November 2011

Found 10 blog entries for November 2011.

Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.

Where Housing Is Headed

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The Wall Street Journal's third-quarter survey of housing-market conditions in 28 of the nation's largest metropolitan areas found that home values declined in all but five markets compared with the second quarter, according to data from Zillow Inc. Meanwhile, rent levels have risen briskly across the country and mortgage rates, hovering around 4%, are the lowest in six decades.

As a result, monthly mortgage payments on the median priced home—including taxes

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The number of house deals signed by homebuyers in California increased for a sixth consecutive month in October, although last year’s figures were low to begin with, California Association of Realtors figures show.

Nonetheless, the winning streak follows 17 consecutive months of year-over-year declines of housing contracts going into escrow.

CAR tracks the number of homes going into escrow as an indicator of future closed sales trends.

The latest numbers from California “pending” home sale index shows:

  • The index value in October was 122, up 10.7% from October 2010. The baseline value of 100 is equal to the 2008 monthly average number of pending deals.
  • October’s index value was up 3.1% from September.
  • CAR’s 2012 President LeFrancis Arnold
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Orange County Market Update

The total number of homes sold for September, single-family and condos, was 2,386.

Of those 1,737 were single-family homes. Believe it or not, of those, 1,173 were standard, equity, sales. Short sales numbered 307 and bank owned listings came in at 257.

Condos in the same order were, 334 standard, 149 short, and bank owned 166.

There were 1,704 Notices of Default, a number heightened by the banks beginning to finally clear out properties that have been delinquent in payments for months and sometimes years.

There were 1,113 Notice of Trustee Sale, one of the final steps to foreclosure. (There is much speculation that the banks would prefer to do “short sales” as opposed to foreclosing, as it saves much time and

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THERE IS DEMAND FOR HOUSING NOW

Local associations of Realtors and Multiple Listing Data indicate that inventory is quite low. Part of the reason sales have slowed is there simply isn’t enough saleable product out there.  In this type of market, there will always be properties on the market that are technically available inventory, but simply have too many problems to overcome. They need a particular type of buyer. These properties can make it appear there is more inventory than is actually “saleable.”

Frankly, it is surprising that people who can buy, have chosen to back away from the market because of predictions of a triple dip.  It’s a “cost vs. buy” analysis. If you believe in home ownership, its tax deductions, its features of durability and

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HOMEOWNERSHIP: REPORTS OF ITS DEATH ARE EXAGGERATED

This headline was posted by the KCM Crew, authors of a blog for a real estate website called, “Keeping Current
Matters.” It’s a great name for a blog, because in real estate, keeping current does indeed... matter.

The above mentioned article randomly addresses the many negative articles regarding real estate, many of which
have been published in local southern California papers.  This newsletter, although not political, strongly
disagrees with scare tactics and negative ploys designed solely to sell papers. 

Local papers would have you believe that the sky is, in fact, falling; real estate will never recover and will
never be the same.   Hardly. In fact, pick up a copy of the recently released Fannie

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Last year the economic forecasting firm Fiserv predicted that home values would sink around 5% in 2011, and that prices in three-quarters of the nation's major metro areas would fall. The bad news is, the firm wasn't that far off the mark. The good news: In the coming year, Fiserv thinks 95% of the 384 metro areas it tracks will see prices rise.

Don't expect the market to move much beyond first gear, though. The median expectation among more than 100 economists and real estate pros surveyed by MacroMarkets is that home values will inch ahead by a mere 0.25%, compared to their 2011 median forecast decline of 2.8%. They also foresee annualized gains through 2015 of just 1.1%, as the real estate market slowly works its way through a mountain of

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If you've been on the fence about homeownership, now is the time to take a leap! Don't let the negative press deter you from one of life's greatest joys. Take a look at five short and sweet reasons that homeownership is great!

1. Equity. When you pay rent, you never see that money again. It is lining the landlord's pocket. Yes, buying a home may come with some hefty initial costs (downpayment, closing costs, inspections), but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates. For the areas that have seen harder times since the recession, experts feel that the housing market will recover. Homeownership is

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Orange County will have a half-million-dollar housing market again by 2012, and home sales volume will rebound by a whopping 43% over the next two years, according to the latest UCLA Anderson Forecast for the O.C. housing market.

Orange County Forecast
Year Price chg. Sales chg.
2010 $428,381 5.6% 32,139 3.5%
2011 $460,545 7.5% 40,974 27.5%
2012 $503,450 9.3% 45,877 12.0%
2013 $538,750 7.0% 48,832 6.4%
2014 $577,619 7.2% 49,913 2.2%
2015 $615,644 6.6% 47,800 -4.2%
2016 $639,650 3.9% 47,577 -0.5%

Economists with UCLA’s Anderson Forecast foresee O.C. home prices climbing above $500,000 in 2012 for the first time since April 2008. Prices are expected to

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2 bedroom 2.5 bathroom home in Soco Walk, Fullerton.  Main street entry opens to a spacious room perfect for a professional business or office (or third bedroom) complete with large commercial half bath.

Open floor plan with modern design elements throughout including new textured carpet, slate tile flooring, high ceilings with exposed duct work, brushed nickel fixtures/hardware and contemporary paint palette.

$375,000

For more info, see 356 District Ct, Fullerton

356 Disctict Ct.  SOCO Walk, Fullerton  356 Disctict Ct.  SOCO Walk, Fullerton

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time_to_buy_400

On Monday, we gave you the links to four different articles that came to the same conclusion: it’s time to buy a home. Today, we want to take a closer look at one of the sources, the JP Morgan’s Market Insights report. Right from the beginning, the paper identifies the greatest challenge in today’s housing market: consumer emotion. They attempt to overcome that emotion with logical reasons why now is the time to buy a home. They break it down to the following.

Price-to-Income Ratio

One measure of housing values is the ratio of personal income to home prices. The report explains where we are today:

“Since 1966, the median price of an existing single family home in the U.S. has varied between 150% and 251% of personal income per

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