Housing to Improve in San Diego County in 2008 as the New Reality Evolves
In the January 2008 edition of Metropolitan Magazine, MarketPointe Realty Advisors Director of Economic Research, Alan Nevin, projects that 2008 will be a turnaround year for residential real estate in San Diego.
Nevin says “the paucity of new homes and condominiums in the market, combined with the major decline in interest rates, will create an environment that will be enticing to those who have been awaiting a turnaround to buy.”
The report projects a modest upturn in 2008, with relatively few new single-family and condominiums initiating construction due to the county-wide near- abandonment of major national public homebuilders, a dearth of buildable lots and land and a pull-back on construction lending by banks and investment firms.
Lower and more realistic pricing will allow prospective homebuyers to finance homes within the confirming $417,000 FANNIE MAE limits, thus fostering more affordable housing at lower monthly carrying costs.
The report also anticipates that the resale market will rebound from its 2007 low point and be up 10-15% in terms of sales volume.
MarketPointe Realty Advisors provides market analysis, feasibility studies, litigation support and research databases for new residential and proposed developments throughout California. MarketPointe produces ResidentialTrends, RentalTrends, and LandTracker database products. Offices are San Diego at 619-233-3781, Orange County at 714-528-2554, and Sacramento at
916-710-1398, website is www.marketpointe.com
- Contact Information
- Alan Nevin
- Director of Economic Research
- MarketPointe Realty Advisors
- Contact via E-mail
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