Source: The Business Journal
California Association of Realtors reports that Fresno County distressed home sales – including bank-owned homes and short sales – grew slightly in November after a steady decline over the past year.
In Fresno County distressed sales edged up to 50 percent of sales in November compared to 48 percent in October and 58 percent in November of 2011. Nearby counties also saw an increase in distressed home sales.
In Madera County, distressed home sales grew to 58 percent in November after dropping to 55 percent in October. One year ago, 88 percent of Madera’s home sales were considered distressed.
In Kings County, distressed home sales rose from 42 percent in October to 45 percent in November. The November 2011 percentage was not available.
Tulare County had a 1 percent increase in distressed sales to 47 percent in November. The percentage for one year ago was not available.
The San Joaquin Valley percentages were in contrast to the statewide average, which dropped to 35.1 percent in November from 36.6 percent in October and 49.8 percent in November 2011.
Of California’s distressed properties, the share of short sales was 23.4 percent in November, down from 24.4 percent in October, but up slightly from 23 percent from a year ago.
Statewide, the available supply of real estate-owned homes (including bank-owned homes) eased slightly in November with the unsold inventory index for real estate-owned homes inching up from 1.9 months in October to 2.1 months in November.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/4412-car-distressed-home-sales-up-in-fresno-and-nearby-counties
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, December 31, 2012
Verizon adds new Valley cell sites
Source: The Business Journal
Verizon Wireless recently added four new cell sites in Fresno County to improve download speeds and increase its coverage area. The company announced the network upgrade on Friday. The sites are in Caruthers, Coalinga, Clovis—along Highway 168 and Villa and Bullard avenues—and in Fresno—near Cedar and Herndon avenues. Verizon has put in more than $7.2 billion in its California network and $70 billion in its national network since it was established in 2000.
URL to original article: http://www.thebusinessjournal.com/news/technology/4413-verizon-adds-new-valley-cell-sites
For further information on Fresno Real Estate check: http://www.londonproperties.com
Verizon Wireless recently added four new cell sites in Fresno County to improve download speeds and increase its coverage area. The company announced the network upgrade on Friday. The sites are in Caruthers, Coalinga, Clovis—along Highway 168 and Villa and Bullard avenues—and in Fresno—near Cedar and Herndon avenues. Verizon has put in more than $7.2 billion in its California network and $70 billion in its national network since it was established in 2000.
URL to original article: http://www.thebusinessjournal.com/news/technology/4413-verizon-adds-new-valley-cell-sites
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, December 28, 2012
Don't sound alarm yet on fiscal cliff mortgage issues: NAR
Source: Housingwire
By Kerri Ann Panchuk
A failure on the part of the nation's lawmakers to reach a deal on the fiscal cliff does not spell automatic doom for the mortgage industry or for families wanting to take on new mortgages, according to Lawrence Yun, chief economist for the National Association of Realtors. However, it creates more uncertainty — something the mortgage industry and homeowners have grown weary of. President Obama and Congress were working Friday on a last-ditch effort to save Americans from tax hikes set to take effect in January, but issues related to housing are most likely postponed at this point. Two issues tied to fiscal cliff negotiations and deficit reduction talks have a direct impact on the mortgage industry. First, the Mortgage Forgiveness Debt Relief Act expires at year-end without a move by Congress to extend it. The act was originally passed in 2007 so struggling homeowners could go through short sales, loan modifications and other resolutions without getting zapped with taxes on forgiven debt. Second, policymakers have been throwing around the idea of tossing out the mortgage interest tax deduction to help reduce the nation's deficit while protecting most Americans from tax hikes. Such a move would take away a popular tax benefit for homeowners. Lawrence Yun with NAR told HousingWire "it's very quiet in Washington, D.C., in terms of the key people trying to make compromises." And while NAR and other housing industry groups lack certainty, Yun says a proposal to eliminate the deduction on mortgage interest is probably far removed from the negotiating table at this time. He expects Congress and the president to try to come up with a temporary solution in the next few days to spare America from going over the fiscal cliff. And if they compromise on an initial solution, Yun anticipates a more extensive agreement over how to reduce the nation's deficit next summer. That is when the mortgage interest tax deduction could end up back on the bargaining table. Even then, Yun sees it as a difficult item for lawmakers to eliminate. "I believe the mortgage interest tax deduction is one of those issues where it impacts so many people. It is not a special interest. I don't see the deduction being changed in any measurable way in the grand bargain." As for the Mortgage Forgiveness Debt Relief Act, the expiration is at hand, bringing a bigger sense of urgency. But Yun says the extension of it has bipartisan support and he anticipates a final compromise although that may come sometime in mid-January with provisions to make it retroactive. He anticipates a two-year extension will be applied when that measure is finally pushed through. "I am less concerned about that," he said. "There is no hostility to the mortgage forgiveness debt relief bill." But Yun admits, homeowners worried about losing mortgage interest tax deductions may still view a lack of closure on that issue as too much uncertainty, causing them to hold off on buying a home. "For some homebuyers they may want to wait it out until they see what is in it (the grand bargain) and what is not."
URL to original article: http://www.housingwire.com/news/2012/12/28/dont-sound-alarm-yet-fiscal-cliff-mortgage-issues-nar
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
A failure on the part of the nation's lawmakers to reach a deal on the fiscal cliff does not spell automatic doom for the mortgage industry or for families wanting to take on new mortgages, according to Lawrence Yun, chief economist for the National Association of Realtors. However, it creates more uncertainty — something the mortgage industry and homeowners have grown weary of. President Obama and Congress were working Friday on a last-ditch effort to save Americans from tax hikes set to take effect in January, but issues related to housing are most likely postponed at this point. Two issues tied to fiscal cliff negotiations and deficit reduction talks have a direct impact on the mortgage industry. First, the Mortgage Forgiveness Debt Relief Act expires at year-end without a move by Congress to extend it. The act was originally passed in 2007 so struggling homeowners could go through short sales, loan modifications and other resolutions without getting zapped with taxes on forgiven debt. Second, policymakers have been throwing around the idea of tossing out the mortgage interest tax deduction to help reduce the nation's deficit while protecting most Americans from tax hikes. Such a move would take away a popular tax benefit for homeowners. Lawrence Yun with NAR told HousingWire "it's very quiet in Washington, D.C., in terms of the key people trying to make compromises." And while NAR and other housing industry groups lack certainty, Yun says a proposal to eliminate the deduction on mortgage interest is probably far removed from the negotiating table at this time. He expects Congress and the president to try to come up with a temporary solution in the next few days to spare America from going over the fiscal cliff. And if they compromise on an initial solution, Yun anticipates a more extensive agreement over how to reduce the nation's deficit next summer. That is when the mortgage interest tax deduction could end up back on the bargaining table. Even then, Yun sees it as a difficult item for lawmakers to eliminate. "I believe the mortgage interest tax deduction is one of those issues where it impacts so many people. It is not a special interest. I don't see the deduction being changed in any measurable way in the grand bargain." As for the Mortgage Forgiveness Debt Relief Act, the expiration is at hand, bringing a bigger sense of urgency. But Yun says the extension of it has bipartisan support and he anticipates a final compromise although that may come sometime in mid-January with provisions to make it retroactive. He anticipates a two-year extension will be applied when that measure is finally pushed through. "I am less concerned about that," he said. "There is no hostility to the mortgage forgiveness debt relief bill." But Yun admits, homeowners worried about losing mortgage interest tax deductions may still view a lack of closure on that issue as too much uncertainty, causing them to hold off on buying a home. "For some homebuyers they may want to wait it out until they see what is in it (the grand bargain) and what is not."
URL to original article: http://www.housingwire.com/news/2012/12/28/dont-sound-alarm-yet-fiscal-cliff-mortgage-issues-nar
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, December 27, 2012
Report: Visalia good for rental properties
Source: The Business Journal
Visalia placed in the top ten among cities with the best real estate markets for rental investment in the fourth quarter. According to the list compiled by Local Market Monitor and HomeVestors of America, Visalia came in at No. 6 following Vallejo, Detroit, Modesto, Stockton and Las Vegas where investors were more likely to eye new rental houses and developments. The list, based on the future relative returns on homes purchased as rental properties, was driven in large part by high unemployment rates and rising home prices where fewer residents were expected to buy a home. Visalia's unemployment rate was 9 percent in November while Tulare County totaled 14.5 percent. That's similar to Modesto and Stockton's rate of 12.5 and 17.1 percent, respectively. Also, home prices in Tulare County were up 9 percent from last year to $138,080 in November. "In the short run it's tough to rent out houses in markets with high unemployment, but that's where the long-term opportunities lie," said Ingo Winzer, president of Local Market Monitor. "Most of today's best opportunities won't look as good, which means they won't look as bad."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/4384-report-visalia-good-for-rental-properties
For further information on Fresno Real Estate check: http://www.londonproperties.com
Visalia placed in the top ten among cities with the best real estate markets for rental investment in the fourth quarter. According to the list compiled by Local Market Monitor and HomeVestors of America, Visalia came in at No. 6 following Vallejo, Detroit, Modesto, Stockton and Las Vegas where investors were more likely to eye new rental houses and developments. The list, based on the future relative returns on homes purchased as rental properties, was driven in large part by high unemployment rates and rising home prices where fewer residents were expected to buy a home. Visalia's unemployment rate was 9 percent in November while Tulare County totaled 14.5 percent. That's similar to Modesto and Stockton's rate of 12.5 and 17.1 percent, respectively. Also, home prices in Tulare County were up 9 percent from last year to $138,080 in November. "In the short run it's tough to rent out houses in markets with high unemployment, but that's where the long-term opportunities lie," said Ingo Winzer, president of Local Market Monitor. "Most of today's best opportunities won't look as good, which means they won't look as bad."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/4384-report-visalia-good-for-rental-properties
For further information on Fresno Real Estate check: http://www.londonproperties.com
What will happen to mortgage rates in 2013?
Source: Housingwire
"So what is in store for us in 2013? I certainly don’t know, but I do hope mortgage rates don’t rise," writes Henry Savage with the Washington Times. "A few weeks ago, I wrote a column describing the circumstances of a typical first-time homebuyer in 1987 versus 2013. The numbers proved that housing is more affordable today despite a huge increase in price."
Mortgage Q∧A: May rates stay low in new year
By Henry Savage Special to The Washington Times
Perhaps it’s appropriate for my last column of 2012 to talk about the so-called “fiscal cliff.” With any luck, our elected officials already will have reached some sort of reasonable agreement by the time this is published. As I write, both sides still are pretty far apart. The fiscal cliff is a coined term that economists use to describe a free-fall into another recession in 2013 that they see happening unless Congress and the White House do something about the combination of spending cuts and tax increases that are due to occur automatically at the end of the year. In typical political fashion, the Democrats want to tax more and spend more, and the Republicans want to tax less and spend less. Wherever you are on the political spectrum, both sides are easy to understand. It’s the outcome on which everyone appears to disagree. The Republicans say an increase in taxes will leave less money in the consumer’s pocket, creating less spending and hiring, which ultimately will hamper economic growth and hurt the job market’s recovery. Government spending, many Republicans say, is largely inefficient and wasteful. Democrats counter that huge spending cuts will eliminate necessary services, harm the poor and put an even larger burden on the middle class. Similarly, tax cuts will force the government to borrow more, increasing our already gargantuan debt. These arguments have been going on for 236 years. So what is in store for us in 2013? I certainly don’t know, but I do hope mortgage rates don’t rise. A few weeks ago, I wrote a column describing the circumstances of a typical first-time homebuyer in 1987 versus 2013. The numbers proved that housing is more affordable today despite a huge increase in price. The bottom line was that it is cheaper to purchase a home today for $275,000 with a 5 percent down payment than it was to purchase a home for $170,000 back in 1987. With the elimination of various costs, accompanied by interest rates that are almost one-third of 1987 levels, today’s homeowners need less cash and have a lower monthly payment than those who purchased in 1987. It’s no wonder that Fed Chairman Ben S. Bernanke is so gung-ho on keeping rates down. After running some numbers, I see that if interest rates move up by 3 percentage points, a typical mortgage payment will jump by more than 40 percent. That surely would knock out a huge segment of the buying market, which would cause home prices to fall again. The only time I have ever gone out and publicly predicted the future was back in 2004, and then again in 2005 when I predicted that the real estate market would collapse. I was early, but I was right. I have no idea what to expect in 2013, so I’ll just wish readers a happy, safe and prosperous 2013.
URL to original article: http://www.housingwire.com/content/what-will-happen-mortgage-rates-2013
For further information on Fresno Real Estate check: http://www.londonproperties.com
"So what is in store for us in 2013? I certainly don’t know, but I do hope mortgage rates don’t rise," writes Henry Savage with the Washington Times. "A few weeks ago, I wrote a column describing the circumstances of a typical first-time homebuyer in 1987 versus 2013. The numbers proved that housing is more affordable today despite a huge increase in price."
Mortgage Q∧A: May rates stay low in new year
By Henry Savage Special to The Washington Times
Perhaps it’s appropriate for my last column of 2012 to talk about the so-called “fiscal cliff.” With any luck, our elected officials already will have reached some sort of reasonable agreement by the time this is published. As I write, both sides still are pretty far apart. The fiscal cliff is a coined term that economists use to describe a free-fall into another recession in 2013 that they see happening unless Congress and the White House do something about the combination of spending cuts and tax increases that are due to occur automatically at the end of the year. In typical political fashion, the Democrats want to tax more and spend more, and the Republicans want to tax less and spend less. Wherever you are on the political spectrum, both sides are easy to understand. It’s the outcome on which everyone appears to disagree. The Republicans say an increase in taxes will leave less money in the consumer’s pocket, creating less spending and hiring, which ultimately will hamper economic growth and hurt the job market’s recovery. Government spending, many Republicans say, is largely inefficient and wasteful. Democrats counter that huge spending cuts will eliminate necessary services, harm the poor and put an even larger burden on the middle class. Similarly, tax cuts will force the government to borrow more, increasing our already gargantuan debt. These arguments have been going on for 236 years. So what is in store for us in 2013? I certainly don’t know, but I do hope mortgage rates don’t rise. A few weeks ago, I wrote a column describing the circumstances of a typical first-time homebuyer in 1987 versus 2013. The numbers proved that housing is more affordable today despite a huge increase in price. The bottom line was that it is cheaper to purchase a home today for $275,000 with a 5 percent down payment than it was to purchase a home for $170,000 back in 1987. With the elimination of various costs, accompanied by interest rates that are almost one-third of 1987 levels, today’s homeowners need less cash and have a lower monthly payment than those who purchased in 1987. It’s no wonder that Fed Chairman Ben S. Bernanke is so gung-ho on keeping rates down. After running some numbers, I see that if interest rates move up by 3 percentage points, a typical mortgage payment will jump by more than 40 percent. That surely would knock out a huge segment of the buying market, which would cause home prices to fall again. The only time I have ever gone out and publicly predicted the future was back in 2004, and then again in 2005 when I predicted that the real estate market would collapse. I was early, but I was right. I have no idea what to expect in 2013, so I’ll just wish readers a happy, safe and prosperous 2013.
URL to original article: http://www.housingwire.com/content/what-will-happen-mortgage-rates-2013
For further information on Fresno Real Estate check: http://www.londonproperties.com
New residential sales hit two-year high in November
Source: Housingwire
By Christina Mlynski
Sales of new single-family homes were at a seasonally adjusted annual rate of 377,000 in November, the highest level since April 2010. New home sales were 4.4% above the revised rate of 361,000 in October, the U.S. Census Bureau and the Department of Housing and Urban Development said on Thursday. New home sales were 15.7% above last year’s estimate of 327,000, another sign that housing is on the mend. The median sales price of new homes sold was $246,200, compared to the median price of $237,000 in October. The average sale price was $299,700. At the end of November, the number of new homes for sale reached 149,000, representing a 4.7-month supply of homes at today’s sales pace. "The new home market is a positive for the economic outlook, especially given that scarcity of supply points to new construction ahead," analysts from Econoday Economic Report said. "But fundamental economic issues right now are being clouded by the approach of the fiscal cliff and the risk that higher taxes will hurt consumers and home buyers," the analysts said. Although home sales increased to year highs, consumer confidence dropped for the second consecutive month because the market is slowly healing on historically low mortgage rates and high housing demand. "Even given the concerns over the fiscal cliff, it’s still not going to stop people who can afford homes and those who can get access to a mortgage," Associated Economist Gregory Bird at Moody's Analytics told HousingWire. The Consumer Confidence Index fell to 65.1 in December, down from 71.5 in November. The Expectations Index also declined sharply to 66.5 from 80.9. "Consumers’ expectations retreated sharply in December resulting in a decline in the overall index. The sudden turnaround in expectations was most likely caused by uncertainty surrounding the oncoming fiscal cliff," said Lynn Franco, director of economic indicators at the Conference Board. Consumers’ optimism about the short-term outlook also declined in December. The percentage of consumers expecting business conditions to improve within the next six months declined to 17.6%, down from 21.3%, while those projecting business conditions to worsen increased from 15.8% to 21.5%. "A similar decline in expectations was experienced in August of 2011 during the debt ceiling discussions,” Franco said. “While consumers are quite negative about the short-term outlook, they are more upbeat than last month about current business and labor market conditions."
URL to original article: http://www.housingwire.com/news/new-residential-sales-hit-two-year-high-november
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Christina Mlynski
Sales of new single-family homes were at a seasonally adjusted annual rate of 377,000 in November, the highest level since April 2010. New home sales were 4.4% above the revised rate of 361,000 in October, the U.S. Census Bureau and the Department of Housing and Urban Development said on Thursday. New home sales were 15.7% above last year’s estimate of 327,000, another sign that housing is on the mend. The median sales price of new homes sold was $246,200, compared to the median price of $237,000 in October. The average sale price was $299,700. At the end of November, the number of new homes for sale reached 149,000, representing a 4.7-month supply of homes at today’s sales pace. "The new home market is a positive for the economic outlook, especially given that scarcity of supply points to new construction ahead," analysts from Econoday Economic Report said. "But fundamental economic issues right now are being clouded by the approach of the fiscal cliff and the risk that higher taxes will hurt consumers and home buyers," the analysts said. Although home sales increased to year highs, consumer confidence dropped for the second consecutive month because the market is slowly healing on historically low mortgage rates and high housing demand. "Even given the concerns over the fiscal cliff, it’s still not going to stop people who can afford homes and those who can get access to a mortgage," Associated Economist Gregory Bird at Moody's Analytics told HousingWire. The Consumer Confidence Index fell to 65.1 in December, down from 71.5 in November. The Expectations Index also declined sharply to 66.5 from 80.9. "Consumers’ expectations retreated sharply in December resulting in a decline in the overall index. The sudden turnaround in expectations was most likely caused by uncertainty surrounding the oncoming fiscal cliff," said Lynn Franco, director of economic indicators at the Conference Board. Consumers’ optimism about the short-term outlook also declined in December. The percentage of consumers expecting business conditions to improve within the next six months declined to 17.6%, down from 21.3%, while those projecting business conditions to worsen increased from 15.8% to 21.5%. "A similar decline in expectations was experienced in August of 2011 during the debt ceiling discussions,” Franco said. “While consumers are quite negative about the short-term outlook, they are more upbeat than last month about current business and labor market conditions."
URL to original article: http://www.housingwire.com/news/new-residential-sales-hit-two-year-high-november
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, December 21, 2012
Don't Let Your House Sale Fall Through
Source: The Wall Street Journal
By AMY HOAK
Encouraging signs in the housing market may entice more homeowners to put their properties on the market in 2013. Still, it isn't exactly a seller's market yet—and deals can fall through at the last minute for a variety of reasons. Financing delays, low appraisals, title problems, home inspections and even buyer's remorse can interfere with a seller's ability to close. The good news: Many of these problems are preventable if sellers are proactive and involved, says Lanny Baker, president and chief executive of ZipRealty Inc., a residential real-estate brokerage. Here are some tips: 1. Learn about the buyer's financing Seek out a buyer who has been preapproved for a mortgage, says Mr. Baker, who evaluated 250 failed or delayed deals over a recent 2 ½-month span and determined that financing problems were to blame 40% of the time. Typically, the buyer's agent will be eager to share this information with you. However, preapproval doesn't preclude a lender from rejecting a buyer's mortgage application later on, so don't stop there. Check in regularly with the buyer's agent to ensure that the loan is on track to close on time. Lenders are requiring more stringent documentation, and if buyers aren't organized, or procrastinate when additional paperwork is requested, the closing could be delayed. To keep things on track, make sure your contract contains specific deadlines for buyers. "One key term is a financing contingency, and if the buyer cannot [resolve] that contingency, the terms of the contract would normally release the seller to entertain other offers," Mr. Baker says. If a buyer is seeking a Federal Housing Administration-insured loan, the home being sold may have to meet certain safety and soundness requirements that typically wouldn't come into play with a conventional loan. To avoid delays, sellers can take care of things that might be flagged in an FHA appraisal, such as chipping paint, before listing. An experienced real-estate agent should be able to help identify such problems. Sometimes buyers underestimate the amount of cash they will need at closing. If that happens, the agents involved in the transaction—who have a vested interest in the deal closing—may agree to give up part of their commissions to cover the shortfall, Mr. Baker says. A seller can pay some of those costs, as well. 2. Consider cash offers A buyer who doesn't need financing is more of a sure bet than one who does, says Bob Kelly, an agent with Re/Max Main St. Realty in Moorestown, N.J. However, cash bids are typically lower, so sellers need to weigh their options carefully. A buyer with a 3.5% down payment who is also asking for seller-assisted closing costs may bring in a larger return for the seller, but the deal could take longer to complete or be derailed by a low appraisal, Mr. Kelly says. A cash buyer won't need an appraisal, just verifiable funds, and may offer an earlier closing date—which in the seller's eyes could compensate for the lower offer. 3. Prepare for the appraisal Real-estate agents will tell you that low appraisals have killed many transactions in recent years. Many agents say appraisers—who are hired by lenders to assess the value of the home—are overly conservative in their valuations these days, even as home prices are rising in many locations. To avoid appraisal problems, price your home in line with comparable homes for sale in your area. Even then, however, problems may emerge. John and Susan Moon priced their Bethesda, Md., home competitively and received multiple bids. Still, the appraised value was $5,000 lower than the offer they accepted. In the end, they split the difference, dropping the price by $2,500 while the buyers brought $2,500 more to the closing table, Mr. Moon says. "In some cases, you're pioneering new values," especially when receiving multiple bids that raise your home's price, says Stew Larsen, head of mortgage banking at Bank of the West. "As a seller, you need to think about what is Plan B if [the appraisal is low." Sellers can challenge a low appraisal, he says, but they rarely win unless the appraiser made an obvious mistake. One option is to add a contingency to the contract, laying out how the sides will renegotiate if the home's appraised value is lower than the sale price, says Paul Reid, an agent with Redfin in Orange County, Calif. 4. Tackle title and inspection issues early on Some listing agents include a preliminary title report as part of their package, but a good agent will be able to spot red flags when reading it for you, Mr. Baker says. Perhaps a sewage assessment wasn't paid by the homeowner, the deed never got recorded, or an easement was granted that the owner is unaware of, he says. Addressing such issues early on will mean fewer surprises at the end. Similarly, instead of waiting for the buyer's home inspection to turn up problems, sellers should get one themselves before listing, says Tony Geraci, broker/owner of Century 21 HomeStar in the Cleveland market. That way, they can make needed repairs before the buyer requests them—or gets scared off, he says. 5. Commit to a tight timeline As a seller, time isn't your friend. Encourage buyers to move quickly on things like the home inspection. If a deal is going to collapse, it is better to know sooner rather than later so the home can go back on the market. A longer process also gives a buyer more time to get cold feet. After winning a bidding war, buyers sometimes look at closing documents and paperwork and realize they're spending more than they should have on the home, triggering buyer's remorse, Mr. Reid says. But if the buyer is looking for reasons to get out of a deal, it may be better to oblige than waste more time. "You never want to keep a buyer that doesn't want to buy your house. Let them out and find the next buyer," Mr. Geraci says.
URL to original article: http://online.wsj.com/article/SB10001424127887324205404578151590143248094.html?mod=wsj_valettop_email
For further information on Fresno Real Estate check: http://www.londonproperties.com
By AMY HOAK
Encouraging signs in the housing market may entice more homeowners to put their properties on the market in 2013. Still, it isn't exactly a seller's market yet—and deals can fall through at the last minute for a variety of reasons. Financing delays, low appraisals, title problems, home inspections and even buyer's remorse can interfere with a seller's ability to close. The good news: Many of these problems are preventable if sellers are proactive and involved, says Lanny Baker, president and chief executive of ZipRealty Inc., a residential real-estate brokerage. Here are some tips: 1. Learn about the buyer's financing Seek out a buyer who has been preapproved for a mortgage, says Mr. Baker, who evaluated 250 failed or delayed deals over a recent 2 ½-month span and determined that financing problems were to blame 40% of the time. Typically, the buyer's agent will be eager to share this information with you. However, preapproval doesn't preclude a lender from rejecting a buyer's mortgage application later on, so don't stop there. Check in regularly with the buyer's agent to ensure that the loan is on track to close on time. Lenders are requiring more stringent documentation, and if buyers aren't organized, or procrastinate when additional paperwork is requested, the closing could be delayed. To keep things on track, make sure your contract contains specific deadlines for buyers. "One key term is a financing contingency, and if the buyer cannot [resolve] that contingency, the terms of the contract would normally release the seller to entertain other offers," Mr. Baker says. If a buyer is seeking a Federal Housing Administration-insured loan, the home being sold may have to meet certain safety and soundness requirements that typically wouldn't come into play with a conventional loan. To avoid delays, sellers can take care of things that might be flagged in an FHA appraisal, such as chipping paint, before listing. An experienced real-estate agent should be able to help identify such problems. Sometimes buyers underestimate the amount of cash they will need at closing. If that happens, the agents involved in the transaction—who have a vested interest in the deal closing—may agree to give up part of their commissions to cover the shortfall, Mr. Baker says. A seller can pay some of those costs, as well. 2. Consider cash offers A buyer who doesn't need financing is more of a sure bet than one who does, says Bob Kelly, an agent with Re/Max Main St. Realty in Moorestown, N.J. However, cash bids are typically lower, so sellers need to weigh their options carefully. A buyer with a 3.5% down payment who is also asking for seller-assisted closing costs may bring in a larger return for the seller, but the deal could take longer to complete or be derailed by a low appraisal, Mr. Kelly says. A cash buyer won't need an appraisal, just verifiable funds, and may offer an earlier closing date—which in the seller's eyes could compensate for the lower offer. 3. Prepare for the appraisal Real-estate agents will tell you that low appraisals have killed many transactions in recent years. Many agents say appraisers—who are hired by lenders to assess the value of the home—are overly conservative in their valuations these days, even as home prices are rising in many locations. To avoid appraisal problems, price your home in line with comparable homes for sale in your area. Even then, however, problems may emerge. John and Susan Moon priced their Bethesda, Md., home competitively and received multiple bids. Still, the appraised value was $5,000 lower than the offer they accepted. In the end, they split the difference, dropping the price by $2,500 while the buyers brought $2,500 more to the closing table, Mr. Moon says. "In some cases, you're pioneering new values," especially when receiving multiple bids that raise your home's price, says Stew Larsen, head of mortgage banking at Bank of the West. "As a seller, you need to think about what is Plan B if [the appraisal is low." Sellers can challenge a low appraisal, he says, but they rarely win unless the appraiser made an obvious mistake. One option is to add a contingency to the contract, laying out how the sides will renegotiate if the home's appraised value is lower than the sale price, says Paul Reid, an agent with Redfin in Orange County, Calif. 4. Tackle title and inspection issues early on Some listing agents include a preliminary title report as part of their package, but a good agent will be able to spot red flags when reading it for you, Mr. Baker says. Perhaps a sewage assessment wasn't paid by the homeowner, the deed never got recorded, or an easement was granted that the owner is unaware of, he says. Addressing such issues early on will mean fewer surprises at the end. Similarly, instead of waiting for the buyer's home inspection to turn up problems, sellers should get one themselves before listing, says Tony Geraci, broker/owner of Century 21 HomeStar in the Cleveland market. That way, they can make needed repairs before the buyer requests them—or gets scared off, he says. 5. Commit to a tight timeline As a seller, time isn't your friend. Encourage buyers to move quickly on things like the home inspection. If a deal is going to collapse, it is better to know sooner rather than later so the home can go back on the market. A longer process also gives a buyer more time to get cold feet. After winning a bidding war, buyers sometimes look at closing documents and paperwork and realize they're spending more than they should have on the home, triggering buyer's remorse, Mr. Reid says. But if the buyer is looking for reasons to get out of a deal, it may be better to oblige than waste more time. "You never want to keep a buyer that doesn't want to buy your house. Let them out and find the next buyer," Mr. Geraci says.
URL to original article: http://online.wsj.com/article/SB10001424127887324205404578151590143248094.html?mod=wsj_valettop_email
For further information on Fresno Real Estate check: http://www.londonproperties.com
Homebuilder Lennar launches iPad app
Source: Housingwire
Homebuilder Lennar Corp. ($39.29 0%) launched its myLennar iPad App, which guides users through the new home process as they shop, purchase and eventually own their own Lennar home. “We realize today’s consumer is highly mobile and they crave visual imagery, engaging video content and items of convenience like geo-targeted driving directions to our communities when searching for a new home,” stated Kay Howard, director of communications for Lennar. The new app allows consumers to apply for their mortgage and insure their home. It also enables them to change their address and connect services such as TV, Internet and cable. Once users are in their new home, the app also offers home care tips and videos and access to Lennar customer care when needed. “As they shop for their new Lennar home they can search using geo-location or more conventional means,” said Howard. Consumers can also save their favorite homes and communities and compare, rate and share them. Throughout the home-buying process, app users are given access to Lennar Rewards, which provides discounts from top national retailers. "We feel the myLennar iPad App is a robust yet simple application that can help provide the ultimate experience for our Lennar homebuyers and homeowners,” said Jon Jaffe, vice president and COO of Lennar.
URL to original article: http://www.housingwire.com/content/homebuilder-lennar-launches-ipad-app
For further information on Fresno Real Estate check: http://www.londonproperties.com
Homebuilder Lennar Corp. ($39.29 0%) launched its myLennar iPad App, which guides users through the new home process as they shop, purchase and eventually own their own Lennar home. “We realize today’s consumer is highly mobile and they crave visual imagery, engaging video content and items of convenience like geo-targeted driving directions to our communities when searching for a new home,” stated Kay Howard, director of communications for Lennar. The new app allows consumers to apply for their mortgage and insure their home. It also enables them to change their address and connect services such as TV, Internet and cable. Once users are in their new home, the app also offers home care tips and videos and access to Lennar customer care when needed. “As they shop for their new Lennar home they can search using geo-location or more conventional means,” said Howard. Consumers can also save their favorite homes and communities and compare, rate and share them. Throughout the home-buying process, app users are given access to Lennar Rewards, which provides discounts from top national retailers. "We feel the myLennar iPad App is a robust yet simple application that can help provide the ultimate experience for our Lennar homebuyers and homeowners,” said Jon Jaffe, vice president and COO of Lennar.
URL to original article: http://www.housingwire.com/content/homebuilder-lennar-launches-ipad-app
For further information on Fresno Real Estate check: http://www.londonproperties.com
Housing recovery crosses halfway mark: Trulia
Source: Housingwire
By Megan Hopkins
The housing industry is 51% back to normal, according to a Trulia ($16.12 -0.13%) assessment of key housing statistics. Trulia's November Housing Barometer compares three key indicators — construction starts, existing-home sales, and delinquencies combined with foreclosures — to their worst point during the housing crisis and their pre-crisis levels. In its journey toward normalcy, some markets experienced some headwinds after Hurricane Sandy tore through the Northeast recently, lowering construction and, to a lesser extent, sales in the area. The nation as a whole saw a 14% rise in construction starts in October and November (the months affected by Sandy), while the Northeast fell 5% in those same months. Likewise, national home sales increased by 7% in the past two months, but the Northeast only saw a 3% rise. Year-over-year, November housing starts were up 22% nationwide. According to the Trulia barometer, housing starts are 37% of the way back to normal. Existing-home sales hit 5.04 million in November, the highest level since the same month in 2009. Trulia said sales are 73% back to normal. Additionally, distressed sales are continuing to become a smaller and smaller portion of overall sales. The combined delinquency and foreclosure rate dropped to 10.63%, the lowest level in four years and 41% back to normal. Last month, the barometer revealed the housing market was 47% back to normal.
URL to original article: http://www.housingwire.com/news/housing-recovery-crosses-halfway-mark
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Megan Hopkins
The housing industry is 51% back to normal, according to a Trulia ($16.12 -0.13%) assessment of key housing statistics. Trulia's November Housing Barometer compares three key indicators — construction starts, existing-home sales, and delinquencies combined with foreclosures — to their worst point during the housing crisis and their pre-crisis levels. In its journey toward normalcy, some markets experienced some headwinds after Hurricane Sandy tore through the Northeast recently, lowering construction and, to a lesser extent, sales in the area. The nation as a whole saw a 14% rise in construction starts in October and November (the months affected by Sandy), while the Northeast fell 5% in those same months. Likewise, national home sales increased by 7% in the past two months, but the Northeast only saw a 3% rise. Year-over-year, November housing starts were up 22% nationwide. According to the Trulia barometer, housing starts are 37% of the way back to normal. Existing-home sales hit 5.04 million in November, the highest level since the same month in 2009. Trulia said sales are 73% back to normal. Additionally, distressed sales are continuing to become a smaller and smaller portion of overall sales. The combined delinquency and foreclosure rate dropped to 10.63%, the lowest level in four years and 41% back to normal. Last month, the barometer revealed the housing market was 47% back to normal.
URL to original article: http://www.housingwire.com/news/housing-recovery-crosses-halfway-mark
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, December 20, 2012
Reverse mortgages are the craze, but are they too risky?
Source: Housingwire
At a time when many retiring baby-boomers are considering reverse mortgages, a Money Magazine article on the CNNMoney website dares to ask whether the proposition of using home equity as cash is really safe for senior citizens. The writer Beth Braverman goes beyond the basic coverage of the product and asks her readers whether "borrowers who take the loan too soon, or spend the payout too quickly, could end up without a source of equity to fall back on -- and might even lose their homes." Braverman also covers the advantages and benefits of a reverse mortgage.
Reverse mortgage: Is it too risky? By Beth Braverman @Money
If you're 62 or older, you've probably started getting reverse-mortgage solicitations in the mail, and it's hard to miss the aging actors singing the loans' praises on TV (hey, it's the Fonz!). The pitch may sound appealing, especially if you're among the 83% of boomers who plan to stay in their home through retirement: Tap your home's equity now and receive a monthly payment, line of credit, or lump sum, regardless of your credit score or income. The mortgage will start accruing interest immediately, but you won't need to pay back a dime until you move out or die -- at which point you or your heirs must repay the bank in full. Indeed, reverse mortgages can be a good option for seniors age 70 or older who are committed to staying in their homes and don't have the savings to cover their expenses, says elder-law attorney Janet Colliton of West Chester, Pa. However, she adds that recent trends are making the loans a riskier proposition. For one, borrowers are younger: Last year 47% were in their sixties, more than double the percentage from 2001. A growing number (69%) are also taking their payout in a lump sum rather than a steady stream. And reports say predatory lenders have been pushing these mortgages on folks who can't afford them. Related: Finding real estate opportunities in the New Year The result: Borrowers who take the loan too soon, or spend the payout too quickly, could end up without a source of equity to fall back on -- and might even lose their homes. If you or someone you love is thinking about a reverse mortgage, consider these questions. If you answer yes to even one, this type of loan is probably the wrong option for you. Are you in your sixties? You want to put off a reverse mortgage as long as possible. The amount you can borrow is based on the current interest rate (you can borrow more when it's lower), your home equity, and the age of the younger spouse. The older he or she is, the more you get. On a $300,000 house with a $100,000 mortgage, for instance, a 75-year-old might receive a $574 monthly payment, while a 65-year-old would get just $411. (See reversemortgage.org for a calculator.) Related: Your pension: Lump sum or lifetime benefits? Younger borrowers also face more years of compound interest, which can quickly ratchet up the amount you owe. There's also a greater chance that you'll run into unexpected medical bills or other expenses as you age, sapping your payout more quickly than you anticipated. Will the costs be more than you can afford? Reverse mortgages are a notoriously expensive way to tap equity. For that borrower with the $300,000 home, fees would include $6,000 in upfront mortgage insurance, a $2,500 origination fee, and about $3,400 in traditional closing costs -- and that's before you get to the monthly mortgage insurance premium of 1.25% of the loan balance. Related: Why home insurance costs so much Plus, you'll still need to cover regular housing expenses such as taxes and maintenance. Don't commit to the loan until you've met with an independent financial adviser to go over the total cost and discuss alternatives, says Steve Weisman, author of A Guide to Elder Planning. Is there a better option? Before turning to a reverse mortgage, homeowners should explore bolstering their finances by downsizing or working longer. Those with good credit might also consider a traditional refinance or a home-equity line of credit (HELOC), where you draw only the funds you need and pay off interest as you go, says Waterford, Conn., financial planner Nancy Butler. It's also a good idea to get your heirs involved -- particularly since they'll be responsible for paying off (or selling your house to pay off) the loan after your death. They may be able to provide a private reverse mortgage or become a part owner of the house now. Ultimately, people should think very carefully before draining their home equity, says Margot Saunders, counsel at the National Consumer Law Center: "Once it's gone, it's gone."
URL to original article: http://www.housingwire.com/content/reverse-mortgages-are-craze-are-they-too-risk
For further information on Fresno Real Estate check: http://www.londonproperties.com
At a time when many retiring baby-boomers are considering reverse mortgages, a Money Magazine article on the CNNMoney website dares to ask whether the proposition of using home equity as cash is really safe for senior citizens. The writer Beth Braverman goes beyond the basic coverage of the product and asks her readers whether "borrowers who take the loan too soon, or spend the payout too quickly, could end up without a source of equity to fall back on -- and might even lose their homes." Braverman also covers the advantages and benefits of a reverse mortgage.
Reverse mortgage: Is it too risky? By Beth Braverman @Money
If you're 62 or older, you've probably started getting reverse-mortgage solicitations in the mail, and it's hard to miss the aging actors singing the loans' praises on TV (hey, it's the Fonz!). The pitch may sound appealing, especially if you're among the 83% of boomers who plan to stay in their home through retirement: Tap your home's equity now and receive a monthly payment, line of credit, or lump sum, regardless of your credit score or income. The mortgage will start accruing interest immediately, but you won't need to pay back a dime until you move out or die -- at which point you or your heirs must repay the bank in full. Indeed, reverse mortgages can be a good option for seniors age 70 or older who are committed to staying in their homes and don't have the savings to cover their expenses, says elder-law attorney Janet Colliton of West Chester, Pa. However, she adds that recent trends are making the loans a riskier proposition. For one, borrowers are younger: Last year 47% were in their sixties, more than double the percentage from 2001. A growing number (69%) are also taking their payout in a lump sum rather than a steady stream. And reports say predatory lenders have been pushing these mortgages on folks who can't afford them. Related: Finding real estate opportunities in the New Year The result: Borrowers who take the loan too soon, or spend the payout too quickly, could end up without a source of equity to fall back on -- and might even lose their homes. If you or someone you love is thinking about a reverse mortgage, consider these questions. If you answer yes to even one, this type of loan is probably the wrong option for you. Are you in your sixties? You want to put off a reverse mortgage as long as possible. The amount you can borrow is based on the current interest rate (you can borrow more when it's lower), your home equity, and the age of the younger spouse. The older he or she is, the more you get. On a $300,000 house with a $100,000 mortgage, for instance, a 75-year-old might receive a $574 monthly payment, while a 65-year-old would get just $411. (See reversemortgage.org for a calculator.) Related: Your pension: Lump sum or lifetime benefits? Younger borrowers also face more years of compound interest, which can quickly ratchet up the amount you owe. There's also a greater chance that you'll run into unexpected medical bills or other expenses as you age, sapping your payout more quickly than you anticipated. Will the costs be more than you can afford? Reverse mortgages are a notoriously expensive way to tap equity. For that borrower with the $300,000 home, fees would include $6,000 in upfront mortgage insurance, a $2,500 origination fee, and about $3,400 in traditional closing costs -- and that's before you get to the monthly mortgage insurance premium of 1.25% of the loan balance. Related: Why home insurance costs so much Plus, you'll still need to cover regular housing expenses such as taxes and maintenance. Don't commit to the loan until you've met with an independent financial adviser to go over the total cost and discuss alternatives, says Steve Weisman, author of A Guide to Elder Planning. Is there a better option? Before turning to a reverse mortgage, homeowners should explore bolstering their finances by downsizing or working longer. Those with good credit might also consider a traditional refinance or a home-equity line of credit (HELOC), where you draw only the funds you need and pay off interest as you go, says Waterford, Conn., financial planner Nancy Butler. It's also a good idea to get your heirs involved -- particularly since they'll be responsible for paying off (or selling your house to pay off) the loan after your death. They may be able to provide a private reverse mortgage or become a part owner of the house now. Ultimately, people should think very carefully before draining their home equity, says Margot Saunders, counsel at the National Consumer Law Center: "Once it's gone, it's gone."
URL to original article: http://www.housingwire.com/content/reverse-mortgages-are-craze-are-they-too-risk
For further information on Fresno Real Estate check: http://www.londonproperties.com
Housing market builds stronger foundation, but cracks remain
Source: Housingwire
By Kerri Ann Panchuk
The year 2012 brought a housing market with a stronger foundation, but David Crow, chief economist for the National Association of Home Builders, sees some cracks that could allay a robust recovery if they remain uncured. Crow notes that real estate prices, home starts, new-home sales and builder confidence escalated somewhat in 2012. Yet, lending standards remain tight and constrictive, making it harder for homeowners to obtain loans. Not to mention, U.S. lawmakers have failed to state clearly what will happen to the mortgage interest deduction – a tax benefit that remains on the chopping block despite it benefitting millions of homeowners with savings each year. But, without these 'uncertain' impediments, the market remains strong, Crow suggested Thursday. "We are transitioning from a very low demand level, where most people hold themselves out of the marketplace, to a case where supply will start being the problem," Crow added. "As we begin to build more homes to address that supply, the new home stock will be a much more important element of the recovery." Crow says the NAHB/Wells Fargo Housing Market Index, which evaluates builder confidence in the single-family housing market, has been gaining for eight consecutive months and sits at an index level of 47. A score of 50 or above suggests more builders view the market favorably. Back in July, the confidence index maintained a score of 29, suggesting building confidence has edged up 21 notches in just nine months. Crow believes the type of new demand needed to push a recovery already exists with household formations on the rise. In the early 2000s, the U.S. was creating about 1.4 million new households each year, a number that collapsed to 500,000 homes annually during the downturn, according to NAHB. Today, the nation is creating about 900,000 new households each year, creating more demand, Crow asserts. Single-family starts for 2012 are expected to reach 534,000 units by year's end, a 23% increase from a year earlier. NAHB also is predicting a 21% gain in single-family, new home production next year, with 647,000 units anticipated. In addition, NAHB estimates a 29% jump in housing starts next year, with 837,000 units projected. Starts will continue their upward climb in 2014, posting a further 29% rise to 837,000 units, based on NAHB's analysis.
URL to original article: http://www.housingwire.com/news/housing-market-builds-stronger-foundation-cracks-remain
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
The year 2012 brought a housing market with a stronger foundation, but David Crow, chief economist for the National Association of Home Builders, sees some cracks that could allay a robust recovery if they remain uncured. Crow notes that real estate prices, home starts, new-home sales and builder confidence escalated somewhat in 2012. Yet, lending standards remain tight and constrictive, making it harder for homeowners to obtain loans. Not to mention, U.S. lawmakers have failed to state clearly what will happen to the mortgage interest deduction – a tax benefit that remains on the chopping block despite it benefitting millions of homeowners with savings each year. But, without these 'uncertain' impediments, the market remains strong, Crow suggested Thursday. "We are transitioning from a very low demand level, where most people hold themselves out of the marketplace, to a case where supply will start being the problem," Crow added. "As we begin to build more homes to address that supply, the new home stock will be a much more important element of the recovery." Crow says the NAHB/Wells Fargo Housing Market Index, which evaluates builder confidence in the single-family housing market, has been gaining for eight consecutive months and sits at an index level of 47. A score of 50 or above suggests more builders view the market favorably. Back in July, the confidence index maintained a score of 29, suggesting building confidence has edged up 21 notches in just nine months. Crow believes the type of new demand needed to push a recovery already exists with household formations on the rise. In the early 2000s, the U.S. was creating about 1.4 million new households each year, a number that collapsed to 500,000 homes annually during the downturn, according to NAHB. Today, the nation is creating about 900,000 new households each year, creating more demand, Crow asserts. Single-family starts for 2012 are expected to reach 534,000 units by year's end, a 23% increase from a year earlier. NAHB also is predicting a 21% gain in single-family, new home production next year, with 647,000 units anticipated. In addition, NAHB estimates a 29% jump in housing starts next year, with 837,000 units projected. Starts will continue their upward climb in 2014, posting a further 29% rise to 837,000 units, based on NAHB's analysis.
URL to original article: http://www.housingwire.com/news/housing-market-builds-stronger-foundation-cracks-remain
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, December 19, 2012
Realtors: Nov. median home prices rise in Valley
Source: The Business Journal
Most of the Central Valley experienced year-to-year growth in the median home price for the month of November, according to a new report from the California Association of Realtors. Last month's median home price in Fresno County was $148,240, a 2.4-percent decrease from October's price of $151,850, but up 4.8 percent from the November 2011 price of $141,470. Madera County's median price last month was $113,330, down 19.1 percent from the month prior but up 9.7 percent from November 2011. Tulare County's November price was $138,080, down 3.1 percent from October but up 9 percent from November 2011. Kings County was the only Central Valley county to see reductions month-to-month and year-to-year. The November median price there was $139,230, down 8.1 percent from October and down 8.9 percent from November 2011. Fresno County's unsold inventory was 731 homes in November, down 9 percent from November 2011. Kings County's unsold inventory was 85 last month, up 30.8 percent from the same month in 2011. Madera County's unsold inventory last month was 26, down 21.2 percent from 2011, while Tulare County's unsold inventory was 215 in November, down 33.2 percent from 2011. In a bright spot, the median time Central Valley homes stayed on the market fell in November compared to the same month last year:
• Fresno County: 26.3 days, compared to 36.3
• Kings County: 42.9, compared to 45.5
• Madera County: 27.9, compared to 36.4
• Tulare County: 24.4, compared to 41.7
Statewide, the median home price saw its biggest year-to-year increase since June 2004. November's median price of $349,300 was up nearly 25 percent from a revised $279,910 recorded in November 2011. “California’s median home price continued to strengthen in November, marking its highest point since August 2008,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young, in a statement. “The significant increase in price was due in part to the change in the mix of sales. Coastal markets, which tend to have high-end properties, accounted for a larger share of total sales and led to strong price gains overall. “As we approach the new year, it is likely that sales and price will remain solid moving forward, dependent upon the strength of the economy and if Congress preserves the valuable mortgage interest deduction all homeowners, especially those in California, depend on.”
URL to original article: http://www.thebusinessjournal.com/news/real-estate/4304-realtors-nov-median-home-prices-rise-in-valley
For further information on Fresno Real Estate check: http://www.londonproperties.com
Most of the Central Valley experienced year-to-year growth in the median home price for the month of November, according to a new report from the California Association of Realtors. Last month's median home price in Fresno County was $148,240, a 2.4-percent decrease from October's price of $151,850, but up 4.8 percent from the November 2011 price of $141,470. Madera County's median price last month was $113,330, down 19.1 percent from the month prior but up 9.7 percent from November 2011. Tulare County's November price was $138,080, down 3.1 percent from October but up 9 percent from November 2011. Kings County was the only Central Valley county to see reductions month-to-month and year-to-year. The November median price there was $139,230, down 8.1 percent from October and down 8.9 percent from November 2011. Fresno County's unsold inventory was 731 homes in November, down 9 percent from November 2011. Kings County's unsold inventory was 85 last month, up 30.8 percent from the same month in 2011. Madera County's unsold inventory last month was 26, down 21.2 percent from 2011, while Tulare County's unsold inventory was 215 in November, down 33.2 percent from 2011. In a bright spot, the median time Central Valley homes stayed on the market fell in November compared to the same month last year:
• Fresno County: 26.3 days, compared to 36.3
• Kings County: 42.9, compared to 45.5
• Madera County: 27.9, compared to 36.4
• Tulare County: 24.4, compared to 41.7
Statewide, the median home price saw its biggest year-to-year increase since June 2004. November's median price of $349,300 was up nearly 25 percent from a revised $279,910 recorded in November 2011. “California’s median home price continued to strengthen in November, marking its highest point since August 2008,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young, in a statement. “The significant increase in price was due in part to the change in the mix of sales. Coastal markets, which tend to have high-end properties, accounted for a larger share of total sales and led to strong price gains overall. “As we approach the new year, it is likely that sales and price will remain solid moving forward, dependent upon the strength of the economy and if Congress preserves the valuable mortgage interest deduction all homeowners, especially those in California, depend on.”
URL to original article: http://www.thebusinessjournal.com/news/real-estate/4304-realtors-nov-median-home-prices-rise-in-valley
For further information on Fresno Real Estate check: http://www.londonproperties.com
What real estate trends suggest for 2013
Source: Housingwire
By Megan Hopkins
As 2012 comes to an end, most real estate professionals sit on the edge of their seats, anticipating the outcome of the fiscal cliff and how it will affect the housing market going into 2013. However, there are real estate trends, both nationally and locally, from 2012 that may indicate what is expected in 2013, according to the latest trend data released by Realtor.com. Inventory was a huge player in 2012, with the total U.S. for-sale inventory falling 45% since its peak in 2007 to 1.674 million units for sale. The median age of the inventory dropped as well, down by 11.4% since November 2011. These numbers indicate supply-and-demand playing a big role moving into 2013, at least for the first half of the year. On a local level, markets that were the epicenter of the housing crisis continued to gain momentum while the Midwest and Northeast areas — typically more industrialized — continued to falter. States such as Arizona, California and Washington ended the year with dramatic drops in inventory and significant price appreciation of at least 10% year-over-year. Conversely, markets in states such as Illinois, Indiana and Ohio, which gained little price appreciation, did not experience dramatic inventory change. Only five areas saw a year-over-year increase in for-sale inventory including Cedar Rapids, Iowa, Philadelphia, Pa., and Shreveport, La. This increase in inventory indicates a continued weakness in both their housing markets as well as the local economy. Richard Green, director of USC Lusk Center for Real Estate, believes the housing inventory will even out in 2013. "I was surprised at how good 2012 turned out to be,” Green told HousingWire. “As prices go up, you’re going to see fewer and fewer people underwater on their houses. They are going to feel more and more free to sell their houses." Green also offered advice to real estate professionals who may be unsure about what the next few months will bring to the housing market. "The fiscal cliff is overhyped. If we go over it, we go over it. It’s not a cliff, it’s a slope." This reiterates a report released by Barclays on Monday indicating that if the fiscal cliff were to hit, the housing industry would likely slow, but not enough to a point where it would become particularly vulnerable to a sharp contraction. Additionally, Doug Duncan, chief economist of Fannie Mae, said Tuesday, "Despite unsteady macroeconomic conditions, we anticipate housing and mortgage activity to gain momentum in 2013."
URL to original article: http://www.housingwire.com/news/what-2012-housing-market-trends-are-suggesting-2013
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Megan Hopkins
As 2012 comes to an end, most real estate professionals sit on the edge of their seats, anticipating the outcome of the fiscal cliff and how it will affect the housing market going into 2013. However, there are real estate trends, both nationally and locally, from 2012 that may indicate what is expected in 2013, according to the latest trend data released by Realtor.com. Inventory was a huge player in 2012, with the total U.S. for-sale inventory falling 45% since its peak in 2007 to 1.674 million units for sale. The median age of the inventory dropped as well, down by 11.4% since November 2011. These numbers indicate supply-and-demand playing a big role moving into 2013, at least for the first half of the year. On a local level, markets that were the epicenter of the housing crisis continued to gain momentum while the Midwest and Northeast areas — typically more industrialized — continued to falter. States such as Arizona, California and Washington ended the year with dramatic drops in inventory and significant price appreciation of at least 10% year-over-year. Conversely, markets in states such as Illinois, Indiana and Ohio, which gained little price appreciation, did not experience dramatic inventory change. Only five areas saw a year-over-year increase in for-sale inventory including Cedar Rapids, Iowa, Philadelphia, Pa., and Shreveport, La. This increase in inventory indicates a continued weakness in both their housing markets as well as the local economy. Richard Green, director of USC Lusk Center for Real Estate, believes the housing inventory will even out in 2013. "I was surprised at how good 2012 turned out to be,” Green told HousingWire. “As prices go up, you’re going to see fewer and fewer people underwater on their houses. They are going to feel more and more free to sell their houses." Green also offered advice to real estate professionals who may be unsure about what the next few months will bring to the housing market. "The fiscal cliff is overhyped. If we go over it, we go over it. It’s not a cliff, it’s a slope." This reiterates a report released by Barclays on Monday indicating that if the fiscal cliff were to hit, the housing industry would likely slow, but not enough to a point where it would become particularly vulnerable to a sharp contraction. Additionally, Doug Duncan, chief economist of Fannie Mae, said Tuesday, "Despite unsteady macroeconomic conditions, we anticipate housing and mortgage activity to gain momentum in 2013."
URL to original article: http://www.housingwire.com/news/what-2012-housing-market-trends-are-suggesting-2013
For further information on Fresno Real Estate check: http://www.londonproperties.com
Strained housing inventory buoys homebuilders: Fitch
Source: Housingwire
By Christina Mlynski
As a by-product of a moderately growing economy, employment gains and consumer confidence, housing is expected to further improve well into 2013, according to Fitch Ratings outlook on U.S. Housing and Homebuilders. However, the bigger forecast for the year is an expected decline in foreclosures, resulting in fewer underwater mortgages, meaning home price appreciation will lead to fewer defaults and help keep people in their homes. New home construction and pricing will benefit from restrained levels of existing inventory. Thus, home prices are expected to continue the current rise by single digits. "Housing should benefit from a slowly expanding economy in 2013," said managing director Robert Curran of Fitch Ratings. "The by-products of a growing economy will include improving employment and consumer confidence, both of which will buoy future prospects for the builders." Strong new home construction activity is expected to be the key driver in construction spending for next year, according to the Fitch outlook on U.S. Building and Home Products and Services. Total housing starts are expected to improve by 16.7%, while new home sales advance 22% and existing home sales improve by about 7%. Over the past few years, a significant number of private homebuilders halted business and those still functioning are typically strapped for capital. Private homebuilders tend to rely on bank credit lines as well as private equity to fund land purchases and home construction, Fitch Ratings said. In comparison, large public builders have substantial cash and access to the public capital markets. However, builders face competition from existing home sales, particularly distressed sales. In recent years, distressed sales have account for 30% to 35% of total sales. Currently, distressed sales account for about 24%. Foreclosures have mainly contributed to the distressed sales pipeline, which declined sharply last year as well as this year so far, as the average foreclosure timeline grew longer. "The longer timelines were largely the result of lenders continuing to sort through the fallout from the foreclosure robosigning scandal that came to light in late 2010 and from legal delays," the report said. The big five lenders involved in the national mortgage settlement saw their combined notice of default filings (NOD) and notices of trustee sale (NTS) decline 41% when comparing November filings to a year earlier, RealtyTrac said on Dec. 14. In 2013, foreclosures are likely to further moderate as home prices continue to rise and fewer mortgages are underwater. The 30-year fixed mortgage rate could average about 20 basis points or 30 basis points higher in 2013 compared to 2012. Even so, the rate would remain quite low by historic standards at about 3.9%. "Mortgage rates are expected to increase perhaps just enough to create more of a sense of buyer urgency, but not enough to significantly decrease affordability," the report stated.
URL to original article: http://www.housingwire.com/news/declining-foreclosures-leads-fewer-underwater-mortgages-future-market
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Christina Mlynski
As a by-product of a moderately growing economy, employment gains and consumer confidence, housing is expected to further improve well into 2013, according to Fitch Ratings outlook on U.S. Housing and Homebuilders. However, the bigger forecast for the year is an expected decline in foreclosures, resulting in fewer underwater mortgages, meaning home price appreciation will lead to fewer defaults and help keep people in their homes. New home construction and pricing will benefit from restrained levels of existing inventory. Thus, home prices are expected to continue the current rise by single digits. "Housing should benefit from a slowly expanding economy in 2013," said managing director Robert Curran of Fitch Ratings. "The by-products of a growing economy will include improving employment and consumer confidence, both of which will buoy future prospects for the builders." Strong new home construction activity is expected to be the key driver in construction spending for next year, according to the Fitch outlook on U.S. Building and Home Products and Services. Total housing starts are expected to improve by 16.7%, while new home sales advance 22% and existing home sales improve by about 7%. Over the past few years, a significant number of private homebuilders halted business and those still functioning are typically strapped for capital. Private homebuilders tend to rely on bank credit lines as well as private equity to fund land purchases and home construction, Fitch Ratings said. In comparison, large public builders have substantial cash and access to the public capital markets. However, builders face competition from existing home sales, particularly distressed sales. In recent years, distressed sales have account for 30% to 35% of total sales. Currently, distressed sales account for about 24%. Foreclosures have mainly contributed to the distressed sales pipeline, which declined sharply last year as well as this year so far, as the average foreclosure timeline grew longer. "The longer timelines were largely the result of lenders continuing to sort through the fallout from the foreclosure robosigning scandal that came to light in late 2010 and from legal delays," the report said. The big five lenders involved in the national mortgage settlement saw their combined notice of default filings (NOD) and notices of trustee sale (NTS) decline 41% when comparing November filings to a year earlier, RealtyTrac said on Dec. 14. In 2013, foreclosures are likely to further moderate as home prices continue to rise and fewer mortgages are underwater. The 30-year fixed mortgage rate could average about 20 basis points or 30 basis points higher in 2013 compared to 2012. Even so, the rate would remain quite low by historic standards at about 3.9%. "Mortgage rates are expected to increase perhaps just enough to create more of a sense of buyer urgency, but not enough to significantly decrease affordability," the report stated.
URL to original article: http://www.housingwire.com/news/declining-foreclosures-leads-fewer-underwater-mortgages-future-market
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, December 18, 2012
Report: Foreclosure activity drops in November
Source: The Business Journal
Foreclosure activity continued to decline in November, according to new data from ForeClosure Radar. In Fresno County, there were 374 notices of default filed in November compared to 434 the prior month and 589 in November 2011. Notices of sale, which serve as a homeowner's final warning before their home goes to auction, totaled 422 in November, down from 473 in October and 655 last year. Tulare County saw 161 notices of default in the month, down from 199 in October and 261 a year ago while notices of sale totaled 182 in November compared to 240 the prior month and 271 last year. There were just 10 notices of default filed in Madera County during the month, down from 86 in October and 104 a year ago as notices of default dropped to three from 96 and 121, respectively. In Kings County, 62 notices of default were filed in November compared to 118 the prior month and 79 a year ago. Notices of sale also dropped from 134 in October and 89 last year to a total of 67 in the latest month. Throughout California, notices of default totaled 11,533 in November compared to 14,398 in October and 23,785 in November 2011. Notices of sale totaled 15,520, down from 17,727 the prior month and 25,785 last year. Of the 23,798 homes that went to foreclosure auction in November, 16,304 were cancelled, 4,470 went back to the bank and 3,024 were sold to a third party. The increase in cancellations, up 4.7 percent from the prior month and 34.7 percent from last year, was one of the causes of the current foreclosure inventory shortage. "The policies of 'extend and pretend' continue to slow foreclosure activity while ensuring foreclosures will play an important role in our economy for years to come," said Sean O'Toole, founder and CEO of ForeClosure Radar, in a release.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/4306-report-foreclosure-activity-drops-in-november
For further information on Fresno Real Estate check: http://www.londonproperties.com
Foreclosure activity continued to decline in November, according to new data from ForeClosure Radar. In Fresno County, there were 374 notices of default filed in November compared to 434 the prior month and 589 in November 2011. Notices of sale, which serve as a homeowner's final warning before their home goes to auction, totaled 422 in November, down from 473 in October and 655 last year. Tulare County saw 161 notices of default in the month, down from 199 in October and 261 a year ago while notices of sale totaled 182 in November compared to 240 the prior month and 271 last year. There were just 10 notices of default filed in Madera County during the month, down from 86 in October and 104 a year ago as notices of default dropped to three from 96 and 121, respectively. In Kings County, 62 notices of default were filed in November compared to 118 the prior month and 79 a year ago. Notices of sale also dropped from 134 in October and 89 last year to a total of 67 in the latest month. Throughout California, notices of default totaled 11,533 in November compared to 14,398 in October and 23,785 in November 2011. Notices of sale totaled 15,520, down from 17,727 the prior month and 25,785 last year. Of the 23,798 homes that went to foreclosure auction in November, 16,304 were cancelled, 4,470 went back to the bank and 3,024 were sold to a third party. The increase in cancellations, up 4.7 percent from the prior month and 34.7 percent from last year, was one of the causes of the current foreclosure inventory shortage. "The policies of 'extend and pretend' continue to slow foreclosure activity while ensuring foreclosures will play an important role in our economy for years to come," said Sean O'Toole, founder and CEO of ForeClosure Radar, in a release.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/4306-report-foreclosure-activity-drops-in-november
For further information on Fresno Real Estate check: http://www.londonproperties.com
Hope Now prevented nearly 130,000 foreclosures in October
Source: Housingwire
By Kerri Ann Panchuk
Loan modification data released by Hope Now – an alliance of mortgage servicers, insurers and housing counselors – notes the month of October brought 88,583 permanent loan modifications and 38,518 short sales. Together, the numbers show 127,101 distressed homeowners received some type of escape route from foreclosure during the month-long period. And in the past five years, nearly six million loan modifications have been launched to save homeowners. Of those homeowners, 4.8 million received proprietary loan modifications, while 1.1 million received adjustments through the government's Home Affordable Modification Program (HAMP). In October, proprietary loan modifications from financial firms accounted for 72,580 of the total loan mods, while HAMP modifications totaled 16,003. Comparatively, in September, 60,595 proprietary loan mods were completed. The number of short sales completed in the month of October also edged up 13% from 33,997 sales in September to a total of 38,518 sales in the most recent report. About 1.1 million short sales have been completed since 2009. Foreclosure starts dropped 24% for the month, falling from 150,010 in September to 113,555 in October, Hope Now said. Foreclosure sales also grew 12%, hitting 71,080 completed transactions in October, up from 62,645 in September. Delinquencies, on the other hand, increased to 2.54 million, a 3% increase from 2.46 million in September. "The significant decrease in foreclosure starts is also worth noting, although one month alone is not a trend," said Faith Schwartz, executive director of Hope Now. "With multiple servicing transfers, AG settlement activity, and seasonal adjustments, we will be working with more volatility around monthly data for some time."
URL to original article: http://www.housingwire.com/news/hope-now-130000-homeowners-saved-foreclosure-oct
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Loan modification data released by Hope Now – an alliance of mortgage servicers, insurers and housing counselors – notes the month of October brought 88,583 permanent loan modifications and 38,518 short sales. Together, the numbers show 127,101 distressed homeowners received some type of escape route from foreclosure during the month-long period. And in the past five years, nearly six million loan modifications have been launched to save homeowners. Of those homeowners, 4.8 million received proprietary loan modifications, while 1.1 million received adjustments through the government's Home Affordable Modification Program (HAMP). In October, proprietary loan modifications from financial firms accounted for 72,580 of the total loan mods, while HAMP modifications totaled 16,003. Comparatively, in September, 60,595 proprietary loan mods were completed. The number of short sales completed in the month of October also edged up 13% from 33,997 sales in September to a total of 38,518 sales in the most recent report. About 1.1 million short sales have been completed since 2009. Foreclosure starts dropped 24% for the month, falling from 150,010 in September to 113,555 in October, Hope Now said. Foreclosure sales also grew 12%, hitting 71,080 completed transactions in October, up from 62,645 in September. Delinquencies, on the other hand, increased to 2.54 million, a 3% increase from 2.46 million in September. "The significant decrease in foreclosure starts is also worth noting, although one month alone is not a trend," said Faith Schwartz, executive director of Hope Now. "With multiple servicing transfers, AG settlement activity, and seasonal adjustments, we will be working with more volatility around monthly data for some time."
URL to original article: http://www.housingwire.com/news/hope-now-130000-homeowners-saved-foreclosure-oct
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, December 13, 2012
Mortgage rates edge down slightly
Source: Housingwire
By Kerri Ann Panchuk
Mortgage rates remained near record lows this past week, edging up and down only a slight bit, as unemployment hovers above 7%. Interest rates barely moved in the week leading up to the Fed's Open Market Committee Meeting, which resulted in further economic stimulus and an ongoing committee to keeping the federal funds rate near zero. The average interest rate on a 30-year, fixed-rate mortgage for the week ending Dec. 13 declined to 3.32% from 3.34% a week earlier, Freddie Mac said Thursday. Comparatively, that is down from 3.94% a year ago. The GSE released the latest rates in its Primary Mortgage Market Survey, saying "rates held relatively steady following the November employment report." The 15-year, FRM averaged 2.66%, down slightly from 2.67% a week earlier and 3.21% last year. In addition, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.70%, up slightly from 2.69% a week earlier and 2.86% last year. The 1-year Treasury-indexed ARM declined to 2.53% from 2.55% a week earlier and 2.86% last year. "Mortgage rates held relatively steady following the November employment report," said Frank Nothaft, vice president and chief economist for Freddie Mac. "Although 146,000 jobs were created, above the market consensus forecast of 85,000, revisions subtracted 49,000 workers over the September and October period." Bankrate also noted interest rates were little changed last week, with the 30-year, FRM up slightly to 3.52% from 3.50%, and the 15-year, FRM unchanged at 2.85%. The 5/1 ARM also remained unchanged at 2.74%.
URL to original article: http://www.housingwire.com/news/mortgage-rates-edge-down-remain-mostly-steady
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Mortgage rates remained near record lows this past week, edging up and down only a slight bit, as unemployment hovers above 7%. Interest rates barely moved in the week leading up to the Fed's Open Market Committee Meeting, which resulted in further economic stimulus and an ongoing committee to keeping the federal funds rate near zero. The average interest rate on a 30-year, fixed-rate mortgage for the week ending Dec. 13 declined to 3.32% from 3.34% a week earlier, Freddie Mac said Thursday. Comparatively, that is down from 3.94% a year ago. The GSE released the latest rates in its Primary Mortgage Market Survey, saying "rates held relatively steady following the November employment report." The 15-year, FRM averaged 2.66%, down slightly from 2.67% a week earlier and 3.21% last year. In addition, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.70%, up slightly from 2.69% a week earlier and 2.86% last year. The 1-year Treasury-indexed ARM declined to 2.53% from 2.55% a week earlier and 2.86% last year. "Mortgage rates held relatively steady following the November employment report," said Frank Nothaft, vice president and chief economist for Freddie Mac. "Although 146,000 jobs were created, above the market consensus forecast of 85,000, revisions subtracted 49,000 workers over the September and October period." Bankrate also noted interest rates were little changed last week, with the 30-year, FRM up slightly to 3.52% from 3.50%, and the 15-year, FRM unchanged at 2.85%. The 5/1 ARM also remained unchanged at 2.74%.
URL to original article: http://www.housingwire.com/news/mortgage-rates-edge-down-remain-mostly-steady
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, December 12, 2012
CoreLogic: Rental income profit, demand remain strong for investors
Source: Housingwire
By Kerri Ann Panchuk
Rental income on residential properties shot up 12% over last year during the month of September as rents continued to rise on new demand, CoreLogic ($27.30 0.05%) said in its latest December MarketPulse report. The property analytics firm expressed a great deal of confidence on where the real estate economy for the past several months, but also noted a general sense of trepidation heading into the new year. "Ongoing uncertainty in the overall business climate brings into question whether the economy can fire on all cylinders," wrote Anand Nallathambi, CEO and president of CoreLogic. "The lack of a workable plan to resolve the fiscal cliff so close to deadline has impacted the confidence of business leaders," he added. "The ongoing, unresolved problems related to the European debt crisis also weigh down confidence." But what does stand out is how well real estate has been doing for the past few months. CoreLogic researchers point out that the real estate cycle is now producing residential investment that is contributing to economic growth. Further, lenders are returning to lending, albeit slowly, and only to the most qualified borrowers in many cases. The uptick in rental income year-over-year reflects how affordable rental properties became for investors and ongoing demand for rentals in the wake of the housing market crash. CoreLogic expects rental demand in the residential sector to continue to rise next year with weak wage income and job growth. This in turn will create some tightness in the single-family rental market. Analysts from the research firm note all the uncertainty blocking a full recovery can be combated with a reduction in mortgage risk, an economy driven by investments and more clarity from policymakers on housing policies.
URL to original article: http://www.housingwire.com/news/rental-income-homes-increases-12-demand-remain-strong
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Rental income on residential properties shot up 12% over last year during the month of September as rents continued to rise on new demand, CoreLogic ($27.30 0.05%) said in its latest December MarketPulse report. The property analytics firm expressed a great deal of confidence on where the real estate economy for the past several months, but also noted a general sense of trepidation heading into the new year. "Ongoing uncertainty in the overall business climate brings into question whether the economy can fire on all cylinders," wrote Anand Nallathambi, CEO and president of CoreLogic. "The lack of a workable plan to resolve the fiscal cliff so close to deadline has impacted the confidence of business leaders," he added. "The ongoing, unresolved problems related to the European debt crisis also weigh down confidence." But what does stand out is how well real estate has been doing for the past few months. CoreLogic researchers point out that the real estate cycle is now producing residential investment that is contributing to economic growth. Further, lenders are returning to lending, albeit slowly, and only to the most qualified borrowers in many cases. The uptick in rental income year-over-year reflects how affordable rental properties became for investors and ongoing demand for rentals in the wake of the housing market crash. CoreLogic expects rental demand in the residential sector to continue to rise next year with weak wage income and job growth. This in turn will create some tightness in the single-family rental market. Analysts from the research firm note all the uncertainty blocking a full recovery can be combated with a reduction in mortgage risk, an economy driven by investments and more clarity from policymakers on housing policies.
URL to original article: http://www.housingwire.com/news/rental-income-homes-increases-12-demand-remain-strong
For further information on Fresno Real Estate check: http://www.londonproperties.com
California reports thriving November home sales
Source: Housingwire
California continues to be the talk of the housing recovery, logging its highest November sales in six years. The Golden State’s median sale price jumped nearly 17% year-over-year to $321,000. This appreciation indicates a shift away from distressed sales and toward traditional sales Last month, 19,285 new and resale houses and condos sold in Los Angeles, San Diego, Ventura, San Bernardino and Orange counties. This was up 14.2% from November 2011, real estate analytics firm DataQuick reported. Last month’s numbers were the highest for the month of November since 2006. High buyer demand and record low mortgage rates are playing a large role in the California price appreciation. Additionally, more expensive homes are replacing discounted foreclosures, creating upward pressure on the median sales price. “The government’s offered people an amazing gift in the form of extraordinarily low mortgage rates. But that’s not the only thing fueling these sales gains. Investor activity and cash purchases remain unusually high, and more buyers feel confident about their jobs, the economy and the likelihood housing prices have bottomed and are likely to rise. We’re also seeing more nondistressed sales, where people sell at a profit and buy another house, triggering more move-up activity,” said John Walsh, DataQuick president. Home sales between $300,000 and $800,000 rose 34.6% since November 2011. Even more, sales of homes priced at more than $800,000 jumped 46.8% year-over-year. Conversely, homes that sold below $200,000 decreased 18.7% from a year earlier. Indicators of market distress continue to move in different directions. Foreclosure activity, while above long-term averages, continues to drop and is far below peak levels. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.
URL to original article: http://www.housingwire.com/content/california-reports-thriving-november-numbers
For further information on Fresno Real Estate check: http://www.londonproperties.com
California continues to be the talk of the housing recovery, logging its highest November sales in six years. The Golden State’s median sale price jumped nearly 17% year-over-year to $321,000. This appreciation indicates a shift away from distressed sales and toward traditional sales Last month, 19,285 new and resale houses and condos sold in Los Angeles, San Diego, Ventura, San Bernardino and Orange counties. This was up 14.2% from November 2011, real estate analytics firm DataQuick reported. Last month’s numbers were the highest for the month of November since 2006. High buyer demand and record low mortgage rates are playing a large role in the California price appreciation. Additionally, more expensive homes are replacing discounted foreclosures, creating upward pressure on the median sales price. “The government’s offered people an amazing gift in the form of extraordinarily low mortgage rates. But that’s not the only thing fueling these sales gains. Investor activity and cash purchases remain unusually high, and more buyers feel confident about their jobs, the economy and the likelihood housing prices have bottomed and are likely to rise. We’re also seeing more nondistressed sales, where people sell at a profit and buy another house, triggering more move-up activity,” said John Walsh, DataQuick president. Home sales between $300,000 and $800,000 rose 34.6% since November 2011. Even more, sales of homes priced at more than $800,000 jumped 46.8% year-over-year. Conversely, homes that sold below $200,000 decreased 18.7% from a year earlier. Indicators of market distress continue to move in different directions. Foreclosure activity, while above long-term averages, continues to drop and is far below peak levels. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.
URL to original article: http://www.housingwire.com/content/california-reports-thriving-november-numbers
For further information on Fresno Real Estate check: http://www.londonproperties.com
Bernanke says fiscal cliff already hurting economy
Source: The Business Journal
Written by MARTIN CRUTSINGER, AP Economics Writer
(AP) — The U.S. economy is already being hurt by the "fiscal cliff" standoff in Washington, Federal Reserve Chairman Ben Bernanke said Wednesday. But Bernanke said the Fed believes the crisis will be resolved without significant long-term damage. The steep tax increases and spending cuts can be avoided with a successful budget deal, Bernanke said during a news conference after the Fed's final meeting of the year. The Fed's latest forecasts for stronger economic growth next year and slightly lower unemployment assume that happens. Still, Bernanke said the uncertainty surrounding the resolution is already affecting consumer and business confidence. And it has led businesses to cut back on investment. "Clearly the fiscal cliff is having effects on the economy," Bernanke said. Bernanke said the most helpful thing that Congress and the Obama administration can do is resolve the issue quickly. "I'm hoping that Congress will do the right thing on the fiscal cliff," Bernanke said. "There is a problem with kicking the can down the road." Bernanke repeated his belief that if the scheduled tax hikes and spending cuts do take effect in January, they will have a significantly adverse effect on the economy, regardless of what the Fed might do. "We cannot offset the full impact of the fiscal cliff. It's just too big," Bernanke said. Still, the Fed took more steps Wednesday to try and help boost economic growth and lower unemployment. After the meeting, the Fed said it would keep its key short-term interest rate near zero as long as unemployment remains above 6.5 percent and inflation stays tame. It was the first time the Fed had linked future rate increases to specific economic markers. And in an effort to drive unemployment lower, the Fed said it will spend a total of $85 billion a month to sustain an aggressive drive to keep long-term interest rates low. Keeping rates low encourages more borrowing and spending, which drives economic growth. At the news conference, Bernanke said changes in the purchases will be determined by how the economy performs. He said the Fed expects to keep purchasing bonds to support economic growth "until we see substantial improvement in the labor market." But if the committee determines that the risks of increasing the Fed's balance sheet begin to outweigh the benefits, the purchase program will be modified, he said.
URL to original article: http://www.thebusinessjournal.com/news/national/4242-bernanke-says-fiscal-cliff-already-hurting-economy
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by MARTIN CRUTSINGER, AP Economics Writer
(AP) — The U.S. economy is already being hurt by the "fiscal cliff" standoff in Washington, Federal Reserve Chairman Ben Bernanke said Wednesday. But Bernanke said the Fed believes the crisis will be resolved without significant long-term damage. The steep tax increases and spending cuts can be avoided with a successful budget deal, Bernanke said during a news conference after the Fed's final meeting of the year. The Fed's latest forecasts for stronger economic growth next year and slightly lower unemployment assume that happens. Still, Bernanke said the uncertainty surrounding the resolution is already affecting consumer and business confidence. And it has led businesses to cut back on investment. "Clearly the fiscal cliff is having effects on the economy," Bernanke said. Bernanke said the most helpful thing that Congress and the Obama administration can do is resolve the issue quickly. "I'm hoping that Congress will do the right thing on the fiscal cliff," Bernanke said. "There is a problem with kicking the can down the road." Bernanke repeated his belief that if the scheduled tax hikes and spending cuts do take effect in January, they will have a significantly adverse effect on the economy, regardless of what the Fed might do. "We cannot offset the full impact of the fiscal cliff. It's just too big," Bernanke said. Still, the Fed took more steps Wednesday to try and help boost economic growth and lower unemployment. After the meeting, the Fed said it would keep its key short-term interest rate near zero as long as unemployment remains above 6.5 percent and inflation stays tame. It was the first time the Fed had linked future rate increases to specific economic markers. And in an effort to drive unemployment lower, the Fed said it will spend a total of $85 billion a month to sustain an aggressive drive to keep long-term interest rates low. Keeping rates low encourages more borrowing and spending, which drives economic growth. At the news conference, Bernanke said changes in the purchases will be determined by how the economy performs. He said the Fed expects to keep purchasing bonds to support economic growth "until we see substantial improvement in the labor market." But if the committee determines that the risks of increasing the Fed's balance sheet begin to outweigh the benefits, the purchase program will be modified, he said.
URL to original article: http://www.thebusinessjournal.com/news/national/4242-bernanke-says-fiscal-cliff-already-hurting-economy
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, December 6, 2012
London Properties to support neighborhood watch
Source: The Business Journal
High numbers of vacant foreclosed and bank-owned homes, a down economy and an uptick in identity theft have led to increased problems with theft and vandalism of new, existing and empty homes in the Fresno-Clovis area. That’s why Fresno real estate company London Properties is for the first time this year donating flyers, marketing materials and signs to encourage area homeowners to form neighborhood watch programs. The company and local police departments warn that burglars are not only looking for jewelry and valuables, but also paperwork that can be used for identity theft. Additionally they look for copper to steal, especially in areas where new homes are being constructed. High incidents of theft and fraud can lower property values and reduce sales. So London Properties decided to get involved. “The best way to deter crime in a neighborhood is through watchful eyes,” said Patrick Conner, president of London Properties. The program is needed to prevent vandalism, theft and fraud, he said. Conner urged neighbors to be on the lookout for any suspicious activity, vehicles or solicitors. Also, vacant homes are sometimes used for squatting. In some cases thieves are stealing appliances from vacant homes. And burglaries can happen in any neighborhood. “It’s happening in some of our best neighborhoods,” Conner said. Police and sheriff’s departments back neighborhood watch programs as a viable crime prevention tool. “And law enforcement makes visits to neighborhood watch homes to determine how to best secure the home,” Conner said. “Residents get reports about crime and get good ideas and tips about how to secure a home.” Alarm systems used on a regular basis are part of the plan. In the past, getting a neighborhood watch program off the ground was a challenge. But London Properties plans to push-start the effort, providing mailers, street signs, database management services and meeting facilities to residents in Fresno, Clovis, Madera, Sanger, Kingsburg, Chowchilla and Merced. “Everyone wants an active neighborhood watch program, but we found that they lack the resources to get organized,” Conner said. The biggest problem has been in trying to get someone to lead a neighborhood watch program, getting the word out that a program is being formed and posting appropriate signage, Conner said. “We have those resources and we are committed to healthy and safe neighborhoods,” he said. “Safe neighborhoods mean higher home values. Higher home values are better for our homeowners and for realtors. That’s why we’re here to help.” Neighborhood watch representatives along with area police and sheriff’s departments have been meeting with realtors at each London Properties office to discuss how to reduce property crimes and set up Neighborhood Watch programs. At the meetings, representatives of London Properties’ in-house marketing department, Reliance Marketing, showed examples of the program flyers and marketing materials. They also demonstrated mapping software that will allow London Properties’ associates to select homes in their neighborhood so they can mail out reminders and schedule neighborhood meetings. London Properties will also add more crime prevention and safety information to its Web site, www.londonproperties.com .
URL to original article: http://thebusinessjournal.com/news/real-estate/4010-london-properties-to-support-neighborhood-watch
For further information on Fresno Real Estate check: http://www.londonpropeties.com
High numbers of vacant foreclosed and bank-owned homes, a down economy and an uptick in identity theft have led to increased problems with theft and vandalism of new, existing and empty homes in the Fresno-Clovis area. That’s why Fresno real estate company London Properties is for the first time this year donating flyers, marketing materials and signs to encourage area homeowners to form neighborhood watch programs. The company and local police departments warn that burglars are not only looking for jewelry and valuables, but also paperwork that can be used for identity theft. Additionally they look for copper to steal, especially in areas where new homes are being constructed. High incidents of theft and fraud can lower property values and reduce sales. So London Properties decided to get involved. “The best way to deter crime in a neighborhood is through watchful eyes,” said Patrick Conner, president of London Properties. The program is needed to prevent vandalism, theft and fraud, he said. Conner urged neighbors to be on the lookout for any suspicious activity, vehicles or solicitors. Also, vacant homes are sometimes used for squatting. In some cases thieves are stealing appliances from vacant homes. And burglaries can happen in any neighborhood. “It’s happening in some of our best neighborhoods,” Conner said. Police and sheriff’s departments back neighborhood watch programs as a viable crime prevention tool. “And law enforcement makes visits to neighborhood watch homes to determine how to best secure the home,” Conner said. “Residents get reports about crime and get good ideas and tips about how to secure a home.” Alarm systems used on a regular basis are part of the plan. In the past, getting a neighborhood watch program off the ground was a challenge. But London Properties plans to push-start the effort, providing mailers, street signs, database management services and meeting facilities to residents in Fresno, Clovis, Madera, Sanger, Kingsburg, Chowchilla and Merced. “Everyone wants an active neighborhood watch program, but we found that they lack the resources to get organized,” Conner said. The biggest problem has been in trying to get someone to lead a neighborhood watch program, getting the word out that a program is being formed and posting appropriate signage, Conner said. “We have those resources and we are committed to healthy and safe neighborhoods,” he said. “Safe neighborhoods mean higher home values. Higher home values are better for our homeowners and for realtors. That’s why we’re here to help.” Neighborhood watch representatives along with area police and sheriff’s departments have been meeting with realtors at each London Properties office to discuss how to reduce property crimes and set up Neighborhood Watch programs. At the meetings, representatives of London Properties’ in-house marketing department, Reliance Marketing, showed examples of the program flyers and marketing materials. They also demonstrated mapping software that will allow London Properties’ associates to select homes in their neighborhood so they can mail out reminders and schedule neighborhood meetings. London Properties will also add more crime prevention and safety information to its Web site, www.londonproperties.com .
URL to original article: http://thebusinessjournal.com/news/real-estate/4010-london-properties-to-support-neighborhood-watch
For further information on Fresno Real Estate check: http://www.londonpropeties.com
Mortgage rates move slightly up
Source: Housingwire
Mortgage rates, which remained unchanged for the most part in October showed a slight increase this week according to Freddie Mac’s primary mortgage market survey. The 30-year FRM averaged 3.34%, bumped slightly from last week’s average 3.32%. Additionally, the 15-year FRM showed only a slight increase this week, averaging 2.67% compared to 2.64% reported last week. The 5-year, Treasury-indexed hybrid ARM fell from last week’s 2.72% to 2.69%. The 1-year, Treasury-indexed ARM also fell from the previous week to 2.55%, down from 2.56% last week. “Mortgage rates were little changed and near record lows this week amid indicators of stronger economic growth and signs of tame inflation,” said Frank Nothaft, vice president and chief economist of Freddie Mac. “The housing market is aiding in this recovery. For instance, fixed residential investment added positive growth over the past six consecutive quarters and in the third quarter alone contributed 0.3 percentage points to real GDP growth.”
URL to original article: http://www.housingwire.com/content/mortgage-rates-reveal-minimal-change
For further information on Fresno Real Estate check: http://www.londonproperties.com
Mortgage rates, which remained unchanged for the most part in October showed a slight increase this week according to Freddie Mac’s primary mortgage market survey. The 30-year FRM averaged 3.34%, bumped slightly from last week’s average 3.32%. Additionally, the 15-year FRM showed only a slight increase this week, averaging 2.67% compared to 2.64% reported last week. The 5-year, Treasury-indexed hybrid ARM fell from last week’s 2.72% to 2.69%. The 1-year, Treasury-indexed ARM also fell from the previous week to 2.55%, down from 2.56% last week. “Mortgage rates were little changed and near record lows this week amid indicators of stronger economic growth and signs of tame inflation,” said Frank Nothaft, vice president and chief economist of Freddie Mac. “The housing market is aiding in this recovery. For instance, fixed residential investment added positive growth over the past six consecutive quarters and in the third quarter alone contributed 0.3 percentage points to real GDP growth.”
URL to original article: http://www.housingwire.com/content/mortgage-rates-reveal-minimal-change
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, December 5, 2012
Clear Capital: Tax hike could stall housing appreciation
Source: Housingwire
By Kerri Ann Panchuk
U.S. home prices in November edged up only 1% from October as the real estate market began to cool on news of an impending fiscal cliff and financial uncertainty, Clear Capital said. The Truckee, Calif.-based analytics firm says a tax hike on Americans could stall home price gains if potential homebuyers are forced to rent because of tightened personal budgets. Clear Capital noted home price gains became a staple of the 2012 real estate market recovery, but began to soften in November. "November housing trends hinted at a winter slowdown ahead," said Alex Villacorta, director of research and analytics at Clear Capital. "While short term growth across the country generally slowed, the housing market has built good momentum over the last year," he said. "As previously reported, these gains coupled with reduced rates of REO saturation signal housing should be strong enough to ride out winter, barring any shocks." But Villacorta still is skeptical when it comes to the idea of the market maintaining its current upward trajectory in the wake of potential tax hikes. Until there is certainty on that front, the U.S. real estate market for all intensive purposes remains in growth mode, albeit one with a slower pace in November. Home prices grew 4.6% nationally from year ago levels in November, Clear Capital reported. That is much improved from last year when national home prices fell 2.8% during the same period. The home price recovery continues to be led by the Western region of the United States with home prices in the West up 10.3% year-over-year, according to Clear Capital's latest Home Price Index. While that's a solid jump, the region's price gains are down when compared to the 11.4% growth reported in October. The South comes in second with 4%-price growth year-over-year in November, followed by the Midwest where prices went up 2.9%. Prices in the Northeast edged up only 1.4% when comparing November numbers to year ago figures. Despite high levels of REO saturation in the markets of Detroit, Las Vegas, Tucson and Atlanta, Clear Capital acknowledged these regions continue to see price growth even as distressed home inventories create drag. Markets like Detroit, Las Vegas, Tucson, and Atlanta are great examples of markets seeing growth alongside declining, yet relatively high rates of REO saturation. Detroit in November had an REO saturation level of 46.9%, but home prices still rose 3.1% month-to-month and 5.5% from last year. Tucson's REO saturation level stands at 31% of the market, but home prices year-over-year are up 10.5%.
URL to original article: http://www.housingwire.com/news/november-housing-trends-stable-show-signs-weakness
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
U.S. home prices in November edged up only 1% from October as the real estate market began to cool on news of an impending fiscal cliff and financial uncertainty, Clear Capital said. The Truckee, Calif.-based analytics firm says a tax hike on Americans could stall home price gains if potential homebuyers are forced to rent because of tightened personal budgets. Clear Capital noted home price gains became a staple of the 2012 real estate market recovery, but began to soften in November. "November housing trends hinted at a winter slowdown ahead," said Alex Villacorta, director of research and analytics at Clear Capital. "While short term growth across the country generally slowed, the housing market has built good momentum over the last year," he said. "As previously reported, these gains coupled with reduced rates of REO saturation signal housing should be strong enough to ride out winter, barring any shocks." But Villacorta still is skeptical when it comes to the idea of the market maintaining its current upward trajectory in the wake of potential tax hikes. Until there is certainty on that front, the U.S. real estate market for all intensive purposes remains in growth mode, albeit one with a slower pace in November. Home prices grew 4.6% nationally from year ago levels in November, Clear Capital reported. That is much improved from last year when national home prices fell 2.8% during the same period. The home price recovery continues to be led by the Western region of the United States with home prices in the West up 10.3% year-over-year, according to Clear Capital's latest Home Price Index. While that's a solid jump, the region's price gains are down when compared to the 11.4% growth reported in October. The South comes in second with 4%-price growth year-over-year in November, followed by the Midwest where prices went up 2.9%. Prices in the Northeast edged up only 1.4% when comparing November numbers to year ago figures. Despite high levels of REO saturation in the markets of Detroit, Las Vegas, Tucson and Atlanta, Clear Capital acknowledged these regions continue to see price growth even as distressed home inventories create drag. Markets like Detroit, Las Vegas, Tucson, and Atlanta are great examples of markets seeing growth alongside declining, yet relatively high rates of REO saturation. Detroit in November had an REO saturation level of 46.9%, but home prices still rose 3.1% month-to-month and 5.5% from last year. Tucson's REO saturation level stands at 31% of the market, but home prices year-over-year are up 10.5%.
URL to original article: http://www.housingwire.com/news/november-housing-trends-stable-show-signs-weakness
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, December 4, 2012
When a foreclosure takes three years
Source: Housingwire
The process of getting the home lending and servicing businesses readjusted in the wake of the financial crisis is well underway even if far from complete. But dealing with individual foreclosures remains a long and arduous process in some states. Just ask residents in New York, where according to data cited by MarketWatch reporter Amy Hoak, a foreclosure can take up to three years. The outcome of this slow-moving process is ongoing stress for troubled homeowners and the potential to create more risk for future homebuyers in certain states, MarketWatch suggested. Those risks, according to Hoak, come from a potential g-fee hike that could increase lending costs in certain states and lackluster home prices caused by a constant overhang of distressed properties.
How foreclosure backlogs could hurt home buyers
Amy Hoak's Home Economics Slow processing could keep prices down and mortgage rates up
CHICAGO (MarketWatch) — Backlogs in foreclosure processing are causing delays in home-price improvement and could wind up affecting the cost of a mortgage. The situation appears worst in New York, where it takes an average of nearly three years — 1,072 days, to be exact — for a home to go through the foreclosure process. It’s not much better in New Jersey, where it took an average of 931 days to foreclose on a home in the third quarter, according to statistics from RealtyTrac. Or in Florida, where it took about 858 days. See: How long a foreclosure takes in your state Nationwide, the average time for homes to spend in the foreclosure process, meanwhile, was just 382 days. That may seem better, but it’s actually still an extended stretch compared with the average of 336 days in the third quarter of last year — and only 140 days in the third quarter of 2007. At the current rate of processing, no wonder the volume of foreclosures in progress is still high, even as the economy is improving and fewer mortgages are becoming delinquent. And some experts think it’ll be 2015 before foreclosure inventories begin to approach normal levels. That could pose a problem. “As unpleasant as it is for everyone involved, when a borrower can’t — or decides not to — make payments, the more quickly you can move [the house] back into the inventory and get a new homeowner in it, the better it is for the community,” says Rick Sharga, executive vice president at Carrington Mortgage Holdings. Why foreclosure times are so long Processing times are generally longest in states with judicial foreclosure processes, where the courts are involved in finalizing the foreclosure. In New York, the courts are extremely backlogged, says Allison Schoenthal, a litigator with Hogan Lovells who represents banks and other financial institutions in contested litigation relating to foreclosures. The state requires settlement conferences for all foreclosure cases, and that adds more court appearances to the already bogged-down system, she says. Florida’s high documentation requirements and huge judicial backlog are also keeping completion times elevated, says Andra Ghent, assistant professor of real estate at Arizona State University. “They don’t have judges available, and they still have to give due process, even though in the vast majority of cases, there are few people who are being wrongfully foreclosed on,” Ghent says. In judicial states, it’s possible — though not certain yet — that a peak in the foreclosure inventory rate was reached this year, says Mike Fratantoni, the Mortgage Bankers Association’s vice president for research and economics. But the rate peaked back in 2009 in nonjudicial states and has been dropping rapidly since, he adds. “The differential between the [judicial and nonjudicial states] has really blown out through and after the crisis,” he says.
URL to original article: http://www.housingwire.com/content/when-foreclosure-takes-three-years
For further information on Fresno Real Estate check: http://www.londonproperties.com
The process of getting the home lending and servicing businesses readjusted in the wake of the financial crisis is well underway even if far from complete. But dealing with individual foreclosures remains a long and arduous process in some states. Just ask residents in New York, where according to data cited by MarketWatch reporter Amy Hoak, a foreclosure can take up to three years. The outcome of this slow-moving process is ongoing stress for troubled homeowners and the potential to create more risk for future homebuyers in certain states, MarketWatch suggested. Those risks, according to Hoak, come from a potential g-fee hike that could increase lending costs in certain states and lackluster home prices caused by a constant overhang of distressed properties.
How foreclosure backlogs could hurt home buyers
Amy Hoak's Home Economics Slow processing could keep prices down and mortgage rates up
CHICAGO (MarketWatch) — Backlogs in foreclosure processing are causing delays in home-price improvement and could wind up affecting the cost of a mortgage. The situation appears worst in New York, where it takes an average of nearly three years — 1,072 days, to be exact — for a home to go through the foreclosure process. It’s not much better in New Jersey, where it took an average of 931 days to foreclose on a home in the third quarter, according to statistics from RealtyTrac. Or in Florida, where it took about 858 days. See: How long a foreclosure takes in your state Nationwide, the average time for homes to spend in the foreclosure process, meanwhile, was just 382 days. That may seem better, but it’s actually still an extended stretch compared with the average of 336 days in the third quarter of last year — and only 140 days in the third quarter of 2007. At the current rate of processing, no wonder the volume of foreclosures in progress is still high, even as the economy is improving and fewer mortgages are becoming delinquent. And some experts think it’ll be 2015 before foreclosure inventories begin to approach normal levels. That could pose a problem. “As unpleasant as it is for everyone involved, when a borrower can’t — or decides not to — make payments, the more quickly you can move [the house] back into the inventory and get a new homeowner in it, the better it is for the community,” says Rick Sharga, executive vice president at Carrington Mortgage Holdings. Why foreclosure times are so long Processing times are generally longest in states with judicial foreclosure processes, where the courts are involved in finalizing the foreclosure. In New York, the courts are extremely backlogged, says Allison Schoenthal, a litigator with Hogan Lovells who represents banks and other financial institutions in contested litigation relating to foreclosures. The state requires settlement conferences for all foreclosure cases, and that adds more court appearances to the already bogged-down system, she says. Florida’s high documentation requirements and huge judicial backlog are also keeping completion times elevated, says Andra Ghent, assistant professor of real estate at Arizona State University. “They don’t have judges available, and they still have to give due process, even though in the vast majority of cases, there are few people who are being wrongfully foreclosed on,” Ghent says. In judicial states, it’s possible — though not certain yet — that a peak in the foreclosure inventory rate was reached this year, says Mike Fratantoni, the Mortgage Bankers Association’s vice president for research and economics. But the rate peaked back in 2009 in nonjudicial states and has been dropping rapidly since, he adds. “The differential between the [judicial and nonjudicial states] has really blown out through and after the crisis,” he says.
URL to original article: http://www.housingwire.com/content/when-foreclosure-takes-three-years
For further information on Fresno Real Estate check: http://www.londonproperties.com
Valley construction still on the rise
Source: The Business Journal
Central Valley construction continued to trump last year's progress during the first 11 months of the year. Throughout Fresno, Madera, Kings and Tulare counties, 7,801 construction permits were issued to builders by December, up 18 percent from 6,608 during the same period last year, according to a weekly report by Construction Monitor. Of the permits awarded so far this year, 6,399 were for residential construction compared to 5,196 during the first 11 months of 2011. Commercial permits dipped by nine to 1,403. Among those, retail, warehouses and dining permits jumped from 32 to 41, offices, banks and professional buildings fell from 45 to 40 and industrial and manufacturing buildings and warehouses went from 56 to 49. The value of all construction permits rose from $751.3 million by December of last year to $903.7 million so far this year. Residential construction values totaled $542.4 million so far this year over $432.7 million in 2011 while construction permits went from $318.5 million to $361.3 million. Lennar Fresno topped the list of home builders working in the San Joaquin Valley with 326 homes built so far this year followed by Wilson Homes with 170, Granville Homes with 126, Bonadelle Homes with 113 and Woodside Homes with 105. Quanta Power was the largest builder of commercial projects with eight permits valued at $24.8 million followed by Michael R. Tolladay with 21 permits totaling $23 million, Out to Bid with three permits totaling $17.5 million, The Ryan Company with one permit of $10 million and Bradford Steel with five permits totaling $9.9 million.
URL to original article: http://thebusinessjournal.com/news/construction/4152-valley-construction-still-on-the-rise
For further information on Fresno Real Estate check: http://www.londonproperties.com
Central Valley construction continued to trump last year's progress during the first 11 months of the year. Throughout Fresno, Madera, Kings and Tulare counties, 7,801 construction permits were issued to builders by December, up 18 percent from 6,608 during the same period last year, according to a weekly report by Construction Monitor. Of the permits awarded so far this year, 6,399 were for residential construction compared to 5,196 during the first 11 months of 2011. Commercial permits dipped by nine to 1,403. Among those, retail, warehouses and dining permits jumped from 32 to 41, offices, banks and professional buildings fell from 45 to 40 and industrial and manufacturing buildings and warehouses went from 56 to 49. The value of all construction permits rose from $751.3 million by December of last year to $903.7 million so far this year. Residential construction values totaled $542.4 million so far this year over $432.7 million in 2011 while construction permits went from $318.5 million to $361.3 million. Lennar Fresno topped the list of home builders working in the San Joaquin Valley with 326 homes built so far this year followed by Wilson Homes with 170, Granville Homes with 126, Bonadelle Homes with 113 and Woodside Homes with 105. Quanta Power was the largest builder of commercial projects with eight permits valued at $24.8 million followed by Michael R. Tolladay with 21 permits totaling $23 million, Out to Bid with three permits totaling $17.5 million, The Ryan Company with one permit of $10 million and Bradford Steel with five permits totaling $9.9 million.
URL to original article: http://thebusinessjournal.com/news/construction/4152-valley-construction-still-on-the-rise
For further information on Fresno Real Estate check: http://www.londonproperties.com
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