Monday, October 22, 2012
Thursday, October 18, 2012
Real Estate Market Rebounding
Taken from LA Times 10/18/2012
Foreclosures started in California have dropped to the lowest level since early 2007, the latest sign that the housing market is rebounding faster than analysts expected.
Notices of default fell 10.2% from the previous quarter and were down 31.2% from the same period last year, San Diego-based DataQuick reported Wednesday. A total of 49,026 notices of default – the first stage of foreclosure in California -- were filed on homes here last quarter.
That was the lowest number since the first quarter of 2007, and a 63% decline from the first quarter of 2009, when notice of default filings peaked in the state.
The number of Californians entering foreclosure dropped in the third quarter to its lowest level since early 2007.
Foreclosure filings have fallen as banks work toward completing more loan modifications and short sales. An improving economy and rising prices have also helped.
“Prices in most areas today are up significantly from their low point in early 2009,” John Walsh, president of San Diego real estate firm DataQuick, said in a news release. “Additionally, during the past year, we’ve seen short sales overtake the foreclosure process as the procedure of choice to deal with homeowner distress.”
Notices of default fell 10.2% from the prior quarter and were down 31.2% from the same period last year, DataQuick reported. A total of 49,026 notices of default – the first stage of foreclosure in California -- were filed on homes in the Golden State last quarter.
That was the lowest number since the first quarter of 2007, and a 63% decline from the first quarter of 2009, when notice of default filings peaked in the state.
The number of homes lost to foreclosure was up 5% from the prior quarter and down 41% from the same period a year ago. A total of 22,949 homes were lost to foreclosure last quarter.
Foreclosures started in California have dropped to the lowest level since early 2007, the latest sign that the housing market is rebounding faster than analysts expected.
Notices of default fell 10.2% from the previous quarter and were down 31.2% from the same period last year, San Diego-based DataQuick reported Wednesday. A total of 49,026 notices of default – the first stage of foreclosure in California -- were filed on homes here last quarter.
That was the lowest number since the first quarter of 2007, and a 63% decline from the first quarter of 2009, when notice of default filings peaked in the state.
California foreclosure starts fall to 2007 level
The number of Californians entering foreclosure dropped in the third quarter to its lowest level since early 2007.
Foreclosure filings have fallen as banks work toward completing more loan modifications and short sales. An improving economy and rising prices have also helped.
“Prices in most areas today are up significantly from their low point in early 2009,” John Walsh, president of San Diego real estate firm DataQuick, said in a news release. “Additionally, during the past year, we’ve seen short sales overtake the foreclosure process as the procedure of choice to deal with homeowner distress.”
Notices of default fell 10.2% from the prior quarter and were down 31.2% from the same period last year, DataQuick reported. A total of 49,026 notices of default – the first stage of foreclosure in California -- were filed on homes in the Golden State last quarter.
That was the lowest number since the first quarter of 2007, and a 63% decline from the first quarter of 2009, when notice of default filings peaked in the state.
The number of homes lost to foreclosure was up 5% from the prior quarter and down 41% from the same period a year ago. A total of 22,949 homes were lost to foreclosure last quarter.
Wednesday, August 15, 2012
Thursday, August 2, 2012
For Renters, buying a home pays off in 3 years on average
The company, which lists for-sale and for-rent information on its site, has released a new analysis of what it calls the "break-even horizon," comparing what it would cost to buy or rent the same home in a number of U.S. markets over time.
The rent-or-buy calculus varies widely depending on where you live.
In the combined Los Angeles and Orange counties, the magic number is 4.3 years, assuming the buyer has made a 20% down payment. Buying wins out after only 1.6 year in the desert community of Banning. But Newport Beach residents must wait 14 years for buying to make more financial sense than renting.
The analysis takes into account a host of factors potential buyers should think about when considering the leap, including the down payment, mortgage and rental payments, buying and selling costs, property taxes, utilities, maintenance costs and tax deductions. The analysis adjusts for inflation and forecasts home value and rental price appreciation.
Zillow senior economist Svenja Gudell said the data should help homeowners get a rough and immediate sense of whether buying makes sense in a particular area in relation to their financial situation.
"For a home buyer out there, it is really tough to get a good grip on the buy-versus-rent decision," Gudell said. Although buying a home is a deeply personal decision, she said, the analysis gives consumers "a sense for 'Am I ready to make this decision?'"
The new take on the classic rent-versus-buy debate comes at a tenuous moment for the housing market. Many analysts believe that a housing bottom has been reached but don't expect a return to the heady days of the real estate bubble. There is already some concern about the strength of the recovery, with home sales slowing in June as inventory remained tight and buyers paid higher prices.
At the same time, rents are rising, housing affordability is at record levels, and mortgage interest rates remain very low. These factors are prompting many renters to consider homeownership.
Stuart Gabriel, director of UCLA's Ziman Center for Real Estate, noted that the main lesson from the subprime mortgage debacle and the housing bust was that homeownership shouldn't be pushed at all costs. Federal policy has been adjusted to support this new point of view.
"One of the things we have learned in recent years is, obviously, house prices don't always go up, and even over the very long term in certain markets homeownership may only offer a minimal return," Gabriel said.
"What we have all learned is to treat homeownership as a bit of a dangerous animal. You know it's not always good, and it's not good for everyone."
Things to consider when buying, particularly in an slowly appreciating market, include how mobile will you be, your financial situation, marital status, career goals and personality, Gabriel said.
Richard Green, director of the USC Lusk Center for Real Estate, added that in many regions buying has become increasingly attractive compared with renting. There are also non-financial reasons for buying.
"I can enjoy living in this house for the rest of my life, and nobody can throw me out of it," he said. "You are consuming something, and you have control over it, and control has some value."
Zillow's analysis, which covered more than 200 metropolitan areas and 7,500 U.S. cities, found that buying is a better financial decision than renting in the Riverside-San Bernardino area if you live in the home for at least two years. That rises to 3.2 years in the area including Oxnard, Thousand Oaks and Ventura.
The San Francisco metropolitan area's break-even score of 5.9 years encompasses a range from two years to 24.3 years.
Thursday, July 26, 2012
Jason Cook for your Real Estate Needs
I specialize in the Los Angeles Miracle Mile area. I would love to work with you to fulfill your Real Estate Needs.
Jason Cook
Coldwell Banker Residential Brokerage
323-380-0995 (Office)
661-317-6900 (Cell)
JasonRCook@sbcglobal.net (Email)
I look forward to hearing from you.
April 2012 Sales Statistics for Miracle Mile/Beverly Center
APRIL 2012 SALES INFO
CONDOS/TOWNHOMES
Number Sold 2
Average Price $501,400
Average Days on Market 68
SINGLE FAMILY HOMES
Number Sold 22
Average Price $866,483
Average Days on Market 49
May # Homes on Market
CONDO/TOWNHOMES
Active Listings 17
Back Up Listings 11
Pending Listings 7
SINGLE FAMILY HOMES
Active Listings 48
Back Up Listings 18
Pending Listings 18
Sales Statistics for Miracle Mile/Beverly Center Feb 2012
CONDOS/TOWNHOMES
Number Sold 6
Average Price $412,417
Average Days on Market 25
SINGLE FAMILY HOMES
Number Sold 11
Average Price $822,359
Average Days on Market 23
Homes On The Market in March 2012
CONDO/TOWNHOMES
Active Listings 25
Back Up Listings 7
Pending Listings 9
SINGLE FAMILY HOMES
Active Listings 57
Back Up Listings 28
Pending Listings 14
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