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Housing Prices are Falling

2/22/2011

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I was reading Standard and Poors and from the S&P/Case-Shiller Home Price Indices of 20 cities, where there are 18 with their rates showing a home-price decline from the last quarter of 2009 to the last quarter of 2010:
  • Detroit, down 9.1%
  • Phoenix, down 8.3%
  • Atlanta, down 8%.
  • Portland, down 7.8%
  • Chicago, down 7.4%
  • Tampa, down 6.2%
  • Seattle, down 6%
  • Minneapolis, down 5.3%
  • Las Vegas, down 4.7%
  • Charlotte, down 4.4%
  • Cleveland, down 4%
  • Miami, down 3.7%
  • Dallas, down 3.6%
  • Denver, down 2.4%
  • New York, 2.3%
  • Boston, down 0.8%
  • San Francisco, down 0.4%
  • Los Angeles, down 0.2%
  • San Diego, up 1.7%
  • Washington, D.C., up 4.1%
Luckily San Francisco only has had a .4% drop.
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Mortgage Costs Increasing

2/21/2011

4 Comments

 
New regulations and government changes are going to increase the costs of loans.

FHA Premiums Are Going to Increase.  The Federal Housing Administration (FHA) is raising annual mortgage insurance premiums by an additional .25% on new 15 and 30 yr loans after April 18, 2011.  For 30 year loans this means the total premium will now be 1.15% from .9% if the Loan to Value ratio is higher than 95%.

FHA is Lowering The Maximum Loan Amount. The maximum amount that can be insured by Fannie, Freddie or the FHA is scheduled to drop to $625,500 on Oct 1, 2011 from $729,750.  This means less people in states with high property values will be able to obtain affordable FHA loans.
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New Development Proposed for 1255-1275 Columbus

2/5/2011

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There is an interesting new development that is supposed to go up on 1255-1275 Columbus which is where Leavenworth, Columbus and North Point intersect.  The proposed plan is to tear down the current 15,000+ sq ft office space building and build a new mixed use 54,000+ sq ft building.  The new building will consist of 20 residential units and ground floor commercial space.
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    Greg Bryan is a realtor and an attorney in San Francisco

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