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JUMBO HOME LOAN BUSINESS IS BOOMING

Redwood Trust, the first investment trust to offer mortgage-backed securities since the financial collapse of 2008, plans to sell $576.4 million in residential mortgage-backed bonds. “That’s on top of the $1.7 billion tied to home mortgage loans it has already issued this year, twice the total sales covering 2010 and 2011” according to data compiled by Bloomberg.

Redwood specializes in jumbo loans, usually over $625,000 in high-end areas, that are not backed by federal agencies such as Fannie Mae, Freddie Mac and the FHA. If investors are looking for another sign that the housing market is recovering, this is it. CEO Martin Hughes says that Redwood’s goal for 2013 is “to acquire and securities approximately $7 billion of residential mortgage loans. Record low interest rates are providing additional affordability, which should protect against price declines absent a second recession”.

Fitch Ratings is said to be giving most of the $576.4 million of Redwood’s securities its triple-A stamp of approval.

Source: Andrew Ross, San Francisco Chronicle, Mar. 16, 2013

Posted in Buyers and Sellers, Coronado Market Update, Real Estate Trends on March 16th, 2013 | No Comments »

SAN DIEGO REAL ESTATE CONTINUES TO STRENGTHEN

The San Diego Association of Realtors reports that rising housing prices are injecting a new energy into the move-up market for San Diego County home buyers. The price of a single-family home went up 14% for the first time in two years. The cost for both attached and detached residences climbed 18%. President Linda Lee advises prospective buyers to get prepared before starting that home-search. Be pre-qualified with a lender, so you know exactly what you can afford, before you become emotionally attached to a property that is not in your price range.

Posted in Buyers and Sellers, Coronado Market Update on March 9th, 2013 | No Comments »

GEM AWARD RECOGNIZES RENOVATED HOME FOR REFLECTING ISLAND HISTORY

A 1912 Craftsman home at 810 Adella Avenue was awarded the first-ever GEM Award from the Coronado Historical Association. ”The modest interior remodel grew into a full-blown historic research/restoration project…” which resulted in the “Going the Extra Mile” or, GEM, award. The award was presented to the owners during CHA’s annual gala on February 23 at the Marriott Coronado Island Resort. In addition to period-correct shingles and stone pillars, authentic lights, and paint and window choices, moldings, finishes, and cabinetry take you back to the early 20th century when the house was built. Residents of Coronado are grateful for the dedication that went into the preservation of this beautiful Craftsman home.

Posted in Buyers and Sellers, Cool Coronado Info on March 9th, 2013 | No Comments »

PRUDENTIAL SOUTHERN CALIFORNIA RANKED #1!!

We are #1 in sales volume again in San Diego! $3.976 billion in sales, 2012 – San Diego. $10.5 billion in total company sales! Congratulations to the PruSoCal Realty Team!!

Posted in Buyers and Sellers, Cool Coronado Info, Coronado Market Update on March 7th, 2013 | No Comments »