Depending upon your current status — that is, owning income property in regions like San Diego — the latest bit of reportage from our friends at Case Shiller indicate the latest trend. Let’s first look at a snapshot of what’s happened in both the Dallas, Texas and San Diego real estate markets for the year ending this past May. I’m not an unbridled fan of Case Shiller, but I do respect their work. My only objection to their analytical conclusions is how much weight is given to distress sales in any given market. Markets, being local if nothing else, aren’t interchangeable. But it’s just a quibble on my part, nothing serious.
They found the general area of Dallas doing astoundingly well vs the rest of the country. Counting everything, the year ended in May showed that area of Texas, known locally as the MetroPlex, was the most resilient real estate (housing) market in the nation. Told ya so. 
San Diego? They’ve tumbled another 19% over that same period. I kept poundin’ the drums last year, hoping against hope real estate investors in areas like San Diego, (Hello, Northern CA, Phoenix, et al.) would look at the data and follow my advice — Get Outa Dodge. It’s not too late. The ever popular ‘Window of Opportunity’ is alive and well — along with very cool investor interest rates.
Warning: Dealing with lenders these days is more than a giant pain in the butt. They’re now checking to see if you were in fact the real author of that fifth grade book report on Iowa: Corn Farmers to the World you turned in back in 1967. If they find that the rumor your buddy Steve did it for you was in deed true, there could be higher costs involved.
My good buddy and lender Tom Vanderwell told me earlier today about a meeting he had today in which more new Fannie/Freddie guidelines were passed out. Tom works for a large national bank in Michigan. Anywho, seems most of the new rules are meant to antagonize more than anything else, but the long and short of it is, the 30 day escrow might be a victim.
Example: Every single tax return will be double checked with the IRS itself. Let that percolate a moment. Every single applicant for a loan will have their tax return(s) verified for accuracy directly with Internal Revenue. Gee, that won’t delay things much, right? Yeah sure, like ordering that diet Coke with your double bacon cheeseburger ‘n fries makes a whale (pun intended) of a difference in your waist size over time.
If you own San Diego income property, or anywhere like San Diego, we should probably talk. Your status quo can be improved far more than you may realize. My cell number is 619 889-7100. Have a good one.
Related posts:
- What’s Up In Texas? We Are — It’s Boots On The Ground Time Again + A Seminar
- She’s Left You For Good — San Diego Real Estate Market No Longer Your Sweetheart
- A Fun Friday — Quick Flight To No Cal — Good Food, Good People, Good Times
- San Diego Income Property Improving — It’s Still No Texas Though
- Getting Out Of A Dead Market — The Case For Taking What’s There And Movin’ On
About BawldGuy
How long will it take the IRS to process your lender’s request for a copy of the return once every loan underwritten under Fannie/Freddie guidelines has to meet this requirement? 30 day escrows? More like 120 days. And that’s if they don’t lose the request.
Texas is a hard sell for those of us that have seen Texas collapse in its exaggerated cycles of the past. There’s a real prejudice that needs to be overcome in many folks’ minds. It might be helpful to post more detailed information about the Dallas Metroplex. Pictures of the properties, maps of where these hot areas are relative to employers, employment and demographic data, etc. Real life numbers on a couple of recent client purchases. Sales data from a couple of overly coiffed academics in the Northeast does not make me want to get out my checkbook. Make us want to get on Southwest and check it out for ourselves!
AI — You’re crackin’ me up, as I was, IMHO, late to Texas for the very reasons you cite. Today’s Texas isn’t our parents’ Texas — the change has happened, and it’s here to stay.
I’ll start putting together links, stats, reports, maps, etc. for sometime in the near future. Thanks again.