Signs of hiring are positive and unemployment claims fell for the 4th time in 5 weeks.  Modest job gains appear in transportation, warehousing, retail trade, manufacturing, health care and mining.  US innovation streams ahead as water-tight cell phones and ever slimmer tablets beckon to excite the world’s appetite for new generation technology.  Meanwhile, San Francisco real estate slumbers, but for credit worthy buyers, outstanding purchases are out there for the taking.

Research San Francisco real estate, foreclosures and short sales at PreviewSFhomes.com free and unlimited.  Input location, price and number of bedrooms and baths and we’ll email you daily with your criteria only.  

Call Thea or Janis to view property, expertly negotiate offers and even navigate through escrow, if you find that “right” home to purchase.  Fees are paid by the seller.

Call Michael for loan preapproval.  Ask about no down VA and 3.5% down FHA loans.  There are incredible interest rates available which will save tens, even hundreds, of thousands of dollars over the term of a mortgage.  

As always we wish you prosperous San Francisco real estate hunting.

Thea Miller, Real Estate Representation (415) 229-1218
Theamiller@PreviewSFHomes.com

Janis Stone, Real Estate Representation (866) 224-8024
Janis@SFResidence.com

Michael DiVita, Mortgage Finance Support (800) 239-1103
Michael@DiVitaHome.com

San Diego Union Tribune – California may finally have turned the corner into recovery, with the job market slated for slow but steady growth over the next two years, according to a report released by UCLA’s Anderson Forecast.

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Economic growth is expected to be no greater than 2 percent through the end of 2012 – a growth rate that makes the economy very vulnerable to any external shock that could trigger a downturn, according to Fannie Mae’s Economics & Mortgage Market Analysis Group.

External factors, coupled with uncertainty surrounding the degree of domestic fiscal austerity, including the scheduled expiration of various tax cuts and unemployment benefits, and the impact of forthcoming regulations, will determine how fast the economy will grow.

“There’s been a little seasonal cyclical pickup in housing activity recently, as spring and summer sales are generally stronger than fall and winter, but leading indicators point to housing sales bouncing near the bottom at least through the end of 2012,” said Fannie Mae Chief Economist Doug Duncan.

“Home prices are a key factor for any positive movement in the housing market, and the large inventory of distressed homes working their way through the market is putting downward pressure on prices. Now that we are entering a traditionally weak seasonal sales period, we expect home prices to show renewed declines after firming for several months,” Duncan stated.

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Whether or not the economy slips back into a recession depends on if it is shocked with additional events, such as a deepening of the financial turmoil in Europe; a dramatic slowdown in emerging economies, especially in China; and renewed unrest in the Middle East that could send oil prices surging, according to Fannie Mae’s Economics & Mortgage Market Analysis Group.

The group’s forecast calls for continued sluggish growth at below 2 percent throughout 2012 – not enough to lower the unemployment rate, which Fannie expects to remain above 9 percent through most of next year.

Third-quarter growth accelerated modestly as consumers showed signs of life in July and August, primarily due to increased auto sales, as the supply chain came back online following the tragedy in Japan this spring. However, it is unlikely that the rebound in consumer spending will be sustained as consumer confidence is still on the wane, the group said.

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Concerns about job loss and increasing consumer pessimism reveal that 64 percent of Americans surveyed during the second quarter say the economy is on the wrong track, according to Fannie Mae’s latest quarterly National Housing Survey.

The monthly survey found that 70 percent of respondents now believe the economy is on the wrong track, and just 23 percent say the economy is heading in the right direction.

More than a quarter (26 percent) of American workers reported being concerned about losing their job in the next year. While 44 percent of concerned American workers reported having a home mortgage (compared with 42 percent of all Americans), just 33 percent of them perceive their savings to be sufficient (versus 49 percent of those workers not concerned about losing their job).

Forty-four percent of these workers say their household expenses have increased significantly over the past year, compared with 35 percent of workers not concerned about losing their job.

Nearly three-fourths (73 percent) of single-family renters say it would be difficult to get a home mortgage, with 33 percent citing their credit history as the biggest obstacle to getting a home mortgage (versus 20 percent of multifamily renters), according to the survey.