Jason Bernabei, TriCastle Realty
DEL MAR, January 23 2012 – Gooooood Monday Morning San Diego! Lots of rain and some nice waves this weekend! Another interesting week in the world of Housing and Lending, highlighted by the release of some new, interesting data. Here’s the latest skinny.
National home sales jumped up in the month of December at the highest rate in almost a year, despite the various hang-ups and hiccups associated with ascertaining mortgage lending. The National Association of Realtors recently detailed a 5% increase last month, equating to a seasonally adjusted annual rate of over 4.6 million dollars. This was the third straight month of strong positive numbers, and the best overall numbers since January of 2011.
With mortgage rates still quite low in lieu of Fed. Bernanke’s August rate-reduction, and vow to keep rates down through 2013, there are more and more mortgage lending applicants knocking on the doors of their local banks and broker-houses(or is it the other way around?). Though lending is still tight, in spite of the efforts of HARP and other government endeavors to mobilize efforts at growth in a still soft market, real estate, mortgages, business in general, is and always will be a numbers game. More apps means more interest means more movement means growth.
Further positivity (in the midst of all there is to be down about) is evidenced by the rise in home construction in the 4th quarter of 2011. The average sales price went up by almost 2.5% nationally to over $164,500 in December.
Positive jobs data released in recent weeks serves as a consideration to the positive events in housing and mortgage lending as well. The fates of both the economy and Housing are intertwined, symbiotic in their relationship to each other. Both are showing signs San Diego. Stay tuned. The times they are achangin’ in 2012. The window to buy and invest in America’s finest city is NOW!
Give me a holler at jasonb@tricastle.com, and check me out each and every Monday on www.tricastle.com for more, and be sure to tune in to SD6-CW to see myself, and our various local investors and rehabbers flip SD.
Jay’s Outlook: partly sunny
Jason Bernabei, TriCastle Realty
