New homes sales see biggest monthly jump!

New homes sales see biggest monthly jump!

Sales of new single family houses in August 2014 were at a seasonally adjusted annual rate of 504,000, up from July’s printing of 427,000, the fastest rate in six years and the biggest monthly jump since January 1992.

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The biggest gains and by far the reason for the big increase were new home sales in the West, one of the two largest housing markets, along with the South.

New home sales in the West were up 50% over July.

The South saw an 8% increase. The South is by far the largest region for new home sales, outdistancing all other regions combined.

The median sales price of new houses sold in August 2014 was $275,600; the average sales price was $347,900.

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Jumbo Loans Cheaper and Easier to Get!

Jumbo Loans Cheaper and Easier to Get!

bigstock-Resort-collage-made-of-Cyprus--14454446Wealthy home buyers are paying lower average rates on high dollar loans, and in some cases, they don’t even have to worry about a large down payment or mortgage insurance.

For months, lenders of jumbo mortgages have been charging interest rates that are lower  than what average borrowers pay. Jumbo loans are mortgages that above $417,000 or $625,000 or more in high-priced markets.

Many lenders also have requiring as little as 10 percent, which is about half the normal rate, waiving the private mortgage insurance, and even lowered their credit standards for jumbo loan originations.

Luxury homes are selling faster than last year, according to data through July from Realtor.com.   The median age of listings ranged from 80 days  for homes listed at $1 million or more.

Labor Day Weekend’s exclusive happenings!

This Labor Day weekend travelers can take advantage of The Maritime Museum’s Sailing In San Diegoannual Festival of Sail, Julian Fall Apple Harvest, U.S. Sand Sculpting Challenge and 3-D Art Expo on San Diego Bay, featuring live entertainment and food as well as take part in the start of the San Diego Chargers football season kick-off.

Festival of Sail is hosted by the Maritime Museum of San Diego along the  North Embarcadero, San Diego Bay and will host over twenty fascinating ships from around the world during August 29, 2014 – September 1, 2014.  Julian Fall Apple Harvest going on, emulating the 1870’s gold rush, this charming festival allows travelers to shop, sample famous apple pies, picnic and hike throughout the refreshing oak trees, and even take part in a horse-drawn carriage-ride down Main Street.

In addition to this Labor Day Weekend’s exclusive happenings, other enjoyable excursions and activities include attractions and tours like SeaWorld, the San Diego Zoo, Balboa Park, boating and brewery tours, hiking, horseback riding, sailing, Segway excursions, whale watching and wine tasting.   http://www.sdmaritime.org/festival-of-sail/

Have a safe and enjoyable Labor Day Weekend!