This would really help homeowners in our community!
I am a Coldwell Banker real estate agent and today our company announced that Realogy (our parent company) has approached the U.S. Department of Treasury with the call to lower rates from 4.5% or lower on 30 year fixed rates mortgages.
"There are millions of credit-worthy people ready to jump back into the housing market, but they need to be motivated," said Realogy President and CEO Richard A. Smith. "In our view, the incentive of substantially lower mortgage rates would directly stimulate the housing market - both in sales volume and price - and thus accelerate the overall U.S. economic recovery."
Realogy's proposal calls for a short-term government buy-down of mortgage rates to at least 4.5%, or lower, for a 30-year fixed rate mortgage (down from current rates of approximately 6.04%). This homebuyer incentive would apply to the purchase of all new and/or existing homes sold up to $1 million in price.
Here are the key findings from the Realogy broker survey:
- 95% of brokers said they would expect an increase in home sales if 30-year conforming fixed-rate mortgages were available at 4.5% rates today.
- Most notably, 54% of all responding brokers said the impact of a 4.5% mortgage rate would significantly increase home sales in their markets.
- Of the brokers who answered that rates would increase, nearly half (46%) indicated that they would anticipate unit sales levels to increase between 10% to 25% if 4.5% mortgage rates were available today.
The majority of brokers also agreed that substantially lower mortgage rates would have a strong stabilizing impact on average home sales prices.
- 51% of brokers felt home prices would increase somewhat and 38% felt home prices would stay the same.
- Of the brokers who felt prices would increase or significantly increase due to 4.5% mortgage rates, 22% felt the home price increases would be in the 3% to 5% range and 13% felt it would be in the 5% to 7.5% range.
About Realogy Corporation
Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy's world-renowned brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby's International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy's franchise systems have approximately 16,000 offices and 300,000 sales associates doing business in 92 countries around the world. Headquartered in Parsippany, N.J., Realogy (www.realogy.com) has approximately 13,000 employees worldwide. Realogy is owned by affiliates of Apollo Management, L.P., a leading private equity and capital markets investor.
If you are interested in searching for homes in the San Diego community of Carmel Valley or Del Mar, researching the current value of your home, viewing our Carmel Valley real estate website, or learning more about the current housing market, give us a call anytime at (858) 245-9905.
Copyright © 2008 Susan Laxson. All Rights Reserved. "Coldwell Banker & Realogy Propose Buy-Down in Mortgage Rates". Information from sources deemed reliable, but not guaranteed.
To view La Jolla developments, custom estates & La Jolla condominium communities, visit our comprehensive website at www.LJ-Homes.com. Contact us at 1-760-567-9100, we are here to help you find the La Jolla home of your dreams or sell your home for top dollar!
Copyright © 2008 - 2010 Susan Laxson. All Rights Reserved. Information from sources deemed reliable, but not guaranteed.
EMERALD COVE LA JOLLA is situated along the southern slope of Mount Soledad and is a small, gated community of 122 homes built 
by Techbilt. 
Did you know under California State Law, a temporary reduction in assessed value can be made when the market value of your property falls below the assessed value? For all practical purposes, this only affects those property owners who purchased their property at the height of the current real estate market. If your property is located in San Diego County, click here for the 
Have you ever been to a haunted aquarium? Here's your chance! The La Jolla Birch Aquarium is sponsoring its 8th annual "Haunted Birch Aquarium" on October 24th, 25th and 26th from 6 pm to 9 pm. Costume contest judging will take place in the Galleria from 6:00 to 7:15 pm and winners will be announced at 7:30 pm.
the dark.
EL DORADO I & EL DORADO II, also sometimes referred to as Eldorado in La Jolla, offers 194 condominium style homes built from 1977 to 1988. There are 3 single level floor plans and 2 two story floor plans with three to four bedrooms and two to three 
bathrooms with two car attached garages. They range in size from 1,573 to 2,679 square feet of living space. Many of the units are located on cul de sacs and several have canyon and city light views to San Diego. El Dorado residents enjoy the amenities of the La Jolla Alta Recreation Center with two pools/spas, sauna, fitness center, five tennis courts and club house. Street names for El Dorado include Caminito Aliviado, Caminito Ascua, Caminito Asterisco, Caminito Barlovento, Caminito Cardelina, Via Cabrera, Via Pedrera and Via Tabara.
EDGEWATER COVE located at 1039 Coast Boulevard (not South) features 8 units built in 1958 overlooking Scripps Park at La Jolla Cove. From Edgewater Cove, you can walk to the popular park at La Jolla Cove, several beaches or to the Village of La Jolla where you will enjoy the 
wonderful selection of restaurants or a variety of shopping. Pets are allowed and there is underground parking for residents. Due to the number of units in the building and their location, condos rarely become available in this complex and are highly sought after when they do come on the market. The units have two bedrooms/two baths and range from 1,071 to 1,390 square feet of living space.
Every year the 
EASTBLUFF condominiums are located in the easterly portion of La Jolla adjacent to I-5 and near UCSD, often called "La Jolla Village North". Eastbluff features 212 split level townhomes in walking distance to the campus of UCSD, shops, restaurants, nearby parks, movie theaters & freeway access. The spacious condos have 
fireplaces, two car garages, laundry hookups, front patios and BBQ decks. There are three floor plans with two to three bedrooms and two to two & one-half baths, ranging in size from 1,031 to 1,707 square feet of living space. Recreational facilities include a pool & spa and pets are allowed in the complex. These units are popular with first time homebuyers, UCSD students and investors due to their affordability and their convenient location.
7560 EADS AVENUE is a charming California Colonial style condominium complex with 12 units located in the heart of the Village of La Jolla. The units have three bedrooms and two baths and from 1,102 to 1,474 square feet of living space. There is a laundry area in each unit and an underground parking garage for the residents. Pets are allowed in this building. 7560 Eads is conveniently close to shops, restaurants, parks, churches, the Village and La Jolla Cove.
Having spent a large portion of my life living in Mexico, first as an exchange student, then owning gift and clothing stores in La Jolla and Puerto Vallarta and most recently selling oceanfront properties in Marina & Puerto Vallarta, I love Mexican food. Not just the kind you get in your local Taco Bell or even some of the chain restaurants... the kind you get from the small neighborhood local hangouts. Mr. Taco in La Jolla, on Ivanhoe, is what I consider to be an authentic neighborhood taco shop. Not only do they serve great tacos, delicious chile rellenos, sizziling fajitas, tasty frijoles and warm handmade tortillas, but they also serve ice cold beer and margaritas! And if you are a Chargers fan (or even not) you must try the "Chargers Burrito Supreme", packed with over 1 pound of delicious fillings! As the owner, Guillermo Cortes observed, "We have the quality of a restaurant and the quick service of a taco shop." I agree... simply delicioso!