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SAN DIEGO COUNTY WILDFIRES

News 8

www.cbs8.com

UPDATED: Monday, October 22, 2007 8:42 PM

Emergency officials are reminding residents to limit cell phone calls and use major highways for emergencies only

Click on The Link Below for detail news and information on the San Diego County fires

http://www.cbs8.com/



Plummeting home prices: a crash or a correction?

DEAN CALBREATH
Plummeting home prices: a crash or a correction?

October 21, 2007

There's an economic commentator in town who likes to poke fun at the idea that home prices are crashing. For the past couple of years, his refrain has gone something like this:
“How come if stock prices drop 10 percent, they call it a correction, but if home prices drop 3 percent, they call it a crash?”
It's a rhetorical question that works only if people buy stocks and homes for the same reason. Which they don't. Savvy investors know stock prices take sharp ups and downs. If they get nervous, they can usually bail out of their positions as speculators swoop in for a bargain.

Read More:
http://www.signonsandiego.com/uniontrib/20071021/news_1b21dean.html


Landlords reap rewards in housing slump

Credit crunch, foreclosures, shortagesboost rental rates By Emmet PierceSTAFF WRITER / San Diego Union Tribune

October 18, 2007

Tighter lending standards, a shortage of rental units and the recent spike in home foreclosures are benefiting the San Diego region's landlords.

A survey coming out today from the RealFacts research firm shows that apartment rental rates climbed to an average of $1,363 in the third quarter, up 5 percent from a year earlier and 1.26 percent over the previous quarter.Chris Bates, a spokesman for Novato-based RealFacts, said the increase followed several years of very modest growth and was just above average among metropolitan areas in the West and Southwest Read More: http://www.signonsandiego.com/uniontrib/20071018/news_1b18rent.html



Credit crunch fuels drop in sales, prices in 6-county region
By Roger Showley STAFF WRITER /San Diego Union Tribune

October 17, 2007

Home sales throughout Southern California plunged last month to their lowest levels in more than a decade, with prices falling in most areas as well, DataQuick Information Systems reported yesterday. But there was a big asterisk attached to the monthly data.
The report showed a lingering impact of the summer credit crunch through a scaling back by lenders in financing jumbo loans used by nearly 50 percent of all buyers in the region. Jumbo loans are $417,000 and up.
Read More:http://www.signonsandiego.com/uniontrib/20071017/news_1n17housing.html


Housing slowdown is likely to persist Realtors predict '08 sales and prices will decline
By Roger ShowleySTAFF WRITER / San Diego Union Tribune

October 11, 2007

The housing picture in California is likely to remain gloomy throughout 2008 as sales drop to their lowest level in 23 years and prices decline 4 percent, the biggest downturn in 15 years, the California Association of Realtors predicted yesterday.
Meeting at their annual trade show in Anaheim, the 12,000 CAR delegates heard that the median price for existing single-family homes statewide will drop from an estimated $576,000 this year to $553,000 next year.Sales are projected to drop 9 percent to 334,500 for resale houses, the least activity since 328,270 homes were sold in 1985. If this prediction proves correct, sales will have fallen 46.5 percent from a peak of 625,000 in 2005.
Read More:http://cfx.signonsandiego.com/uniontrib/20070928/news_1b28kb.html

Home sales plummet to 7-year low point

Nationwide median price down from a year agoBy Jeannine Aversa / San Diego Union Tribune
ASSOCIATED PRESS

September 28, 2007

WASHINGTON Sales of new homes tumbled in August to the lowest level in seven years, a stark sign that the credit crunch is aggravating a painful housing slump.Sales of new homes dropped 8.3 percent in August from July, the Commerce Department reported yesterday, driving down sales to a seasonally adjusted annual rate of 795,000.
That was the lowest level since June 2000.This is just hideous, said Ian Shepherdson, chief economist at High Frequency Economics.

Read More:http://www.signonsandiego.com/uniontrib/20070928/news_1b28economy.html