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Following the Senate's favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. President Obama is expected to sign the legislation in the near future.

As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

2:00 a.m. September 15, 2009

San Diego County housing prices rose for the fifth consecutive month in August to reach a median price of $325,000, the highest since last September and $45,000 above the low reached in January, MDA DataQuick reported yesterday.

Analysts called the numbers another sign that the market is stabilizing after three years of steep losses. But that doesn't mean all homes are regaining their lost value, they said.

It's just that fewer low-cost, distressed properties closed escrow last month and consumers remained concerned enough about the economy to hold off buying or listing their homes for sale.

“There were fewer screaming deals to choose from among foreclosures, and there was lack of consumer confidence,” DataQuick analyst Andrew LePage said.

There were 3,306 sales in the county last month, down 13.2 percent from July. LePage attributed much of the decline to a reduction in foreclosure properties that sold — roughly 980 in August compared with 1,320 in July.

In percentage terms, 32.2 percent of August resales involved foreclosures completed over the past 12 months, down from 37.4 percent in July and 43.1 percent a year ago.

“Foreclosures are still high by historic standards, but they're off their peaks,” LePage said.

Erik Weichelt, president of the San Diego Association of Realtors, said his agents at Weichert Realtors Elite are representing fewer bank-owned properties acquired through foreclosure. He said many other real estate offices report the same dearth of dirt-cheap homes.

“We'd get a couple a day when there was heavy foreclosure in 2008 — 10 a day sometimes,” Weichelt said. “Now, it's fairly slow. There are some months where we haven't gotten any and have sold off the remaining inventory we had.”

His association said yesterday's inventory of active listings stood at 8,462 — about a two-month supply at current selling rates.

That tightness normally signals a seller's market in which buyers submit multiple offers above the listed price. That's been the case for many bank-owned properties, agents report.

But above the $400,000 price level, sales are proceeding fairly slowly and few homes are available.

Kirk Lesh, senior economist at California Lutheran University's Center for Economic Research and Forecasting, said the relative scarcity of low-cost homes skews the median price upward.

“I don't think true price appreciation has taken place yet,” Lesh said. “There's just too much weakness in the market.”

Lesh said his analysis of defaults and foreclosures points to a continued high level of foreclosures for the foreseeable future, but not at the record levels registered late last year and early this year.

Lesh has helped develop a model to help banks predict defaults and the strength or weakness of real estate markets.

Another possible factor contributing to less sales activity is the waning of federal and state home buyer tax credits, said Peter Dennehy, senior vice president for Sullivan Group Real Estate Advisors.

The $10,000 state tax credits for new-home buyers were largely spoken for by the end of June, he said, and the $8,000 federal first-time buyer credit expires Nov. 30.

Would-be buyers might not have been able to find an affordable home in June and July that they would have closed escrow on in August. Now, it's getting almost too late to find a home, secure financing and close escrow by the deadline.

“I do think if the tax credits are not extended, we'll probably start to see sales fall again,” Dennehy said.

The National Association of Home Builders and other industry groups are lobbying Congress to extend the tax credit. As the builders' chief economist, David Crowe, said in a statement yesterday, “Housing has not made the leap forward that everyone had hoped for by now.”

Kelly Cunningham, chief economist at the National University System Institute for Policy Research, said even if the recession eases, local unemployment will likely continue to rise or remain high and cause distress for homeowners who lose their jobs.

“In normal times, that's when you start to see real problems in the housing market,” Cunningham said. “We're just now getting into that now. . . . All that doesn't speak well for us to see a rebound in the housing market.”

Union-Tribune

2:00 a.m. September 6, 2009

Just as San Diego County's housing market seems ready to rebound, a new impediment is threatening to stymie any improvement.

New rules governing appraisals, a key step in mortgage lending, are leading to mistakes, delays, lower home valuations, higher costs and worse service for would-be buyers, industry experts say.

“They are stopping or delaying sales,” said Peter Dennehy, senior vice president of Sullivan Group Real Estate Advisors.

As of May 1, a new “home valuation code of conduct” generally bars lenders, mortgage brokers and real estate agents from communicating directly with appraisers and requires them to work through a middleman.

Previously, some appraisers had been pressured to verify a value or face being blackballed from further work by lenders, brokers and agents. Some analysts believe these ever-increasing valuations contributed to the real estate bubble and its subsequent collapse.

The new code was worked out last year between New York Attorney General Andrew Cuomo and mortgage-finance giants Fannie Mae and Freddie Mac, which applied the rules nationally.

In a real estate transaction, a buyer makes an offer that is accepted by the seller, opens escrow and seeks a loan from a lender or via a mortgage broker. The buyer pays for an appraisal, costing $400 or more, and the lender uses the results to determine how much to lend.

If the appraisal is lower than the sale price, lenders typically will not fund the difference, and buyers must increase their down payments or sellers must lower the price to seal the deal.

Now, buyers and their agents generally are not allowed direct communication with the appraiser before the appraisal in completed, and they say they are having trouble fixing mistakes.

“Agents can't talk to appraisers. Loan officers aren't supposed to give them anything,” said Michelle Morris of Coldwell Banker Home Loans.

Because appraisers are paid a flat fee for their work, they are not inclined to make changes, industry observers say. And lenders do not press appraisers to raise values, remembering the freewheeling lending of just a few years ago that resulted in millions of foreclosed properties.

While defenders of the new system say complaints about incompetent appraisers amount to an “urban myth,” critics say the system could impede the housing recovery.

The code of conduct “is deflating real estate values and poisoning transactions that would otherwise close,” said Robert Fields, broker and owner of Century 21 Carole Realty, a San Diego escrow company and mortgage brokerage.

Just as the new code was going into force, some San Diego neighborhoods were experiencing multiple offers and overbids, sometimes prompted by low-ball listings posted by lenders hoping to ignite bidding wars for their foreclosed properties.

Because appraisers rely on past sales to evaluate present deals, there is a built-in lag effect in an appreciating market, in which sales completed several months ago are lower than current prices being offered. So far this year, MDA DataQuick reports that the overall San Diego County median has risen from a low of $280,000 in January to $320,000 in July.

It takes an experienced appraiser to be able to spot a market turn such as this, one block at a time, experts say. But agents report that many nonlocal appraisers are submitting inaccurate valuations because they do not know the territory or understand current pricing trends.

With an estimated one-third to one-half of all transactions covered by the new code, San Diego residential appraiser David Eshelman said the change in procedures could result in unintended consequences for local housing.

“Because the appraisers are missing the sales prices, it's creating lower comparable sales to be used the next time around,” Eshelman said. “It's that snowball effect — you get one bad number, and it's another bad number, and it goes on from there. It could conceivably have an adverse effect on values in San Diego.”

Mark Goldman, a mortgage broker and real estate lecturer at San Diego State University, said, “It's almost comical, except for the economic loss that results.”

Goldman's wife and business partner, Julie, recalled a client and attorney who recently wanted to buy a home within walking distance of the Vista courthouse for $460,000. But the appraiser from Laguna Hills not only valued it nearly $60,000 below the offered amount, but missed the fact that the property was commercially zoned and not eligible for the loan being requested.

“The appraiser's job is to verify all information,” Julie Goldman said, and in this case, this simple error wasted all parties' time and killed the deal.

Jon Cima of Serra Mesa said he encountered an appraisal problem when he tried to buy a house for his widowed mother, Pat, in San Carlos. The first appraisal was $40,000 less than the contracted price, and Cima was willing to pay the difference. But the lender went out of business the day escrow was due to close.

A second appraiser verified the value at the $370,000 asking price, but the delay cost Cima additional fees and nearly $4,000 in penalties for extending escrow for 32 days.

“There are a lot of holes in a system that I think they put together very quickly,” Cima said.

The system's new wrinkle is the “appraisal management company,” sometimes an independent company that contracts with lenders and sometimes is partly owned by the lender.

To comply with the new code, lenders now typically hire these companies to provide appraisals. The companies in turn rely on thousands of freelance appraisers, chosen at random on a rotating basis.

But while the lenders have reportedly increased appraisal fees from $400 to $500 in the past year, the increase is going to the management companies, not the appraisers, who often get less than $200 for their work, disgruntled appraisers say. The theory is that the appraisers will make up the difference in more assignments now that they do not have to spend time marketing themselves.

Defenders of the new system say it is resulting in more accurate appraisals. Scot Ellsworth, Bank of America's regional appraisal manager, called reports of bad appraisals and inordinate delays nothing more than an “urban myth.”

A Wells Fargo spokesman said appraisers used by the bank's appraisal management company average 10 years' experience and got a fee increase in April.

Meanwhile, real estate industry leaders are acting on several fronts. A bill awaiting Gov. Arnold Schwarzenegger's signature would require an estimated 150 appraisal management companies doing business in California to register with the Office of Real Estate Appraisers. Bob Clark, who runs the office, said the measure would allow his staff to collect and investigate complaints concerning the state's 16,200 licensed appraisers.

In Congress, two bills would either replace the code or impose an 18-month moratorium on its implementation. With neither likely to pass, appraisal industry groups hope to seek modifications.

Joe Cuffaro, a Coronado appraiser who started his own appraisal management company, endorsed some changes but argued that the new system will “wean” agents and mortgage brokers off the loose appraisal practices of the past.

“Truly there is a sea change going on in our industry,” Cuffaro said.

Union-Tribune

The Los Angeles Chargers were one of the original eight teams in the old American Football League. The original coaching staff was made up of Sid Gillman, Al Davis, Chuck Noll, Joe Madro and Jack Faulkner. Future congressman, Jack Kemp, was the sta...rting quarterback. From the original team in 1960, Ron Mix was the only player still with the Chargers when the AFL ceased to exist with the merge with the NFL.

The Chargers won the AFL Western Division championship in 1960, but lost to the Houston Oilers in the league championship game by a score of 24-16.

Charlie McNeil was a hard-hitting safety for the Chargers from 1960-1964. McNeil grew up in Los Angeles, and attended Compton JC. He played in one AFL All-Star Game (1962), and in four AFL championship games. Cha...rile McNeil had 14 interceptions in 1961, which he returned for 349 yards and 2 touchdowns. He had 19 career interceptions.

Sadly, McNeil died in1994, when he took his own life.

8:45 a.m. September 1, 2009

FILE - In this July 24, 2009 file photo, a pending home sale in Palo Alto, Calif., is shown. The National Association of Realtors said Tuesday, Sept. 1, 2009, pending U.S. home sales rose more than expected in July to the highest level in more than two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.(AP Photo/Paul Sakuma, file) - AP

WASHINGTON — A gauge of future U.S. home sales rose more than expected in July to the highest level in over two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.

The report showed the housing market is rebounding faster than expected from its historic bust. Low prices and the looming expiration on Nov. 30 of a first-time homebuyers' tax credit of up to $8,000 have spurred sales. Prices in much of the country have begun to rise from the depths of the slump.

"The overall trend toward stabilization is undeniable at this point," wrote Mike Larson, real estate analyst at Weiss Research.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in July for previously occupied homes rose 3.2 percent to 97.6. It was the sixth straight increase, and 12 percent higher the same month last year.

Economists surveyed by Thomson Reuters had expected the index to edge up to only 96.5.

The index of pending home sales indicates how sales completed this month and next will turn out. Typically, there is a one- to two-month lag between a contract and a final deal. But delays in getting mortgages approved and appraisals completed have recently lengthened the time it takes to close a deal in many cases.

Analysts predict sales will drop off when the tax credit expires, or if mortgage rates rise from near-record lows. Foreclosures also continue to rise, and banks are forced to sell those properties at deep discounts, pushing prices down.

A 12 percent jump in sales contracts in the West and a 3 percent increase in the South drove July's overall increase. Sales fell in the Northeast and Midwest.

The Realtors group projects that around 2 million first-time buyers will take advantage of the credit this year, and says it is spurring 350,000 additional sales that wouldn't have happened otherwise.

Nationally, home prices in the second quarter posted their first quarterly increase in three years, according to the Standard & Poor's/Case-Shiller national index released last week. Prices are growing in some parts of the country, but "beware a rise in supply as frustrated would-be sellers see their chance," wrote Ian Shepherdson, chief U.S. economist at High Frequency Economics.

While home prices are still 30 percent below the mid-2006 peak, their new direction should bring relief to lenders, homeowners and buyers alike.

Falling property values have wiped out $4 trillion in homeowners' equity, and thousands have walked away from homes that are worth far less than their mortgage balance. But now, with prices stabilizing, many buyers who had been staying out of the market are coming off the sidelines.

January 1, 1962 - Al Davis signs Oakland Raiders draft choice, Lance Alworth, to play for the Chargers!

Sounds odd, doesn't it? But it is 100% true. Al Davis was the Chargers receivers coach when he began scouting Lance Alworth at the University of Arkansas. When it came down to draft time, the Raiders and Chargers worked out a deal. The Raiders would draft Alworth, and immediately trade him to the Chargers for Bo Roberson, Gene Selawski and Hunter Enis.

So Al Davis was in New Orleans on New Year's Day in 1962. He watched the game, and then signed Alworth to a Chargers contract immediately following the game, standing under the goalposts. It was critical in those days to sign college players in the first minutes of their eligibility because the rival NFL held their own draft for the same players, and the first team to actually sign the player was awarded with his service. This situation led to numerous stories of teams sticking players with babysitters for days in hotel rooms, and shuffling them in secrecy around the country in order to not allow them to have any interaction with the other league.

For available memoribilia visit TMT51 on ebay

Tobin Rote was signed by the Chargers out of the Canadian Football League in early 1963. At 35 years old, he was the oldest Chargers player by 6 years, but he brought veteran leadership and championship experience to the quarterback position. Rote ...led the Chargers to their only AFL championship title in 1963, and to a loss in the championship game the following year. He retired after the 1964 season (though he was briefly coaxed out of retirement by the Denver Broncos), and was replaced at QB by John Hadl. Hadl and flanker Lance Alworth, became one of the most dominant quarterback-receiver tandems in the history of pro football.

For available memoribilia visit TMT51 on ebay

At 6'9" and 325 lbs., the Chargers Ernie Ladd was a man of considerable size. He was a perennial AFL All-Star, and a professional wrestler in the off-season. Not surprisingly, Ladd was also known to put away massive amounts of food. So m...uch so, that on April 22, 1963, Ernie Ladd and Nick Cordileone (a San Diego dock worker also known for his enourmous appetite), were featured in an eating contest at the U.S. Grant Hotel. On the menu were Lobster Tails, Salad, Spaghetti and Meatballs, Southern Fired Chicken, Baked Virginia Ham, Beef Ribs, Sirloin Steaks, Vegetables, Mashed Potatoes, Rolls and Butter, and Layer Cake with Ice Cream for dessert. Hamburgers were to be employed in the case of a tie, necessitating a sudden death eat-off.

Local celebrities held various "official" titles such as "Counter for Belches at the Bell," "California State Meat and Potatoes Inspector" and "Consultants to the California State Eating Commission." Regis Phlbin was the Referee of the evening, and though it was apparently close, Ernie Ladd came out victorious.

For available memoribilia visit TMT51 on ebay

In 1963 the Chargers held their training campat a place called "The Rough Acres Ranch," in rural Boulevard, CA. The theory was to take the team away from all outside stimulation, to a place where they could only concentrate on football. ...The theory worked, as they won their only AFL championship that season. Shown here in the Rough Acres Ranch "catering facilities" are Bud Whitehead, George Blair and Sam Gruneisen.

For available memoribilia visit TMT51 on ebay

The San Diego Chargers played their first six seasons in Balboa Stadium, on the campus of San Diego High School. The stadium originally held 23,000 people, but a 10,000-seat upper deck was added when for the Chargers. There ...were no actual "seats," just spaces to sit on the long concrete rows. They were terribly uncomfortable, but everyone said that the place had great sight lines and there wasn't a bad seat in the house. The prices were right, as seen by this ticket sign used from 1964-1966. Reserved seats for $7.00. How can you beat that?

For available memoribilia visit TMT51 on ebay

In the late 1960s, the Chargers had a swift-footed running back named Dickie Post. Post, in addition to being a fantistic Barry Sanders-style back, owned a mod clothing store in the college area called Dick Post LTD. One of the items sold there was this "groovy" Chargers cowboy hat.

Now that football season is upon us, I will try and throw out interesting photos, memorabilia, etc. to keep the football jucies flowing!

For available memoribilia visit TMT51 on ebay

Read it at http://www3.signonsandiego.com/stories/2009/aug/18/home-prices-sales-show-slight-increases/?metro&zIndex=151046

First time home buyers and investor alike are looking at one of the best time to purchase real estate in San Diego County.

Search the MLS at http://www.e-mailhomesearch.com/

Cozy home with easy floor plan and lots of recent upgrades awaits you. Accented with wood flooring & custom wood trim, stone like tile flooring in kitchen, remodeled kitchen & bathrooms, spacious master bedroom, shopping centers & freeway nearby. For a FREE list of homes to your email visit www.e-mailhomesearch.com . For no hassle information on this property call 800-297-3222

Lovely home nestled in the Eastlake Community with private fenced rear yard. Accented with tall vaulted ceilings, wood flooring and stainless steel appliances. Only minutes from freeway and shopping centers. Complex offers swimming, tennis, clubhouse & much more. For a FREE list of homes to your email visit www.e-mailhomesearch.com . For no hassle information on this property call 800-297-3222

If you need any questions answered contact The Rotsart Real Estate Group at (800) 297-3222. 

Custom built hilltop estate with panoramic views of the local golf courses and the East County mountainsides. Privately situated on a 17 acre parcel with private driveway and electronic gate this home delivers the feeling of seclusion while still only being minutes from local shopping centers and immediate access to surrounding trails. This is a must see home. This spacious home has an easy open floor plan accented with stone, wood flooring and tall vaulted ceilings that accentuate the spectacular views it has to offer. Granite counter tops complement the professional kitchen and large island. Fireplaces in the living room and the large master bedroom complemented by a spacious master bath with jetted tub and separate glass enclosed shower with steam sauna. Custom zero edge stone pool and spa finish the rear entertaining patio. Landscaped with drought tolerant plantings & fruit trees. Fenced dog run. This home has been meticulously maintained and is move-in ready...For a FREE list of homes to your email visit www.e-mailhomesearch.com . For no hassle information on this property call 800-297-3222