JB Home Sellers

Mortgage Rates Fall to New Low

Jennifer Bonasia — Thu, 01 Jan 2009 19:02:05 +0000

Washington Post Staff Writer
Wednesday, December 24, 2008; 11:22 AM

Mortgage rates continued tumbling, as Freddie Mac reported today that interest on 30-year loans averaged 5.14 percent this week, the lowest point since it began tracking in 1971.

That was down from 5.19 percent last week, itself a new low point. A year ago, rates stood at 6.17 percent. Rates have fallen for the past eight weeks as evidence of the economy’s problems has accumulated.

At 5.14 percent, the monthly principal and interest payment on a $200,000 loan is $1,091. That’s $130 a month less than the same loan would have cost at last year’s rates.

The low rates have been a bright spot amid a torrent of downbeat economic and housing news. Homeowners have rushed to refinance their loans to cut costs or switch from adjustable-rate mortgages to fixed-rate loans. Last week, mortgage applications jumped to the highest level in five years, according to a report from the Mortgage Bankers Association.

More than 80 percent of those were applications were for refinancing, but the association also measured an 11 percent increase in applications for home purchase loans.

The 30-year mortgage rates as stated in Freddie Mac’s survey include 0.8 points. A point is an upfront financing charge equal to 1 percent of the mortgage.

Freddie Mac also reported that 15-year fixed-rate mortgages averaged 4.91 percent with an average 0.7 point, down from last week when it averaged 4.92 percent. That’s the lowest since April 2004.

Streamlined Modification Program (SMP) Now Available to Borrowers

Jennifer Bonasia — Sat, 27 Dec 2008 18:58:03 +0000

	December 18, 2008 WASHINGTON, DC — Fannie Mae (FNM/NYSE), today said that the Streamlined Modification Program (SMP) announced by the Federal Housing Finance Agency (FHFA) in November is now available to Fannie Mae servicers and borrowers as an option to help prevent foreclosures. Fannie Mae on December 12, 2008, provided information and guidelines to its servicers regarding the implementation of the SMP. The SMP is designed to be a streamlined process for modifying the loans of a large number of borrowers who are delinquent in their mortgage payment and may be able to avoid a foreclosure through the program. As FHFA has indicated, SMP was intended to help set standards in the mortgage servicing industry for conducting loan modification programs on a large scale as a foreclosure prevention measure. Fannie Mae has been working with FHFA and 27 lenders and servicers in the HOPE NOW alliance to implement the SMP. Under the program, borrowers who meet certain eligibility criteria and demonstrate financial hardship may be eligible for a loan modification that reduces their monthly principal and interest payment. The streamlined process allows a borrower to sign a single document at the outset of the workout process that both establishes a new monthly payment during a three-month trial period, and sets forth the modification terms that will take effect if the borrower makes the new payments during the trial period. The program is available to borrowers who have missed at least three monthly payments on their existing mortgages. “By bringing the collective efforts of FHFA, Treasury, HOPE NOW, Fannie Mae, Freddie Mac and other mortgage industry participants together through the SMP to confront the foreclosure challenge, we’ll be able to help more families across America stay in their homes,” said Herb Allison, Fannie Mae president and CEO. “Along with other recently announced initiatives by Fannie Mae to reach and help financially troubled borrowers earlier, including our Early Workout program, the SMP is a critical component of our company’s foreclosure prevention efforts. These efforts are helping more than 10,000 delinquent borrowers every month get back on track.” Modification Options Through the SMP, servicers may change the terms of a loan to reduce a borrower’s first lien monthly mortgage payment, including taxes, insurance and homeowners association payments, to an amount equal to 38 percent of gross monthly income. The changes in terms may include one or more of the following: Adding the accrued interest, escrow advances and costs to the principal balance of the loan, if allowed by state law; Extending the length of the mortgage loan as appropriate; Reducing the mortgage loan interest rate in increments of 0.125 percent to an interest rate that is not less than 3 percent. If the new rate is set below the market interest rate, after five years it will step up in annual increments to either the original loan interest rate or the market interest rate at the time of the modification, whichever is lower; Forbearing on a portion of the principal, which will require the borrower to make a balloon payment when the loan matures, is paid off, or is refinanced. Eligibility Highlights of the SMP’s eligibility requirements communicated to servicers include: Conforming conventional and jumbo conforming mortgage loans originated on or before January 1, 2008; Borrowers who are at least three or more payments past due and are not currently in bankruptcy; Only one-unit, owner-occupied, primary residences; and Current mark-to-market loan-to-value ratio of 90 percent or more. Servicers will be sending modification solicitation letters beginning this month to thousands of borrowers believed to be eligible for the program. It is critical that eligible borrowers respond to these letters and reach out to their servicers to determine if they can receive SMP assistance. Also, borrowers who don’t receive a letter are encouraged to contact their servicer to see if they may be eligible for SMP help. Fannie Mae will be working with servicers to monitor and improve implementation of the program as necessary.



	Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. In 2008, we mark our 70th year of service to America’s housing market. Our job is to help those who house America.



	Fannie Mae Resource Center			Telephone 1-800-7FANNIE (1-800-732-6643

Long Awaited Grand Opening of Breeza is Just Around the Corner

Jennifer Bonasia — Mon, 15 Dec 2008 19:46:36 +0000

BREEZA

The Grand Opening of downtown San Diego’s newest residential opportunity is finally upon us. January 2009 will mark the completion of this gorgeous new residential enclave in the heart of San Diego’s Embarcadero district. Seldom does such an opportunity arise to live in the heart of America’s Finest City ; a peerless California lifestyle at your doorstep. The finest climate in North America with year-round opportunities for ocean sports, golf, tennis, hiking or just lounging on the beautiful San Diego beach.

Breeza is a boutique mid-rise residential neighborhood with state of the art appointments and breathtaking views over San Diego Bay. Walk along beautifully manicured streets to exquisite dining and shopping from your home being pampered by the San Diego sunshine or lounge by the pool and relax knowing you have your little piece of paradise.

Homes offered have from one to three bedrooms and come in a range of prices from the mid $300,000’s to over $1M. Timing is everything and you couldn’t pick a better time to make Breeza your home in San Diego. ***Builder and broker incentives make this opportunity too good to miss.

BREEZA

Don’t miss this incredible opportunity to be a part of one of the last great waterfront locations in San Diego. Sign up today for your place on the interest list and you will be contacted for a personal tour to introduce you to San Diego’s finest new home opportunity. To be a part of the interest list, click on the Contact tab on our website navigation bar and input your information. Make sure to leave a comment referencing the Breeza interest list. You will be contacted by one of our associates for a personal tour and we will assist you in everything you need to make your purchase easy and convenient.

For information about the builder of Breeza, you can visit their website at www.breezaliving.com. **For the Buyer/Broker incentive program, you must register through JB Home Sellers and be represented by JB Home Sellers in your purchase. All representations above are based on today’s information and can change without notice. Buyer’s due diligence is recommended for any Real Estate transaction.
***Builder incentive program available upon request and can change without notice.

Green Building Council Hires First Executive Director-SDBJ Excerpt

Jennifer Bonasia — Wed, 10 Dec 2008 16:29:45 +0000

The San Diego chapter of the U.S. Green Building Council hired its first executive director, Gary Goodson, to lead the 500-member-strong environmental and energy conscious organization.

Goodson was the director of the Community Office for Resource Efficiency, an Aspen, Colo. nonprofit focused on cost-effective ways to save business owners, government agencies and homeowners on energy and water utilities while also reducing greenhouse gas emissions. CORE grants $2 million annually.

In addition, Goodson is a LEED accredited professional and holds a degree in sustainable systems.

The 2009 San Diego chapter board of directors is Charles Angyal of KEMA Services, Lee Barken of Haskell & White, Jay Corrales of Turner Real Estate, Christian F. Dick of Swinerton Management & Consulting, Stephen Kapp with the California Center for Sustainable Energy, Shawn Kallio of EcoTimber, Carolyn Keith of the EcoLogic Studio, Kamala Kuresman of Nolte Associates, Jane Leonard of SE3 Communications, Zach Pannier of DPR Construction, Keith Schneringer of Waxie Sanitary Supply, Paul Stapleton of SDG&E, and Lucia Stone of Hutchens PR.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

As a member of the U.S. Green Building Council, I am thrilled to see this progress in our own San Diego. The organization has gained the respect of local government, business and industry leaders for the value and credibility they add to green and sustainable building practices. When a consumer sees a LEED (Leadership in Energy and Environmental Design) certification, there is nothing ambiguous about the rating. LEED is the most widely known and accepted Green Rating used in the U.S. today. Green building practices incorporate more than photo voltaic solar panels. LEED criteria incorporates site selection and stewardship, energy and water efficiency design, indoor air quality, materials and resources and awareness and education into their point system for certification. There are four levels of LEED certification; LEED Certified, LEED Silver, LEED Gold and LEED Platinum and these levels of green rated buildings are available on residential, commercial and existing buildings.

To find out more about LEED Certification and the U.S. Green Building Council visit them online at www.usgbc.org. You can find a list of member builders and consultants that will help you build lasting quality into your new building. For green residential construction, please contact Pacific Shoreline Home Building via JB Home Sellers at 760-438-8815.

Mortgage Rates Tumble on Fed Debt Purchasing Plan

Jennifer Bonasia — Sun, 07 Dec 2008 18:50:11 +0000

By Kathleen M. Howley

Nov. 26 (Bloomberg) — U.S. mortgage rates plunged by the most in at least seven years yesterday as a Federal Reserve pledge to buy $600 billion of debt succeeded where seven cuts in the central bank’s benchmark rate had failed.

The average rate for a 30-year fixed mortgage fell to about 5.5 percent last night after starting the day at 6.38 percent, according to an estimate from Bankrate Inc. It was the biggest one-day drop in at least seven years, said Holden Lewis, of the North Palm Beach, Florida, publishing and research firm. Today, the rate is “bouncing around” between 5.63 percent and 5.9 percent, he said.

Federal Reserve Chairman Ben Bernanke had received little help from lenders in his previous efforts to revive the U.S. housing market and halt its drag on the economy. The spread between the 10-year government bond yield and the average U.S. fixed mortgage rate was 2.8 percentage points last week, the widest since 1986, as banks hoarded cash rather than lower financing costs for homebuyers.

“Home resales have hung up because rates are high and because mortgage money has been scarce,” said Neal Soss, chief economist at Credit Suisse Group in New York. The Fed’s move “may hasten the day when we finally find a bottom in housing.”

The central bank pledged to purchase up to $500 billion in so-called agency debt as well as up to $100 billion in direct debt of Fannie Mae and Freddie Mac, the world’s two largest mortgage buyers, and Federal Home Loan Banks. The announcement was released at 8:15 a.m. New York time yesterday.

‘Rates Are Going Down’

The Fed also said it would set up a $200 billion program to support consumer and small-business loans. Together, the programs almost match the $864 billion of U.S. currency in circulation, as reported by the central bank in a Nov. 20 statement.

“I was sitting in my underwear getting dressed in the morning when it came on TV, and I told my wife, ‘Rates are going down today,’” said Henry Savage, president of PMC Mortgage Corp. in Alexandria, Virginia. “Instead of buying stocks in stupid banks, the government finally is going to make a move to clear assets from the market.”

Rates for a fixed rate mortgage with no fees or closing costs tumbled to as low as 5.25 percent from about 6.25 percent, Savage said.

Refinancing Gets Lift

“The market has been very good to me today,” said Savage, who spoke last night from a bar where he was celebrating the rate drop with friends.

Homeowners who have enough equity to refinance their existing mortgages will get a boost as well, said Bob Walters, chief economist of Quicken Loans in Livonia, Michigan.

“You’re going to see an immediate impact on people who can refinance, taking their 6.5 percent interest rate to 5.5 percent or so,” Walters said. “That will put $200 a month in their pockets.”

Almost 20 percent of U.S. mortgage borrowers owed more on their loans than their house was worth in the third quarter as foreclosures depressed prices and the economy weakened, according to an Oct. 31 report by First American CoreLogic. Those owners would have a difficult time refinancing, Walters said.

‘One-Time Jolt’

The Fed’s move was a “one-time jolt” that should have lasting effects, Walters said.

“I’ve been trading mortgages for 20 years and you don’t see many days when one thing moves rates like this,” said Walters. “You’ll see a pickup in demand for housing.”

Still, stricter mortgage qualifications and growing job losses in a weakening economy will continue to hamper the market, even if the Fed plan manages to keep rates lower in coming days, said Sam Khater, senior economist for First American CoreLogic in Tysons Corner, Virginia.

“The market right now is not about rates, which are affordable, but about a supply of homes that is very high,” Khater said in an interview. “The market won’t turn around and prices won’t stabilize until supply and demand become more normal.”

The inventory of existing homes for sale in the U.S. rose to a 10.2 month supply in October, from 10 months in September, the National Association of Realtors said in a Nov. 24 report. In 2007, the supply averaged 8.9 months, almost double the 4.5 months in 2005, the end of a five-year housing boom.

The Fed plan “is one of the key actions we’ve been advocating ever since the Treasury altered its course on how it would use the $700 billion recovery package,” said Charles McMillan, president of the Chicago-based Realtor’s group.

Troubled Assets

The Troubled Assets Relief Program, known as TARP, was approved by Congress and signed by President George Bush on Oct. 3. It gave Treasury Secretary Henry Paulson authority to buy assets after he told lawmakers he wanted to try to clear the market of “toxic” securities containing subprime mortgages.

Paulson used most of the first half of the TARP funds to buy equity stakes in troubled banks and in insurer American International Group Inc. On Nov. 12 he told Congress he wanted to use the second half to relieve pressure on consumer credit.

The Fed plan, in contrast, is focused on buying securities backed with “safe” mortgages that conform to the strict underwriting guidelines of Fannie Mae and Freddie Mac, according to Credit Suisse’s Soss.

“These are not the assets that have caused all the trouble - - these are quality mortgages that have been orphaned because investors have been reluctant to part with cash,” said Soss. “The beneficiaries will be people who are buying or selling a house, because mortgage money won’t be as scarce.”

Fannie and Freddie have about $1.7 trillion of corporate debt outstanding and $4.1 trillion of mortgage-backed securities.

“This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally,” the Fed said in the announcement it posted on its Web site.

To contact the reporter on this story: Kathleen M. Howley in Boston at kmhowley@bloomberg.net.

Economy Likely To Perk Up in ’09, Experts Say-SDBJ Excerpt

Jennifer Bonasia — Wed, 26 Nov 2008 19:12:54 +0000

By MIKE ALLEN

San Diego Business Journal Staff

A panel of economists at the University of San Diego agrees that the nation and region are in the throes of a recession, but they give some hope things may improve next year.

A key prerequisite to stabilizing before the anticipated rebound is continued foreign investment into the country, several panelists said Nov. 17.

“As long as the world continues to lend us money, we’ll continue to have our cake and eat it, too,” said Ryan Ratcliff, an economics professor.

And while we’re obviously suffering from economic upheaval, the fact is that most still regard this nation as much better off than other economies, panelists said.

“The U.S. economy looks like it’s going into the tank, but we’re considered a safe haven,” said Alan Gin, the economics professor who puts out a regional economic index.

Gin and his USD colleagues outlined the causes behind the turmoil, which has its genesis in an overheated housing market that began deflating in 2006 and blowing up in 2007. From there, the problem spread to the financial services industry, which caused stock markets to plunge.

In turn, banks began failing or hoarding their cash.

Then consumers began spending less. As a result, more companies’ sales declined, which led to increased layoffs. Add escalating gas prices earlier in 2008, and it’s a prescription for disaster.

The often optimistic Gin said earlier this year that San Diego would end 2008 with a net gain of jobs. He’s now saying 2008 will end with a net loss of jobs, only the fifth time that’s happened in the last 40 years.

The loss will be small — he couldn’t say exactly how much — but it will be “a full blown recession at a local level.”

The same will hold for the nation, Gin said.

The economy will contract in the fourth quarter for a second consecutive time, officially marking a recession. The downturn will extend into the first two quarters of 2009.

National unemployment could rise to 8 percent from the most recent rate of 6.5 percent. Locally, unemployment could surpass 7 percent from its 6.4 percent rate in October, Gin said.

History As Guide?

To the question whether this will turn into a Great Depression, Ratcliff said the 1930s were far worse. Contributing to the extended malaise was government retention of high tariffs (effectively killing exports); adherence to the gold standard that increased interest rates and shrinking money supply by 30 percent. Those all proved to be the worst responses, Ratcliff said.

In the ensuing years, Washington enacted a bevy of measures that have helped, such as setting up national insurance on bank deposits.

The recent bailout programs have appeared to thaw financial markets, but no matter what government does, it cannot stave off this recession, Ratcliff said.

The panel grappled with the issue of increased government intervention in the private sector and whether taxpayer dollars should be used to prop up failing companies.

Gin said Congress will extend some type of bailout for car makers, because of the number 17.

“That’s the number of electoral votes in Michigan.”

Mortgage Factor

Mark Reidy, executive director of the Burnham-Moores Center for Real Estate at USD, said the seeds of the crisis were sown years ago as billions of dollars of investment flowed into this country in search of better returns.

Wall Street responded by creating ever more complex and riskier securities — all backed by mortgages.

Congress cooperated by putting pressure on Fannie Mae and Freddie Mac, the biggest buyers of mortgages, to relax standards and accept subprime mortgages.

Then the credit rating agencies assigned ratings to the securities that turned out to be invalid.

Additionally, “the regulators absolutely did not do their jobs. They looked the other way,” Reidy said.

Despite what he called a shattering of our national reputation because of massive defaults on home loans, Reidy and the panelists agreed recent data prove the nation remains a better investment bet than most anyplace else.

“This is still the safest currency in the world. There’s been a flight to quality,” Reidy said.

Ratcliff pointed out that recently there was a positive sign in the local housing numbers. Last month, data showed that foreclosures had declined from the previous month and that home sales were picking up.

It provides a glimmer that a turnaround is nigh, he said.

Fast Facts From the California Association of Realtors

Jennifer Bonasia — Thu, 20 Nov 2008 16:53:13 +0000

Calif. median home price - September 08: $316,480 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region September 08: Santa Barbara So. Coast $935,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region September 08: High Desert
$159,720 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Second Quarter 08: 48 percent
(Source: C.A.R.)

Mortgage rates - week ending 11/13/08

30-yr. fixed: 6.14% Fees/points: 0.7%
15-yr. fixed: 5.81% Fees/points: 0.7%
1-yr. adjustable: 5.33% Fees/points: 0.5%(Source: Freddie Mac)

Just the facts ma’am…

Encinitas Civic Center Gets Green Makeover-SDBJ Excerpt

Jennifer Bonasia — Wed, 19 Nov 2008 18:05:46 +0000

By MICHELLE MOWAD

San Diego Business Journal Staff

A Carlsbad construction firm has completed a $3.5 million retrofit at the Encinitas Civic Center to improve its energy efficiency.

The work by Xnergy could save the city up to 80 percent on energy bills each year, or $4.3 million over 25 years, according to company and city officials.

Mayor Jerome Stocks said the project would also help reduce the city’s carbon footprint.

The retrofit features the installation of a rooftop 96 kilowatt solar photovoltaic system, installation of a central plant that cools and heats more efficiently, and installation of skylights for natural lighting.

The city is seeking U.S. Green Building Council LEED certification as well as the Environmental Protection Agency’s Energy Star certification for the work.

FHFA announces “new” conforming loan limits

Jennifer Bonasia — Mon, 17 Nov 2008 16:08:54 +0000

“New” 2009 conforming loan limit unchanged from $417,000; high-cost areas now max out at $625,500

LOS ANGELES (Nov. 7) –The Federal Housing Finance Agency (FHFA) today announced that the “new” conforming loan limit for 2009 will remain at $417,000 for most areas in the U.S., unchanged since 2006. Loan limits for high-cost areas, including California, are capped at $625,500, down from the previous $729,750 limit. Loan limits for many areas of the state do not reach this lower threshold and are dramatically reduced from 2008.

“Although price declines mean that the total number of homes eligible for conforming financing has increased, we’re disappointed that the $729,750 limit stipulated in the Economic Stimulus Act of 2008 signed in February was not made permanent,” said C.A.R. President William E. Brown. “The reduction in the loan limit to $625,500 will negatively impact both the interest rates and the availability of funds for jumbo mortgages.

“We hope Congress will make the $729,750 limit permanent before the end of the year as one of the provisions in an economic stimulus package,” he said.

The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in California.

In California, the new conforming loan limits for metropolitan areas range from $474,950 in the Sacramento-Arden-Arcade-Roseville metropolitan area, covering El Dorado, Placer, Sacramento and Yolo counties; to $625,500 in the Los Angeles-Long Beach-Santa Ana metropolitan area.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Green Features in Commercial Landscaping Reduce Waste- San Diego Business Journal Excerpt

Jennifer Bonasia — Wed, 12 Nov 2008 16:19:04 +0000

Agency Intensifies Call for Water Conservation as State’s Supplies Dip

By MICHELLE MOWAD

San Diego Business Journal Staff

Drought-tolerant landscaping and water-saving technologies are becoming more critical for commercial buildings in the region’s semi-arid climate.

Although water usage was down 12 percent through September over the first three quarters of last year, the San Diego County Water Authority intensified its call for conservation on Oct. 30.

The announcement said agencies, including the Water Authority, will receive less water in 2009 than in 2008.

Last year, the Water Authority received 35 percent of its water from the state. Next year’s allocation would only be 15 percent.

“This initial allocation means water supplies statewide are approaching record low levels,” said Fern M. Steiner, Water Authority board chair, in the announcement. “It is likely that next year we will have less water available to meet the needs of San Diego County.

“It is imperative that residents, businesses and public agencies redouble their efforts to reduce water use whenever and wherever possible, especially outdoors.”

Businesses that incorporate water-saving technologies in and around commercial buildings reduce water-related expenses as well as energy consumption.

David McCullough, president of the American Society of Landscape Architects in San Diego, said consumers are seeing the cost savings more clearly.

“Nowadays, more than ever, there is a tie of cost savings to the earth movement, which makes it a bit more acceptable to more people,” he said.

McCullough, a principal with McCullough Landscape Architecture, estimated 75 percent of commercial landscape projects are built with energy efficiency and the environment in mind.

“Everyone is asking … to be LEED-certified or to be designed to LEED standards,” he said.

Los Angeles-based Kilroy Realty built Kilroy Sabre Springs, an office campus off Interstate 15 and state Route 56, to be environmentally friendly and water conscious.

Reclamation System

San Diego-based Reno Contracting served as the general contractor and developed a groundwater discharge system that reclaims water and reuses it. This system diverts 2,500 gallons of water per day, or 1 million gallons per year.

The U.S. Green Building Council awarded the project LEED certification for those efforts.

“More and more we see corporate campuses needing a face-lift or just wanting to be more environmentally conscious,” said Jason Jones, an associate with Wimmer, Yamada and Caughey landscape architects.

The firm recently completed a landscape redesign for Columbia Center, a 27-story high-rise on West A Street.

Sentre Partners, a real estate investment and services firm, hired Wimmer, Yamada and Caughey to replace its landscaping with drought-tolerant plants and increase the efficiency of its irrigation system.

“As economic pressures grow, energy costs rise, profit margins shrink, and environmental responsibility becomes more vital, we are offering businesses a solution to easily reduce the cost and waste of energy and other resources,” said Gus Ezcurra, CEO of Advanced Telemetry.

The Larkspur-based firm recently introduced a new climate control and resource management solution for commercial application. EcoView, the product, helps building owners control energy and water costs and reduce the environmental impacts of running a business.

Already, Opera Patisserie Fines in Sorrento Valley has installed EcoView to save on its utility bills.

Conservation Incentives

These efforts by commercial water consumers have saved water, but not enough.

Lori Swanson, water resource specialist for the county Water Authority, said the agency offers numerous water conservation incentives.

“We are seeing quite a bit more requests for staff to come out and talk to businesses to let them know what can be done to save water and money,” said Swanson.

The Metropolitan Water District of Southern California offers rebates to encourage conservation efforts among businesses in its 26 member agencies, including the San Diego County Water Authority.

Its “Save Water, Save A Buck” program includes cash rebates on a wide variety of water-saving technologies, including low-flush toilets and urinals, weather-based irrigation controllers for outdoor landscaping, synthetic turf and other industry-specific water conserving devices.

The San Diego Water Department released a tip sheet Oct. 30 for area residents and businesses. It said to adjust the schedule on irrigation controllers, replace old batteries in irrigation systems, retain moisture in soil by using mulch, incorporate native and drought-tolerant plants, make use of the rain that does fall and don’t water on rainy days.

JB Home Sellers

Mortgage Rates Fall to New Low

Streamlined Modification Program (SMP) Now Available to Borrowers

Long Awaited Grand Opening of Breeza is Just Around the Corner

Green Building Council Hires First Executive Director-SDBJ Excerpt

Mortgage Rates Tumble on Fed Debt Purchasing Plan

Economy Likely To Perk Up in ’09, Experts Say-SDBJ Excerpt

Fast Facts From the California Association of Realtors

Calif. median home price - September 08: $316,480 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region September 08: Santa Barbara So. Coast $935,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region September 08: High Desert $159,720 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Second Quarter 08: 48 percent (Source: C.A.R.)

Mortgage rates - week ending 11/13/08

30-yr. fixed: 6.14% Fees/points: 0.7% 15-yr. fixed: 5.81% Fees/points: 0.7% 1-yr. adjustable: 5.33% Fees/points: 0.5%(Source: Freddie Mac)

Just the facts ma’am…

Encinitas Civic Center Gets Green Makeover-SDBJ Excerpt

FHFA announces “new” conforming loan limits

Green Features in Commercial Landscaping Reduce Waste- San Diego Business Journal Excerpt

Calif. lowest median home price by C.A.R. region September 08: High Desert
$159,720 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Second Quarter 08: 48 percent
(Source: C.A.R.)

30-yr. fixed: 6.14% Fees/points: 0.7%
15-yr. fixed: 5.81% Fees/points: 0.7%
1-yr. adjustable: 5.33% Fees/points: 0.5%(Source: Freddie Mac)