Saturday, April 28, 2012

California home prices increase year-over-year in March

 California home prices increase year-over-year in March

California home sales declined in March from February’s pace, while the median home price snapped a 16-month annual price decline and posted its first year-over-year gain, C.A.R. reported recently.

The statewide median price of an existing, single-family detached home jumped 9.2 percent to $291,080 in March from February’s $266,660 median price and was up 1.6 percent from a revised $286,550 recorded in March 2011.  The month-to-month increase was the largest since March 2004.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 505,360 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in March were down 4.5 percent month-over-month and 2.3 percent year-to-year. 

“Housing inventory remains extremely tight throughout the state and at levels severely under normal market conditions,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “In areas, such as Los Angeles and Riverside counties, where the Federal Housing Finance Agency (FHFA) wants to implement the REO bulk sale pilot program, inventory is running at levels well below the long-run average.  These low inventory levels demonstrate that the pilot program is not necessary in California.”

The pilot program calls for the sale of more than 600 Fannie Mae-owned foreclosed homes in Los Angeles and Riverside counties to institutional investors...

Thursday, April 26, 2012

Homes' asking prices increase in March

Asking prices increase in March
Asking prices rose 1.4 percent nationally in March compared with the previous quarter, according to Trulia’s Price Monitor. On a month-over-month comparison, asking prices increased 0.9 percent in March and 0.6 percent in February.

Throughout 2011, asking prices rose slightly in several months of the year, but never more than 0.2 percent in a month. Asking prices in March were 0.7 percent below their level one year earlier.

Asking rents rose over the past year in almost all large metro areas included in the Trulia Rent Monitor. In the largest metros, rents rose 6.2 percent in New York and 6.1 percent in Chicago, but only 0.6 percent in Los Angeles. Rents rose strongly in Miami (12.1 percent) and Denver (9.9 percent), which also experienced large asking price increases. Meanwhile, rental affordability declined in places where rents rose while prices fell, most notably in San Francisco (rents up 11.1 percent), Seattle (9.7 percent), San Jose (9.4 percent), and Boston (9.2 percent)...

Thursday, April 19, 2012

Investors are looking to buy homes by the thousands

Investors are looking to buy homes by the thousands
With home prices down more than a third from their peak and the market swamped with foreclosures, large investors are salivating at the opportunity to buy perhaps thousands of homes at deep discounts and fill them with tenants...

Tuesday, April 17, 2012

As home rents head higher, owning regains its appeal

As home rents head higher, owning regains its appeal

Rising rents, coupled with slumping home prices and interest rates near record-lows, are boosting demand for homes at entry-level prices...

Thursday, April 12, 2012

Are You Ready for Homeownership?

Are You Ready for Homeownership?

Home ownership can be great in many ways. Before you decide to make the leap from renter to owner, consider a few of these preliminary home-buying questions posed in this article. As an Accredited Buyer’s Representative, I can help in every aspect of the home buying process and answer any questions about home ownership.  I look forward to representing you...

Friday, April 6, 2012

is it time to buy?

is it time to buy?
Housing appears to be rated a “buy” these days, especially among investors, who see a ripe and rising rental market and big potential for income…

Tuesday, April 3, 2012

California pending home sales climb from previous month and year

California pending home sales climb from previous month and year
C.A.R.’s Pending Home Sales Index (PHSI)* rose from a revised 102.3 in January to 127.8 in February, based on signed contracts. The index also was up from the 111.8 index rec...See More