[pacificshorecapital]

Dems lose veto-proof majority at City Hall

Democrats lost their veto-proof super majority on the San Diego City Council Tuesday night when voters in District 6 elected Republican Chris Cate to the officially nonpartisan panel. Read more @http://www.sddt.com/Government/article.cfm?SourceCode=20141105czb&_t=Dems+lose+vetoproof+majority+at+City+Hall#.VFqGDfnF9ds

[pacificshorecapital]

SD leading economic indicators up in September

The University of San Diego Burnham-Moores Center for Real Estate’s Index of Leading Economic Indicators for San Diego County rose 0.6 percent in September to 129.1, the highest level since November 2007 when the index hit 129.4. September’s gain was the fourth in a row and was the largest monthly gain since February 2013. Read more@http://www.sddt.com/News/article.cfm?SourceCode=20141031czb&_t=SD+leading+economic+indicators+up+in+September#.VFPQQvnF9ds

[pacificshorecapital]

Slower growth for US home prices in August

U.S. home prices increased in August, yet the pace of these gains continues to slow, helping to improve affordability for would-be buyers. Prices rose 6.4 percent in August compared with a year ago, Real estate data provider CoreLogic said Tuesday. That marks a decline from an annual gain of 6.8 percent in July. Home prices had been rising as much as 12 percent yearly toward the end of last year. Read More @ http://www.sddt.com/RealEstate/article.cfm?SourceCode=20141007fc&_t=Slower+growth+for+US+home+prices+in+August#.VDQcV_ldVds

[pacificshorecapital]

HEADS UP: Commercial property representation bill becomes law

Gov. Jerry Brown signed into law Friday legislation that makes it much more difficult for commercial real estate brokers to represent both sides of a sales or a leasing transaction. Under SB 1171, carried by Sen. Ben Hueso, D-San Diego, effective Jan. 1, 2015, commercial real estate salespeople and brokers will need to provide in writing their exact proposed agency role in the future transaction. In addition, this disclosure will need to be signed by the potential client prior to moving forward with any representation. Read more @http://www.sddt.com/RealEstate/article.cfm?SourceCode=20140818czg&_t=Commercial+property+representation+bill+becomes+law&846#.U_T7BflT5W8

[pacificshorecapital]

TODAY'S RATES

Multifamily Rates Starting at: 3 or 6 MO ARM - 2.500% 5 year fixed - 3.200% 7 year fixed - 3.800% 10 year fixed - 4.388% Commercial Rates Starting at: 3 year fixed - 3.750% 5 year fixed - 4.034% 7 year fixed - 4.415% 10 year fixed - 4.763%

[pacificshorecapital]

TODAY'S RATES

Multifamily Rates Starting at: 3 or 6 MO ARM - 2.500% 5 year fixed - 3.200% 7 year fixed - 3.800% 10 year fixed - 4.463% Commercial Rates Starting at: 3 year fixed - 3.750% 5 year fixed - 4.010% 7 year fixed - 4.444% 10 year fixed - 4.838%

[pacificshorecapital]

SD house flippers averaged $113,800 in '13

San Diego house flippers grossed an average of $113,800 per home in 2013, according to real estate firm Redfin. In San Diego, home flippers in Poway walked away with the biggest gains, with an average gain of $144,700 from a flip. The average pre-flip price was $400,900 and the average post-flip price was $545,600. A flip was defined as a home that was purchased and then sold again within 12 months. Nationwide, homes were flipped for an average of $90,200 per home in 2013, up from $71,800 in 2012, and from a peak of $82,800 during the last housing boom. In 11 of the markets analyzed, the average gain from a flipped home was well over $100,000. READ MORE @http://www.sddt.com/RealEstate/article.cfm?SourceCode=20140627czc&_t=SD+house+flippers+averaged+113800+in+13#.U7LlM_ldU7c

[pacificshorecapital]

TODAY'S INCREDIBLE RATES

Multifamily Rates Starting at: 3 or 6 MO ARM - 2.500% 5 year fixed - 3.200% 7 year fixed - 3.800% 10 year fixed - 4.298% Commercial Rates Starting at: 3 year fixed - 3.750% 5 year fixed - 3.932% 7 year fixed - 4.384% 10 year fixed - 4.798%

[pacificshorecapital]

Jobless rate dips below 6% -- sort of.......

For the first time in nearly six years, the jobless rate in San Diego County dipped below the 6 percent mark in May, driven by restaurants, hotels and entertainment sites preparing for summer tourists, the California Employment Development Department reported on Friday. Thanks mostly to hiring at restaurants and bars, which added 2,800 workers last month, the jobless rate fell from 6.1 percent in April to 5.8 percent in May, the lowest rate since June 2008. After weeding out the effect of summer hiring, the seasonally adjusted jobless rate remains slightly above 6 percent, dropping from 6.4 percent in April to 6.1 percent in May, said Lynn Reaser, chief economist for Point Loma Nazarene University (PLNU) at the Fermanian Business & Economic Institute. But that still ranks as the best number since July 2008. READ MORE@http://www.sddt.com/News/article.cfm?SourceCode=20140620czj&_t=Jobless+rate+dips+below+6+sort+of&66#.U6hw8PldU7

[pacificshorecapital]

NAR forecast shows commercial real estate market slightly improving

"The multifamily sector continues to be the top-performer in commercial real estate with the lowest vacancy rates,” Yun said. “However, tight availability -- despite new construction -- is causing rents to currently rise near 4 percent annually in many markets. Many renters who are getting squeezed may begin to view homeownership as a more favorable, long-term option." Multifamily housing should see vacancy rates edge up from 4 percent in the second quarter to 4.1 percent in the second quarter of 2015, with added supply helping to meet growing demand. Vacancy rates below 5 percent are generally considered a landlord's market, with demand justifying higher rent. San Diego is among the areas with the lowest multifamily vacancy rates at 2.5 percent, behind only New Haven, Conn., at 2.3 percent and Ventura County, Calif., 2.4 percent. New York City, Hartford, Conn. and Oakland-East Bay, Calif. are also at a 2.5 percent vacancy rate. Average apartment rents are projected to rise 4 percent this year and in 2015. Multifamily net absorption is expected to total 221,400 units in 2014 and 173,100 next year. Read more @http://www.sddt.com/RealEstate/article.cfm?SourceCode=20140527tqc&_t=NAR+forecast+shows+commercial+real+estate+market+slightly+improving#.U4TpHPldU7c

[pacificshorecapital]

Economy Watch: Negative Equity Continues to Drop

Zillow has released its latest Negative Equity Report, which says that the national negative equity rate was 18.8 percent in the first quarter of 2014 (that is, the percentage of mortgaged owner-occupied homes with negative equity). That’s down from a peak of 31.4 percent in the first quarter of 2012, and down from 19.4 percent in the fourth quarter of 2013. Negative equity has fallen for eight consecutive quarters as U.S. home values have risen. Read more@http://www.multihousingnews.com/news/economy-watch-negative-equity-continues-to-drop-2/1004102795.html

[pacificshorecapital]

SD for-sale home inventory down 10.9% from 2013

After rising at the end of 2013, for-sale inventory has fallen for four straight months to begin 2014. Inventory is down compared to last year in 21 of the nation's 35 largest metro areas covered by Zillow, with the largest inventory declines in the Houston (26.6 percent), San Antonio (23.7 percent) and Boston (23.4 percent) metro areas. More than half of metros in the U.S. currently have fewer homes for sale than at the same time last year. In many metros, inventory is tightest in the lower end of the market, which represents the homes most commonly sought by first-time homebuyers Read more @http://www.sddt.com/RealEstate/article.cfm?SourceCode=20140521tqa&_t=SD+forsale+home+inventory+down+109+from+2013#.U30R5_ldU7c

[pacificshorecapital]

Economy Watch: Americans Still Pessimistic About Economy; Number of Job Openings Down

The public is evenly split on the question of whether the economy will be better or worse in the near future. Some 24 percent say that economic conditions will be worse in the next 12 months, while 25 percent say it will be better. Nearly half (49 percent) predict little change. Read more @http://www.cpexecutive.com/headlines/economy-watch-americans-still-pessimistic-about-economy-number-of-job-openings-down/1004096358.html

[pacificshorecapital]

Mortgage market sees drop in refinance share of activity

Mortgage applications have returned to a "majority purchase market" for the first time since 2009, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, and San Diego seems to be following the nationwide trend. The refinance share of mortgage activity decreased to 49 percent of total applications from 50 percent the previous week, according to the MBA. The adjustable-rate mortgage (ARM) share of activity increased to 9 percent of total applications. Read More @http://www.sddt.com/RealEstate/article.cfm?SourceCode=20140507cze&_t=Mortgage+market+sees+drop+in+refinance+share+of+activity#.U20S0PldU7c

[pacificshorecapital]

Economy Watch: RE Investment Still Lagging; CoreLogic Sees Upward Momentum in Home Prices; Trade Deficit Edges Down

Investment in single-family housing has crawled its way back above 1 percent of GDP after spending a number of years below that. From the 1960s to the 2000s, investment in single-family housing typically ranged between 2 percent and 2.5 percent of GDP, though it bubbled upward in the mid-2000s to nearly 3.5 percent, a rate unlikely to be seen again. Investment in multi-family housing used to be way more than 1 percent of GDP, but tapered off below 0.5 percent by the 1990s, when public policy strongly emphasized single-family housing. Currently it’s roughly 0.25 percent of GDP.

As for commercial investment, office has recovered slightly to just more than 0.2 percent of GDP, but that’s still a long way from the golden age of office development in the 1980s, when the property type nearly broke 0.9 percent of GDP. Investment in malls and hotels is still at about 0.1 percent of GDP each; those property types have been more stable across the decades, hovering between 0.1 percent and 0.2 percent since the 1960s.

READ MORE@http://www.cpexecutive.com/headlines/economy-watch-re-investment-still-lagging-corelogic-sees-upward-momentum-in-home-prices-trade-deficit-edges-down/1004096005.html

[pacificshorecapital]

Economy Watch: Construction Spending Rises in March

Private construction spending was up; public spending was down. Spending on private construction projects in March came in at annualized rate of $679.6 billion, or 0.5 percent above the February rate. As for public construction spending, it was at an annualized rate $262.9 billion, or 0.6 percent below the February rate. Read more @http://www.multihousingnews.com/news/economy-watch-construction-spending-rises-in-march/1004101800.html

[pacificshorecapital]

Nonresidential building contracts spike in March

The metropolitan statistical area produced a total of more than $965.8 million in new building contract awards in March, outperforming the region's performance in March 2013. On a year-to-date basis, the relatively strong number pushed San Diego County ahead of its 2013 performance for the first three months of the calendar year. Since the start of the year, through March, more than $1.32 billion in building contracts have been awarded. By comparison, the first three months of 2013 resulted in total contracts valued at less than $958 million. Read more @http://www.sddt.com/RealEstate/article.cfm?SourceCode=20140424czc&_t=Nonresidential+building+contracts+spike+in+March#.U1qO0fldU7c