From C.A.R. Newsline...
The Consumer Confidence Index rose to 63.3 in May (1985=100) compared with 57.7 in April, the Conference Board reported yesterday. The Present Situation Index increased to 30.2 in May from 28.1 in April, and the Expectations Index improved to 85.3 from 77.4 last month, according to the report.
"Consumer confidence posted its third consecutive monthly gain, and although still weak by historical levels, appears to be gaining some traction,” said Lynn Franco, director of The Conference Board Consumer Research Center. “Consumers’ apprehension about current business conditions and the job market continues to slowly dissipate.”
Consumers' assessment of current conditions continued to improve in May, with those claiming business conditions are "good" increasing to 10 percent in May compared with 8.9 percent in April, while those claiming conditions are "bad" decreasing to 39.3 percent in May compared with 40 percent in April. Consumers' appraisal of the job market also was more positive, according to the report.
Remember: For information about condos or homes currently for sale in San Diego and Orange County go to http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/. And for additional information, be sure to see http://www.invest-in-california-property.com/.
Wednesday, May 26, 2010
California Median Home Price Increases, Sales Decrease in April
From C.A.R. Newsline...
Home sales decreased 8.1 percent in April in California compared with the same period a year ago, while the median price of an existing home rose 21 percent, according to C.A.R.’s April sales and price report.
“It’s likely that the state tax credit that went into effect May 1 created an incentive for many buyers to postpone closing escrow so they could take advantage of both the state and federal tax credits that were available,” said C.A.R. President Steve Goddard. “We should see the pace of closed sales edge up in May and June as these tax-incentivized transactions close.
The median price of an existing, single-family detached home in California during April 2010 was $306,230, a 21 percent increase from the revised $253,110 median for April 2009, C.A.R. reported. The April 2010 median price increased 1.5 percent compared with March’s $301,790 median price.
“The strong demand for distressed properties continued unabated last month, and overall, inventory remains constrained in most segments of the market,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Listings in April increased compared with a month earlier, typical for this time of year, as more sellers entered the market. At the $300,000 and below price point, the number of homes for sale is at a 3.3-month supply, well below the historical average of seven months.”
Remember: For information about condos or homes currently for sale in San Diego and Orange County go to http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/. And for additional information, be sure to see http://www.invest-in-california-property.com/.
Home sales decreased 8.1 percent in April in California compared with the same period a year ago, while the median price of an existing home rose 21 percent, according to C.A.R.’s April sales and price report.
“It’s likely that the state tax credit that went into effect May 1 created an incentive for many buyers to postpone closing escrow so they could take advantage of both the state and federal tax credits that were available,” said C.A.R. President Steve Goddard. “We should see the pace of closed sales edge up in May and June as these tax-incentivized transactions close.
The median price of an existing, single-family detached home in California during April 2010 was $306,230, a 21 percent increase from the revised $253,110 median for April 2009, C.A.R. reported. The April 2010 median price increased 1.5 percent compared with March’s $301,790 median price.
“The strong demand for distressed properties continued unabated last month, and overall, inventory remains constrained in most segments of the market,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Listings in April increased compared with a month earlier, typical for this time of year, as more sellers entered the market. At the $300,000 and below price point, the number of homes for sale is at a 3.3-month supply, well below the historical average of seven months.”
Remember: For information about condos or homes currently for sale in San Diego and Orange County go to http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/. And for additional information, be sure to see http://www.invest-in-california-property.com/.
Tuesday, May 11, 2010
Housing Inventory Tight in Parts of the Country
For further information, or for condos or homes for sale in La Jolla, San Diego, and Orange County, California go to http://www.homejames-lajolla.com/ or http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/.
From Daily Real Estate News May 11, 2010
Homes for sale are in short supply in some parts of the country. Inventories are considered tight when it would take buyers six months to buy up the backlog, and that's just what's happening in many major cities.
In Denver, there is a 5.7-month supply; Phoenix, 4.5 months; and San Francisco, 3.2 months.
All over California, the supply of homes that sell for less than $300,000 is tight, said Leslie Appleton-Young, chief economist for the California Association of REALTORS®.
In the Pacific Northwest, Lennox Scott, CEO of John L. Scott Real Estate, doesn’t believe the end of the tax credits will ease demand. "In lower price ranges, prices will stay fairly stable because we're undersupplied," said Scott.
Source: CNNMoney.com, Les Christie (05/11/201)
For further information, or for condos or homes for sale in La Jolla, San Diego, and Orange County, California go to http://www.homejames-lajolla.com/ or http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/.
From Daily Real Estate News May 11, 2010
Homes for sale are in short supply in some parts of the country. Inventories are considered tight when it would take buyers six months to buy up the backlog, and that's just what's happening in many major cities.
In Denver, there is a 5.7-month supply; Phoenix, 4.5 months; and San Francisco, 3.2 months.
All over California, the supply of homes that sell for less than $300,000 is tight, said Leslie Appleton-Young, chief economist for the California Association of REALTORS®.
In the Pacific Northwest, Lennox Scott, CEO of John L. Scott Real Estate, doesn’t believe the end of the tax credits will ease demand. "In lower price ranges, prices will stay fairly stable because we're undersupplied," said Scott.
Source: CNNMoney.com, Les Christie (05/11/201)
For further information, or for condos or homes for sale in La Jolla, San Diego, and Orange County, California go to http://www.homejames-lajolla.com/ or http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/.
Year-Over-Year Price Gains in 91 Markets
For further information, or for condos or homes for sale in La Jolla, San Diego, and Orange County, California go to http://www.homejames-lajolla.com/ or http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/.
From Daily Real Estate News May 11, 2010
A growing number of metropolitan areas are seeing price gains over a year ago, according to the latest survey by the NATIONAL ASSOCIATION OF REALTORS®.
In the first quarter, 91 out of 152 metropolitan statistical areas showed higher median existing single-family home prices compared with prices in the first quarter of last year. Of those with higher prices, 29 had double-digit increases. Three of the 152 metro areas had no change in prices, and 58 metros had price declines.
In the fourth quarter of 2009, only 67 areas reported year-over-year gains, and in the third quarter only 30 metro areas had price increases.
Nationally, Median Price Down Slightly
The national median existing single-family price was fairly flat at $166,100 in the first quarter of 2010, down 0.7 percent from the first quarter 2009 price of $167,300. Distressed homes, which typically sell for 15 percent less than traditional homes, accounted for 36 percent of first-quarter sales.
“This flattening in home prices is something we’ve been seeing in all of the home price measures lately, and quite clearly in this metro area price report,” says Lawrence Yun, NAR chief economist. “The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus.”
Sales Pace Up from Year-Ago
Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.14 million in the first quarter, down 14 percent from a surge of 5.97 million in the fourth quarter, which was driven by the initial tax credit.
However, when compared with the first quarter of 2009, sales were up 11.4 percent from 4.61 million. “Year-ago comparisons are more meaningful in this report due to sales swings from the tax credit,” Yun says.
Sales volume increased from a year ago in 44 states and the District of Columbia; 31 states and D.C. saw double-digit gains while two were unchanged and four were down.
NAR President Vicki Cox Golder says there’s been a change in market psychology. “Buyer confidence is back, and home buyers have long-term views. The typical buyer plans to stay in their home for 10 years, so we’ve put the flipping mentality behind us and most people see housing for what it is—shelter that provides social benefits and is also a good long-term investment."
Favorable Rates Help
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was 5 percent in the first quarter, up slightly from a record low 4.9 percent in the fourth quarter; it was 5.1 percent in the first quarter of 2009.
Golder says that even with some recent easing of mortgage credit, separate surveys show the housing market continues to be constrained by mortgage issues. “One-third of NAR members report the most important factor limiting potential clients has been difficulty in obtaining a mortgage,” she said.
“In addition, 11 percent of REALTORS® in the first quarter report a contract was cancelled because an appraisal came in less than the price negotiated between a buyer and seller, and another 16 percent report a contract had to be renegotiated because of a low appraisal,” Golder says. “As a result, the housing recovery isn’t as strong as it could be.
"NAR leaders are discussing these and other concerns with an array of government and industry leaders at a real estate summit in Washington, D.C., this week. The three-day summit began Tuesday at the REALTORS® Midyear Legislative Meetings & Trade Expo.
More Details on Pricing Trends
In the condo sector, metro area condominium and cooperative prices showed the national median existing-condo price was essentially unchanged at $170,700 in the first quarter, down 0.1 percent from the first quarter of 2009. Twenty-four metros showed increases in the median condo price from a year earlier and 31 areas had declines; in the fourth quarter 11 metros were up, and only four metros experienced annual price gains in third quarter of 2009.
There were solid single-family price gains in a variety of metro areas. “We see double-digit price increases in the San Francisco Bay region, and in smaller metros in the Northeast,” Yun says. “Price gains in some Midwestern markets are not very meaningful because of comparisons to very high levels of distressed homes that were sold at huge discounts a year ago.”
Here's a look at a price breakdown by region:
Northeast. The median existing single-family home price in the Northeast rose 9.0 percent to $256,300 in the first quarter from the same quarter in 2009. Existing-home sales in the Northeast fell 17.7 percent in the first quarter to a level of 850,000 but are 19.7 percent higher than a year ago.
Midwest. The median existing single-family home price slipped 0.8 percent to $130,600 in the first quarter from a year ago. Existing-home sales in the Midwest dropped 17.3 percent in the first quarter to a pace of 1.13 million but are 10.8 percent above the first quarter of 2009.
South. In the South, the median existing single-family home price was $148,200 in the first quarter, up 1.1 percent from the first quarter of 2009. Existing-home sales in the South fell 14.6 percent in the first quarter to an annual rate of 1.89 million but are 10.7 percent higher than a year ago.
West. The median existing single-family home price in the West was $210,200 in the fourth quarter, which is 8.3 percent below a year ago. Existing-home sales in the West declined 6.8 percent in the first quarter to an annual rate of 1.27 million but are 8.3 percent higher than the first quarter of 2009.
—NAR
For further information, or for condos or homes for sale in La Jolla, San Diego, and Orange County, California go to http://www.homejames-lajolla.com/ or http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/.
From Daily Real Estate News May 11, 2010
A growing number of metropolitan areas are seeing price gains over a year ago, according to the latest survey by the NATIONAL ASSOCIATION OF REALTORS®.
In the first quarter, 91 out of 152 metropolitan statistical areas showed higher median existing single-family home prices compared with prices in the first quarter of last year. Of those with higher prices, 29 had double-digit increases. Three of the 152 metro areas had no change in prices, and 58 metros had price declines.
In the fourth quarter of 2009, only 67 areas reported year-over-year gains, and in the third quarter only 30 metro areas had price increases.
Nationally, Median Price Down Slightly
The national median existing single-family price was fairly flat at $166,100 in the first quarter of 2010, down 0.7 percent from the first quarter 2009 price of $167,300. Distressed homes, which typically sell for 15 percent less than traditional homes, accounted for 36 percent of first-quarter sales.
“This flattening in home prices is something we’ve been seeing in all of the home price measures lately, and quite clearly in this metro area price report,” says Lawrence Yun, NAR chief economist. “The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus.”
Sales Pace Up from Year-Ago
Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.14 million in the first quarter, down 14 percent from a surge of 5.97 million in the fourth quarter, which was driven by the initial tax credit.
However, when compared with the first quarter of 2009, sales were up 11.4 percent from 4.61 million. “Year-ago comparisons are more meaningful in this report due to sales swings from the tax credit,” Yun says.
Sales volume increased from a year ago in 44 states and the District of Columbia; 31 states and D.C. saw double-digit gains while two were unchanged and four were down.
NAR President Vicki Cox Golder says there’s been a change in market psychology. “Buyer confidence is back, and home buyers have long-term views. The typical buyer plans to stay in their home for 10 years, so we’ve put the flipping mentality behind us and most people see housing for what it is—shelter that provides social benefits and is also a good long-term investment."
Favorable Rates Help
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was 5 percent in the first quarter, up slightly from a record low 4.9 percent in the fourth quarter; it was 5.1 percent in the first quarter of 2009.
Golder says that even with some recent easing of mortgage credit, separate surveys show the housing market continues to be constrained by mortgage issues. “One-third of NAR members report the most important factor limiting potential clients has been difficulty in obtaining a mortgage,” she said.
“In addition, 11 percent of REALTORS® in the first quarter report a contract was cancelled because an appraisal came in less than the price negotiated between a buyer and seller, and another 16 percent report a contract had to be renegotiated because of a low appraisal,” Golder says. “As a result, the housing recovery isn’t as strong as it could be.
"NAR leaders are discussing these and other concerns with an array of government and industry leaders at a real estate summit in Washington, D.C., this week. The three-day summit began Tuesday at the REALTORS® Midyear Legislative Meetings & Trade Expo.
More Details on Pricing Trends
In the condo sector, metro area condominium and cooperative prices showed the national median existing-condo price was essentially unchanged at $170,700 in the first quarter, down 0.1 percent from the first quarter of 2009. Twenty-four metros showed increases in the median condo price from a year earlier and 31 areas had declines; in the fourth quarter 11 metros were up, and only four metros experienced annual price gains in third quarter of 2009.
There were solid single-family price gains in a variety of metro areas. “We see double-digit price increases in the San Francisco Bay region, and in smaller metros in the Northeast,” Yun says. “Price gains in some Midwestern markets are not very meaningful because of comparisons to very high levels of distressed homes that were sold at huge discounts a year ago.”
Here's a look at a price breakdown by region:
Northeast. The median existing single-family home price in the Northeast rose 9.0 percent to $256,300 in the first quarter from the same quarter in 2009. Existing-home sales in the Northeast fell 17.7 percent in the first quarter to a level of 850,000 but are 19.7 percent higher than a year ago.
Midwest. The median existing single-family home price slipped 0.8 percent to $130,600 in the first quarter from a year ago. Existing-home sales in the Midwest dropped 17.3 percent in the first quarter to a pace of 1.13 million but are 10.8 percent above the first quarter of 2009.
South. In the South, the median existing single-family home price was $148,200 in the first quarter, up 1.1 percent from the first quarter of 2009. Existing-home sales in the South fell 14.6 percent in the first quarter to an annual rate of 1.89 million but are 10.7 percent higher than a year ago.
West. The median existing single-family home price in the West was $210,200 in the fourth quarter, which is 8.3 percent below a year ago. Existing-home sales in the West declined 6.8 percent in the first quarter to an annual rate of 1.27 million but are 8.3 percent higher than the first quarter of 2009.
—NAR
For further information, or for condos or homes for sale in La Jolla, San Diego, and Orange County, California go to http://www.homejames-lajolla.com/ or http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/.
Monday, May 3, 2010
When Developer Folds, HOA Has Questions
For further information, or for condos or homes for sale in La Jolla, San Diego, and Orange County, California go to http://www.homejames-lajolla.com/ or http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/.
From Daily Real Estate News May 3, 2010
When a condo developer goes into bankruptcy, owners of previously sold units can be left with some troubling questions.
Here are the answers to a few of them:
· If the lender buys title to the property at the auction sale, a frequent occurrence, the law considers the lender just like it does other owners and requires that the lender pay the monthly assessment.
· The lender who buys the units also would be responsible for the taxes on the units he owns.
· A clubhouse or similar property would be jointly owned by all the owners of all units and taxed as part of the value of those units.
Source: Charlotte Observer (05/01/2010)
For further information, or for condos or homes for sale in La Jolla, San Diego, and Orange County, California go to http://www.homejames-lajolla.com/ or http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/.
From Daily Real Estate News May 3, 2010
When a condo developer goes into bankruptcy, owners of previously sold units can be left with some troubling questions.
Here are the answers to a few of them:
· If the lender buys title to the property at the auction sale, a frequent occurrence, the law considers the lender just like it does other owners and requires that the lender pay the monthly assessment.
· The lender who buys the units also would be responsible for the taxes on the units he owns.
· A clubhouse or similar property would be jointly owned by all the owners of all units and taxed as part of the value of those units.
Source: Charlotte Observer (05/01/2010)
For further information, or for condos or homes for sale in La Jolla, San Diego, and Orange County, California go to http://www.homejames-lajolla.com/ or http://www.homejames-sandiego.com/ or http://www.homejames-orangecounty.com/.
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