September 2013

Found 57 blog entries for September 2013.

 

Home prices in the Los Angeles-Orange County area jumped 20.8 percent in the year ending in July, the biggest percentage gain since January 2006, the S&P/Case-Shiller Home Price Index showed Tuesday.

Case-Shiller is the last of four key housing market trackers reporting that Orange County home prices rose at least 20 percent in July. DataQuick reported that the median price of a single-family Orange County home increased 20.7 percent that month. The California Association of Realtors showed O.C. prices up 22.5 percent, while CoreLogic showed a 22.9 percent rise.

After 13 straight months of year-over-year gains, July home prices were back to November 2003 levels.

The gain also was the third-biggest among the 20 U.S. metro areas included

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California Realty, with headquarters in San Diego and one of the top-five real estate brokerages in the nation, today became the first company to operate as a member of the new Berkshire Hathaway HomeServices network. The brokerage, now doing business as Berkshire Hathaway HomeServices California Properties, celebrated the transition with an open house event at one of its exclusive listings attended by agents, clients and community members.

The company's first yard sign was presented during the event with a ribbon cutting by David Cabot, CEO of Berkshire Hathaway HomeServices California Properties; Ron Peltier, Chairman and CEO of HomeServices, which owns the brokerage; and Earl Lee, CEO of HSF Affiliates LLC, which operates Berkshire Hathaway

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Fullerton, California...


Reason #1 -- According to S&P/Case-Shiller, prices will continue to rise in 2013. In fact, they adjusted their original forecast of 8% to 11%. Reason #2 -- Mortgage rates will continue to rise. According to Freddie Mac, 1/2 a point interest has already been factored in and likely will stay there for the time being. But don't test providence. Reason #3 -- It is time to make a decision.The time for hesitation, waiting for the bottom of the market, has come and gone.

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Fulleron, California....

1. Create a happy front door. According to feng shui principles, the easier it is for people to bring opportunities to your front door, the more you’ll have.  Make the walk from the car to the front door a delightful experience. That means no thorny plants nearby, no sidewalk trippers, and no cobwebs to walk through.  Next, add details that draw people to the front door, such as a welcome mat and flowers.  You might even consider painting the front door a shade of red to attract positive energy, especially if it’s positioned in shadow or under an overhang or porch.  Make sure the doorbell and outdoor lights are in good, working order. Clean the door and stoop thoroughly -- shine the metal on the knocker, wash any windows -- make it…
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Despite rising interest rates, owning a home is still significantly cheaper than renting at a national level and in most large metropolitan areas, according to Trulia’s Summer 2013 Rent vs. Buy Report.

While rising interest rates are closing the gap between renting and owning, owning is still 35 percent cheaper than renting nationally. A year ago, the difference was 45 percent.

“Recent mortgage rate and home price increases have made buying significantly more expensive than last year, but not enough to tip the math in favor of renting,” said Jed Kolko, chief economist for Trulia.

“This is because rates remain well below historical norms, and prices are still slightly undervalued, too,” he said.

With rents and home prices remaining

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Brea, California....

Homebuilder confidence held in September at the highest level in almost eight years, a sign housing will remain a bright spot for the U.S. economy.

The National Association of Home Builders/Wells Fargo confidence index registered 58 this month, matching August’s revised reading as the strongest since November 2005, a report from the Washington-based group showed today. Readings greater than 50 mean more builders view conditions as good than poor.

 Gerald Lipkin, chief executive officer OF Valley National Bancorp, and Doug Lebda, CEO of Tree.com, talk about the impact of rising mortgage rates on the U.S. housing market and the outlook for commercial loans. They speak with Tom Keene and Sara Eisen on Bloomberg Television's

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Brea, Califfornia....

Buyers and sellers have been forced to adjust quickly to changing dynamics in the recovering U.S. housing markets, such as bidding wars when prices were low, short inventory, rising mortgage rates, and financing issues. A research firm notes that in a typical recovery sales pick up and then prices follow, but the current recovery has experienced the opposite. The Wall Street Journal notes there are four key factors to observe related to affordability, inventory, bubbles, and investors as the market rebounds.

Making sense of the story

Housing affordability was impacted in a relatively short span. Builders capitalized on rising demand and low interest rates while adding little in the way of new construction, which some experts say has led…
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Fullerton, California...

August single family home sales ease back while condo and townhome market takes off.


Following a strong performance in July, California’s housing market pulled back in August as mortgage rates continued to inch up, although sales of condominiums and townhomes remained robust, C.A.R. reported this week.

Sales in August were down 2 percent from a revised 443,500 in July and down 1.9 percent from a revised 443,030 in August 2012.  The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the August pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

Home prices continued in an upward trend in August, reaching levels

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Fullerton, California...   

A new report by Realtor.com found that as the year’s peak home-buying season comes to a close, key market indicators are pointing to a shift in the dynamics of the housing market, suggesting that future home value appreciations may likely be driven by market demand, rather than inventory shortages.

An analysis of the summer home-buying season ending in August shows year-over-year changes now within the single-digits for three key indicators – inventory count, median age, and median list price, signaling a leveling of the market not seen for some time.  The national market was virtually flat month-over-month compared with July for both inventory and median list price, and registered a slight increase in median age of inventory.

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Brea, California...


Existing-home sales rose an unexpected 6.5 percent to an annual sales rate of 5.48 million, the National Association of Realtors reported Thursday. Economists surveyed by Bloomberg expected existing home sales to drop to 5.255 million from July’s originally reported July’s 5.39 million sales pace which was unchanged in today’s report.


August’s sales pace was the highest since February 2007—months before the onset of the Great Recession.
The increase in sales came as the median price of an existing single family home in August dipped slightly from July, down $300 to $212,100. It was the second straight month-over-month price drop. Read more

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