Friday, January 17, 2014

Real Estate News And Housing Trends For December 2013

Angela Yglesias

Levesque Realty Westlake Village 
Westlake Village, CA 91362

Cell: 805-490-4944  
Phone: 805-490-4944 

Housing Trends

Dec2013


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National market update

Existing-Home Sales Decline in November, but Strong Price Gains Continue

WASHINGTON (December 19, 2013) – Existing-home sales fell in November, although median prices continue to show strong year-over-year growth, according to the National Association of Realtors®. Read more

Housing Equity 2013

With the end of 2013 closing in, it is time to take stock of the impact from the strong 2013 housing market. Home price growth was robust in 2013 compared to 2012 and is currently forecast by NAR Research to finish the year 11.3% stronger.
Read more

National housing indicators

Existing home sales (November)

4.90*

Existing home median price (November)

$196,300

Housing Starts (November)

1091000*

New home sales (November)

444000*
*Seasonally adjusted annual rate. Source: NATIONAL ASSOCIATION OF REALTORS®.

National economic indicators

Home ownership

3rd Qtr 2012

65.5%

3rd Qtr 2013

65.3%
The homeownership rate in the third quarter 2013 was 65.3 percent, down 0.2 (+/- 0.4)* percentage points from the third quarter 2012 rate of 65.5 percent. The homeownership rates in the Northeast, Midwest, South, and West were not statistically different from the rates a year ago.

New home sales

September 2013

-6.6%

October 2013

+25.4%
Sales of new single-family houses in October 2013 were at a seasonally adjusted annual rate of 444,000. This is 25.4 percent (+/- 19.2%) above the September 2013 estimate of 354,000.
Source: U.S. CENSUS BUREAU

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Regional market updates

View market statistics for your region.

Click on the links below to view data from two different industry sources. Choose information on local prices & state sales from any of 150 metropolitan housing markets prepared by the National Association of REALTORS® or information on sales & price activity from local area markets in 25 states prepared by Clarus MarketMetrics.

Local Prices & State Sales

Local Sales & Price Activity


Home Ownership matters…to people, to communities, and to America. Why? • For every two homes sold, one job is created in the U.S. • Each purchase generates as much as $60,000 in economic activity over time. Read more
Buying is now cheaper than renting in 74 percent of the nation’s largest cities. Low home prices and “rock-bottom” interest rates as well as tax advantages of homeownership are the reasons why it’s now cheaper to BUY a 2-bdrm home than to rent one. Check out this CNN Money article with the details. Read more
Disclaimer: The views, opinions, statements and/or ideas expressed in this Message Section do not reflect the ideas, policy, position, views or opinion of Move,Inc.

Consumer tips & hot properties

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Boost Your Credit Score to Buy a Home

Promises of loans for bad credit borrowers, while common amid the housing boom in the early 2000s, are now rare. If you’re interested in buying a home today, know that lenders will carefully check your credit and will rarely approve a loan for someone with seriously bad credit.


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Odd Moving Tips That Really Work

You’ve got the basics — cardboard boxes, newspaper, the phone number of a pizza place so you can feed the friends helping you move all your worldly goods. But do you have enough socks for the stemware?

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How Much Mortgage Can I Afford?

When you buy a home, the amount you can spend depends on how much you have in cash to use for a down payment and how much you can borrow. A mortgage lender can prequalify you for a loan, which essentially means the lender will ask you a few questions about your income, credit profile and debt, and give you an estimate of what you can borrow based on those facts. Read more
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Experts Predict 2014 Housing Market

The U.S. real estate market made a robust comeback in 2013, surpassing expectations of many economists, as the combination of low inventories and historically low interest rates caused home prices to rise and even helped fuel bidding wars in some markets, surpassing the expectations of many economists. While positive trends, such as increasing home values, are expected to continue into 2014, mortgage rates are also expected to rise in the coming year and could put a damper on home buyers’ abilities to afford new homes.
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2014 Remodeling Trends

Home remodeling may have taken a backseat during the recession, but not anymore. According to a 2013 Hanley Wood survey, remodeling sales were up 10 percent compared to 2012, and 45 percent of remodelers surveyed expected another 10 percent growth in 2014.Read more
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Tuesday, January 7, 2014

FHFA Recovers Nearly $8B from Banking Institutions in 2013

01/03/2014BY: CARRIE BAY Printer Friendly View

 
As conservator of Fannie Mae and Freddie Mac, theFederal Housing Finance Agency (FHFA), recovered nearly $8 billion on behalf of taxpayers in 2013 through settlements with financial institutions.
FHFA sued 18 financial institutions in 2011 alleging violations of the federal Securities Act of 1933 and in some cases, alleging fraudulent activity, related to sales of private-label mortgage-backed securities to Fannie and Freddie between 2005 and 2007.
The GSEs’ regulator reached settlements with six institutions named in the 2011 suits last year, the largest of which was J.P. Morgan Chase & Co. for $4 billion.
FHFA settled with Deutsche Bank AG for $1.925 billion,UBS Americas (Union Bank of Switzerland) for $885 million, Ally Financial for $475 million, CitiGroup for $250 million, and General Electric Co. for $6.25 million. A non-litigation agreement was also struck outside of court with Wells Fargo Bank in October for $335.23 million.
Of the 18 lawsuits filed by FHFA, 12 are still pending a resolution. Named as defendants in these are: Barclays Bank, Bank of America, Credit Suisse Holdings (USA), First Horizon National Corp., Goldman Sachs & Co., HSBC North America Holdings (Hong Kong Shanghai Banking Corp.), Merrill Lynch & Co., Morgan Stanley, Nomura Holding America, SG Americas (Societe Generale), the Royal Bank of Scotland, and Countrywide Financial.

“FHFA remains committed to satisfactory resolution of the remaining actions,” the agency said in a separate statement released last month.
When FHFA stepped in as conservator of the nation’s two largest mortgage financiers in September 2008, the agency was charged with “preserving and conserving” the GSEs’ assets on behalf of taxpayers since Treasury pumped $187 billion of taxpayer dollars into the two companies over the last five years.
In line with this mandate, FHFA has aggressively pursued repurchase claims made by Fannie Mae and Freddie Mac to recoup GSE losses on bad loans sold to them by financial institutions in the private sector in the run-up to the housing crash. After a review of loans purchased by the GSEs during the 2005-2007 timeframe, FHFA determined the loans had different and more risky characteristics than was relayed in the marketing and sales materials used to sell the securities to the enterprises.
FHFA said the complaints filed in 2011 reflected its conclusion that some portion of the losses Fannie Mae and Freddie Mac incurred on these private-label mortgage-backed securities were attributable to misrepresentations and other improper actions by the firms and individuals named as defendants
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Wednesday, November 20, 2013

What Buyers And Sellers Need To Know About The End Of Year Housing Market

Source: The Washington Post

Dynamics of the real estate market are always changing, so understanding your housing and financial position, and where you stand in the buying/selling cycle, will allow you to make the best decisions.


Read the full story
http://www.washingtonpost.com/blogs/where-we-live/wp/2013/11/11/what-buyers-and-sellers-need-to-know-about-the-end-of-year-housing-market/
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Government Shutdown Hampers October Home Sales

Source:  CAR

LOS ANGELES (Nov. 19) – California home sales declined for the third straight month in October as economic uncertainty surrounding last month’s government shutdown and a typical seasonal slowdown dragged down the state’s home sales, although sales of condominiums and townhomes continued to be strong, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported. 
“As anticipated, the housing market was disrupted by the closure of the federal government in October, which prolonged the loan approval process and led to the delay of many home closings, especially on FHA transactions,” said 2014 C.A.R. President Kevin Brown. “That said, we are returning to a market that’s more balanced than we’ve seen in recent years, with home price gains that are more sustainable and a sales pace that’s characteristic of a normal environment.”
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 401,170 units in October, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in October were down 2.7 percent from a revised 412,260 in September and down 11.1 percent from a revised 451,090 in October 2012.  The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the October pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.
The statewide median price of an existing, single-family detached home edged down 0.3 percent from September’s median price of $428,740 to $427,290 in October.  October’s price was 25.3 percent higher than the revised $340,910 recorded in October 2012, marking the 16th straight month of double-digit annual gains.  The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.
“The recent jump in interest rates, coupled with the run-up in home prices since the beginning of this year, lowered housing affordability.  As such, many buyers are considering more affordable options such as condos and townhomes, especially in the San Francisco Bay Area, where there is a greater abundance of these property types,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “As housing demand has cooled off in recent months, however, the statewide median price is finally showing some signs of stability.  As we enter the slower home buying season, we expect home prices to be capped by seasonal factors and annual price gains to continue to taper off in the coming months.”
Other key facts of C.A.R.’s October 2013 resale housing report include:
• The available supply of existing, single-family detached homes for sale dipped in October to 3.4 months, down from September’s Unsold Inventory Index of 3.6 months. The index was 3.1 months in October 2012.  The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.  A six- to seven-month supply is considered typical in a normal market.
• The median number of days it took to sell a single-family home also increased to 33.1 days in October from 29.6 days in September, but was down from 38 days in October 2012.
• Mortgage rates declined in October, with the 30-year, fixed-mortgage interest rate averaging 4.19 percent, down from 4.49 percent in September but up from 3.38 percent in October 2012, according to Freddie Mac.  Adjustable-mortgage interest rates in October averaged 2.63 percent, down from 2.67 in September but up from 2.59 percent in October 2012.
Charts:
Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only.  County sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  Due to the low sales volume in some areas, median price changes may exhibit unusual fluctuation. The change in median prices should not be construed as actual price changes in specific homes.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

October 2013 County Sales and Price Activity(Regional and condo sales data not seasonally adjusted)
October-13Median Sold Price of Existing Single-Family HomesSales
State/Region/CountyOct-13Sep-13Oct-12MTM% ChgYTY% ChgMTM% ChgYTY% Chg
CA SFH (SAAR)$427,290$428,740r$340,910r-0.3%25.3%-2.7%-11.1%
CA Condo/Townhomes$351,170$344,210$267,060r2.0%31.5%3.2%4.4%
Los Angeles Metro Area$391,450$390,800$318,6600.2%22.8%8.7%-8.1%
Inland Empire$257,820$252,100$198,1002.3%30.1%0.8%-9.4%
San Francisco Bay Area$679,640$687,260$593,080-1.1%14.6%13.4%0.1%
San Francisco Bay Area
Alameda$618,930$640,340$535,620-3.3%15.6%24.0%8.0%
Contra-Costa (Cty)$740,200$770,450$639,560-3.9%15.7%-4.1%4.7%
Marin$959,740$893,140$806,3707.5%19.0%14.2%4.7%
Napa$497,730$477,270$426,1904.3%16.8%-1.9%-25.5%
San Francisco$844,510$858,330$767,860-1.6%10.0%30.6%7.6%
San Mateo$910,000$908,000$819,0000.2%11.1%31.3%1.5%
Santa Clara$770,000$778,000$688,000-1.0%11.9%2.3%-4.8%
Solano$294,920$286,220$220,5603.0%33.7%24.1%6.4%
Sonoma$469,900$455,850$374,6403.1%25.4%8.7%-9.4%
Southern California
Los Angeles$447,130$459,020$364,810-2.6%22.6%21.5%-5.2%
Orange County$660,080$672,680$558,680-1.9%18.1%-3.3%-18.3%
Riverside County$296,640$293,560$230,7301.0%28.6%-1.8%-11.6%
San Bernardino$191,140$185,860$148,4802.8%28.7%5.1%-5.8%
San Diego$477,130$490,130$395,470-2.7%20.6%9.7%-8.1%
Ventura$538,740$550,000$416,350-2.0%29.4%4.4%11.3%
Central Coast
Monterey$412,000$422,500$315,000-2.5%30.8%-11.2%-19.4%
San Luis Obispo$440,380$495,350$395,140-11.1%11.4%5.3%-18.2%
Santa Barbara$613,640$692,930$535,710r-11.4%14.5%-16.3%-3.1%
Santa Cruz$650,000$639,500$499,5001.6%30.1%2.4%-7.7%
Central Valley
Fresno$182,620$185,830$151,850-1.7%20.3%3.5%-16.2%
Glenn$125,000$134,000$120,000-6.7%4.2%-38.1%-27.8%
Kern (Bakersfield)$185,000$194,000r$155,000-4.6%19.4%3.8%-18.9%
Kings County$181,000$168,460$151,4307.4%19.5%-16.9%-31.0%
Madera$153,330$190,000$140,000-19.3%9.5%63.6%63.6%
Merced$171,820$178,570$123,000-3.8%39.7%31.6%3.3%
Placer County$364,150$365,290$300,440-0.3%21.2%-1.1%-2.4%
Sacramento$253,560$255,390$189,800-0.7%33.6%-0.7%-20.4%
San Benito$397,500$428,950$280,000-7.3%42.0%21.1%-16.4%
San Joaquin$234,160$242,370$179,570-3.4%30.4%3.1%-17.3%
Stanislaus$209,110$194,890$151,3607.3%38.2%11.4%-7.6%
Tulare$161,330$163,500$143,610r-1.3%12.3%9.5%-10.0%
Other Counties in California
Amador$198,000$252,780$192,000-21.7%3.1%-26.7%-34.0%
Butte County$248,330$250,000$210,940-0.7%17.7%23.4%-4.9%
Calaveras$225,000$218,990rNA2.7%NA-9.4%NA
Del Norte$176,600$136,500NA29.4%NA15.0%NA
El Dorado County$367,390$334,900$276,3509.7%32.9%6.7%-9.6%
Humboldt$260,530$251,090$243,2703.8%7.1%-29.4%-11.6%
Lake County$196,250$150,000$111,43030.8%76.1%1.4%-9.0%
Tuolumne$200,000$207,690$168,000-3.7%19.0%-11.8%-28.6%
Mendocino$255,000$285,710$262,500-10.7%-2.9%47.1%-9.1%
Shasta$208,540$189,050r$176,670r10.3%18.0%2.7%-14.9%
Siskiyou County$156,670$155,000$180,0001.1%-13.0%-29.5%-8.8%
Sutter$195,750$204,700NA-4.4%NA-21.6%NA
Tehama$142,500$150,000$116,670-5.0%22.1%-22.2%-57.1%
Yolo$311,290$331,030$245,000-6.0%27.1%29.5%1.4%
Yuba$195,000$170,000NA14.7%NA-8.7%NA
r = revised
NA = not available

October 2013 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)
October-13Unsold Inventory IndexMedian Time on Market
State/Region/CountyOct-13Sep-13Oct-12Oct-13Sep-13Oct-12
CA SFH (SAAR)3.43.63.133.129.638.0
CA Condo/Townhomes3.03.13.1r31.829.746.1
Los Angeles Metro Area3.63.63.340.737.446.1
Inland Empire4.03.73.537.231.844.1
San Francisco Bay Area2.32.82.537.537.443.4
San Francisco Bay Area
Alameda2.02.62.050.049.258.3
Contra-Costa (Central Cty)2.52.52.4r52.949.258.3
Marin2.93.83.538.443.253.0
Napa4.75.04.149.053.174.8
San Francisco2.53.42.925.123.729.9
San Mateo1.82.62.019.420.122.0
Santa Clara1.92.11.921.420.121.6
Solano2.43.13.438.035.445.3
Sonoma3.03.63.348.148.261.2
Sourthern California
Los Angeles3.23.43.035.733.040.3
Orange County3.83.83.254.551.057.8
Riverside County4.33.83.438.132.244.3
San Bernardino3.53.63.536.131.243.8
San Diego3.74.23.728.125.540.0
Ventura3.33.74.649.145.669.1
Central Coast
Monterey4.34.03.826.826.627.7
San Luis Obispo4.85.43.927.529.042.7
Santa Barbara4.13.64.8r33.837.247.7
Santa Cruz3.53.83.327.122.825.3
Central Valley
Fresno4.34.43.724.325.026.0
Glenn6.74.53.269.745.561.0
Kern (Bakersfield)3.12.6r3.0r18.015.025.0
Kings County3.93.02.532.337.244.3
Madera2.95.04.828.527.627.6
Merced2.53.22.823.121.927.6
Placer County3.23.22.724.722.124.9
Sacramento3.13.01.921.620.422.5
San Benito2.83.42.724.819.421.4
San Joaquin2.62.82.120.919.523.0
Stanislaus2.52.72.220.420.123.6
Tulare4.04.2NA28.624.122.4r
Other Counties in California
Amador5.64.45.528.943.156.4
Butte County4.45.53.645.037.242.6
Calaveras6.26.0NA62.064.0NA
Del Norte7.38.8NA78.096.0NA
El Dorado County4.44.93.542.234.242.2
Humboldt7.25.15.732.932.968.8
Lake County5.55.75.675.574.255.9
Tuolumne7.36.54.529.551.168.3
Mendocino6.910.86.373.485.970.2
Shasta5.55.5r4.0r27.238.8r32.6r
Siskiyou County11.28.910.993.957.657.4
Sutter3.22.7NA19.514.0NA
Tehama9.47.64.541.936.458.7
Yolo2.63.62.521.821.027.2
Yuba3.02.9NA24.016.0NA
r = revised
NA = not available
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