Oceanside California Real Estate

The Bluffs Act Fast

2010-06-06T14:59:00.000-07:00

Please click on the link to view my amazing home Tour in Carlsbad This one will go quickly!

Aidan Circle, Carlsbad, CA - Virtual Tour

882 Home Ave A, Carlsbad, CA | Powered by Postlets

2010-03-27T22:12:00.000-07:00

882 Home Ave A, Carlsbad, CA | Powered by Postlets

Check out our new listing in Carlsbad Village this a amazing opportunity to live in the village. Walk to all the shops and the beach. This townhome has a unheard of 3 car garage for all your toys and surfboards! 4 Bedrooms with 4 bathrooms! Vaulted ceiling in living room with cozy fireplace. Some baths have been upgraded with custom tile, Laundry is conveniently located next to 3 of the bedrooms. Balcony off of living room with cool ocean breezes. Call for this home as they are rarely on the market!!!! 760 533 4551 www.SellingNorthCounty.com

The Perfect Storm

2010-03-18T00:58:00.000-07:00

Hi all I was at a seminar the other day and learned some interesting facts that you wont hear on the news. I already know the market is getting better, but did you know we are expecting a housing shortage in the next 18 months? This is also the first time in 30 years the house prices are down and the interest rates are as well, but you say how the news says the sky is falling. So I say listen to your local Realtor as to what is happening you will be suprised the answer you get. Stay tuned for more interesting facts or contact me with any questions. Hope you had a great St. Patrick's day I did I went to Swami's in Encinitas to soak in all the beautiful views California has to offer

I am still here are you?

2010-02-25T01:13:00.001-08:00

Hi all it has been awhile since my last post. As they say life happens, but I am here to tell you I am still doing Real Estate and I hear to tell you if you been on the fence thinking the market is going to plummet more I think you should re think that. I am seeing the market turn around and if you were thinking of buying now is the time to jump in with both feet. For the last 8 months we have seen the market go up every month. People do not want to engage in short sales because they take so long (2 months if your lucky and up to a year) Yes I said a year. So when a bank owned property comes on the market or a regular sale up to 450,000 it is gone the 1st day and there are multiple offers and bidding wars, and I am not talking about 4 or 5 offers I am talking more like 22 offers. I bid on house for my clients and they were 1 of 43 offers!! I know this seems hard to believe but it is what is going on. I welcome you to call me or email me with any questions I can help with. My email is Bridget@SellingNorthCounty.com or my cell is 760 533 4551. Take Care, Bridget

No News Is.....

2009-07-20T21:57:00.000-07:00

“For most folks, no news is good news; for the press, good news is not news.”

– Gloria Borger

Dear Friend,

You hear the bad news everywhere you turn. It’s on the television, the Internet, the radio

and in print headlines. What you don’t hear is the good news about the real estate market.

Bad news sells newspapers and gets high television ratings; therefore, the media has no reason

to report the upside of today’s real estate market to the average American. This is where I

come in. For example, did you know that approximately 30 percent of homeowners own

their home free and clear?

The current market also affords some great opportunities for those looking to purchase a

home. First-time homeowners, move-up buyers and investors can all benefit from low home prices, large selection and historically low interest rates.

In addition, the government recently approved a First Time Buyer Tax Credit, up to

$8000, that does not require repayment if the borrower resides in and maintains ownership

of the property for at least three years. Regulations do apply and can be reviewed at www.federalhousingtaxcredit.com, or just give me a call and I will be happy to discuss

it with you.

Call me to hear more about the good news in today’s housing market. I can’t wait to share

it with you.

To view the article click here

55+ Tax Transfer Ruling

2009-06-16T14:58:00.000-07:00

Provided by California Assocation Of Realtors

Ordinarily under Proposition 13, the value of a home for property tax purposes is re-assessed to market level whenever a change in ownership takes place. This usually results in higher property taxes for the homebuyer.

Proposition 60 is a law passed by the state's voters in 1986. It allows seniors to keep their property tax base assessment when they move within the same county. Proposition 60 does not require passage by a local municipality.

In 1988, the state's voters approved Proposition 90, which is designed to induce greater turnover of homes owned by senior citizens. The measure provides anyone over the age of 55 with relief from Proposition 13 by allowing them to move from one county to another without undergoing a change in their basic property taxes.

Proposition 90 is a "local-option" law; each county has the option of participating. If a county has adopted a Proposition 90 ordinance, it accepts transfers of property tax base assessments from other California counties. If the county that the homeowner is moving from does not have a Proposition 90 ordinance, this does not affect the eligibility of the homeowner. Homeowners seeking to transfer their property tax base assessment must verify that the county to which they are moving has a Proposition 90 ordinance.

Market Statistics

2009-06-12T23:26:00.000-07:00

Market Statistics

Know Your Market……

Active listings as of Friday, June 12:

MRMLS: 17,391

Sandicor: 10,278

SoCalMLS: 17,077

SFR and Condo Activity from May 31 - June 6.

New Actives:

MRMLS: 1,383 Sandicor: 762 SoCalMLS: 1,134

New Pendings:

MRMLS: 1,571 Sandicor: 877 SoCalMLS: 849

Closed Sales:

MRMLS: 1,397 Sandicor: 623 SoCalMLS: 815

Staggering Numbers

2009-05-31T22:18:00.000-07:00

If you follow my blog you will find I post these statistics often. These numbers show you how the Sandicor MLS, Multiple Listing Service of homes on the San Diego Multiple Listing service for one week. Our inventory has dropped to an amazing low which would explain why last week when I wrote an offer for my clients we were 1 of 42 offers. If your thinking of listing your home now would be the time especially if you own your home. Many buyers are trying to steer clear of short sales due to there response to buyer offers. Bank owned or foreclosure homes are quicker to receive a response but the competition is staggering as my above example. Please feel free to contact me to assist you with any questions you may have in regards to buying or selling in this market.

Active listings as of Friday, May 29:

MRMLS: 18,252

Sandicor: 10,996

SoCalMLS: 17,683

SFR and Condo Activity from May 17 through May 23.

New Actives:

MRMLS: 1,196 Sandicor: 693 SoCalMLS: 1,091

New Pendings:

MRMLS: 1,476 Sandicor: 906 SoCalMLS: 706

Closed Sales:

MRMLS: 1,307 Sandicor: 630 SoCalMLS: 806

Market Statistics

2009-05-01T22:53:00.000-07:00

I am happy to report that that homes that were pending meaning put into escrow is exceeded the homes that were listed on the market. The San Diego MLS is listed as Sandicor. The MRMLS is for Riverside and SoCalMLS is for Orange County.

Active listings as of Friday, May 1:

MRMLS: 21,903
Sandicor: 14,723
SoCalMLS: 19,362

SFR and Condo Activity from April 19 through April 25.

New Actives:
MRMLS: 1,381 Sandicor: 791 SoCalMLS: 1,250

New Pendings:
MRMLS: 1,565 Sandicor: 930 SoCalMLS: 818

Closed Sales:
MRMLS: 1,240 Sandicor: 604 SoCalMLS: 689

Could The Market Be Coming Up??!!

2009-04-02T13:39:00.000-07:00

Below you will find the inventory for the multiple listing service. San Diego's is Sandicor. The activity below is for the week of 3/22- 3/28 and for the first time in awhile the pending sales at 1000 exceeds the New Active listings at 925. I think this is just another sign the market is turning around. Should you like to find out more please call me at 760 533 4551

Active listings as of Wednesday, April 1:

MRMLS: 25,169

Sandicor: 15,471

SoCalMLS: 21,253

SFR and Condo Activity from March 22 through March 28.

New Actives:

MRMLS: 1,486 Sandicor: 925 SoCalMLS: 1,175

New Pendings:

MRMLS: 1,724 Sandicor: 1,000 SoCalMLS: 839

Closed Sales:

MRMLS: 1,175 Sandicor: 580 SoCalMLS: 734

Great Opportunity For 1st Time Buyers

2009-04-02T00:52:00.000-07:00

Thursday, April 2, 2009 the Housing Affordability Fund will launch a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations.
To be able to qualify for the Mortgage Protection Program, applicants must:. · Be a first-time home buyer – someone who has not owned a home in the last three years. · Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009 · Use a California REALTOR® in the transaction · Purchase the property in California · Be a W-2 employee (cannot be self-employed or military personnel) To receive a copy of the application please contact me at 760 533 4551 or Bridget@SellingNorthCounty.com

Five Star Award

2009-03-15T13:29:00.000-07:00

I am honored to mention that I am in this months issue of the San Diego Magazine. I was awarded the Five Star Real Estate Agents Best In Client Satisfaction. I was given this award from feedback from my previous clients. I want to thank my clients for there generosity. I have included a link that explains about the award and how I was chosen. Again I want to thank you for the award and the opportunity to serve you. http://www.sandiegomagazine.com/media/San-Diego-Magazine/March-2009/FIVE-STAR-Real-Estate-Agents/

FAQ For First Time Home Buyers Tax Credit

2008-09-03T14:52:00.000-07:00

Please refer to this link for answers to questions you may have regarding First Time Home Buyers Tax Credit. http://www.realtor.org/gapublic.nsf/files/hbtaxcreditqa2008.pdf/$FILE/hbtaxcreditqa2008.pdf

FHA Credit Link

2008-08-21T21:12:00.000-07:00

Hi I wanted to post a link you can view that will break down the First‐time Homebuyer Tax Credit. This may be a little easier to view then my previous blog entry. http://www.realtor.org/GAPublic.nsf/files/chart_homebuyer_tax_credit_.pdf/$FILE/chart_homebuyer_tax_credit_.pdf
As always if there is anything I can help with please let me know.

First-Time Homebuyer Federal Tax Credit

2008-08-21T20:49:00.000-07:00

As part of the “Housing and Economic Recovery Act of 2008” that was recently signed into law, Congress has created a new, temporary federal income tax credit to provide an incentive for first-time homebuyers.

The amount of the federal tax credit is for 10% of the cost of the home, up to a maximum credit of $7,500. In essence, this is an interest-free loan that enables consumers to receive a tax credit on a dollar-for-dollar basis on their personal income tax return in the calendar year following the year of closing on their home. They begin paying the tax credit back the year after that and make equal installments during the next 15 years. If the homeowner sells the home at any point during the 15-year payback period, then the remaining amount is recaptured, unless they sell the home at a loss, at which point the balance is forgiven.
e.g., If a home costs $65,000, the allowable credit would be $6,500. If a home costs $120,000, then the allowable credit would be $7,500.
Eligibility is for first-time homebuyers only. In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the past three years, but who may have done so previously. Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single.
Individuals whose Form 1040 filing status is single (or head of household) are eligible for the tax credit if their income is no more than $75,000. Individuals who file a joint return may have no more than $150,000 in income.
Individuals with incomes between $75,001 and $94,999 (single) or $150,001 and $169,999 (joint returns) are eligible for a partial tax credit.
Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit.
The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home between April 9, 2008 through July 1, 2009. Individuals should consult a professional tax advisor for exact tax calculations.
e.g., If an individual’s actual tax liability was $5,000, then after the tax credit is applied the purchaser would receive a total refund of $2,500. The refundable amount is the difference between the $7,500 tax credit and the amount of one’s tax liability.
e.g., If an individual’s actual tax refund was $2,000, then after the tax credit is applied the purchaser would receive a total refund of $9,500.
This tax credit is required to be repaid without interest in equal installments of 6.67% of the total credit each year for 15 years beginning the year after the tax credit is claimed.
e.g., If a homebuyer claims the $7,500 credit in 2009 on their federal income tax return for a closing that occurred in 2008, then the credit is received in 2009, so repayment begins in 2010 with an annual repayment amount of approximately $500 a year.

ANDERSON FORECAST SAYS HOUSING CRISIS TO EASE

2008-03-17T14:14:00.000-07:00

The housing market woes are expected to begin easing up by late 2008 and, despite mounting job losses and fuel and food cost increases, the country will avoid a full recession, according to the UCLA Anderson Forecast report released Tuesday."Our no-recession forecast remains nervously intact," said UCLA Anderson Forecast Director Edward Leamer. "We see a lot of problems in the first half of 2008 as housing remains a drag on GDP growth and weakness in personal consumption contributes as well. We expect one quarter of negative GDP growth. The Fed continues to dish out good news for Wall Street with ever lower interest rates. The labor market is sluggish and unemployment elevates to 5.5 percent by the end of 2008. But the housing drag on GDP dissipates in the second half of the year and a normal economy returns in 2009."

Amazing Value

2007-12-12T22:57:00.000-08:00

I have just listed a great home in Oceanside to view the virtual tour click here to experience this wonderful home features. http://www.previewfirst.com/ViewVirtualTour.do?id=15923
5 bedrooms plus loft with 3 bathrooms with 2664 sqft for $559,000

The San Diego Fires

2007-10-30T22:57:00.000-07:00

It has been a week now since the devastating fires came through San Diego. The air is starting to clear up and seem "normal" again. I hope you and yours are safe. I was lucky not to have had to evacuate. What affects this fire will have totally have yet to be determined. For the housing market I am not sure either, but I would expect there will be more people that are displaced looking for homes.

What The Recent Fed Cut Really Means

2007-09-21T23:47:00.000-07:00

Friday, September 21, 2007provided by
Fed's Half-Point Move Likely to Trim Payments on Credit Cards, Home-Equity Lines, but Offer
Scant Relief on Certain Mortgages

Consumers should soon start feeling the impact of Tuesday's Fed rate cut in the form of lower borrowing costs and stingier savings rates. But the rate cut doesn't offer much help for the key problems bedeviling many mortgage borrowers.
The Federal Reserve said it lowered short-term interest rates by half a percentage point, to 4.75%, to combat the effects of a weaker housing market and tighter credit on the broader economy. The steep reduction in the Fed funds rate surprised many on Wall Street who expected a more modest rate cut. Stocks on Sept. 18 rose sharply after the Fed's announcement, with the Dow Jones Industrial Average gaining 335.97 points, or 2.5%, to 13739.39.

The rate cut should reduce payments on many home-equity lines of credit, credit cards and some car loans. Perversely, however, some economists say it could lead to higher rates on fixed-rate mortgages down the road if bond markets expect the Fed move will spur higher economic growth or inflation.
There also is likely to be little immediate relief for borrowers with certain types of adjustable-rate mortgages. That's because the rates on some of these loans are tied to the London interbank offered rate, or Libor, which recently jumped sharply above the Fed funds rate because of the continuing credit crunch in the markets. Libor, which has drifted downward recently, is an interest rate charged by banks for short-term loans to each other.
"If Libor doesn't come down, there is no relief" for many mortgage borrowers, says James Bianco, president of Bianco Research LLC, a market-research firm in Chicago.
Borrowers who should see immediate benefits from the Fed cut are those holding loans tied to U.S. banks' prime rate. Consumers can contact their lenders to inquire how their rates are calculated. Many banks cut their prime rates by half a percentage point after yesterday's Fed move.
Here is a look at what the Fed's action means for consumers:
• Homeowners. The rate cut is good news for borrowers with home-equity lines of credit, and savings could show up as soon as the next monthly statement. Borrowers looking for a new fixed-rate home-equity loan could also see lower rates. There are likely to be regional differences, with lenders most likely to cut rates on these loans in areas where the housing market is healthy and the local economy is robust, says Doug Duncan, chief economist of the Mortgage Bankers Association. Before the Fed's latest move, rates on home-equity lines averaged 8.72%, while home-equity loans averaged 8.29%, according to HSH Associates.
But in a twist, the Fed cut could boost rates down the road for 30-year fixed-rate mortgages. These rates are typically influenced by rates on 10-year Treasurys, which have moved lower recently in anticipation of a quarter-point cut in rates and because of a flight to quality in bond markets. But if markets expect a higher level of economic growth than previously anticipated, or a pickup in inflation, borrowers could see "some modest increase in fixed-rates going forward, though not necessarily immediately," Mr. Duncan says.
Recent news has been mixed for borrowers with adjustable-rate mortgages. Borrowers with ARMs that are tied to Treasury averages have benefited from a recent decline in rates. For those who are facing their first rate reset on Oct. 1, "that reset will be less painful than it would have been had it taken place a couple months ago," says Greg McBride, a senior financial analyst with Bankrate.com.
But higher borrowing costs may still be in the offing for homeowners whose adjustables are tied to Libor. Libor is frequently used to set rates for subprime adjustables, loans made to borrowers with scuffed credit. As for non-subprime ARMs, roughly half of these originated in recent years are also tied to Libor, estimates Keith Gumbinger, a mortgage analyst with HSH Associates. Borrowers can determine which index their adjustable is tied to by checking their loan documents.
The rate cut isn't likely to do much for the biggest problem facing the mortgage market: a liquidity crunch that has made it tougher for many borrowers to get a loan. "People have been characterizing this as a bailout for housing, but I don't think that's accurate," says Mr. Duncan of the Mortgage Bankers Association. The rate cut is "much more about the broader economy," while the mortgage market's troubles are "all about credit and property values."
• Savers. Savers could soon see lower payouts on their savings accounts, certificates of deposit and money-market mutual funds. In fact, some banks have already started to reduce their rates or scale back their deals. Bank of America Corp., for instance, recently shortened the maturities on its promotional CDs paying 5% to four months from eight months.
Nevertheless, banks are going to be reluctant to cut rates before their competitors, in part because consumer deposits remain one of the cheapest sources of funds available for the banks, says Bankrate.com's Mr. McBride. In fact, average CD rates have barely budged in recent months with yields on five-, three- and one-year CDs currently at 4%, 3.77% and 3.76%. "That is very uncharacteristic," since CD yields normally move well in advance of a Fed action, he says. "Savers are getting a break."
Average yields on money-market mutual funds, which have been hovering at 5% for about a year, are likely to drop to about 4.5% in the next month, says Pete Crane of Crane Data LLC. But part of the fall in yields may be counteracted by some managers' moves to buy higher-yielding asset-backed commercial paper, he says. As a result, there may be a benefit to shopping around since money managers can differentiate their funds' performance by investing in the higher-yielding securities.
• Credit Cards. Many credit-card customers should soon see some relief. About 85% of all credit cards carry variable rates. But many holders of these cards will see a benefit only if their current rate exceeds any floors established by the issuers, typically around 14% to 15%, below which their rates can't fall. Today, most interest rates are in the 18%-to-19% range.
Since most issuers adjust their pricing on a monthly basis, about half of all variable-rate cards should see an adjustment in October, with the rest in November, says Robert McKinley, chief executive of CardWeb.com. "Consumers could find some money in their pockets in about a month." The half-percentage-point drop in rates should result in a savings of about $30 a month for the typical household, which carries a median credit-card debt of $7,000, he says.
• Auto Loans. A rate cut isn't likely to have a big impact on new-car loans in part because more than half of all auto loans are already offered at reduced rates due to heavy manufacturer incentives, says Art Spinella, president of CNW Marketing Research Inc. But the Fed's move could make it cheaper to get a used-car loan because many people turn to banks and credit unions to finance their purchase, he says.
Still, consumers could start seeing better financing deals if the Fed continues to cut rates. Auto-loan rates, generally tied to the movement in Treasurys, already had started to ease given the recent drop in Treasury yields. Average rates on five-year new-car loans are 7.72%, versus 7.81% on July 4, according to Bankrate.com.
• Student Loans. Students with private, variable-rate student loans pegged to the prime rate may see their rates adjust more quickly than borrowers with loans tied to Libor. (Loans pegged to Libor or the prime rate are split about equally.)
But that doesn't automatically mean that borrowers should switch to prime-based loans. Historically, loans pegged to Libor have tended to yield a slightly lower rate than loans tied to prime over the life of the loan, says Mark Kantrowitz, publisher of FinAid.org.

Builder Blow Out Weekend

2007-09-13T23:50:00.000-07:00

If you have seen alot of the builders are advertising BIG incentives this weekend. I am not sure why this weekend maybe 1 started and then the rest followed. I visited a new home site today to find another large incentive. Please feel free to call me as I am always previewing new homes as well as resale for all my clients. Bridget 760-533-4551. Bridget@SellingNorthCounty.com

3 Stories

2007-09-12T20:20:00.000-07:00

In California it is no secret land is at a premium and I believe we are really seeing that now as the amount of 3 story condos seems to be increasing. I have previewed many of these units and I have come to the conclusion you better like stairs. I am curious to see how the sales will do. I personally when I make my next move will be to a single level, but here that is no easy task. I work with many buyers who like single level living as well. I will be surprised to see how there sales go.

Proceed With Caution

2007-07-27T00:48:00.000-07:00

There has been much talk in this market about forclosures, short sales and auctions. Many buyers call me and say they want these what they mean is they want a great deal. What most buyers do not know with the lower price tag comes with costs in other places. Because the seller is no longer owning the home the buyer will not receive disclosures meaning information pertaining to the condition of the home. Banks may or may not cover the costs for a termite inspection and repair which means the buyer will need to pay for this in addition they will need to purchase their own home warranty. These are all services normally provided by the seller. When you go to the auction prices are normally brought well below market to generate interest. I have found with some of these auctions the buyer is required is to pay a 5-10% fee on top of the final purchase price of the home. So the buyer is actually covering the normal percentage the seller pays to a real estate agent to sell there home and secure a buyer.
So why do I bring this up?? There is currently 13 months of inventory in San Diego County on the Multiple listing service. With so many homes to choose from find a home where it is still owned by the seller and is reasonable with expectations to selling there home. You can find your "Deal" there!

Newer Home With Room To Grow

2007-03-27T00:40:00.000-07:00

Please visit my link at http://www.signonsandiego.com/sdhomes/hometours/071023965/ to view my new listing in Oceanside

My link to Technorati

2007-03-08T01:24:00.000-08:00

Technorati Profile

If I May?

2007-03-06T02:33:00.000-08:00

My Job here is to post the latest real estate news and I can say the worst that was expected did not seem to happen at least not yet. Rates are good prices have come down but we are still hanging in there, and I have come across a great loan program to be posted next, but If I may I would like to completely step out of base and mention something exciting in my small family. After 2 weeks of Lake Hodges being open and fishing being poor according to the North County Times (2/22/07) "There were 185 anglers who reported 52 bass and and 21 crappie. Top catch was John Sturm, Oceanside, on a top water bait."
John Sturm would be my husband who is an devoted bass fisherman as well as a devoted husband and son, and technology coordinator at Pacific View Charter School.
Yes I would like to sing his praises as he would never think to. To my wonderful husband ! Way to go John! I love you! Stay tune as I get back to Real Estate and share a new loan program with you. Take Care.

Downtown Is Booming!

2007-01-07T03:12:00.000-08:00

I am very excited with what is happening in downtown Oceanside. There is the Fairfield Time Share Resorts, on the southeast corner of Pacific Street and Civic Center Drive. This project is scheduled to be completed in 2007.
We also will be seeing a Westin hotel as well. I was surprised myself to see all the development that will be placed. Such as the future home of Oceanside Terraces. There will be two levels of underground parking that will serve this mixed-use project. It is adjacent to the Regal Cinemas, on Cleveland Street and Mission Avenue, Oceanside Terraces will include restaurant and commercial space, offices, and 38 condominiums.
There are many other sites and what seems to be the theme is these will all be multi level buildings that will include commercial areas, retail, as well live-work lofts. I think Oceanside is being rediscovered and next? (The San Diego Chargers) Stay tuned!

November Existing Home Sales Rise Again

2007-01-04T13:49:00.000-08:00

November Existing-Home Sales Rise Again

RISMEDIA, Jan. 2, 2007-Existing-home sales continued to recover last month following a rise in October, with the level of sales activity suggesting a turn in the market, according to the National Association of Realtors®.
Total existing-home sales - including single-family, townhomes, condominiums and co-ops - rose 0.6% to a seasonally adjusted annual rate of 6.28 million units in November from a level of 6.24 million in October, but were 10.7% below the 7.03 million-unit pace in November 2005.
David Lereah, NAR's chief economist, said modest gains are expected for home sales. "As the housing market recovers from its correction, existing-home sales should be rising gradually during 2007 - it looks like we may have reached the low point for the current cycle in September," he said. "We've entered a more sustainable period of home sales now, and we expect greater support for prices over time as inventory levels are eventually drawn down."Total housing inventory levels fell 1.0% at the end of November to 3.82 million existing homes available for sale, which represents a 7.3-month supply at the current sales pace.
The national median existing-home price for all housing types was $218,000 in November, which is 3.1% lower than November 2005 when the median price was $225,000. The median is a typical market price where half of the homes sold for more and half sold for less. "For every 1.0 percent drop in home prices, we project an additional 50,000 buyers are drawn into the market," Lereah said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.24% in November, down from 6.36% in October; the rate was 6.33% in November 2005.
NAR President Pat Vredevoogd Combs, from Grand Rapids, Michigan, and vice president of Coldwell Banker-AJS-Schmidt, said the performance of long-term interest rates is a pleasant surprise. "Mortgage interest rates are the lowest they've been since January, and it's the first time since August of 2005 that interest rates are lower than a year earlier," said Combs. "This is increasing buying power at the same time that sellers are showing a willingness to negotiate price and terms. Combined with a plentiful supply of homes on the market, there's a window for buyers now with conditions that we haven't seen prior to the beginning of the housing boom in 2001."
Single-family home sales increased 0.2% to a seasonally adjusted annual rate of 5.52 million in November from a pace of 5.51 million in October, but were 10.2% lower than the 6.15 million-unit level in November 2005. The median existing single-family home price was $217,200 in November, which is 3.6% lower than a year ago.
Existing condominium and cooperative housing sales rose 3.1% to a seasonally adjusted annual rate of 757,000 units in November from a downwardly revised 734,000 in October, but were 13.6% below the 876,000-unit pace in November 2005. The median existing condo price was $224,600 in November, which is unchanged from a year ago.
Regionally, existing-home sales in the Northeast increased 6.0% to a level of 1.06 million in November, but were 4.5% below November 2005. The median existing-home price in the Northeast was $269,000, down 2.2% from a year earlier.
Existing-home sales in the West rose 0.8% to an annual pace of 1.32 million in November but were 17.5% lower than a year earlier. The median price in the West was $351,000, down 0.8% from November 2005.
Existing-home sales in the Midwest were unchanged in November, holding at a level of 1.42 million, and were 9.6% lower than November 2005. The median price in the Midwest was $165,000, which is 3.5% below a year ago.
Existing-home sales in the South fell 1.6% to an annual sales rate of 2.47 million in November, and were 10.2% below a year ago. The median price in the South was $179,000, down 3.2% from November 2005.

Existing-Home Sales In 2007 Expected To Recover From Cyclical Low

2006-12-26T13:54:00.000-08:00

WASHINGTON, December 11, 2006 -

Existing-home sales are expected to rise gradually in 2007 from current levels, with annual totals comparable to 2006, while new-home sales will continue to slide, according to the latest forecast by the National Association of Realtors®.
David Lereah, NAR’s chief economist, said there are mixed conditions around the United States. “Roughly three-quarters of the country will experience a sluggish expansion in 2007, while other areas should continue to contract for at least part of the year,” he said. “Most of the correction in home prices is behind us, but general gains in value next year will be modest by historical standards.”
“Buyers, especially first-time buyers, with the combined benefits of seller flexibility and an unexpected drop in mortgage interest rates, have a window of opportunity. These conditions will persist in many areas until early spring when inventory supplies are likely to become more balanced,” Lereah said.
Existing-home sales, finishing the third-best year on record, are projected for 2006 at 6.47 million, a decline of 8.6 percent. In 2007, they’re expected to rise steadily from the current cyclical low and reach an annual total of 6.40 million, which would be 1.0 percent lower than this year’s total.
“By the fourth quarter of 2007, existing-home sales will be 4.6 percent higher than the current quarter,” Lereah said.
New-home sales in 2006 are expected to fall 17.7 percent to 1.06 million, the fourth highest total on record, before sliding an additional 9.4 percent in 2007 to 957,000. Much of the contraction in the new housing market results from cuts in builder construction to support pricing for current inventories. In addition, high construction costs in many areas are minimizing potential profits.
Total housing starts for 2006 are likely to drop 12.3 percent to 1.82 million units, with another 15.1 percent decline in 2007 to 1.54 million.
The 30-year fixed-rate mortgage is forecast to gradually increase to 6.7 percent by the fourth quarter of 2007. Last week, Freddie Mac reported the 30-year fixed rate dropped to 6.11 percent.
The national median existing-home price for all of 2006 is projected to rise 1.4 percent to $222,600, with another 1.0 percent gain next year to $224,700. The median new-home price should ease by 0.5 percent to $239,700 this year, then rise by 0.8 percent in 2007 to $241,700.
“Keep in mind that overall home prices were still appreciating at double digit rates in the first quarter of this year – prices in this buyer’s market are temporarily a little below a year ago when we were in a strong seller’s market,” Lereah said. “This correction is one of the factors drawing buyers into the current market, but most sellers are still seeing very healthy long-term gains.”
The unemployment rate is expected to be 4.8 percent in 2007, after averaging an estimated 4.6 percent this year. Inflation, as measured by the Consumer Price Index, is forecast to be 3.4 percent for 2006 and 2.3 percent in 2007, while growth in the U.S. gross domestic product is likely to be 3.3 percent for all of this year and 2.3 percent in 2007. Inflation-adjusted disposable personal income is projected to grow 2.6 percent for 2006 and 3.5 percent next year.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Rates Fall For Fifth Consecutive Week

2006-12-04T14:15:00.000-08:00

McLEAN, VA -- Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 6.14 percent with an average 0.4 point for the week ending November 30, 2006, down from last week when it averaged 6.18 percent. Last year at this time, the 30-year FRM averaged 6.26 percent. This is the lowest the 30-year FRM has been since the week ending January 26, 2006, when it averaged 6.12 percent.
The 15-year FRM this week averaged 5.87 percent with an average 0.4 point, down from last week when it averaged 5.91 percent. A year ago, the 15-year FRM averaged 5.81 percent. This is the lowest the 15-year FRM has been since the week ending February 2, 2006 when it averaged 5.81 percent
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.95 percent this week, with an average 0.5 point, down from last week when it averaged 5.99 percent. A year ago, the five-year ARM averaged 5.76 percent. This is the lowest the 5-year ARM has been since the week ending March 16, 2006, when it averaged 5.93 percent.
One-year Treasury-indexed ARMs averaged 5.46 percent this week with an average 0.5 point, down from last week when it averaged 5.49 percent. At this time last year, the one-year ARM averaged 5.16 percent.
“Mortgage rates drifted lower this week, bringing long-term rates to levels below those of this time last year,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Mortgage applications for home purchase in November have remained healthy, due largely because of the drop in mortgage rates and a softening in home prices in some areas.”
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A Home For The Holidays

2006-11-17T22:32:00.000-08:00

For those of you who are getting ready for the holiday season I thought I would share some information with you. This time of the year things slow down in the real estate business due to the season. Who wants to buy a home now? Well actually if you have been thinking about buying a home add it to your Christmas list. Did you know that interest rates have dropped to lowest level since January 25. So you ask yourself ok Bridget but the last thing I have time for during the holidays is purchasing a home!
Well let's look at something people who have there homes on the market during this time really need to sell there home and very motivated to do so. So with the rates being so low, sellers motivation, and not a lot of buyers to compete with my question is what are you waiting for?
Come January things will pick up and so will the buyers. So add that home to your Christmas wish list and contact me to help you achieve your dream of home ownership!

Market Is Stabilizing

2006-10-30T23:25:00.000-08:00

Industry encouraged that the number of homes on the market is starting to decline.

RISMEDIA, October 27, 2006—Existing-home sales eased last month, as did the number of homes available for sale – indicating the housing market is stabilizing, according to the National Association of Realtors. Total existing-home sales – including single-family, townhomes, condominiums and co-ops – dipped 1.9% to a seasonally adjusted annual rate1 of 6.18 million units in September from a level of 6.30 million in August, and were 14.2% below the 7.20 million-unit pace in September 2005, which was the third strongest month on record. David Lereah, NAR’s chief economist, said stabilizing sales should build confidence in the housing market. “Considering that existing-home sales are based on closed transactions, this is a lagging indicator and the worst is behind us as far as a market correction – this is likely the trough for sales,” said Lereah. “When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market, and sales will be at more normal levels in the wake of the unsustainable boom that we saw last year.” He noted sales already are improving in some areas. Total housing inventory levels fell 2.4% at the end of September to 3.75 million existing homes available for sale, which represents a 7.3-month supply at the current sales pace. NAR president Thomas M. Stevens from Vienna, Virginia, said the industry is encouraged that the number of homes on the market is starting to decline. “It appears we have passed a cyclical peak in terms of the number of homes on the market,” said Stevens, senior vice president of NRT Inc. “The good news is that fewer new listings are coming online. A stable sales pace is expected to draw down the number of listings to a supply balance that will support positive price growth within a few months. Taking the long view is always the best way to approach housing decisions, and right now, buyers are in a very favorable market.” With the market in transition, the national median existing-home price for all housing types was $220,000 in September, which is 2.2% below September 2005 when the median was $225,000. The median is a typical market price where half of the homes sold for more and half sold for less. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.40% in September, down from 6.52% in August; the rate was 5.77% in September 2005. Single-family home sales slipped 1.6% to a seasonally adjusted annual rate of 5.42 million in September from a pace of 5.51 million August, and were 13.8% below the 6.29 million-unit level in September 2005, which was the second highest month on record. The median existing single-family home price was $219,800 in September, down 2.5% from a year earlier. Existing condominium and cooperative housing sales fell 3.2% to a seasonally adjusted annual rate of 763,000 units in September from 788,000 in August, and were 16.0% less than the 908,000-unit pace in September 2005. The median existing condo price3 was $219,800 in September, which is 2.8% lower than a year ago. Regionally, existing-home sales in the South rose 0.4% to an annual sales rate of 2.52 million in September, but were 9.0% below September 2005. The median price in the South was $184,000, down 1.6% from a year ago. Existing-home sales in the Midwest eased 2.8% in September to a level of 1.39 million, and were 13.7% lower than a year ago. The median price in the Midwest was $169,000, which is 2.3% below September 2005. In the West, existing-home sales declined 3.1% to an annual pace of 1.25 million in September, and were 23.8% lower than a year earlier. The median price in the West was $332,000, down 4.3% from September 2005. Existing-home sales in the Northeast fell 3.7%to a level of 1.03 million in September, and were 13.4% below September 2005. The median existing-home price in the Northeast was $259,000, down 5.1% from a year earlier.

2007 California Housing Market Forcast

2006-10-21T15:16:00.000-07:00

Median home price in California will decline 2% to $550,000, experts say

RISMEDIA, October 19, 2006—The rate of home price appreciation will post a modest decline next year following several years of steep increases, while the sales pace will decrease as the market stabilizes throughout 2007, according to the California Association of Realtors (C.A.R.) "2007 California Housing Market Forecast.”
The forecast was presented during the California Realtor Expo 2006 through today at the Long Beach Convention Center in Long Beach, California. The trade show attracts more than 12,000 attendees and is one of the largest state real estate trade shows in the nation.
The median home price in California will decline 2% to $550,000 in 2007 compared with a projected median of $561,000 this year, while sales for 2007 are projected to decrease 7% to 447,500 units, compared with 481,200 units (projected) in 2006. “The housing market clearly downshifted in 2006 from the record-setting sales and robust price gains of the last few years,” said C.A.R. president Vince Malta. “The residential real estate market in 2006 was characterized by a gap between buyer and seller expectations. Sellers sensed that the peak of the market was approaching, yet still hoped to obtain the highest possible prices. Buyers’ sense of urgency waned as the number of homes on the market grew and they took longer to identify and subsequently purchase a home.” “Although the 2007 sales decline is not expected to be as steep as what we experienced this year, the psychology of the market – matching the differing expectations of sellers and buyers – will continue to be a factor as Realtors help consumers navigate their way through a changing market,” said Malta. “While we’re projecting a modest decline in the median price of a home, over the long term, residential real estate in California has been and will continue to be a solid investment,” said Malta. “Since 1968, the long-term average price appreciation is 9.1 percent.” “While we recognized that the frenetic sales pace of the past four years could not continue indefinitely, the housing market in 2006 did not fare as well as we initially expected,” said C.A.R. vice president and chief economist Leslie Appleton-Young. “The anticipated slowdown that began in October 2005 was heightened by dual natural disasters in the Gulf Coast, a significant drop in consumer confidence, rising energy and raw materials costs, and a series of Federal Reserve interest rate hikes that began in June 2004. Fixed-rate mortgages also hit and passed the psychological threshold of 6 percent, while adjustable rate mortgages passed 5 percent, ultimately causing a decline in affordability. Affordability concerns also will continue to constrain sales for many households in California throughout 2007, especially for first-time home buyers. “Looking to 2007, we expect that some regions of the state, including the Central Valley, San Diego and Riverside/San Bernardino regions, will experience sales declines greater than the state as a whole,” said Appleton-Young. “That also holds true for several second-home markets, including the desert areas of Southern California and the Wine Country.”

Don't Let Them Scare You

2006-09-23T20:16:00.000-07:00

The newspaper probably hasn't told you this but have you seen the interest rates? They are back down to low 6 and high 5 percent range depending on your credit. There is currently a good selection of homes on the market for you to preview and is finally giving the buyers a chance to be selective and find the right home.
The president of the National Association of Realtors feels the media is feeding the buyers fears of purchasing homes. He mentioned the last time we experienced a market similar to this the job market was doing poorly as well as economy. Our current unemployment rate is very low and the economy is doing better. I also have noticed the gas prices coming down.
Another note able comment is many Realtors are saying they are glad were back to a "normal market" Which we are in, the thing that is different is we are adjusting back to that market after 5 years of never seen price increases which makes everyone think we are in a sinking market. For example the homes have come down slightly in price, but when compared to last year at this time home prices still increased but not in the double digits. I have a report I offer on my website that is updated monthly from the North County Association of Realtors about our local market. You will find the link by clicking here Click Here
Please feel free to call Jeff Justice to discuss what the rates are and what would be the best loan for you Jeff can be reached at 760 458-4673 for a no obligation consultation.
If I can assist in anyway please don't hesitate to call on me.

No Need To Start Panic

2006-09-20T16:22:00.000-07:00

No need to start a panic By: North County Times Opinion Staff

Our view: Slower growth in home prices lets rest of economy catch upWith the news that the median price for a home in North County is down and speculation that our long-running housing boom might be about to go bust, it's easy to be an alarmist.
The sound of the 1.4 percent drop reported this week, though, is not necessarily that of a bubble popping. It's more likely the hissing of a red-hot real estate market cooling. This is a chance for many in our area to breathe easier while the rest of the local economy catches up.
According to the North San Diego County Association of Realtors, the median price for a home in North County was $628,750 in August, down from the price in August 2005 of $637,000. While local housing prices tend to fluctuate, moving slightly up or down from month to month, this drop marks the first time in a decade that the median dropped from the previous year.It's to be expected. Area home prices hit an all-time high in June after skyrocketing during the first half of this decade; North County's median home price more than tripled from 2000 to 2006. Such growth far outpaces the rest of the local economy and can in no way be sustained, especially when many of our residents are priced out of the market.The disparity between our healthy overall economy and a real estate market on steroids helps explain why the number of homes sold in August was down 25 percent from the previous August. Houses are staying on the market longer as potential buyers become more picky, holding out for a home they can afford. Or many residents are opting not to buy ---- the costs of renting a home have kept pace with the economy.Some economists are making doomsday predictions, suggesting home prices could fall 40 percent by 2010 and cause a major recession. Most, though, say we can expect median home values to continue to climb, just at a slower pace, keeping up with economic growth.This forecast for slower growth, rather than retreat, makes sense in light of other economic factors. The area's retail sector is up 8 percent, unemployment is near historical lows, salaries are growing and interest rates are still relatively low. There's enough movement in the local economy to avoid a painful housing crash, but not enough to sustain outlandish growth in the cost of housing ---- which jumped 23 percent from 2004 to 2005.Many predicted the day would come when the housing market would finally took a breather. We may be there. Or we may not be. Last year, home prices hit a high of $644,849 and then dipped to $610,000 before taking off again in 2006. The same kind of dip and turn-around occurred from mid-2004 until 2005.And home prices are still high ---- the August drop only takes us back to January levels, when the median was $620,000.The drop is a benchmark, for sure, but we aren't panicking. We suspect it's more symbolic than anything else. Slow and steady growth, as opposed to wild fluctuation, makes for more solid investment, and allows North County's economy to catch up with home prices. It may even someday allow more of us to buy a house in our hometown and realize a significant part of the American dream.

Mortgage Rates Fall to Five-Month Low

2006-08-26T00:32:00.000-07:00

Slower economic growth and the Fed hitting the pause button have helped bring fixed mortgage rates to a five-month low.

RISMEDIA, August 25, 2006—Mortgage rates declined for the seventh time in the last eight weeks, aided by last week's better-than- expected reading on the Consumer Price Index. The average 30-year fixed rate mortgage fell to 6.48%, the lowest since March 29. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.32 discount and origination points. The average 15-year fixed rate mortgage, popular for refinancing, dropped by a similar amount to 6.19%. On larger loans, the average jumbo 30- year fixed rate declined to 6.74%, Adjustable rate mortgages also backtracked. The average 5/1 adjustable rate mortgage slid to 6.24%, and the average one-year ARM retreated to 6.00%. Although inflation remains a threat, bond investors are confident in the Fed's forecast that inflation will recede as the economy cools. Bond yields and fixed mortgage rates both reflect some concern on the part of investors that the economy will slow too much, causing the Fed to cut rates at a later date. Fixed mortgage rates are closely related to yields on long-term government bonds. Fixed mortgage rates have fallen nearly one-half of a percentage point since the Fed last hiked rates at the end of June. At the time, the average 30-year fixed mortgage rate was 6.93%, meaning that the monthly payment on a loan of $165,000 was $1,090. With the average 30-year fixed rate now 6.48%, the same loan originated today would carry a monthly payment of $1,040.74. With the recent pullback, fixed mortgage rates remain an attractive refinancing alternative for adjustable rate borrowers facing sharp payment adjustments.

On The Fence?

2006-08-26T00:03:00.000-07:00

As a Realtor I find many of my clients waiting for prices to go down which they have. Many people say to me "You probably don't want prices to go down?" My response suprises them. I think the market could not and should not substain these prices. I too was was a first time buyer.

I just read an acrticle that stated the rates have gone down the last 4 weeks in a row. I now read an acrticle that states it is a 5th week which I will post in my my next blog. I believe this comes from Federal Reserve not raising the rates.

I was at the Dr. office the other day and they all know I am a Realtor and one gal said "Wow the rates are so high we can't buy" I thought were did she get that idea?

When you read a newspaper article read beyond the the title. I often find when I see articles, I find out after I read after the first paragrah there is more to the story. In my opinion this is a great time for buyers to get into the market especially with the rates and so much inventory. It is also good for sellers as long as they are in tune with the market this also makes sense for them.

I am 100% right? I cant say yes or no I can only say it is my opinion. If you would like more information or would like to post your ideas please feel free to do so.

Best Wishes,
Bridget

Homes Sales To Hold Fairly Steady For Balance of Year

2006-08-10T23:02:00.000-07:00

(August 8, 2006) – The housing market is in a process of stabilizing with little change in overall sales volume expected over the balance of the year, according to the National Association of Realtors®.David Lereah, NAR’s chief economist, said the indicators already are leveling-off. “We’ve seen a minor easing in closed transactions of existing-home sales, and a slight increase in the leading indicator of pending sales based on contracts,” he said. “New-home sales and housing starts have been fluctuating, so the overall market is stabilizing.”“On one hand is the rise in mortgage interest rates that has slowed sales in many higher-cost markets, and on the other is 3.8 million new jobs over the last two years,” Lereah said. “This means many potential home buyers could enter the market in the foreseeable future, especially in moderately priced areas where affordability conditions remain favorable. In fact, this is already occurring.”Although sales will be fairly steady over the balance of the year, declines since last fall mean annual totals will be lower. Existing-home sales are forecast to fall 6.5 percent to 6.61 million this year, the third highest on record after 2005 and 2004. New-home sales are projected to drop 12.8 percent in 2006 to 1.12 million, also the third best on record. Housing starts should be down 9.1 percent to 1.88 million this year.The 30-year fixed-rate mortgage is running nearly a percentage point higher than a year ago but is likely to rise very slowly in the months ahead, reaching 6.9 percent in the fourth quarter.NAR President Thomas M. Stevens from Vienna, Va., said current market conditions are favorable for buyers. “The rise in housing supply is the biggest change in the market over the last year,” said Stevens, senior vice president of NRT Inc. “Clearly, this has taken pressure off of home prices and has significantly widened choices for buyers. At the same time, sellers are getting excellent returns – but in this competitive environment they need real estate professionals more than any time since the 1990s to market their homes and maximize value.”The national median existing-home price for all housing types is forecast to grow 4.3 percent this year to $229,000, while the median new-home price is expected to rise only 0.5 percent to $242,100 as builders offer incentives to clear unsold inventory.The unemployment rate should average 4.7 percent for the balance of the year. Inflation, as measured by the Consumer Price Index, is likely to be 3.5 percent for 2006, while growth in the U.S. gross domestic product is projected at 3.5 percent. Inflation-adjusted disposable personal income is expected to grow 3.0 percent this year.

The Federal Reserve Does Not Raise The Rate

2006-08-08T12:57:00.000-07:00

By Martin Crutsinger
ASSOCIATED PRESS
11:28 a.m. August 8, 2006

WASHINGTON – The Federal Reserve on Tuesday left a key interest rate unchanged, marking at least a temporary pause in what had been the longest unbroken stretch of Fed rate increases in recent history.
The Fed's rate-setting committee voted 9 to 1 to leave the federal funds rate, the interest banks charge on overnight loans, at 5.25 percent. It was the first time the Fed had met and not raised rates in more than two years.
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However, the relief for millions of business and consumer borrowers could be only temporary. The central bank said that “some inflation risks remain,” holding out the possibility that it could resume raising rates at future meetings.
The Fed decision means that banks' prime lending rate, the benchmark for various consumer and business loans, will remain at 8.25 percent. Before the Fed started raising rates in June 2004, the prime had been at 4 percent, its lowest point since 1958.
In 17 consecutive meetings stretching from June 2004 through June 2006, the Fed boosted the funds rate from a 46-year low of 1 percent to the current 5.25 percent, all in an effort to slow the economy enough to keep inflation under control.
The Fed's decision to finally pause had been widely anticipated given the signs of a spreading economic slowdown, in part reflecting the impact of the Fed's long string of rate hikes.
Overall economic growth slowed in the spring to a rate of just 2.5 percent, less than half the pace of the first three months of the year, and on Friday the government reported that the unemployment rate in July rose from 4.6 percent to 4.8 percent.
In explaining its decision, the Fed noted the slowing economy, saying, “Economic growth has moderated from its quite strong pace earlier this year.”
The Fed said this moderation in part reflected a gradual cooling of the housing market, the economic drag caused by rising energy prices and the lagged effects of previous Fed rate hikes.
But the central bank also signaled concerns about continued inflation risks, although it also said “inflation pressures seem likely to moderate over time.”
The central bank said that “the extent and timing of any additional” rate hikes that may be needed will depend on incoming data on both inflation and economic growth.
For the first time since Ben Bernanke took over as chairman in February, the Fed decision was not unanimous. Fed board member Jeffrey Lacker dissented, saying he would have preferred another quarter-point rate hike.
Many analysts believe the pause in rates will be short-lived as Fed policy-makers confront continued inflation pressures in the form of a relentless surge in energy prices and new data that wage pressures are intensifying.
The Labor Department reported Tuesday, just before the Fed policy-makers began meeting, that productivity slowed sharply in the spring while labor costs rose, a combination that could spell inflation troubles down the road.
Many economists believe the Fed will follow the August pause with one and possibly two more quarter-point rate hikes in the fall. The Fed's next meeting is Sept. 20.
Expectations of a pause in the rate hikes had been raised by Bernanke when he delivered the Fed's latest economic forecast to Congress last month, saying the central bank believed that a slowing economy would lower inflation pressures over the next two years.
At 5.25 percent, the funds rate, which is the overnight rate that banks charge to loan other banks, is at its highest point in more than five years.
The funds rate is the Fed's main tool for influencing economic activity. Higher interest rates slow borrowing for homes, cars and other items and in this way depress economic growth.

The Market Beginning To Level Out

2006-07-25T12:32:00.000-07:00

Pending Home Sales Index Leveling Out

WASHINGTON (July 6, 2006) – The index of pending home sales, a leading gauge for the housing sector, rose slightly in May, an indication that the market is stabilizing, according to the National Association of Realtors®. The Pending Home Sales Index,* based on contracts signed in May, was up 1.3 percent to a level of 113.4 from an index of 111.9 in April, but was 10.1 percent lower than May 2005.The index is derived from pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed; pending sales typically are finalized within a month or two of signing.An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined, and was the first of five consecutive record years for existing-home sales.David Lereah, NAR’s chief economist, said the index appears to be moderating. “The slight change in pending home sales indicates the market is beginning to level out,” Lereah said. “This is consistent with our forecast, which is showing a soft landing for the housing sector. We are entering the second phase of the transition period from the housing boom, in which sellers are becoming more realistic about their expectations – sales are stabilizing and annual home price appreciation is returning to historic norms.”Regionally, the PHSI in the South was down) 1.7 percent in May and was 7.3 percent lower than May 2005. In the Northeast, the index was down 0.6 percent in May and was 7.8 percent below a year ago. The index in the Midwest was up 0.6 percent to 100.9 in May but was 13.6 percent lower than May 2005. The index in the West rose 9.9 percent to 110.1 in May but was 12.9 percent below a year earlier. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
# # #* The Pending Home Sales Index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 closely parallels the level of closed existing-home sales in the following two months.Existing-home sales for June will be released July 25; the next Pending Home Sales Index will be on August 1.

Don't Forget To Visit My Favorites

2006-07-17T23:33:00.000-07:00

From time to time I come across websites I think my clients would find beneficial and when I do I post them to the "Favorites Links" banner. I encourage you to visit my website www.SellingNorthCounty.com to see the sites I post. Today I came across a site I think buyers would find helpful when searching for a home or neighborhood to research crime statistics. You will find it here at my website under favorite links it is the first link. On this site you can enter a address and pick specific dates and enter which crimes you are wanting information on and it will display how many times the violation occurred during that time. It will also offers other links on its site to local law enforcement. So the next time you are searching for crime stats I think you will find this site helpful.

Home prices still rising from last year

2006-06-29T01:14:00.000-07:00

For release:Tuesday, June 27, 2006

C.A.R. reports median price of a home in California at $564,430 in May, up 8 percent from year ago; sales decrease 21.1 percent

LOS ANGELES (June 27) – The median price of an existing home in California increased 8 percent in May and sales decreased 21.1 percent compared with the same period a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“The median price of a home continued to increase in May, but at a more sustainable 8 percent rate,” said C.A.R. President Vince Malta. “This is the first time since November 2001 that the median price did not increase by double digits, reflecting the return to the more balanced market that we have anticipated.
“Interest rates, while still historically low, continue to impact sales as did the inventory of homes for sale, which reached nearly a six-month supply in May,” he said. “It’s important that consumers work with their REALTOR® to ensure that their home is competitively priced in today’s changing market.”
Closed escrow sales of existing, single-family detached homes in California totaled 488,260 in May at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 21.1 percent from the 618,920 sales pace recorded in May 2005.
The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during May 2006 was $564,430, an 8 percent increase over the revised $522,530 median for May 2005, C.A.R. reported. The May 2006 median price increased 0.5 percent compared with April’s revised $561,750 median price.
“Year-to-date sales are down 19.5 percent, in line with our recently revised 2006 California Housing Market Forecast, which projected a 16.8 percent decrease in sales for this year to 520,000 units compared with 2005,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “We expect the rate of home price appreciation to increase 8 percent to $565,900 for the year as a whole, compared with the impressive double-digit gains we’ve witnessed over the past four years.”
Highlights of C.A.R.’s resale housing figures for May 2006:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in May 2006 was 5.9 months, compared with 2.7 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
. Thirty-year fixed mortgage interest rates averaged 6.6 percent during May 2006, compared with 5.72 percent in May 2005, according to Freddie Mac. Adjustable mortgage interest rates averaged 5.63 percent in May 2006 compared with 4.23 percent in May 2005.
. The median number of days it took to sell a single-family home was 44 days in May 2006, compared with 27 days (revised) for the same period a year ago.
Regional MLS sales and price information is contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 84.4 percent, or 348 out of 405 cities and communities showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at http://www.car.org/index.php?id=MzYzOTk=.
. Statewide, the 10 cities and communities with the highest median home prices in California during May 2006 were: Laguna Beach, $1,692,500; Saratoga, $1,500,000; Burlingame, $1,371,000; Newport Beach, $1,336,000; Manhattan Beach, $1,241,500; Los Gatos, $1,180,000; Santa Monica, $1,162,500; Rancho Palos Verdes, $1,144,000; Lafayette, $1,142,500; Calabasas, $1,130,000; Santa Barbara, $1,130,000.
. Statewide, the 10 cities and communities with the greatest median home price increases in May 2006 compared with the same period a year ago were: Santa Monica, 60.3 percent; Ridgecrest, 56.3 percent; Adelanto, 42.5 percent; Loma Linda, 36.7 percent; Barstow, 36 percent; Laguna Beach, 33.8 percent; Delano, 33.3 percent; Tustin, 32.8 percent; Campbell, 32 percent; California City, 30.6 percent.
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 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Annual Harvard Study Reports Sharp Drop Unlikely for Real Estate Market

2006-06-15T23:25:00.000-07:00

Harvard Releases the 2006 State of the Nation’s Housing Report

RISMEDIA, June 15, 2006—With interest rates rising and speculative demand cooling, the housing boom is coming under pressure, finds this year’s State of the Nation’s Housing report. As long as the economy continues to create jobs and builders trim production to match slowing demand, house prices will keep climbing and the housing sector will likely achieve a soft landing. Although house price growth will likely moderate in many areas, sharp drops in house prices are unlikely anytime soon. Major house price declines seldom occur in the absence of severe overbuilding, major job loss, or a combination of heavy overbuilding and modest job loss. Fortunately, these preconditions are nowhere in evidence across the nation’s metropolitan areas. Even with higher interest rates and home prices crimping affordability, the lure of house price appreciation continues to draw homebuyers to the market. While the national homeownership rate edged down a tenth of a percent in 2005, it increased in the West and Northeast where house price growth was the strongest. In fact, about 1 million homeowners were added nationally last year. Mortgage innovations such as low-downpayment, hybrid-adjustable, and interest-only loans helped blunt the impact of higher home prices and interest rates. “While homeowners with annually adjusting mortgage rates are facing interest increases this year, including those with expiring teaser discounts, only about one in 10 homeowners face higher mortgage payments this year” remarks Nicolas P. Retsinas, director of Harvard’s Joint Center for Housing Studies. Fully eight in 10 owners has no mortgage or a fixed-rate mortgage, and most owners with adjustable loans have an initial fixed-rate period of three or more years. Similarly, most interest-only loans extend for at least five years, leaving ample time to move, refinance, or incomes to grow before principal payments start coming due. But, the report cautions, five years of unprecedented house price appreciation and decades of land use restrictions that make building affordable housing difficult are adding to widespread housing affordability problems. From 2001 to 2004 alone, the number of households spending more than half their incomes on housing increased by 14 percent to 15.8 million. The paradox of today’s housing market is that while more people are building home equity than ever before, slow growth in wages for households in the bottom three-quarters of the income distribution is not keeping pace with escalating housing costs. Amidst a housing boom, it is now impossible to build housing at prices anywhere near what low-income households can afford without subsidies. Further, the report draws attention to the problems of concentrated poverty. Neighborhood decline is fuelling the loss of affordable housing and exposing residents to poor neighborhood conditions. From 1993-2003 the supply of rentals affordable on a $16,000 income fell by 1.2 million, while in 2001 12 percent of such rentals were operated at a loss. This year’s report also highlights the significant contribution that the foreign-born and minorities will make to overall household growth. New household projections incorporating higher but more realistic immigrant assumptions suggest household growth will accelerate to 14.6 million over the next ten years from 12.6 million over the last ten. “Strong household growth, combined with record incomes and wealth, will lift housing investments to new highs next decade,” remarks Eric Belsky, executive director of the Joint Center. “Each generation is achieving higher homeownership rates, incomes, and wealth than the one ahead of it, with the leading edge of the echo baby boom now in their 20s and the baby bust now in their 30s starting off on especially high paths. This is despite the fact that each younger generation has successively higher shares of foreign-born and minority household heads with lower average incomes than same-age native-born whites.” “Even as the housing industry looks past the current softness to robust growth in the decade ahead, the challenges of providing affordable housing for low-income, and increasingly even middle-income households, are clear,” concludes Retsinas. “Slow growth in domestic discretionary spending at the federal level and the reluctance of state and local governments to relieve intense barriers to the production of more affordable housing make the road ahead difficult. Unless governments step up to these challenges, spending on housing will increasingly crowd out spending on pensions and savings among those with low and moderate incomes.” Harvard’s Joint Center for Housing Studies is the nation’s leading center for information and research on housing in the United States. Established in 1959, the Joint Center is a collaborative unit affiliated with the Harvard Design School and the Kennedy School of Government. The Director of the Joint Center for Housing Studies is Nicolas P. Retsinas. The Center’s research and additional information about its programs and activities are available at www.jchs.harvard.edu.

10 Places To Get Free Gas

2006-05-26T13:34:00.000-07:00

Hitting the Road for the Holiday Weekend?
Here are 10 Places to Get Free Gas By Charles Leocha Travel columnist, Tripso RISMEDIA, May 26, 2006—(MSNBC.com)—With gasoline prices soaring over the past few months, several destinations and travel organizations that depend on automobile travel to prosper have begun offering gasoline voucher programs to encourage visitors. Some of these initiatives are dusted-off versions of promotions from last year, when the travel industry was faced with a similar fuel scenario as the summer travel season loomed. Others are new. The interesting thing is how infrequently programs like this are offered. It seems that most destination managers believe that the American public will keep on truckin’ despite higher fuel prices. And they’re probably right. If history is any guide, Americans can be expected to increase their travel, not curtail it. Go figure. The same seems to be true in Europe. During a recent trip to Italy, where gasoline averages more than $6 a gallon, I was stuck in massive traffic jams on the superhighways connecting Rome, Florence and Bologna. Similarly, in England, so many drivers want to get into London that the city has implemented a special toll program. It seems cars inspire free-spending devotion. Still, some destinations and organizations have created promotions offering gasoline rebates and vouchers to encourage travelers to pay them a visit. Each program has a different collection of requirements. If you follow the rules, the reward is free fuel and, in most cases, a bit more. 1. Branson, Missouri. Visitors presenting $40 worth of gas receipts dated within two days of arrival in Branson will be rewarded with a “Gas Buster” discount card. The card is worth $50 and is accepted at more than 50 Branson-area businesses. Just bring your gas receipts to the Branson/Lakes Area Chamber of Commerce Welcome Center. 2. Aspen, Colorado. What could be better than free gas and free activities in this tony mountain town? Guests who book at least two nights at a participating property through Stay Aspen Snowmass will receive a voucher for up to $50 in free gas at The Aspen Store, two free passes for a scenic bus ride to the Maroon Bells (a $14 value), two free bicycle rentals for a day, free parking at your lodging property and a free pass to the Aspen Recreation Center. 3. Bedandbreakfast.com. This marketing organization has created a promotion that offers gasoline-based vouchers at 40 participating properties. For instance, the Inn at Harbor Hill Marina, in Niantic, Conn., near Mystic Seaport and Mystic Aquarium, offers a gas rebate of $25 for midweek visitors who stay two nights or more. The Inn at Starlight Lake in Pennsylvania’s Pocono Mountains offers $25-$50 as a gas rebate for visitors saying two to four nights, excluding holidays. Other B&Bs from California to New Hampshire have similar gas promotions, generally good for about $25 worth of fuel. 4. South Dakota. In South Dakota’s “Twenty Bucks for the Road” program, the state will give a $20 coupon for ethanol to drivers arriving from the nearby states of Kansas, Illinois, Texas, Colorado, Missouri, Wisconsin, North Dakota, Iowa, Minnesota and Nebraska. The coupons are redeemable only in South Dakota. The state is one of the largest producers of ethanol, so this promotion benefits both tourism and one of South Dakota’s biggest industries. The initial response to this promotion has been overwhelming; the state was expecting to distribute no more than 3,000 vouchers and more than 12,000 vouchers have already been requested. 5. Hotels.com. This giant hotel booking site has launched a program rewarding travelers who book two nights or more online from May 1 to May 29 for stays through July 10. Travelers will receive up to $30 back by mail-in rebate, and the rebate form is right on the Web site. 6. Wintergreen Resort, Virginia. This luxury resort nestled on the slopes of the Blue Ridge Mountains is offering a “Fuel Friendly” escape that will reimburse up to $75 in gasoline charges when travelers stay at the resort for three nights. To receive reimbursement, you much present gas receipts for purchases of gasoline used to drive to the resort. 7. Whistler, Canada. Whistleraccommodation.com, an online booking agent for this sprawling mountain resort in British Columbia, is offering C$50 of free gas to anyone booking three to six nights by the end of August and arriving before October 31. For those staying seven nights or more, the gas rebate is doubled. 8. Traverse City, Michigan. The Traverse City Convention & Visitors Bureau will give a $25 Speedway gas card to every visitor who calls to reserve a stay of four nights or longer at any of its 43 participating hotels, motels or resorts between now and Labor Day. The cards are redeemable for gas or other merchandise at Speedway service stations anywhere in the country. To qualify, travelers simply book their rooms through the Bureau’s toll-free “Pump Up Your Summer” reservations line, 1-800-714-0051. This gas card has the impact of reducing a $3-a-gallon gas price to $2 a gallon for a visitor who makes a 500-mile round trip to Traverse City in a car that averages 20 miles per gallon. 9. Mount Bachelor Village Resort, Bend, Oregon. For travelers staying at least two nights, this all-season resort set on the banks of the Deschutes River is offering a “Free Fuel for Guests” program consisting of a $50 gas card. The resort offers spa packages and plenty of outdoor activities as well as a series of summer concerts ranging from rock to country and western. 10. Virginia Beach, Virginia. Gold Key Resorts in this vacation region has announced a $20 gasoline voucher redeemable in downtown Virginia Beach for anyone booking a vacation with an arrival date before May 25. Gold Key has a collection of packages that qualify, ranging from $49 to $319 based on three days and two nights. For more information about this promotion, call 1-800-492-9861. Travelers who can’t find free gas, or who aren’t interested in trading gas vouchers for hotel rooms, can always look for the best deal at the pump. Two Web sites will lead these travelers to the best places to spend the least for gasoline. • AAA’s Daily Fuel Gauge Report lists average gasoline prices on a state-by-state basis. This site is perfect for a general idea of which states have the lowest prices. • Gasbuddy.com, a similar site, has reports from individuals across the United States and Canada. These reporters provide actual gas station prices together with names and locations of stations that have current gas deals. More gas deals may pop up as the summer goes by, and they might not be widely advertised. So, tell your reservations agent that you are driving in from a distance, and ask if the hotel is offering any sort of gas promotion to make the trip worthwhile. The question is sometimes all that is needed to shake something loose. Drive safe and enjoy the deal. Charles Leocha is nationally-recognized expert on saving money and the publisher of Tripso. He is also the Boston-based author of "SkiSnowboard America & Canada." E-mail him or visit his Web site. Source: www.msnbc.com

How Does My Realtor Work?

2006-05-16T21:36:00.000-07:00

How Does My Realtor Work?
May 16, 2006

I have been in this business 7 years now and find the most important thing I can do is educate my clients. There are so many parts of my business that I think my clients already know and understand. I found that this was not the case and feel this is one of the most misunderstood aspects, but this is a very delicate topic as it speaks of how a Real Estate agent is paid. I am sure if we were speaking of your salary you would understand.

If you work at the average 9-5 job you are paid an hourly salary and your taxes are taken out for you by your payroll department. As a Realtor we are paid a commission. This commission is not paid to us until a home closes. So if you decide to work with 1 Realtor and you look at homes one day then say you go to an open house that weekend who would you work with? Well if you decided to go ahead and work with the Realtor at the open house because it was convenient, the other agent that you originally established a relationship with and showed you homes would not be paid.

For this reason there is a form called a buyers broker agreement that you would sign just like you would sign a contract to sell your home. This is very popular on the east coast and is gaining popularity here on the west coast. This agreement states that you agree to work with that 1 Realtor only for a specified period of time.

Now I am not saying that you should just work with anyone. You should be able to release yourself from the contract if that agent is not performing. I have often heard from clients as well as close friends “Why would I just want 1 Realtor looking if I could have 2 or 3”? Because the 1 Realtor you are working with has access to all the same information as Realtor #2 and 3. But they may not all work the same so find an agent that fits your needs and establish a relationship with them. I find when I do this and get to know my clients I can be without them and find a house and know it is a perfect fit for them. I have done this with many clients as well as my out of state clients.

I hope this has given you a better understanding to “How Your Realtor Works” and I welcome your comments.

Sincerely,

Bridget R Sturm
http://www.SellingNorthCounty.com/
www.HomePages.com/Oceanside
760 533 4551
Bridget@SellingNorthCounty.com

Economists Predict Soft Landing for Housing

2006-05-02T12:21:00.000-07:00

Author: Beth Bresnahan
Publishing date: 05/01/06
RISMEDIA, May 2, 2006—After soaring to record levels for three consecutive years, the single-family housing market is gliding toward a “soft landing” in 2006, as rising interest rates, affordability issues and a reduced role for investors/speculators contribute to a softening in demand, according to economists at the National Association of Home Builders (NAHB) Construction Forecast Conference in Washington, D.C. on April 27. “After topping out in the third quarter of last year, it is pretty clear that the housing sector is in a period of transition. Sales and starts are trending lower toward more sustainable levels,” said NAHB Chief Economist David Seiders. Even so, the slowing housing market is not likely to derail the expansion as housing yields its position as the economy’s major growth engine to other sectors, he added. Expressing a similar assessment, Michael Moran, chief economist at Daiwa Securities America Inc., said: “The housing sector is going through an adjustment, not a collapse.” Taking a bullish view on the current economic and inflation outlook, Jim Glassman, managing director and senior policy strategist with JP Morgan Chase & Co., said these factors will bode well for housing. “Real estate is pricing itself back to reality and in the long-run it is reasonable to expect starts in the 1.8 million to 2 million range,” said Glassman. “Housing won't continue to make the same contribution to the economy that it has. But when I think about where the economy is, I think we're in the fifth inning with a good chance of going into extra innings. This expansion may prove to be the longest one ever seen. “Inflation is key to the longevity in the current economic expansion and to the underlying health of the building business,” he said, noting that Federal Reserve Board policymakers are doing an excellent job of keeping inflation in check. Economists agreed that the Fed will raise its benchmark short-term rate to 5 percent at its May 10 meeting, which would be the 16th consecutive quarter-percentage point increase since the Fed started lifting it from 1 percent in June of 2004. Both Seiders and Glassman believe the 5 percent mark should be enough to ease inflationary pressures in the months ahead and to keep the Fed from moving forward with additional rate hikes. However, citing higher energy prices and a low unemployment rate of 4.7 percent, Moran predicted that the central bank won’t stop until it raises the federal funds rate to 5.5 percent. Looking to the future, Seiders said that new home sales in the first quarter of this year were down 10 percent from the fourth quarter in 2005, and that he expects them to ease further in the coming months before leveling off in 2007. NAHB is forecasting that new home sales will hit 1.13 million units in 2006, down 12 percent from last year’s all-time high of 1.28 million units, and then move down slightly in 2007 to 1.09 million. “Hopefully, most of this decline will be due to investors and speculators stepping out of the market. What we don’t want to see is investors dumping homes on the market,” said Seiders. After posting a record 1.716 million single-family starts in 2005, NAHB is predicting that new home construction will level off to 1.595 million units in 2006 and 1.488 million in 2007, which would still rank high by historical standards. Commenting on the dramatic home price increases in many markets in recent years, Seiders said home price appreciation is expected to fall from an average 12 percent in 2005 to about 4 percent in 2007 and that mortgage rates should move up to 6.7 percent later this year. Seiders added that the multifamily market has remained “eerily stable” since the late 1990s, and is expected to continue the same pattern in 2006, with starts dropping slightly to 351,000 apartment units from 355,000 last year. The rental market has solidified, and Seiders said he expects it to regain some ground while the red-hot condo markets start to cool. Seiders is also predicting that residential remodeling expenditures will continue on an upward trajectory, in part because "an immense amount of home equity will continue to support this spending." The Regional Outlook Looking at housing on a more localized level, Bernard Markstein, NAHB’s Director of Forecasting, said that the forces driving housing demand vary significantly by region. Among the forces affecting demand are home prices, population growth, household formation, and growth in employment opportunities. Other factors that can greatly affect demand include immigration and migration, energy prices, large-scale natural disasters such as Hurricane Katrina, and an area’s appeal as a second home location. Mark Zandi, chief economist for Moody’s Economy.com, said that “builders have done a pretty good job of matching supply and demand” and that “nationally, house prices and supply will go flat in 2006, 2007 and 2008.” This implies that there will be some price declines in key markets, he said, but the markets are going to “correct, not crash.” Markets where Zandi anticipates significant corrections—defined as more than a 10 percent peak-to-trough decline— are in the Northeast, the Mid-Atlantic, Florida, California, parts of Arizona, and Las Vegas. “Any fundamental rise in interest rates will bite hard,” Zandi said. “The rise will lock out two key groups that are important to local/regional markets: first-time home buyers and investors (investors include second home buyers and other buyers in it for the long term, not just those in the market with the intent to flip and get out.) “The Bubble” Revisited Addressing a question that has generated endless speculation in recent years, Thomas Lawler, a housing and mortgage market consultant who worked for Fannie Mae for 22 years, said “Was there a national bubble? Nationwide, no, but in some regions, absolutely.” Lawler, who spoke on house prices and local dynamics, noted that in some areas, “all of the signs of a bubble were present: a surge in speculative investing; a surge in innovative financing; easy credit and loose underwriting; home inspection waivers; and home purchases sight unseen. You had to be ‘on something’ not to see a bubble in some areas,” he said. Housing Finance With interest rates on the rise, housing finance was a major topic at the conference. “Housing is the most interest rate sensitive industry in the country,” said Frank Nothaft, vice president and chief economist of Freddie Mac. “Mortgage interest rates, home prices and family incomes – these are the three ingredients that families think about when deciding to buy a home. “We expect mortgage interest rates to rise slowly through the end of 2006, but they’ll still remain well below historical norms,” Nothaft said. “The affordability problem is a function of increases in home prices.” He pointed out that among families with prime mortgages, 87 percent of the loans are fixed-rate. “So even if the Federal Reserve continues to raise interest rates, most American families will be insulated because they have fixed-rate mortgages.” The major tailwinds that have driven loan originations in recent years have swung 180 degrees, and could be major headwinds in the coming years, said Scott Anderson, senior economist for Wells Fargo & Company. These include rising interest rates, weakening demographics, increasing housing inventories, and less investor demand – especially if the stock market picks up. “The federal reserve is doing its best to take away the punch bowl,” Anderson said. “It should be no surprise that the housing market is going to slow down.” The NAHB Construction Forecast Conference was sponsored by the National Council of the Housing Industry (NCHI), the Supplier 100 of NAHB, Wells Fargo Home Mortgage, Fannie Mae and Countrywide Home Loans.

Market Update

2006-04-27T14:30:00.000-07:00

For release:Tuesday, April 25, 2006

Median price of a home in California at $561,350 in March, up 13 percent from year ago; sales decrease 15.1 percent

LOS ANGELES (April 25) – The median price of an existing home in California increased 13 percent in March and sales decreased 15.1 percent compared with the same period a year ago, the California Association of REALTORS® (C.A.R.) reported today.
“March is the month in which we typically see the market gear up for peak season activity, and this year is no exception,” said C.A.R. President Vince Malta. “Seasonally adjusted statewide sales increased 4.9 percent compared with February and the statewide median rose 4.8 percent compared with the prior month. This is very similar to March 2005, when sales rose 4.4 percent month-to-month and the median price registered a 5.5 percent increase.
“The level of sales activity remained below the record-setting levels that occurred over the last two years, but the pace of sales appears to be picking up,” he said. ”Many buyers who had adopted a ‘wait-and-see’ approach with respect to interest rates earlier this year realize that while rates are higher than they were six months or a year ago, they still remain just above historically low levels.”
Closed escrow sales of existing, single-family detached homes in California totaled 539,170 in March at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 15.1 percent from the 634,700 sales pace recorded in March 2005.
The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during March 2006 was $561,350, a 13 percent increase over the revised $496,890 median for March 2005, C.A.R. reported. The March 2006 median price increased 4.8 percent compared with February’s revised $535,480 median price.
“The inventory of homes for sale fell from a 6.6 month supply in February to 4.8 months in March,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Unsold inventory climbed significantly in the first two months of this year as listings increased and sales declined. Although the supply of homes for sale increased again in March, this was more than offset by a seasonal increase in sales, prompting a decrease in the unsold inventory index. We expect the supply of homes relative to sales to decline gradually over the next few months, although inventory levels will likely remain higher than those of the last two years.”
Highlights of C.A.R.’s resale housing figures for March 2006:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in March 2006 was 4.8 months, compared with 2.2 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
. Thirty-year fixed mortgage interest rates averaged 6.32 percent during March 2006, compared with 5.93 percent in March 2005, according to Freddie Mac. Adjustable mortgage interest rates averaged 5.42 percent in March 2006 compared with 4.23 percent in March 2005.
. The median number of days it took to sell a single-family home was 44 days in March 2006, compared with 30 days (revised) for the same period a year ago.
Regional MLS sales and price information is contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 89.8% percent or 369 of 411 cities and communities showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at http://www.car.org/index.php?id=MzYwNTQ=.
. Statewide, the 10 cities and communities with the highest median home prices in California during March 2006 were: Laguna Beach, $1,827,000; Burlingame, $1,720,000; Beverly Hills, $1,665,000; Los Altos, $1,626,000; Manhattan Beach, $1,625,000; Newport Beach, $1,520,000; Coronado, $1,463,750; Saratoga, $1,391,000; Los Gatos, $1,300,000; Calabasas, $1,259,500.
. Statewide, the 10 cities and communities with the greatest median home price increases in March 2006 compared with the same period a year ago were: Reedley, 58.9 percent; Atwater, 52 percent; Twentynine Palms, 48.8 percent; Barstow, 45.7 percent; Beaumont, 45.6 percent; Taft, 44 percent; California City, 43.1 percent; Burlingame, 40.4 percent; Porterville, 40.3 percent; Highland, 36.8 percent.
Leading the Way...® in California real estate for more than 100 years, the California Association of REALTORS® (http://www.car.org/) is one of the largest state trade organizations in the United States, with more than 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.Leading the Way...® in California real estate for more than 100 years, the California Association of REALTORS® (http://www.car.org/) is one of the largest state trade organizations in the United States, with more than 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
March 2006 Regional Sales and Price Activity*Regional and Condo Sales Data Not Seasonally Adjusted

Median Price
Percent Change in Price from Prior Month
Percent Change in Price from Prior Year
Percent Change in Sales from Prior Month
Percent Change in Sales from Prior Year

Mar-06
Feb-06
Mar-05
Feb-06
Mar-05
Statewide

Calif. (sf)
$561,350
4.8%
13.0%
4.9%
-15.1%
Calif. (condo)
$431,560
-0.4%
8.7%
48.8%
-23.0%

Region

Central Valley
$350,930
0.0%
8.1%
51.8%
-24.0%
High Desert
$326,710
-0.6%
23.6%
44.8%
-4.4%
Los Angeles
$556,750
-1.6%
19.5%
49.0%
-16.4%
Monterey Region
$710,860
1.5%
6.2%
48.4%
-21.8%
Monterey County
$685,000
-2.1%
11.9%
45.2%
-25.4%
Santa Cruz County
$740,000
3.9%
2.1%
53.3%
-15.9%
Northern California
$434,410
2.6%
8.2%
62.0%
-19.8%
Northern Wine Country
$623,380
5.7%
4.4%
58.8%
-11.9%
Orange County
$717,320
-0.5%
7.5%
63.7%
-27.5%
Palm Sprgs/Lwr Desert
$391,020
7.4%
na
56.0%
na
Riverside/S. Bernardino
$403,000
2.7%
16.1%
50.0%
-16.3%
Sacramento
$376,010
-0.9%
5.2%
52.2%
-27.2%
San Diego
$607,370
-0.2%
3.2%
54.8%
-10.4%
San Francisco Bay
$729,360
1.4%
3.6%
64.9%
-11.4%
San Luis Obispo
$586,270
-3.0%
18.8%
35.1%
-18.8%
Santa Barbara County
$750,000
-4.8%
22.4%
62.5%
-2.7%
S. Barbara S. Coast
$1,190,000
2.6%
3.5%
61.4%
19.5%
No. S. Barbara County
$461,700
-3.8%
1.6%
60.7%
-18.2%
Santa Clara
$760,000
-0.7%
3.7%
62.9%
-13.7%
Ventura
$678,850
-0.8%
7.9%
60.8%
-18.1%na – not available
*Based on closed escrow sales of single family, detached homes only (no condos). Reported month to month changes in sales activity may overstate actual changes because of the small size of individual regional samples. Movements in sales prices should not be interpreted as measuring changes in the cost of a standard home. Prices are influenced by changes in cost and changes in the characteristics and size of homes actually sold.
sf = single family, detached home
Source: California Association of REALTORS®
Median Prices By Region - Current Month vs. Year Ago

Mar-06
Feb-06

Mar-05

Statewide

Calif. (sf)
$561,350
$535,480
r
$496,890
r
Calif. (condo)
$431,560
$433,140

$397,040
r

Region

Central Valley
$350,930
$350,830

$324,640

High Desert
$326,710
$328,690

$264,320

Los Angeles
$556,750
$565,600

$465,780
r
Monterey Region
$710,860
$700,560

$669,350

Monterey County
$685,000
$700,000

$612,000

Santa Cruz County
$740,000
$712,000

$725,000

Northern California
$434,410
$423,360

$401,480

Northern Wine Country
$623,380
$589,550

$596,970

Orange County
$717,320
$721,190

$667,200

Palm Sprgs/Lwr Desert
$391,020
$363,960

na

Riverside/S. Bernardino
$403,000
$392,520

$347,200

Sacramento
$376,010
$379,240

$357,360

San Diego
$607,370
$608,770

$588,800

San Francisco Bay
$729,360
$719,220

$704,260

San Luis Obispo
$586,270
$604,170

$493,400

Santa Barbara County
$750,000
$787,500

$612,500
r
S. Barbara S. Coast
$1,190,000
$1,160,000

$1,150,000
r
No. S. Barbara County
$461,700
$480,000

$454,540

Santa Clara
$760,000
$765,000

$733,000

Ventura
$678,850
$684,070

$629,130

Mar-06
Feb-06

Mar-05

Statewide

Calif. (sf)
$561,350
$535,480
r
$496,890
r
Calif. (condo)
$431,560
$433,140

$397,040
r

Region

Central Valley
$350,930
$350,830

$324,640

High Desert
$326,710
$328,690

$264,320

Los Angeles
$556,750
$565,600

$465,780
r
Monterey Region
$710,860
$700,560

$669,350

Monterey County
$685,000
$700,000

$612,000

Santa Cruz County
$740,000
$712,000

$725,000

Northern California
$434,410
$423,360

$401,480

Northern Wine Country
$623,380
$589,550

$596,970

Orange County
$717,320
$721,190

$667,200

Palm Sprgs/Lwr Desert
$391,020
$363,960

na

Riverside/S. Bernardino
$403,000
$392,520

$347,200

Sacramento
$376,010
$379,240

$357,360

San Diego
$607,370
$608,770

$588,800

San Francisco Bay
$729,360
$719,220

$704,260

San Luis Obispo
$586,270
$604,170

$493,400

Santa Barbara County
$750,000
$787,500

$612,500
r
S. Barbara S. Coast
$1,190,000
$1,160,000

$1,150,000
r
No. S. Barbara County
$461,700
$480,000

$454,540

Santa Clara
$760,000
$765,000

$733,000

Ventura
$678,850
$684,070

$629,130
na - not availabler - revisedSource: California Association of REALTORS

Housing Market to Stay on High Plateau

2006-04-12T13:27:00.000-07:00

Author: Beth Bresnahan
Publishing date: 04/11/06
RISMEDIA, April 12, 2006—Home sales should generally level-out and remain at historically high levels, according to the National Association of Realtors®. David Lereah, NAR’s chief economist, said mortgage interest rates are trending up but will remain favorable. “Economic growth and job creation are providing a favorable backdrop for the housing market, but rising interest rates have an offsetting effect,” Lereah said. “Home sales will move up and down somewhat over the remainder of the year but stay at a high plateau, meaning this will be the third strongest year on record.” He expects the 30-year fixed-rate mortgage to rise to 6.9 percent by the end of the year. Growth in the U.S. gross domestic product is forecast at 3.7 percent in 2006, while the unemployment rate should average 4.8 percent. Existing-home sales are projected to drop 6.0 percent to 6.65 million this year from a record 7.08 million in 2005. New-home sales are likely fall 10.9 percent to 1.14 million from the record 1.28 million last year – both sectors would see the third best year following 2005 and 2004. Housing starts are forecast at 2.00 million in 2006, which is 3.2 percent below the 2.07 million in total starts last year. NAR President Thomas M. Stevens from Vienna, Va., said home prices are expected to cool, but not as much as in earlier projections. “Although housing inventories have been improving, the balance is still a bit more favorable for sellers and annual appreciation remains in double-digit territory,” said Stevens, senior vice president of NRT Inc. “Even so, the market is in a process of normalization – appreciation will return to normal single-digit patterns, providing solid investment returns into the future.” The national median existing-home price for all housing types is likely to increase 6.4 percent this year to $221,700, while the median new-home price is expected to rise 2.3 percent to $242,700. Inflation as measured by the Consumer Price Index is seen at 3.4 percent in 2006. Inflation-adjusted disposable personal income should grow 3.8 percent this year.

December 2005 Summary report for Single Family Homes

2006-01-26T22:23:00.000-08:00

Today is my first entry and I wanted to share what I thought my clients and others interested in the San Diego market would want to know. Below I have included a link to the report for the December 05 Summary report for Single Family homes. I want to use this blog as a way of educating buyers and sellers and sharing my insights in the market. This report is also avaliable on my website. www.SellingNorthCounty.com I also offer helpful links on my site under Favorite links. Please stay tune for my next post or helpful educating fact. http://www.nsdcar.com/HAI/1205_HomeDex.pdf

Bridget R Sturm
www.SellingNorthCounty.com
760 533 4551
1 800 497 1108 x430
Bridget@SellingNorthCounty.com