conduct its next survey in June.

Rental Rates are up 5.4 percent in San Diego and nationally compared to one year before according to Zillow.com and the National Association of Realtors, respectively. In San Diego that means that rent in March 2015 was on average $2,339/month up from $2,218/ month in March 2014. 

At the same time, Rent.com released a survey during the week of May 4, 2015 that 55 percent of millennials would pay $150 more per month for their rent. That would equal to another 6.4 percent increase to the current prices cited above for San Diego.

However, the National Association of Realtors reports that the number of real estate sales made to investors is down to 14 percent in April 2015 from 20 percent at the same time last year.

Potential homebuyers looking for rest from the rental market will find conforming no point 30-year fixed mortgage rates average 3.875 meanwhile 15-year rates are closer to 3.125 percent.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: real estate, investing, 30 year fixed rates, National Association of Realtors, Vacancy Rate, Investors, Rent, Renters