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SAN DIEGO — The economic fallout from the novel coronavirus is leading to increased opportunities to buy a home or refinance one currently owned. Freddie Mac reported Thursday that the average rate for a 30-year fixed mortgage was 3.29 percent, the lowest in its 50-year history.That's down from 4.41 percent one year earlier. With the new, lower rate, a household with a 0,000 mortgage would save about 0 on their monthly payments. "Anytime there's any sort of any big natural disaster, war threat, that type of thing, the Wall Street money seeks safe havens, and that tends to drive rates down," said Scott Harmes, a senior loan officer at C2 Financial Corp. Harmes said the phones have been ringing off the hook since the rates fell, including for people inquiring to refinance. He said refinances should be evaluated on a case-by-case basis, depending on how much a household owes, how much longer the loan will last, and how long they plan to stay in their home. For those in the market to buy, the lower rates come just as San Diego will enter the spring peak homebuying season. Realtor Michelle Silverman said the higher rates could make the market tighter, but that homes still need to be priced appropriately."A seller can't be greedy," said Silverman, of Coldwell Banker. "If you have a greedy seller, the house is going to stay on the market. If the property is priced right, you're going to get multiple offers, maybe even go above list price, and it will move. It will sell."The rate drop comes after the Federal Reserve lowered its key Federal Funds Rate by 0.5 percent earlier this week in an emergency action. CoreLogic reports that the median home price in the county was 5,000 in January, up 7.9 percent from one-year earlier. 1762
SAN DIEGO (AP) — A federal judge has knocked down a cornerstone border policy of the Trump administration that denies asylum to people who travel through another country to reach the Mexican border without first seeking protection in that country. Judge Timothy Kelly says authorities violated federal rule-making procedures by not seeking public feedback before putting the policy into effect in July 2019. A week ago, the Supreme Court ruled that the government can deport some people seeking asylum without allowing them to make their case to a federal judge. The decision applied to people who fail their initial asylum screenings, making them eligible for quick deportation, or expedited removal.The immediate impact of the judge's ruling on Tuesday is diminished by a coronavirus pandemic-related measure to quickly expel people who cross the border illegally and block asylum-seekers at official crossings. 921
SAN DIEGO — A new political ad is pushing a proposition it says will eliminate a "tax penalty" on homeowners whose homes burn down in wildfires.That measure, Proposition 19, would allow homeowners who lose their homes in a wildfire or natural disaster to transfer their property tax base to a replacement home anywhere in the state. That's important because in California, homeowners pay their property tax based on the value of a home when they buy it, under 1978's Prop 13. It only increases incrementally after. Therefore, buying a new home could cause a family's property tax bill to skyrocket. A new ad released by the Yes on 19 campaign, funded largely by the California Association of Realtors and California Firefighters Association, emphasizes that point. "It limits property taxes on wildfire victims, so families can move to a replacement home without a tax penalty," the ad says. Truth be Told, the benefit currently exists in California, but only in the county where a governor-declared disaster happened, or counties that accept transfers, which San Diego County only began doing two years ago. Prop 19 opens it to the whole state. Anurag Mehrotra, a professor of finance in San Diego State University's School of Business, said being unable to transfer the property tax basis does equate to a tax penalty."The person did not light his own house on fire, he was continuing to live there. I lost my house, now I have to buy a more expensive house," he said. "And when I get reassessed I'm basically going to be charged a higher amount." Proposition 19 does more than just allow the transfer for wildfire victims. It also allows up to three property tax base transfers for homeowners 55 and older, and those who are severely disabled. They can use it for any property, anywhere in the state. Another change, however, is that inherited properties are reassessed unless the recipient uses it as his or her primary home. Currently, heirs benefit because the property tax base transfers with the property, making for a big tax break. Under the proposition, there would be an adjustment upward, no matter the situation, if a market value of a home is above million. 2184
SAN DIEGO — Marvel's "Avengers: Infinity War" has just hit theaters, igniting a new wave of excitement over the studio's next installment set for theaters next year.But fans hoping to catch a glimpse of what's in store at San Diego Comic-Con International are out of luck. Speaking with Collider, Marvel Studios president Kevin Feige announced there will be no Hall H presence at the convention in 2018."We’re not going to Hall H this year. It will be an off year… which is what we did after Avengers 1 and what we’ve done every few years," Feige said. "There will be a tenth-anniversary presence at Comic-Con but [no Hall H panel.]"Marvel has traditionally booked a Hall H slot on Saturday night of Comic-Con to make major announcements, tease upcoming movies, and deliver special experiences to fans. The panel routinely leads to fans waiting days to get inside the panel.This is the first time Marvel will sit out of Hall H since 2015.Marvel Studios will release the next Avengers film ("Avengers 4," for now) in May 2019, expected to pick up after the events of "Infinity War."Between now and then, the studios will release "Ant-Man and the Wasp" (July 6, 2018) and "Captain Marvel" (March 9, 2019). A "Spider-Man" sequel is also set for 2019. But Feige says no new announcements are expected until after "Avengers 4."Comic-Con International returns to San Diego July 19 through July 22. 1429
SAN DIEGO (CNS) - A firefighter suffered a minor hand injury Thursday morning while working to extinguish a fire that damaged a North Park business, authorities said.The blaze was reported around 5:30 a.m. at a single-story business on El Cajon Boulevard near Illinois Street, just west of Interstate 805, according to the San Diego Fire-Rescue Department.Crews responded to the scene and found smoke and flames coming from the roof of the building, the agency reported. No one was inside the building at the time and firefighters knocked down the flames within about 20 minutes.One firefighter was taken to Sharp Memorial Hospital for treatment of a minor hand injury.The cause of the blaze was under investigation. 724