15July2008
Posted by staceysloan under: Housing and Economy; Buying a Home; Housing Recovery; Selling a Home.
A total of 33,024 new and resale houses and condos were sold statewide in May. That was up 6% from April and down 10% from May of last year. Southern California sales volume from Ventura County to San Diego County was 16,917 as compared with 19,874 a year ago. Orange County’s total number was 2,266 which was a 15% downturn from May ’07. The median price went from $635,000 to $485,000. Yes there was another jump in California foreclosure activity. Souther California had a total of 65,309 Notices of Default issued the first quarter of 2008. Orange County had 7,082 which when compared with Los Angeles County at 20,339 and Inland Empire at 26,171, doesn’t seem so bad. Allo fo these numbers for Southern California, broken down by county are available to you. Simply call me and I will get them to you. (Source:Dataquick)
california foreclosure california sales first quarter median price orange county resale houses southern california
31May2008
Posted by staceysloan under: Housing and Economy; Buying a Home; Housing Recovery; Selling a Home.
The total number of sales was 2,166 for all properties including single- family resale, condominiums and new homes. The median price hit $500,000 and the median price for a condo was $390,000. The most significant of the numbers is where the sales fall by price range. This is most telling of a market that is close to the bottom. The most sales are happening in the lowest price ranges. There were 549 sales under $400,000 and another 424 from $400,000 to $500,000. There were only 194 sales from $600,000 to $700,000 and only 518 over $700,000. That is not a large number for the over $700,000 when you consider the number includes all the coastal parts of the county. The positive spin on these numbers is that we are planting the seeds for the next “normal” real estate cycle. All these entry level buyers will become move up buyers in the next cycle.
condominiums median price new homes price ranges real estate single family
15May2008
Posted by staceysloan under: Housing and Economy; Buying a Home; Housing Recovery; Selling a Home.
Sales data for the first quarter has arrived and for March specifically, prices have hit the 2004 watermark. That means the median price is down almost 20% from a year ago. Both the Los Angeles Times and the Orange County Register reported the Dataquick findings. Obviously a huge contributor to price adjustments is the absorption of bank owned properties that are finally matriculating into the general real estate population. The other factor is that sellers that previously were “testing” the market have wisely taken their homes off the market and only serious sellers remain. That means that motivated sellers realize that their home must be priced to sell and that it will have competition from the bank owned sector. According to Dataquick, the bank owned property typically sells at least 15% below “normal” market prices. Although it could be argued that the housing downturn is artificially deflated because of the bank owned properties, this writer does not agree. That’s like saying if you hadn’t driven the car, you wouldn’t have gotten in the accident. Bank owned properties are germane to this market and will be here for some time. This is not an overnight correction as people are beginning to realize. Don’t misunderstand, there is light at the end of the tunnel. These distressed properties are beginning to move. Read on for the optimist’s view…
absorption bank owned properties distressed properties downturn first quarter light at the end of the tunnel los angeles times median price motivated sellers optimists orange county register price adjustments
13May2008
Posted by staceysloan under: Housing and Economy; Buying a Home; Housing Recovery; Selling a Home.
Sales data for the first quarter has arrived and for March specifically, prices have hit the 2004 watermark. That means the median price is down almost 20% from a year ago. Both the Los Angeles Times and the Orange County Register reported the Dataquick findings. Obviously a huge contributor to price adjustments is the absorption of bank owned properties that are finally matriculating into the general real estate population. The other factor is that sellers that previously were “testing” the market have wisely taken their homes off the market and only serious sellers remain. That means that motivated sellers realize that their home must be priced to sell and that it will have competition from the bank owned sector. According to Dataquick, the bank owned property typically sells at least 15% below “normal” market prices. Although it could be argued that the housing downturn is artificially deflated because of the bank owned properties, this writer does not agree. That’s like saying if you hadn’t driven the car, you wouldn’t have gotten in the accident. Bank owned properties are germane to this market and will be here for some time. This is not an overnight correction as people are beginning to realize. Don’t misunderstand, there is light at the end of the tunnel. These distressed properties are beginning to move. Read on for the optimist’s view…
absorption bank owned properties bank owned property contributor distressed properties first quarter light at the end of the tunnel los angeles times median price motivated sellers optimists orange county register population price adjustments stacey sloan
9March2008
Posted by staceysloan under: Housing and Economy; Buying a Home.
There are more questions than there are answers at this point. We, the industry, know they are coming. We know the limits will be 125% of the median price home, so the limits will vary from county to county. We know FICO score requirements have already ticked up for FNMA. What we don’t know is exactly when the new limits will begin and how tight requirements may go. We don’t know if it is purchase only or if it will include rate and term refinances. Cash out refinances are probably off the table. Stay tuned to this newsletter for more information as it becomes available.
median price score requirements
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