Who doesn’t?  So, run, don’t walk, down to the San Diego Human Society’s central campus at 5500 Gaines Street in San Diego next Thursday from 3-5 pm for “Fur Fix”.  Fur Fix is held every Thursday, from 3-5pm, at both Gaines Street as well as North Campus which is located at 572 Airport Road in Oceanside.  Fur Fix is your chance to play, pet and socialize with specially picked kittens at the SD Human Society.  It’s fun, it’s free and it’s guaranteed to make you feel good.  Plus, these little kittens can use the extra socialization to help make them more adoptable, so it’s a win, win!  Go ahead and get your fur fix on!! 

The first six months of 2012 saw a drop in foreclosures for San Diego according to San Diego Source Daily Transcript (July 26, 21012).  Foreclosure activity for our area decreased 10.84 % from prior six months and 1.84% from the first six months of 2011, according to RealtyTrac’s Midyear 2012 Market Report. 

As a result of a continued lack of inventory, and consequently low pending home sales, upward pressure is being put on existing REO inventory and “normal” sales.  According to the California Association of Realtors, the median price of REO properties had an 11 % year-over-year gain in June.   Here in San Diego, homes priced below the conforming loan amount of $417K continue to see multiple offers and a surprising amount of “all cash” offers make it difficult for VA and FHA borrowers to compete.  Discouraged and eager to get into the housing market, many of my FHA and VA borrowers elect to up bid the price to give them the competitive edge.

The following statistics are taken directly from the California Association of Realtors website, www.car.org and provide some interesting light on our diverse and complex marketplace.

Distressed housing market data:

• The share of equity sales – or non-distressed property sales – compared with total sales grew further in June. The share of equity sales rose to 58 percent in June, up from a revised 56 percent in May. Equity sales made up 50.5 percent of all sales in June 2011.

• The share of REO sales statewide was significantly lower from a year ago, while the share of short sales was up slightly. The combined share of all distressed property sales fell to 42 percent in June, down from May’s 44 percent and from 49.5 percent in June 2011.

• The share of short sales edged up in June to 21.4 percent, up from 21.1 percent in May and from 20 percent a year ago.

• Of the distressed properties, the share of REO sales continued to decline in June to 20.2 percent, down from 22.6 percent in May and 29.2 percent in June 2011.

• The available supply of REOs for sale tightened slightly in June, with the Unsold Inventory Index declining from a 1.5-month supply in May 2012 to 1.4 months in June 2012. The June Unsold Inventory Index for equity sales stood at 3.7 months and was 5.3 months for short sales.

4^th Annual “Passport to Adventure” this Saturday, June 23^rd, from 11 am to 2 pm

Hosted by University Heights own, Birney Elementary School, “Passport to Adventure” is a wonderful and fun event where children will teach our community about the art, culture, food and music of other countries.  This year’s countries include:  Eritrea, China, Finland, Iceland, the Philippines and the United States.  Each grade has been working hard this Spring to capture the culture and people around the globe.  They will proudly present to our community booths showcasing their findings.  There will also be games, a book exchange, a silent auction, face painting and many more fun activities.  Be sure to stop by, have some fun, learn a little and support the fabulous efforts of Birney Bee students on Saturday!