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San Diego housing trend spells good news for entry-level buyers

Posted by Mehran Aram on Sun, Jun 9, 2019 @ 07:06 AM

A recent study from Realestate.com shows that the rate of home price appreciation in San Diego for dwellings in the lower third of prices is slowing. Homes in the bottom-third of the market appreciated at a rate of 2.2 percent annually as of April, that’s down significantly from the 10.4 percent price jump seen between 2017 and 2018. The slowdown in price growth for these entry level homes may make it easier for first-time buyers to get in the market.

Of course, entry-level homes in San Diego still come with a nearly half-million dollar price tag. Although the San Diego Housing Commission offers down payment assistance and that can potentially be coupled with programs like an FHA loan which allows buyers to purchase a home with as little as 3.5 percent down.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego, real estate, Mortgage rates, San Diego Housing Market, San Diego Housing Commission, Housing Trends, San Diego Housing

New housing for developmentally disabled breaks ground in San Diego

Posted by The Aramco Group on Tue, Oct 23, 2018 @ 10:10 AM

Ground has been broken on three new affordable apartment buildings in Otay Mesa which will housing people and families with developmental disabilities. Pacific at Playa del Sol includes a dozen units specifically for low-income residents which such disabilities. Rent costs will start at $730 for a single bedroom.

“Adults with developmental disabilities desire what we all desire,” said San Diego Regional Center Executive Director Carlos Flores. “Good jobs, benefits, good pay and a nice affordable place to live.”

Chelsea Investment Corporation, in collaboration with the County, the San Diego Housing Commision, the Foundation for Developmental Disabilities, Pardee Homes and Banner Banks. The apartments are promised to remain affordable until about 2074.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.75 percent, 15-year rates are near 4.25 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego, Mortgage rates, Rent, Housing Affordability, Monthly Rent, San Diego Housing Commission, Affordable Housing, Rent Costs