Was There A San Diego Real Estate Recovery?

Aug. 19, 2010 - PRLog -- There has not yet been a recovery in the San Diego real estate market!

There was a short head-fake provided by trillions of dollars in taxpayer funds that were thrown at the real estate market by both the Federal government and the fiscally astute, California legislature.

As an active San Diego California real estate broker I could see a marked decline in real estate activity, in many local areas within San Diego, right after the April 30 federal tax credit expiration. Homes listed for sale that just a few weeks earlier would’ve gotten multiple showings in one week, are now lucky to be shown once a week. Indications from local escrow companies and from a major San Diego mortgage company indicate that this slowing trend is significant and widespread throughout San Diego County.

What’s really troubling, is that the government tax credit was not enough to jumpstart our local housing market. Plus, the fact that this new downturn has started in the seasonally adjusted hottest marketing timeframe, coupled with historically low home mortgage interest rates, would indicate that as we approach Fall and Winter, this trend could easily accelerate. Perhaps the culmination in a real San Diego real estate market bottom will occur in late 2011 or 2012.

San Diego is the third most real estate dependent area in the country (with Orlando and Miami being the first and second respectively) the general San Diego economy should also experience a double-dip until the real housing market bottom is in place.

Naturally, being an active San Diego real estate broker I hope that San Diego is not entering into a double dip for the housing market, but, then again I wouldn’t bet against my 30 years of residential real estate experience.* Read the full article at:
http://www.brokerforyou.com/brokerforyou/was-there-a-san-...

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Bob Schwartz is a Certified Residential Specialist, real estate broker specializing in San Diego real estate. Bob received his BBA majoring in real estate & computer programming.
Bob's popular blog: http://www.brokerforyou.com/brokerforyou