Jason Bernabei, TriCastle Realty: "The last week of January 2012, Housing Report"

Jason Bernabei, TriCastle Realty

DEL MAR, January 30 2012 – Goooooooood Monday Morning to America’s Finest City! And what a beautiful Monday morning it is! Today “The Realty Insiders” was announced to San Diego as the new real estate show in town, slated to air this March on SD6-CW. Yours truly will be one of the hosts of the show, with a new episode set to air every first Sunday of the month after the morning news! So for that reason, I am smiling wide and large, but that’s not the only reason.

I’m doubly excited today because despite my innate pessimism towards this housing market recovering any time soon, there are continued positive signs that just can not be easily dismissed. And I’m not the only one who thinks so. Yes, we’ve heard from President Obama all about the HARP program the past few years, and we heard even more coming from the podium at the State of the Union Address recently in regards to assisting more borrowers and homebuyers in their purchase mortgage and refinance pursuits. But that alone doesn’t make me altogether optimistic. What does however, is the fact that here at the end of January, we have seen a clear spike in consumer confidence for the FIFTH straight month.

The University of Michigan/Thomson Reuters gauge of consumer sentiment was just released at a 75.0 clip for January, up from 69.9 in December, and a full point higher than what was forecasted for the month of January. The gauge intends to purport how consumers assess their own personal finances in relation to business and buying conditions in the marketplace. Before the recession hit, the average was 87, but the climb in the last several quarters has been steady. January was another positive month in the RIGHT direction.

And more importantly than a university formula that philosophizes consumer confidence is the empirical evidence available as January winds to a close. The actual hard data on jobs demonstrates yet another month of recorded GAINS on the national scene. More jobs, more people earning, means more money pumped into the economy, means more mortgage apps, means more positive movement in housing with rates waaayyyy down.



Speaking of rates being down, Fed. Chair Bernanke recently quipped that the Fed. Fund rate would be kept pretty much at, well… ZERO until 2014. Mortgage backed securities subsequently gained +150 191 bps in the last week’s time, and rates followed suit, in the same positive manner.

As we enjoy this gorgeous weather here in SD during the tail end of winter, it sure is starting to feel like Spring. I’m feeling good today and encouraging San Diegans to take note of these positive happenings in the marketplace. Buying signs are flashing for anyone looking to invest in America’s Finest City. Get some while the gettin’s good!

Contact me, Jason Bernabei, at jasonb@tricastle.com, and check me out each and every Monday on www.tricastle.com and www.therealtyinsiders.com for more, and be sure to tune in to SD6-CW to see myself, and our various local investors and rehabbers flip SD on our newly entitled “The Realty Insiders” real estate show, THE ONLY real estate show in town! Until next time San Diego, happy housing! 

Jay's Outlook: sunny 

Jason Bernabei, TriCastle Realty