The Joys of Real Estate

The average sale price of homes in San Diego County increased 5% in the second quarter of this year.  Relative to the second quarter of last year the average sale price of single family homes is up 15% and attached homes is up 9%.   

The number of home sales in San Diego County was up 2% for single family homes and up 10% for attached homes relative to the second quarter of 2009. The second quarter is always the highest quarter for sales and is up 34% from the first quarter for both detached and attached homes.

Interest rates are still extraordinarily low and despite all the media predictions of rising interest rates and increased foreclosure the opposite has actually occurred.  Interest rates are at an all time low this month and foreclosures in the second quarter fell from 26% of all sales to 22% of all sales.  However, short sales increased from 23% to 25%.  Overall distressed property sales accounted for 47% of the total home sales in the second quarter.

Please note that the $8,000 federal tax credit is still available to military personnel who were deployed out of the U.S in 2008.

Remember, there is still a California first time home buyer tax credit available until December 31, 2010 provided the state allocated funds are not used up before then.