Source: The Business Journal
Written by ALEX VEIGA, AP Real Estate Writer
(AP) — U.S. homebuilders' confidence bounced back strongly this month, a sign that construction and industry hiring may pick up in coming months.
The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday climbed to 58. That was up from 54 in November and matched an eight-year high reached in August. Readings above 50 indicate that more builders view sales conditions as good than poor.
In addition, builders' view of current sales conditions jumped this month to the highest level in eight years. And their outlook for sales heading into next year's spring home-selling season also improved.
The index has stayed above 50 now for seven straight months after being below that level since May 2006. This month's reading is 11 points higher than a year ago. It reflects a U.S. housing market fueled by steady job growth and still-low mortgage rates.
The latest index suggests that builders remain optimistic that the housing recovery will endure even though mortgage rates have risen in recent months.
"The recent spike in mortgage interest rates has not deterred consumers as rates are still near historically low levels," said David Crowe, the NAHB's chief economist. "We continue to look for a gradual improvement in the housing recovery in the year ahead."
Mortgage rates peaked at 4.6 percent in August and have stabilized since September, when the Federal Reserve surprised markets by taking no action on starting to reduce its bond purchases. Its bond purchases are intended to keep long-term interest rates low, including mortgage rates.
The Fed ends a two-day policy meeting Wednesday, after which it will release a statement and projections for the economy.
Mortgage buyer Freddie Mac said last week that the average rate on the 30-year loan declined to 4.42 percent from 4.46 percent a week earlier. In November last year, the average had dipped as low as 3.31 percent, the lowest on records dating to 1971.
Sales of new homes slowed over the summer after mortgage rates rose sharply and a tight supply of homes for sale boosted prices. The combination made home-buying less affordable.
But Americans ramped up purchases of new homes in October 25.4 percent to a seasonally adjusted annual rate of 444,000, according to the Commerce Department.
All told, sales of newly built homes have risen 21.6 percent for the 12 months ending in October. Still, the pace remains well below the 700,000 consistent with a healthy market.
And there are signs that builders are preparing for less growth. Approved permits to build single-family houses began to flat line in the spring, while spending on home construction spending fell 0.5 percent in October from September.
Still, the latest NAHB survey, which included responses from 346 builders, shows builders' outlook is rising again after dimming during the 16-day partial shutdown in October.
A measure of current sales conditions for single-family homes climbed six points to 64, the highest level since December 2005. Builders' outlook for single-family home sales over the next six months rose two points from November to 62, while a gauge of traffic by prospective buyers increased three points from last month to 44.
Though new homes represent only a fraction of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to data from the homebuilders association.
URL to original article: http://www.thebusinessjournal.com/news/national/10024-us-homebuilder-confidence-surges-in-december
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, December 18, 2013
Madera County home sales lapse again
Source: The Business Journal
The real estate market kept on its roller coaster path in Madera County last month with home sales plummeting following a large increase in October. According to a new report from the California Association of Realtors, home sales were down 44.4 percent in Madera County in November and 23.1 percent from the year before. The new figures come after a 63.6-percent surge in home sales during October but a 40.5-percent drop in September. The county’s median home price remained fairly steady by comparison, going from $153,330 in October to $160,000 in the latest month for a 4.4-percent bump. That’s still up 41.2 percent from $113,330 in November 2012. Sales in Fresno County dropped 18.6 percent in the month and 18.7 percent from the year before. The county’s median home price of $193,020 marked a 5.7-percent increase from $182,620 in October and a 30.2-percent jump from $148,240 in November 2012. In Tulare County, sales fell 8.7 percent from October and last year. At $161,300, the county’s median home price was even with the prior month but up 15.8 percent from $139,260 a year ago. Kings County saw its home sales drop 7.2 percent in November and 24.7 percent over the last year. Meanwhile, the median price of a home fell 5.2 percent in the month, from $181,000 to $171,670, but increased 23.3 percent from $139,230 in November 2012. Sales may have dropped through the Valley, but the available supply of homes looked to be on the upswing. Fresno County’s unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 5.1 months in November, up from 4.3 months in October and 4.2 months in November 2012. Tulare County’s index stayed flat at 4 months in November but remained far ahead of 1.3 months last year. Kings County also saw no change at 3.9 months but had a little more wiggle room than 2.9 months a year ago. Madera County’s index shot up to 5.2 months in November compared to 2.9 months the prior month and 2.9 months in November 2012. Statewide, home sales totaled 387,520 units in November, the lowest since July 2010 and down 3.4 percent from 401,000 in October and 12 percent from 440,250 in November 2012. California’s median home price stood at $422,210 in November, slipping 1.2 percent from October’s $427,290 but picking up 22.2 percent from $345,560 last year. “Improving home prices are a double-edged sword for the housing market,” said C.A.R. President Kevin Brown. “While welcomed news for homeowners and prospective sellers, diminished affordability is squeezing out many buyers and dampening their enthusiasm for home purchasing. Buyers are playing the waiting game and putting their home search on hold until prices stabilize and more inventory becomes available in the market.”
URL to original article: http://www.thebusinessjournal.com/news/real-estate/10032-madera-county-home-sales-lapse-again
For further information on Fresno Real Estate check: http://www.londonproperties.com
The real estate market kept on its roller coaster path in Madera County last month with home sales plummeting following a large increase in October. According to a new report from the California Association of Realtors, home sales were down 44.4 percent in Madera County in November and 23.1 percent from the year before. The new figures come after a 63.6-percent surge in home sales during October but a 40.5-percent drop in September. The county’s median home price remained fairly steady by comparison, going from $153,330 in October to $160,000 in the latest month for a 4.4-percent bump. That’s still up 41.2 percent from $113,330 in November 2012. Sales in Fresno County dropped 18.6 percent in the month and 18.7 percent from the year before. The county’s median home price of $193,020 marked a 5.7-percent increase from $182,620 in October and a 30.2-percent jump from $148,240 in November 2012. In Tulare County, sales fell 8.7 percent from October and last year. At $161,300, the county’s median home price was even with the prior month but up 15.8 percent from $139,260 a year ago. Kings County saw its home sales drop 7.2 percent in November and 24.7 percent over the last year. Meanwhile, the median price of a home fell 5.2 percent in the month, from $181,000 to $171,670, but increased 23.3 percent from $139,230 in November 2012. Sales may have dropped through the Valley, but the available supply of homes looked to be on the upswing. Fresno County’s unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 5.1 months in November, up from 4.3 months in October and 4.2 months in November 2012. Tulare County’s index stayed flat at 4 months in November but remained far ahead of 1.3 months last year. Kings County also saw no change at 3.9 months but had a little more wiggle room than 2.9 months a year ago. Madera County’s index shot up to 5.2 months in November compared to 2.9 months the prior month and 2.9 months in November 2012. Statewide, home sales totaled 387,520 units in November, the lowest since July 2010 and down 3.4 percent from 401,000 in October and 12 percent from 440,250 in November 2012. California’s median home price stood at $422,210 in November, slipping 1.2 percent from October’s $427,290 but picking up 22.2 percent from $345,560 last year. “Improving home prices are a double-edged sword for the housing market,” said C.A.R. President Kevin Brown. “While welcomed news for homeowners and prospective sellers, diminished affordability is squeezing out many buyers and dampening their enthusiasm for home purchasing. Buyers are playing the waiting game and putting their home search on hold until prices stabilize and more inventory becomes available in the market.”
URL to original article: http://www.thebusinessjournal.com/news/real-estate/10032-madera-county-home-sales-lapse-again
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, December 17, 2013
Peeve's local market grand opening Friday
Source: The Business Journal
Written by Gabriel Dillard
After a successful Kickstarter campaign that raised nearly $20,000, Peeve's Pub on the Fulton Mall in downtown Fresno is hosting the grand opening of its entirely local market next door. Peeve's will be rocking Friday night from 6 to 10 p.m. to celebrate the market, which includes milk, cheese, olive oil, music albums, hand-crafted jewelry and more — all produced in the Central Valley. Peeve's Pub & Market owner Craig Scharton said the concept of an all-local market is rare — he knows of only one in upstate New York. "It's good for all of the people who live and work downtown," Scharton said of the market. "It's on the cutting edge from what we've heard." Scharton said he gets one or two people each day bringing new products to the store seeking shelf space in the market. One incentive to stop in for a craft beer or meal — Scharton asks potential vendors to demonstrate or sample their products for customers in the pub. "They get to taste the biscotti, or the jam or the honey," Scharton said. The local market operates as a retail operation, with Peeve's purchasing the products wholesale. Local vendors interested in selling their products in the local market can call (559) 573-5735. Friday's grand opening event will include musician David Trent at 6 p.m., with the Roger Perry Band scheduled for 8 p.m. Customers who spend $50 or more will receive a free Peeve's T-shirt. Regular store hours for the market will be Monday through Saturday from 9 a.m. to 9 p.m.
URL to original article: http://thebusinessjournal.com/news/retail/10031-peeve-s-local-market-grand-opening-friday
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Gabriel Dillard
After a successful Kickstarter campaign that raised nearly $20,000, Peeve's Pub on the Fulton Mall in downtown Fresno is hosting the grand opening of its entirely local market next door. Peeve's will be rocking Friday night from 6 to 10 p.m. to celebrate the market, which includes milk, cheese, olive oil, music albums, hand-crafted jewelry and more — all produced in the Central Valley. Peeve's Pub & Market owner Craig Scharton said the concept of an all-local market is rare — he knows of only one in upstate New York. "It's good for all of the people who live and work downtown," Scharton said of the market. "It's on the cutting edge from what we've heard." Scharton said he gets one or two people each day bringing new products to the store seeking shelf space in the market. One incentive to stop in for a craft beer or meal — Scharton asks potential vendors to demonstrate or sample their products for customers in the pub. "They get to taste the biscotti, or the jam or the honey," Scharton said. The local market operates as a retail operation, with Peeve's purchasing the products wholesale. Local vendors interested in selling their products in the local market can call (559) 573-5735. Friday's grand opening event will include musician David Trent at 6 p.m., with the Roger Perry Band scheduled for 8 p.m. Customers who spend $50 or more will receive a free Peeve's T-shirt. Regular store hours for the market will be Monday through Saturday from 9 a.m. to 9 p.m.
URL to original article: http://thebusinessjournal.com/news/retail/10031-peeve-s-local-market-grand-opening-friday
For further information on Fresno Real Estate check: http://www.londonproperties.com
Film depicting Valley water shortage film wins at festival
Source: The Business Journal
A documentary depicting the struggles of migrant farm workers amid the Central Valley water shortage won its latest award at the 2013 International Monarch Film Festival. "The Fight For Water: A Farm Worker Struggle," earned Best Documentary at the annual film festival, which was held Dec. 11 and 12 in Pacific Grove, Calif. Juan Carlos Oseguera, a native of Central Mexico raised in the Central Valley, wrote and directed the film that follows a group of farmers and their farmworkers from the Firebaugh/Mendota area who battle against job losses and fallowed fields in the face of federal environmental rulings in 2008 that reduced the region's water supplies. The film has screened in more than 10 film festivals since its release in September 2012, receiving Best Documentary Honors at the 2013 Viña de Oro International Film Festival and runner-up honors for Best Documentary in Cinematography and Best Political Documentary Film and a nomination in Excellence in Filmmaking at the 2013 Action on Film International Film Festival. The film, Oseguera's directing debut, is currently acquiring sponsors for screening in Sacramento and during Tulare's World Ag Expo being held in February. Oseguera is the child of migrant farmworkers, inspiring the 39-year-old filmmaker to highlight the plight of the farm working community where unemployment has reached as high as 40 percent. Raised in Newman, Calif. in Stanislaus County, Oseguera went on to study film at San Francisco State University, later establishing his own post production editing studio, Filmunition Studios, in 2004. He currently lives and has family in the Firebaugh/Mendota area.
URL to original article: http://www.thebusinessjournal.com/news/media-and-marketing/10017-film-depicting-valley-water-shortage-film-wins-at-festival
For further information on Fresno Real Estate check: http://www.londonproperties.com
A documentary depicting the struggles of migrant farm workers amid the Central Valley water shortage won its latest award at the 2013 International Monarch Film Festival. "The Fight For Water: A Farm Worker Struggle," earned Best Documentary at the annual film festival, which was held Dec. 11 and 12 in Pacific Grove, Calif. Juan Carlos Oseguera, a native of Central Mexico raised in the Central Valley, wrote and directed the film that follows a group of farmers and their farmworkers from the Firebaugh/Mendota area who battle against job losses and fallowed fields in the face of federal environmental rulings in 2008 that reduced the region's water supplies. The film has screened in more than 10 film festivals since its release in September 2012, receiving Best Documentary Honors at the 2013 Viña de Oro International Film Festival and runner-up honors for Best Documentary in Cinematography and Best Political Documentary Film and a nomination in Excellence in Filmmaking at the 2013 Action on Film International Film Festival. The film, Oseguera's directing debut, is currently acquiring sponsors for screening in Sacramento and during Tulare's World Ag Expo being held in February. Oseguera is the child of migrant farmworkers, inspiring the 39-year-old filmmaker to highlight the plight of the farm working community where unemployment has reached as high as 40 percent. Raised in Newman, Calif. in Stanislaus County, Oseguera went on to study film at San Francisco State University, later establishing his own post production editing studio, Filmunition Studios, in 2004. He currently lives and has family in the Firebaugh/Mendota area.
URL to original article: http://www.thebusinessjournal.com/news/media-and-marketing/10017-film-depicting-valley-water-shortage-film-wins-at-festival
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, December 16, 2013
Out with the old, in with the new
Source: Housingwire
Home improvement loans can provide New Year’s hope for 2014
By: Bill Ashmore
Every year at about this time I start hearing from homeowners interested in making a change. In some instances, the change may be a desire to buy a new, bigger or nicer home. In other instances it may mean remodeling or renovating an existing home. In either case, these queries start coming in during the holidays as people are considering goals for the coming year. For many homeowners or homebuyers the want often exceeds the need or the financial capabilities. In these instances, I see a lot of frustration over the discrepancy of want and reality. In many cases, this frustration can be avoided through a financing alternative that is available, which allows a homebuyer or homeowner to obtain a loan and have the available additional cash to make the repairs/improvements. This financing option is an FHA 203(k) “Home Improvement” loan. In my experience, most of the borrowers we speak to do not fully understand how they can benefit from these types of loans. That is why the process of identifying, evaluating and buying a “fixer upper” or a “Home Improvement” loan requires the right mortgage and real estate professionals. From a borrower perspective, the most common questions I receive focus on trying to understand how they can qualify or obtain a 203(k) Home Improvement loan. The eligibility requirements for both the property and the borrower to obtain a 203(k) loan are pretty straightforward. 203k qualification general guidelines include: • Qualify with standard Federal Housing Administration’s (FHA’s) underwriting guidelines. • Purchase own payment of 3.5% ----96.5% Loan-To-Value (LTV). • Refinance down payment of 2.25%---97.75 Loan-To_Value (LTV) • Loan amount and LTV based on after improved appraised value, which may result in “potential equity gain.” • One time close mortgage that combines purchase or refinance of a property with rehabilitation costs (two loans in one). At a time when rehabilitation lending for the new home buyer or existing owner should be at its height, many lenders have vacated the market due to transaction complexities and lack of infrastructure. Current market conditions are demanding a solution to the distressed and aging housing stock, creating an ideal environment for the 203k Home Improvement loan. There are two basic types of FHA 203(k) “Rehabilitation” loans that provide the best benefit to borrowers: • FHA 203(k) Standard: The Federal Housing Administration (FHA) 203(k) mortgage insurance program allows borrowers to purchase or refinance their home and include the cost to renovate it in the same loan. The Standard 203(k) enables borrowers to make a wide range of improvements including structural changes and additions to the building footprint. • Borrowers can borrow against the value of their homes after the improvements are completed up to 110 percent of the future value. Typically, the required improvements are completed within 180 days of funding the first of several staged draws for these improvements. • FHA 203(k) Streamline: Flexible credit qualifying permits homebuyers to finance up to an additional $35,000 into their mortgage without staged draws to improve or upgrade their home before move-in as part of a purchase or as part of a refinance. With a 203k Home Improvement “Streamline” loan, borrowers can tap into cash to pay for property repairs, improvements and to complete minor non-structural repairs. The process of renovating a home begins long before contractors show up and start framing, dry walling, and painting. It’s important to make sure borrowers understand the process and know that they are working with a responsible lender and, when purchasing a property, a real estate agent who is knowledgeable about this type of transaction. By educating borrowers and real estate agents, we can gain their trust while growing our individual businesses.
URL to original article: http://www.housingwire.com/blogs/1-rewired/post/28306-out-with-the-old-in-with-the-new
For further information on Fresno Real Estate check: http://www.londonproperties.com
Home improvement loans can provide New Year’s hope for 2014
By: Bill Ashmore
Every year at about this time I start hearing from homeowners interested in making a change. In some instances, the change may be a desire to buy a new, bigger or nicer home. In other instances it may mean remodeling or renovating an existing home. In either case, these queries start coming in during the holidays as people are considering goals for the coming year. For many homeowners or homebuyers the want often exceeds the need or the financial capabilities. In these instances, I see a lot of frustration over the discrepancy of want and reality. In many cases, this frustration can be avoided through a financing alternative that is available, which allows a homebuyer or homeowner to obtain a loan and have the available additional cash to make the repairs/improvements. This financing option is an FHA 203(k) “Home Improvement” loan. In my experience, most of the borrowers we speak to do not fully understand how they can benefit from these types of loans. That is why the process of identifying, evaluating and buying a “fixer upper” or a “Home Improvement” loan requires the right mortgage and real estate professionals. From a borrower perspective, the most common questions I receive focus on trying to understand how they can qualify or obtain a 203(k) Home Improvement loan. The eligibility requirements for both the property and the borrower to obtain a 203(k) loan are pretty straightforward. 203k qualification general guidelines include: • Qualify with standard Federal Housing Administration’s (FHA’s) underwriting guidelines. • Purchase own payment of 3.5% ----96.5% Loan-To-Value (LTV). • Refinance down payment of 2.25%---97.75 Loan-To_Value (LTV) • Loan amount and LTV based on after improved appraised value, which may result in “potential equity gain.” • One time close mortgage that combines purchase or refinance of a property with rehabilitation costs (two loans in one). At a time when rehabilitation lending for the new home buyer or existing owner should be at its height, many lenders have vacated the market due to transaction complexities and lack of infrastructure. Current market conditions are demanding a solution to the distressed and aging housing stock, creating an ideal environment for the 203k Home Improvement loan. There are two basic types of FHA 203(k) “Rehabilitation” loans that provide the best benefit to borrowers: • FHA 203(k) Standard: The Federal Housing Administration (FHA) 203(k) mortgage insurance program allows borrowers to purchase or refinance their home and include the cost to renovate it in the same loan. The Standard 203(k) enables borrowers to make a wide range of improvements including structural changes and additions to the building footprint. • Borrowers can borrow against the value of their homes after the improvements are completed up to 110 percent of the future value. Typically, the required improvements are completed within 180 days of funding the first of several staged draws for these improvements. • FHA 203(k) Streamline: Flexible credit qualifying permits homebuyers to finance up to an additional $35,000 into their mortgage without staged draws to improve or upgrade their home before move-in as part of a purchase or as part of a refinance. With a 203k Home Improvement “Streamline” loan, borrowers can tap into cash to pay for property repairs, improvements and to complete minor non-structural repairs. The process of renovating a home begins long before contractors show up and start framing, dry walling, and painting. It’s important to make sure borrowers understand the process and know that they are working with a responsible lender and, when purchasing a property, a real estate agent who is knowledgeable about this type of transaction. By educating borrowers and real estate agents, we can gain their trust while growing our individual businesses.
URL to original article: http://www.housingwire.com/blogs/1-rewired/post/28306-out-with-the-old-in-with-the-new
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, December 11, 2013
Fresno winery scene coming into its own
Source: The Business Journal
Written by Chuck Harvey
The Fresno area’s small wineries — also known as farm wineries — are boosting production and expanding facilities thanks to good wine, friendly owners and tourist support. In addition, the number of small wineries in the Fresno area has grown to 11 with six of the wineries in the west Fresno wine country where signs guide visitors to the various producers. Wineries west of Fresno include Maravia Wines, Yribarren Family Vineyards, Engelmann Cellars, A Nonini Winery, Lomac Winery and Milla Vineyards. Most wineries are open weekends, although some provide expanded hours, especially in the summer. Until recently, the cluster of Fresno wineries west of the city were known as “the best kept secret” in the area better known for its raisin production. But more people are visiting and buying wines. That has resulted in some positive growing pains. “We are in the permit process for a new tasting room,” said Bret Engelman, owner and winemaker for Engelmann Cellars on North Rolinda Avenue west of Fresno. It will span about 3,000 square feet. One reason for the success is that the wineries tend to work together for the betterment of the whole. Each one has its own wine specialty. And each provides a different kind of special event over the course of the year. For instance some wineries provide music and entertainment while others conduct fundraisers for the needy. And some specialize in parties and weddings. Milla Vineyards presents a spaghetti making contest in April called “Get Sauced at Milla Vineyards.” Contestants bring their own sauce and Milla Vineyards supplies the pasta. The event is a fundraiser for Community Food Bank. Nonini Winery, on North Dickerson Avenue, has the distinction of being haunted and has been the subject of paranormal investigations. It is also an older winery that has maintained most of its original equipment. Its niche is producing wine in the old-style non-filtered and with natural yeast. Nonini is also unique in that is it open every day but Sunday. Its wines sell for about $13 to $21. General manager James Jordan has been in the wine business for about 30 years. He said his has potential to grow, but he is no longer interested in fighting for shelf space in stores. Nonini wines are sold at the winery and to customers in bulk form. The wines are aged in oak and redwood barrels. Jordan’s top selling varieties include Alicante Bouschet, burgundy, a sweet zinfandel and zinfandel reserve. Capacity of wine production is 135,000 gallons and he sells 8,000 to 12,000 gallons a year. Along with all the attractions and events, wine lovers just enjoy spending a day visiting vineyards and wineries. It’s a chance to talk and be educated on wine. “You can talk to the winemaker and you’re treated like family,” said Debbie Milla, co-owner of Milla Vineyards on West McKinley Avenue. Milla said her winery works with tour companies to bring wine lovers to the rural vineyard and wine stops. That has paid off for the small, but growing winery. Wine sales are good for both red and white wines. Engelman said one of his best selling wines is Cabernet Sauvignon. The wine is available at the winery and also in Costco stores. Engelmann Cellars will produce about 3,400 cases of wine this year. The winery expects to reach 5,000 cases in about two years and 7,500 cases in six to seven years. Also Engelman plans to hit the restaurant market with a wine label called Engelmann Haus. Most of the local wines are priced competitively, Engelman said. Engelmann wines are priced from under $20 to more than $30 a bottle. “We keep wines inexpensive,” Milla said, adding that most of her wines are naturally made without the use of yeast. Milla Vineyards’ top wines include ruby cabernet, Syrah and zinfandel. Milla also makes a desert wine called Sunset. In total, Milla Vinyards produces about 1,200 cases of wine annually. The winery expects to see growth both in purchases at the winery and in restaurant sales. Engelman said that one of the nice things about smaller, local wineries is a big emphasis on vintages. He said wines vary by year and 2013 should be a very good year for wine taste and quality. By contrast, some of the larger wineries are focusing more on consistency of wines, Engelman said.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9935-fresno-winery-scene-coming-into-its-own
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Chuck Harvey
The Fresno area’s small wineries — also known as farm wineries — are boosting production and expanding facilities thanks to good wine, friendly owners and tourist support. In addition, the number of small wineries in the Fresno area has grown to 11 with six of the wineries in the west Fresno wine country where signs guide visitors to the various producers. Wineries west of Fresno include Maravia Wines, Yribarren Family Vineyards, Engelmann Cellars, A Nonini Winery, Lomac Winery and Milla Vineyards. Most wineries are open weekends, although some provide expanded hours, especially in the summer. Until recently, the cluster of Fresno wineries west of the city were known as “the best kept secret” in the area better known for its raisin production. But more people are visiting and buying wines. That has resulted in some positive growing pains. “We are in the permit process for a new tasting room,” said Bret Engelman, owner and winemaker for Engelmann Cellars on North Rolinda Avenue west of Fresno. It will span about 3,000 square feet. One reason for the success is that the wineries tend to work together for the betterment of the whole. Each one has its own wine specialty. And each provides a different kind of special event over the course of the year. For instance some wineries provide music and entertainment while others conduct fundraisers for the needy. And some specialize in parties and weddings. Milla Vineyards presents a spaghetti making contest in April called “Get Sauced at Milla Vineyards.” Contestants bring their own sauce and Milla Vineyards supplies the pasta. The event is a fundraiser for Community Food Bank. Nonini Winery, on North Dickerson Avenue, has the distinction of being haunted and has been the subject of paranormal investigations. It is also an older winery that has maintained most of its original equipment. Its niche is producing wine in the old-style non-filtered and with natural yeast. Nonini is also unique in that is it open every day but Sunday. Its wines sell for about $13 to $21. General manager James Jordan has been in the wine business for about 30 years. He said his has potential to grow, but he is no longer interested in fighting for shelf space in stores. Nonini wines are sold at the winery and to customers in bulk form. The wines are aged in oak and redwood barrels. Jordan’s top selling varieties include Alicante Bouschet, burgundy, a sweet zinfandel and zinfandel reserve. Capacity of wine production is 135,000 gallons and he sells 8,000 to 12,000 gallons a year. Along with all the attractions and events, wine lovers just enjoy spending a day visiting vineyards and wineries. It’s a chance to talk and be educated on wine. “You can talk to the winemaker and you’re treated like family,” said Debbie Milla, co-owner of Milla Vineyards on West McKinley Avenue. Milla said her winery works with tour companies to bring wine lovers to the rural vineyard and wine stops. That has paid off for the small, but growing winery. Wine sales are good for both red and white wines. Engelman said one of his best selling wines is Cabernet Sauvignon. The wine is available at the winery and also in Costco stores. Engelmann Cellars will produce about 3,400 cases of wine this year. The winery expects to reach 5,000 cases in about two years and 7,500 cases in six to seven years. Also Engelman plans to hit the restaurant market with a wine label called Engelmann Haus. Most of the local wines are priced competitively, Engelman said. Engelmann wines are priced from under $20 to more than $30 a bottle. “We keep wines inexpensive,” Milla said, adding that most of her wines are naturally made without the use of yeast. Milla Vineyards’ top wines include ruby cabernet, Syrah and zinfandel. Milla also makes a desert wine called Sunset. In total, Milla Vinyards produces about 1,200 cases of wine annually. The winery expects to see growth both in purchases at the winery and in restaurant sales. Engelman said that one of the nice things about smaller, local wineries is a big emphasis on vintages. He said wines vary by year and 2013 should be a very good year for wine taste and quality. By contrast, some of the larger wineries are focusing more on consistency of wines, Engelman said.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9935-fresno-winery-scene-coming-into-its-own
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, December 10, 2013
Valley cities rated high in solar growth
Source: The Business Journal
Fresno, Clovis and Visalia ranked in a list of 25 cities with the most solar clients, indicating how well the industry is doing in areas with lower incomes. In Sunible's recent PV Solar Report, Fresno was at No. 3 for the most California solar installations in the first quarter of the year, just behind Bakersfield and San Diego. Clovis came in at No. 7 while Visalia was down just a little farther at No. 20. The report shows that around 75 percent of new California solar homeowners choose solar leasing in which homeowners purchase power produced by their systems from a third-party installer. The method is growing faster in communities with modest incomes over direct ownership seen in higher numbers in affluent areas. "Many of the leading solar cities in California are median-income communities like Fresno, Clovis, El Cajon and Chico," said Rosana Francscato of Sunible, in a statement. "According to the most recent census data, Fresno's median annual income was just over $41,000. Yet Fresno is near the top of the Solar Cities list, at #3 in installs for Q1 2013. "In the cities with the most solar growth since 2008, third-party-owned solar has increased substantially—an average of more than 104% from Q1 2012 to Q1 2013. In that period, the city of Chico experienced a 153% increase in TPO (third-party-owned) solar installations." According to data from the California Solar Initiative, solar installers have completed 2,701 solar installations in Fresno totaling 34.62 megawatts in energy generating capacity since the rebate program began in 2006. Clovis claims 1,587 installations for 12.76 megawatts while Visalia has 887 installations for a total of 12.6 megawatts.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9927-valley-cities-rated-high-in-solar-growth
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fresno, Clovis and Visalia ranked in a list of 25 cities with the most solar clients, indicating how well the industry is doing in areas with lower incomes. In Sunible's recent PV Solar Report, Fresno was at No. 3 for the most California solar installations in the first quarter of the year, just behind Bakersfield and San Diego. Clovis came in at No. 7 while Visalia was down just a little farther at No. 20. The report shows that around 75 percent of new California solar homeowners choose solar leasing in which homeowners purchase power produced by their systems from a third-party installer. The method is growing faster in communities with modest incomes over direct ownership seen in higher numbers in affluent areas. "Many of the leading solar cities in California are median-income communities like Fresno, Clovis, El Cajon and Chico," said Rosana Francscato of Sunible, in a statement. "According to the most recent census data, Fresno's median annual income was just over $41,000. Yet Fresno is near the top of the Solar Cities list, at #3 in installs for Q1 2013. "In the cities with the most solar growth since 2008, third-party-owned solar has increased substantially—an average of more than 104% from Q1 2012 to Q1 2013. In that period, the city of Chico experienced a 153% increase in TPO (third-party-owned) solar installations." According to data from the California Solar Initiative, solar installers have completed 2,701 solar installations in Fresno totaling 34.62 megawatts in energy generating capacity since the rebate program began in 2006. Clovis claims 1,587 installations for 12.76 megawatts while Visalia has 887 installations for a total of 12.6 megawatts.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9927-valley-cities-rated-high-in-solar-growth
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, December 2, 2013
CoreLogic: Fresno foreclosure rates fall
Source: The Business Journal
Foreclosure rates in Fresno and nearby counties decreased for the month of September over the same period last year, according to newly released data from CoreLogic, a property information, analytics and services provider in the United States and Australia. The CoreLogic data shows the rate of Fresno area foreclosures among outstanding mortgage loans was 1.11 percent for the month of September, a decrease of 1.12 percentage points compared to Sept. 2012 when the rate was 2.23 percent. Foreclosure activity in Fresno was lower than the national foreclosure rate, which was 2.29 percent for Sept. 2013. Also in Fresno, the mortgage delinquency rate decreased. According to CoreLogic data for September, 3.97 percent of mortgage loans were 90 days or more delinquent compared to 6.18 percent for the same period last year, representing a decrease of 2.21 percentage points. Madera-Chowchilla Foreclosure rates in Madera-Chowchilla decreased for the month of September over the same period last year, according to CoreLogic data. The data reveals that the rate of Madera-Chowchilla area foreclosures among outstanding mortgage loans was 1.23 percent for the month of September, a decrease of 1.48 percentage points compared to Sept. 2012 when the rate was 2.71 percent. Also in Madera-Chowchilla, the mortgage delinquency rate decreased. Data for September shows 4.32 percent of mortgage loans were 90 days or more delinquent compared to 7.05 percent for the same period last year, representing a decrease of 2.73 percentage points. Hanford-Corcoran Foreclosure rates in Hanford-Corcoran decreased in September over the same period last year, CoreLogic reported. CoreLogic data shows that the rate of Hanford-Corcoran area foreclosures among outstanding mortgage loans was 1.31 percent for September, a decrease of 0.88 percentage points compared to Sept. 2012 when the rate was 2.19 percent. Also in Hanford-Corcoran, the mortgage delinquency rate decreased. CoreLogic data for September showed 5.03 percent of mortgage loans were 90 days or more delinquent compared to 6.72 percent for the same period last year, representing a decrease of 1.69 percentage points. Visalia-Porterville Foreclosure rates in Visalia-Porterville decreased for the month of September over the same period last year, CoreLogic reported. The CoreLogic data shows that the rate of Visalia-Porterville area foreclosures among outstanding mortgage loans was 1.15 percent for the month of September, a decrease of 1.12 percentage points compared to Sept. 2012 when the rate was 2.27 percent. Also in Visalia-Porterville, the mortgage delinquency rate decreased. Data for September showed 4.14 percent of mortgage loans were 90 days or more delinquent compared to 6.23 percent for the same period last year, representing a decrease of 2.09 percentage points.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9785-corelogic-fresno-foreclosure-rates-fall
For further information on Fresno Real Estate check: http://www.londonproperties.com
Foreclosure rates in Fresno and nearby counties decreased for the month of September over the same period last year, according to newly released data from CoreLogic, a property information, analytics and services provider in the United States and Australia. The CoreLogic data shows the rate of Fresno area foreclosures among outstanding mortgage loans was 1.11 percent for the month of September, a decrease of 1.12 percentage points compared to Sept. 2012 when the rate was 2.23 percent. Foreclosure activity in Fresno was lower than the national foreclosure rate, which was 2.29 percent for Sept. 2013. Also in Fresno, the mortgage delinquency rate decreased. According to CoreLogic data for September, 3.97 percent of mortgage loans were 90 days or more delinquent compared to 6.18 percent for the same period last year, representing a decrease of 2.21 percentage points. Madera-Chowchilla Foreclosure rates in Madera-Chowchilla decreased for the month of September over the same period last year, according to CoreLogic data. The data reveals that the rate of Madera-Chowchilla area foreclosures among outstanding mortgage loans was 1.23 percent for the month of September, a decrease of 1.48 percentage points compared to Sept. 2012 when the rate was 2.71 percent. Also in Madera-Chowchilla, the mortgage delinquency rate decreased. Data for September shows 4.32 percent of mortgage loans were 90 days or more delinquent compared to 7.05 percent for the same period last year, representing a decrease of 2.73 percentage points. Hanford-Corcoran Foreclosure rates in Hanford-Corcoran decreased in September over the same period last year, CoreLogic reported. CoreLogic data shows that the rate of Hanford-Corcoran area foreclosures among outstanding mortgage loans was 1.31 percent for September, a decrease of 0.88 percentage points compared to Sept. 2012 when the rate was 2.19 percent. Also in Hanford-Corcoran, the mortgage delinquency rate decreased. CoreLogic data for September showed 5.03 percent of mortgage loans were 90 days or more delinquent compared to 6.72 percent for the same period last year, representing a decrease of 1.69 percentage points. Visalia-Porterville Foreclosure rates in Visalia-Porterville decreased for the month of September over the same period last year, CoreLogic reported. The CoreLogic data shows that the rate of Visalia-Porterville area foreclosures among outstanding mortgage loans was 1.15 percent for the month of September, a decrease of 1.12 percentage points compared to Sept. 2012 when the rate was 2.27 percent. Also in Visalia-Porterville, the mortgage delinquency rate decreased. Data for September showed 4.14 percent of mortgage loans were 90 days or more delinquent compared to 6.23 percent for the same period last year, representing a decrease of 2.09 percentage points.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9785-corelogic-fresno-foreclosure-rates-fall
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, November 27, 2013
2014 ushers in 5% mortgage rates
Source: The Housingwire
Housing to remain affordable
By: Brena Swanson
The housing market is just around the corner from the new year, and besides an onslaught of new regulations, the year 2014 is also estimated to bring a new high: 5% mortgage rates. By the end of 2014, Frank Nothaft, chief economist with Freddie Mac, predicts that mortgage rates will approach and perhaps touch 5%, mostly due to the Federal Reserve’s quantitative easing. At some point the Fed will scale back their bond purchases, Nothaft said, but when they will start and how gradual it will be, is very unclear. “I do think in the first half of the year they will announce something on tapering, and they will start to pull back. But when you have a big investor like the Fed scale back their purchases, it will lead back to an uptick in yields, which will translate into higher mortgage rates,” Nothaft said. Personally, Nothaft said he believes that if Janet Yellen is nominated as chairman, one of her first acts will be to get a consensus statement from the Federal Open Market Committee that is as transparent as possible as to what the Fed will do about tapering. And while mortgage rates will take a hit from the tapering in the beginning, the pull-back will be gradual in order to avoid further volatility, he estimated. But the true consequence of tapering and 5% rates falls into the hands of the borrowers. “As rates climb, I see the issue lying in move-up houses,” said Chris Randall, Real Estate Mortgage Network Capital Markets Vice President. “It will be much harder for the family to make the next step as interest rates rise. Supply will be tight and there will be a lot of people trying to make the next step.” There will be a lot of consolidation across the industry and fewer players and refinance shops in the market, Randall explained. Overall, Nothaft emphasized that affordability will remain high in most markets, but not in all. “Even if rates go up to 5%, given the level of house prices and family income, most markets would remain affordable, and the monthly PITI would be below 28%. But high-cost markets are a challenge,” Nothaft said. Furthermore, if rates do continue to increase, it will reinforce Freddie Mac’s estimate that 2014 will usher in a purchase-driven market, which will be the first time since 2000. However, Nothaft cautioned that a purchase-driven market will not make up for the lack of refinance volume and predicts $1.4 trillion in primary mortgage originations for 2014. As a result, Randall said lenders need to drive their purchase business and make sure they are doing things efficiently. Most lenders who have been around awhile and are more prepared will be OK, but those who are not will have difficulties.
URL to original article: http://www.housingwire.com/articles/28137-ushers-in-5-mortgage-rates
For further information on Fresno Real Estate check: http://www.londonproperties.com
Housing to remain affordable
By: Brena Swanson
The housing market is just around the corner from the new year, and besides an onslaught of new regulations, the year 2014 is also estimated to bring a new high: 5% mortgage rates. By the end of 2014, Frank Nothaft, chief economist with Freddie Mac, predicts that mortgage rates will approach and perhaps touch 5%, mostly due to the Federal Reserve’s quantitative easing. At some point the Fed will scale back their bond purchases, Nothaft said, but when they will start and how gradual it will be, is very unclear. “I do think in the first half of the year they will announce something on tapering, and they will start to pull back. But when you have a big investor like the Fed scale back their purchases, it will lead back to an uptick in yields, which will translate into higher mortgage rates,” Nothaft said. Personally, Nothaft said he believes that if Janet Yellen is nominated as chairman, one of her first acts will be to get a consensus statement from the Federal Open Market Committee that is as transparent as possible as to what the Fed will do about tapering. And while mortgage rates will take a hit from the tapering in the beginning, the pull-back will be gradual in order to avoid further volatility, he estimated. But the true consequence of tapering and 5% rates falls into the hands of the borrowers. “As rates climb, I see the issue lying in move-up houses,” said Chris Randall, Real Estate Mortgage Network Capital Markets Vice President. “It will be much harder for the family to make the next step as interest rates rise. Supply will be tight and there will be a lot of people trying to make the next step.” There will be a lot of consolidation across the industry and fewer players and refinance shops in the market, Randall explained. Overall, Nothaft emphasized that affordability will remain high in most markets, but not in all. “Even if rates go up to 5%, given the level of house prices and family income, most markets would remain affordable, and the monthly PITI would be below 28%. But high-cost markets are a challenge,” Nothaft said. Furthermore, if rates do continue to increase, it will reinforce Freddie Mac’s estimate that 2014 will usher in a purchase-driven market, which will be the first time since 2000. However, Nothaft cautioned that a purchase-driven market will not make up for the lack of refinance volume and predicts $1.4 trillion in primary mortgage originations for 2014. As a result, Randall said lenders need to drive their purchase business and make sure they are doing things efficiently. Most lenders who have been around awhile and are more prepared will be OK, but those who are not will have difficulties.
URL to original article: http://www.housingwire.com/articles/28137-ushers-in-5-mortgage-rates
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, November 26, 2013
Have mortgage settlements helped homeowners?
Source: The Housingwire
After the latest mortgage settlement arrived a week ago, this one involving JPMorgan Chase & Co. (JPM) and the Federal government to the tune of $13 billion, NPR asks: what have the earlier mortgage settlements done to help homeowners? After all, there was the $25 billion agreement with five major banks and the Federal government in 2012 that was supposed to end all litigation. The answer in digging into the 2012 settlement is that, apparently more people have been helped than some might want you to think: The banks' compliance with the 2012 settlement is still under review, but they report that more than 600,000 borrowers have received help — representing an average of $79,742 per borrower, according to the Office of Mortgage Settlement Oversight. That may not be exact, but federal monitor Joseph Smith says that it's a "significant number of people." Smith will also oversee the implementation of Tuesday's JPMorgan Chase settlement. Not everyone has been able to stay in their homes, though: A number of people have been relieved of debt by giving up their homes.
What Have Mortgage Settlements Done For Homeowners Lately?
by NPR Staff
This week, JPMorgan Chase agreed to a $13 billion settlement with the Justice Department over the sale of faulty mortgage securities that led to the financial crisis. It's the largest settlement with a single company in U.S. history. From that settlement, $4 billion must go to help the millions of families who saw the values of their homes plummet and who still struggle to keep up with mortgage payments. The U.S. Justice Department on Thursday announced a $13 billion settlement with banking giant JPMorgan Chase & Co. Your Money When You Hear $13 Billion, Don't See Dollar Signs But this is not the first multibillion-dollar mortgage settlement. In 2012, the federal government reached a $25 billion agreement with five major banks, including JPMorgan. A portion of that money was also intended to help homeowners. How far has that settlement come and what lessons does it have for future deals? The banks' compliance with the 2012 settlement is still under review, but they report that more than 600,000 borrowers have received help — representing an average of $79,742 per borrower, according to the Office of Mortgage Settlement Oversight. That may not be exact, but federal monitor Joseph Smith says that it's a "significant number of people." Smith will also oversee the implementation of Tuesday's JPMorgan Chase settlement. Not everyone has been able to stay in their homes, though: A number of people have been relieved of debt by giving up their homes. "I do think it is only fair to say that there are times when a short sale or a deed-in-lieu is the least worst option for a distressed borrower," Smith tells NPR's Arun Rath. Rather than being tied to the home, these people can walk away from the property and start over, he says. "Keeping people in their homes was the most important and the predominant need or the predominant goal of the settlement — but it wasn't the only one," Smith says. In addition to consumer relief, the 2012 settlement also established more than 300 "servicing standards" to change how banks do business with borrowers. "The ultimate test of success is whether our work is resulting in better treatment of distressed borrowers," Smith said at the American Mortgage Conference in September. Smith and his team are still working on reports of how far the banks have come in this area. Still, he says, there has been progress overall: "I think the trend of these settlements has been to address the problems that not only caused the meltdown but [those that] resulted from it." Without all of the results in hand, there are already some lessons that have been learned, Smith says. Criticisms of the national mortgage settlement have been taken into account with the new JPMorgan Chase settlement, he says. In addition to relief to keep people in their homes, for example, there will also be funding to reduce blight in areas with rundown and abandoned homes. "I think we've gotten this off to a start, and I don't think anyone can say the federal working group the president set up doesn't pack a punch," says New York Attorney General Eric Schneiderman, a co-chair of the working group tasked with righting the wrongs of the foreclosure crisis. Schneiderman was an architect of both the 2012 national mortgage settlement and this week's JPMorgan Chase settlement. He sees it as a victory. "This is a huge win, and I think we're gonna be able to — with this settlement and others to follow — really boost the housing market in our state and get a lot of people out from under water and see housing prices starting to go up again, which is good for everybody," he says. But housing advocate Bruce Marks of the Neighborhood Assistance Corporation of America says "the crisis is still there." The settlement should purely be about restitution for homeowners and the impacted communities, he says. Plus, there should be graver consequences for the banks, Marks says. "The only way you're going to send a message to these banks in the future is if you do the criminal prosecution," he says. While JPMorgan Chase did not admit any wrongdoing as part of this latest settlement, the agreement does leave the door open to future criminal prosecutions of bank executives. As the country still grapples with the effects of the 2008 crisis, Congress is working on preventing the next one. New licensing rules limit who can give mortgages, and lawmakers are considering ways to change how the mortgage market is funded.
URL to original article: http://www.housingwire.com/articles/28129-have-mortgage-settlements-helped-homeowners
For further information on Fresno Real Estate check: http://www.londonproperties.com
After the latest mortgage settlement arrived a week ago, this one involving JPMorgan Chase & Co. (JPM) and the Federal government to the tune of $13 billion, NPR asks: what have the earlier mortgage settlements done to help homeowners? After all, there was the $25 billion agreement with five major banks and the Federal government in 2012 that was supposed to end all litigation. The answer in digging into the 2012 settlement is that, apparently more people have been helped than some might want you to think: The banks' compliance with the 2012 settlement is still under review, but they report that more than 600,000 borrowers have received help — representing an average of $79,742 per borrower, according to the Office of Mortgage Settlement Oversight. That may not be exact, but federal monitor Joseph Smith says that it's a "significant number of people." Smith will also oversee the implementation of Tuesday's JPMorgan Chase settlement. Not everyone has been able to stay in their homes, though: A number of people have been relieved of debt by giving up their homes.
What Have Mortgage Settlements Done For Homeowners Lately?
by NPR Staff
This week, JPMorgan Chase agreed to a $13 billion settlement with the Justice Department over the sale of faulty mortgage securities that led to the financial crisis. It's the largest settlement with a single company in U.S. history. From that settlement, $4 billion must go to help the millions of families who saw the values of their homes plummet and who still struggle to keep up with mortgage payments. The U.S. Justice Department on Thursday announced a $13 billion settlement with banking giant JPMorgan Chase & Co. Your Money When You Hear $13 Billion, Don't See Dollar Signs But this is not the first multibillion-dollar mortgage settlement. In 2012, the federal government reached a $25 billion agreement with five major banks, including JPMorgan. A portion of that money was also intended to help homeowners. How far has that settlement come and what lessons does it have for future deals? The banks' compliance with the 2012 settlement is still under review, but they report that more than 600,000 borrowers have received help — representing an average of $79,742 per borrower, according to the Office of Mortgage Settlement Oversight. That may not be exact, but federal monitor Joseph Smith says that it's a "significant number of people." Smith will also oversee the implementation of Tuesday's JPMorgan Chase settlement. Not everyone has been able to stay in their homes, though: A number of people have been relieved of debt by giving up their homes. "I do think it is only fair to say that there are times when a short sale or a deed-in-lieu is the least worst option for a distressed borrower," Smith tells NPR's Arun Rath. Rather than being tied to the home, these people can walk away from the property and start over, he says. "Keeping people in their homes was the most important and the predominant need or the predominant goal of the settlement — but it wasn't the only one," Smith says. In addition to consumer relief, the 2012 settlement also established more than 300 "servicing standards" to change how banks do business with borrowers. "The ultimate test of success is whether our work is resulting in better treatment of distressed borrowers," Smith said at the American Mortgage Conference in September. Smith and his team are still working on reports of how far the banks have come in this area. Still, he says, there has been progress overall: "I think the trend of these settlements has been to address the problems that not only caused the meltdown but [those that] resulted from it." Without all of the results in hand, there are already some lessons that have been learned, Smith says. Criticisms of the national mortgage settlement have been taken into account with the new JPMorgan Chase settlement, he says. In addition to relief to keep people in their homes, for example, there will also be funding to reduce blight in areas with rundown and abandoned homes. "I think we've gotten this off to a start, and I don't think anyone can say the federal working group the president set up doesn't pack a punch," says New York Attorney General Eric Schneiderman, a co-chair of the working group tasked with righting the wrongs of the foreclosure crisis. Schneiderman was an architect of both the 2012 national mortgage settlement and this week's JPMorgan Chase settlement. He sees it as a victory. "This is a huge win, and I think we're gonna be able to — with this settlement and others to follow — really boost the housing market in our state and get a lot of people out from under water and see housing prices starting to go up again, which is good for everybody," he says. But housing advocate Bruce Marks of the Neighborhood Assistance Corporation of America says "the crisis is still there." The settlement should purely be about restitution for homeowners and the impacted communities, he says. Plus, there should be graver consequences for the banks, Marks says. "The only way you're going to send a message to these banks in the future is if you do the criminal prosecution," he says. While JPMorgan Chase did not admit any wrongdoing as part of this latest settlement, the agreement does leave the door open to future criminal prosecutions of bank executives. As the country still grapples with the effects of the 2008 crisis, Congress is working on preventing the next one. New licensing rules limit who can give mortgages, and lawmakers are considering ways to change how the mortgage market is funded.
URL to original article: http://www.housingwire.com/articles/28129-have-mortgage-settlements-helped-homeowners
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, November 25, 2013
De Young to unveil new Clovis community
Source: The Business Journal
Fresno homebuilder De Young Properties will open its new Loma Vista community for pre-sale to potential homebuyers on Nov. 24 in Clovis. Located near the southwest corner of Bullard and De Wolf avenues, the community features homesites as large as 11,350 square-foot lots and no homeowners association fees. Homes start in the $200s and feature the homebuilder's Energy Smart design elements like tankless water heaters, Energy Star appliances, argon-gas filled windows and radiant barrier roofing to keep out heat, as well as blown-on insulation and fluorescent lights and dimmer switches. The site is located just down the street from Pasa Tiempo Park and a short drive away from Clovis Community Medical Center as well as several schools in the Clovis Unified School District. A 20-mile network of trails, parks and tree-lined streets are also development in and around the area. De Young Properties will hold a grand opening event for Loma Vista from noon to 6 p.m. at its CountryCourt welcome center, located at the southwest corner of Armstrong and Gettysburg avenues in Clovis. More information about the community can be found on De Young Properties' website or by calling (559) 434-2000. Established in 1974, De Young Properties has built more than 7,000 homes throughout the Fresno area.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9737-de-young-to-unveil-new-clovis-community
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fresno homebuilder De Young Properties will open its new Loma Vista community for pre-sale to potential homebuyers on Nov. 24 in Clovis. Located near the southwest corner of Bullard and De Wolf avenues, the community features homesites as large as 11,350 square-foot lots and no homeowners association fees. Homes start in the $200s and feature the homebuilder's Energy Smart design elements like tankless water heaters, Energy Star appliances, argon-gas filled windows and radiant barrier roofing to keep out heat, as well as blown-on insulation and fluorescent lights and dimmer switches. The site is located just down the street from Pasa Tiempo Park and a short drive away from Clovis Community Medical Center as well as several schools in the Clovis Unified School District. A 20-mile network of trails, parks and tree-lined streets are also development in and around the area. De Young Properties will hold a grand opening event for Loma Vista from noon to 6 p.m. at its CountryCourt welcome center, located at the southwest corner of Armstrong and Gettysburg avenues in Clovis. More information about the community can be found on De Young Properties' website or by calling (559) 434-2000. Established in 1974, De Young Properties has built more than 7,000 homes throughout the Fresno area.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9737-de-young-to-unveil-new-clovis-community
For further information on Fresno Real Estate check: http://www.londonproperties.com
Valley unemployment reaches five-year low
Source: The Business Journal
Madera County became the first Central Valley county to drop to single-digit percentage unemployment in nearly five years, according to the Employment Development Department’s release on Friday. Madera County reported a 9.3 percent unemployment rate in September. The last time a Central Valley county’s unemployment rate was below 10 percent was October 2008, when Madera County’s rate was 9.2 percent. The EDD released its statistics for both September and October on Friday, because the government shutdown prevented it from releasing the September statistics last month. Madera County had the lowest unemployment rate of the four counties both months, with a rate of 9.3 percent in September and 10.2 percent in October. The county’s unemployment rate was 11.3 percent in September 2012 and 12.1 percent in October 2012. Kings County posted an unemployment rate of 11.1 percent in September and 11.9 percent in October. The county’s unemployment rate was 13.1 percent in September 2012 and 14.2 percent in October 2012. Fresno County recorded an unemployment rate of 11.1 percent in September and 12 percent in October. The county’s unemployment rate was 13.2 percent in September 2012 and 14 percent in October 2012. Tulare County had the highest unemployment rate of the four counties, with 12.2 percent in September and 12.7 percent in October. The county’s unemployment rate was 14.2 percent in September 2012 and 14.5 percent in October 2012. Although Madera County was the only county to drop below 10 percent, all four counties reported their lowest unemployment rates since 2008.
URL to original article: http://www.thebusinessjournal.com/news/employment/9757-valley-unemployment-reaches-five-year-lows
For further information on Fresno Real Estate check: http://www.londonproperties.com
Madera County became the first Central Valley county to drop to single-digit percentage unemployment in nearly five years, according to the Employment Development Department’s release on Friday. Madera County reported a 9.3 percent unemployment rate in September. The last time a Central Valley county’s unemployment rate was below 10 percent was October 2008, when Madera County’s rate was 9.2 percent. The EDD released its statistics for both September and October on Friday, because the government shutdown prevented it from releasing the September statistics last month. Madera County had the lowest unemployment rate of the four counties both months, with a rate of 9.3 percent in September and 10.2 percent in October. The county’s unemployment rate was 11.3 percent in September 2012 and 12.1 percent in October 2012. Kings County posted an unemployment rate of 11.1 percent in September and 11.9 percent in October. The county’s unemployment rate was 13.1 percent in September 2012 and 14.2 percent in October 2012. Fresno County recorded an unemployment rate of 11.1 percent in September and 12 percent in October. The county’s unemployment rate was 13.2 percent in September 2012 and 14 percent in October 2012. Tulare County had the highest unemployment rate of the four counties, with 12.2 percent in September and 12.7 percent in October. The county’s unemployment rate was 14.2 percent in September 2012 and 14.5 percent in October 2012. Although Madera County was the only county to drop below 10 percent, all four counties reported their lowest unemployment rates since 2008.
URL to original article: http://www.thebusinessjournal.com/news/employment/9757-valley-unemployment-reaches-five-year-lows
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, November 20, 2013
Madera County sees turnaround in home sales
Source: The Business Journal
Homes sales picked up throughout the Valley in October with Madera County seeing the sharpest increase. According to a new report from the California Association of Realtors, home sales in Madera County were up 63.6 percent in October over the prior month with the same increase seen over October 2012. The figure came after a 40.5-percent drop in sales in September. The county's median price also fell, going from $190,000 in September down 19.3 percent to $153,330 in the latest month. That's still up 9.5 percent from $140,000 last year. Sales in Fresno County were up 3.5 percent in the month but down 16.2 percent from last year. The county's median home price of $182,620 marked a 1.7-percent decline from $185,830 in September but a 20.3-percent jump from $151,850 in October 2012. In Tulare County, sales rose 9.5 percent from September but dropped 10 percent from a year ago. At $161,330, Tulare County's median home price was down 1.3 percent from $163,500 in September but up 12.3 percent from $143,610 last year. Kings County saw its home sales drop 16.9 percent in October and 31 percent over the last year. That wasn't surprising considering the jump in home prices. At $181,000, the county's median home price was up 7.4 percent over September's $168,460 and 19.5 percent over $151,430 in October 2012. As sales fluctuated throughout the state, so did the available supply of homes. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 4.3 months in October, down from 4.4 months in September but more than last year's supply of 3.7 months. Tulare County's index stood at 4 months in October, down from 4.2 months. Last year's index was not available. Kings County saw it index increase to 3.9 months from 3 months in September and 2.5 months last year. Madera County's index plummeted from 5 months in September and 4.8 months last year to 2.9 months in October. Statewide, sales totaled 401,170 homes in October, down 2.7 percent from 412,260 the prior month and 11.1 percent from 451,090 in October 2012. California's median home price stood at $427,290 in October, down 0.3 percent from $428,740 the month before but up 25.3 percent from $340,910 a year ago. "As anticipated, the housing market was disrupted by the closure of the federal government in October, which prolonged the loan approval process and led to the delay of many home closings, especially on FHI transactions," said C.A.R. President Kevin Brown. "That said, we are returning to a market that's more balanced than we've seen in recent years, with home price gains that are more sustainable and a sales pace that's characteristic of a normal environment."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9701-madera-county-sees-turnaround-in-home-sales
For further information on Fresno Real Estate check: http://www.londonproperties.com
Homes sales picked up throughout the Valley in October with Madera County seeing the sharpest increase. According to a new report from the California Association of Realtors, home sales in Madera County were up 63.6 percent in October over the prior month with the same increase seen over October 2012. The figure came after a 40.5-percent drop in sales in September. The county's median price also fell, going from $190,000 in September down 19.3 percent to $153,330 in the latest month. That's still up 9.5 percent from $140,000 last year. Sales in Fresno County were up 3.5 percent in the month but down 16.2 percent from last year. The county's median home price of $182,620 marked a 1.7-percent decline from $185,830 in September but a 20.3-percent jump from $151,850 in October 2012. In Tulare County, sales rose 9.5 percent from September but dropped 10 percent from a year ago. At $161,330, Tulare County's median home price was down 1.3 percent from $163,500 in September but up 12.3 percent from $143,610 last year. Kings County saw its home sales drop 16.9 percent in October and 31 percent over the last year. That wasn't surprising considering the jump in home prices. At $181,000, the county's median home price was up 7.4 percent over September's $168,460 and 19.5 percent over $151,430 in October 2012. As sales fluctuated throughout the state, so did the available supply of homes. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 4.3 months in October, down from 4.4 months in September but more than last year's supply of 3.7 months. Tulare County's index stood at 4 months in October, down from 4.2 months. Last year's index was not available. Kings County saw it index increase to 3.9 months from 3 months in September and 2.5 months last year. Madera County's index plummeted from 5 months in September and 4.8 months last year to 2.9 months in October. Statewide, sales totaled 401,170 homes in October, down 2.7 percent from 412,260 the prior month and 11.1 percent from 451,090 in October 2012. California's median home price stood at $427,290 in October, down 0.3 percent from $428,740 the month before but up 25.3 percent from $340,910 a year ago. "As anticipated, the housing market was disrupted by the closure of the federal government in October, which prolonged the loan approval process and led to the delay of many home closings, especially on FHI transactions," said C.A.R. President Kevin Brown. "That said, we are returning to a market that's more balanced than we've seen in recent years, with home price gains that are more sustainable and a sales pace that's characteristic of a normal environment."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9701-madera-county-sees-turnaround-in-home-sales
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, November 18, 2013
De Young unveils zero net energy home
Source: The Business Journal
Written by Ben Keller,
The Business Journal Fresno homebuilder De Young Properties today unveiled the first of what it hopes to be many zero net energy homes designed to produce as much or more power than they consume each year. Located at DeYoung's CountryCourt welcome center at Gettysburg and Armstrong avenues in Clovis, the 2,064 square-foot home is part of the company's support of California's Long Term Energy Efficiency Strategic Plan requiring all new homes to be built to zero net energy standards by 2020. The company partnered with Pacific Gas & Electric Co. to find ways of getting the home down to one-third of the energy needed for a house built to minimum code. "We're really excited to work together to reach the goal of building zero net energy as a standard by 2020," said Brandon De Young, vice president of De Young Properties. Besides solar panels installed by SolarCity, the home is fixed with several other energy-saving features like LED (light-emitting diode) lights, cool roof tiles, dual-paned, argon gas-filled windows and a home energy management system that relates energy production and usage by the minute. Also, a custom designed duct system is buried underneath the attic insulation so air is not passing through a warm environment before being cooled. Also, a Rheem Hybrid Heat Pump Water Heater harvests heat from the surrounding air to heat water rather than using gas or electricity. In addition, the home is equipped with an electric vehicle charging station, a two-stage, 95-percent efficient furnace from Lennox and an air conditioner rated at a high 19 SEER (seasonal energy efficiency ratio) and 14 EER (energy efficiency ratio). Pacific Gas & Electric Co. provided much of the design and technical assistance as well as some funding in order to build the home. Brandon De Young said PG&E will stay on board to help track the home's energy usage for the next several years, imitating a family's normal living habits in order to determine how future homes should be built to zero net standards. "It really takes a full year's window of data to really know how it's performing," De Young said. "Once we get a good idea of how this one's performing and the different things we did in this one, then we'll be able to adjust and continue on to the next steps." De Young said the zero net energy home will serve as a model for De Young Property's nearby Countryview and CountrySide communities in Clovis as well as its Loma Vista community debuting soon at Sierra and Temperance avenues. Typical homes place around 100 on the Home Energy Rating System (HERS) measuring potential energy consumption over a year. A zero net energy home achieves zero on the HERS scale.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9654-de-young-unveils-zero-net-energy-home
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Ben Keller,
The Business Journal Fresno homebuilder De Young Properties today unveiled the first of what it hopes to be many zero net energy homes designed to produce as much or more power than they consume each year. Located at DeYoung's CountryCourt welcome center at Gettysburg and Armstrong avenues in Clovis, the 2,064 square-foot home is part of the company's support of California's Long Term Energy Efficiency Strategic Plan requiring all new homes to be built to zero net energy standards by 2020. The company partnered with Pacific Gas & Electric Co. to find ways of getting the home down to one-third of the energy needed for a house built to minimum code. "We're really excited to work together to reach the goal of building zero net energy as a standard by 2020," said Brandon De Young, vice president of De Young Properties. Besides solar panels installed by SolarCity, the home is fixed with several other energy-saving features like LED (light-emitting diode) lights, cool roof tiles, dual-paned, argon gas-filled windows and a home energy management system that relates energy production and usage by the minute. Also, a custom designed duct system is buried underneath the attic insulation so air is not passing through a warm environment before being cooled. Also, a Rheem Hybrid Heat Pump Water Heater harvests heat from the surrounding air to heat water rather than using gas or electricity. In addition, the home is equipped with an electric vehicle charging station, a two-stage, 95-percent efficient furnace from Lennox and an air conditioner rated at a high 19 SEER (seasonal energy efficiency ratio) and 14 EER (energy efficiency ratio). Pacific Gas & Electric Co. provided much of the design and technical assistance as well as some funding in order to build the home. Brandon De Young said PG&E will stay on board to help track the home's energy usage for the next several years, imitating a family's normal living habits in order to determine how future homes should be built to zero net standards. "It really takes a full year's window of data to really know how it's performing," De Young said. "Once we get a good idea of how this one's performing and the different things we did in this one, then we'll be able to adjust and continue on to the next steps." De Young said the zero net energy home will serve as a model for De Young Property's nearby Countryview and CountrySide communities in Clovis as well as its Loma Vista community debuting soon at Sierra and Temperance avenues. Typical homes place around 100 on the Home Energy Rating System (HERS) measuring potential energy consumption over a year. A zero net energy home achieves zero on the HERS scale.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9654-de-young-unveils-zero-net-energy-home
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, November 8, 2013
Fresno approves farming at former Running Horse site
Source: The Business Journal
The Fresno City Council on Thursday paved the way for Granville Homes to grow an almond orchard on west Fresno property in advance of building homes on the site. In a 5-0 vote with councilmembers Steve Brandau and Clint Olivier absent, the council approved an amendment that sets rules for large-scale agriculture and community gardens within the city. The vote put to rest arguments on what to do with the old Running Horse property once earmarked for a luxury golf community. The amendment was requested by Granville Homes President Darius Assemi in order to begin planning an almond ranch. The R-1-zoned, 360-acre property, now called Mission Ranch, is located in west Fresno near Whitesbridge Avenue. The amendment would permit commercial agriculture operations on qualifying vacant property zoned R-1, or single-family residential, within city limits. The council vote came at about 7:30 p.m. after 2 ½ hours of testimony by nearly 30 speakers, including residents concerned about pesticides and dust that could create health problems in the city. Others charged that the city had not done an adequate environmental assessment of the Mission Ranch project. However, a deal developed by councilmember Oliver Baines addressing concerns of leaders on Fresno’s west side, helped to satisfy some critics of the Mission Ranch project. One of the speakers, Bob Mitchell, co-chairman of Golden Westside Planning Committee, said that he was able support the project following modifications of plans that included pesticide sprayers with a shield to prevent the spray from drifting and one-week notice to residents of when spraying would be conducted. Also, spraying would be done when nearby Sunset Elementary School is closed. In addition wind barriers are planned. Jeff Roberts, vice president of Granville Homes, said the almond orchard would be a better alternative than leaving the site vacant. Dumping has been a serious problem at the location, he said. Roberts said that over the next three years, Granville would develop a plan for a housing community at Mission Ranch. In 12 years, the builder will file an application for actual development, he said. Charlie Waters, speaking for Fresno Veterans Home, said the Mission Ranch project would not put one person in danger with pesticides in the western part of the city. “We support the project,” he said. “We back it 100 percent.” However, a number of speakers warned not only of pesticide and dust problems, but also the potential of spreading Valley Fever, which is caused by soil-borne pathogens. Some insisted the almond farm planned by Assemi would be safer if the crop was grown organically. One speaker stated that retail development would be much more beneficial to the area. In voicing support for the project, Manuel Cunha Jr., president of the Nisei Farmers League in Fresno, said farming does not cause Valley Fever. Cunha added that the project would provide revenue to the city. Police currently have to patrol the area for motocross riding, drugs and crime, Cunha said. A number of small farmers complained that the amendment sets farming operations at 50 acres or more. That, they complained would eliminate specialty farmers on small plots. They would like to see general farming on one-quarter acres or more. Baines said the small-acreage farmers raise valid points, and he would talk to them about ways that small-size farming can be accommodated. Also, regulations planned for 50 acres or less would not begin for another six months. Rules for farms of more than 50 acres would start in 31 days. Local community gardeners also had concerns that they might be left out of the process as well. However, planners amended the recommended zoning change to include some protections for community gardening. One addition states that community gardeners on less than an acre will not be required to obtain a grading permit for installing community gardens.
URL to original article: http://www.thebusinessjournal.com/news/agriculture/9554-fresno-approves-farming-at-former-running-horse-site
For further information on Fresno Real Estate check: http://www.londonproperties.com
The Fresno City Council on Thursday paved the way for Granville Homes to grow an almond orchard on west Fresno property in advance of building homes on the site. In a 5-0 vote with councilmembers Steve Brandau and Clint Olivier absent, the council approved an amendment that sets rules for large-scale agriculture and community gardens within the city. The vote put to rest arguments on what to do with the old Running Horse property once earmarked for a luxury golf community. The amendment was requested by Granville Homes President Darius Assemi in order to begin planning an almond ranch. The R-1-zoned, 360-acre property, now called Mission Ranch, is located in west Fresno near Whitesbridge Avenue. The amendment would permit commercial agriculture operations on qualifying vacant property zoned R-1, or single-family residential, within city limits. The council vote came at about 7:30 p.m. after 2 ½ hours of testimony by nearly 30 speakers, including residents concerned about pesticides and dust that could create health problems in the city. Others charged that the city had not done an adequate environmental assessment of the Mission Ranch project. However, a deal developed by councilmember Oliver Baines addressing concerns of leaders on Fresno’s west side, helped to satisfy some critics of the Mission Ranch project. One of the speakers, Bob Mitchell, co-chairman of Golden Westside Planning Committee, said that he was able support the project following modifications of plans that included pesticide sprayers with a shield to prevent the spray from drifting and one-week notice to residents of when spraying would be conducted. Also, spraying would be done when nearby Sunset Elementary School is closed. In addition wind barriers are planned. Jeff Roberts, vice president of Granville Homes, said the almond orchard would be a better alternative than leaving the site vacant. Dumping has been a serious problem at the location, he said. Roberts said that over the next three years, Granville would develop a plan for a housing community at Mission Ranch. In 12 years, the builder will file an application for actual development, he said. Charlie Waters, speaking for Fresno Veterans Home, said the Mission Ranch project would not put one person in danger with pesticides in the western part of the city. “We support the project,” he said. “We back it 100 percent.” However, a number of speakers warned not only of pesticide and dust problems, but also the potential of spreading Valley Fever, which is caused by soil-borne pathogens. Some insisted the almond farm planned by Assemi would be safer if the crop was grown organically. One speaker stated that retail development would be much more beneficial to the area. In voicing support for the project, Manuel Cunha Jr., president of the Nisei Farmers League in Fresno, said farming does not cause Valley Fever. Cunha added that the project would provide revenue to the city. Police currently have to patrol the area for motocross riding, drugs and crime, Cunha said. A number of small farmers complained that the amendment sets farming operations at 50 acres or more. That, they complained would eliminate specialty farmers on small plots. They would like to see general farming on one-quarter acres or more. Baines said the small-acreage farmers raise valid points, and he would talk to them about ways that small-size farming can be accommodated. Also, regulations planned for 50 acres or less would not begin for another six months. Rules for farms of more than 50 acres would start in 31 days. Local community gardeners also had concerns that they might be left out of the process as well. However, planners amended the recommended zoning change to include some protections for community gardening. One addition states that community gardeners on less than an acre will not be required to obtain a grading permit for installing community gardens.
URL to original article: http://www.thebusinessjournal.com/news/agriculture/9554-fresno-approves-farming-at-former-running-horse-site
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, November 7, 2013
More Valley homebuyers challenged in Q2
Source: The Business Journal
The amount of people that could afford to buy a home in the San Joaquin Valley fell in the third quarter of the year as prices continued to rise. According to new figures by the California Association of Realtors, the percentage of homebuyers who could afford a median-priced home in Fresno County dropped to 56 percent in the latest quarter compared to 61 percent in the previous quarter and 69 percent in the third quarter of 2012. On average, homebuyers in the county needed to make a minimum annual income of $37,920 to purchase a single-family home priced at $184,550 with monthly payments of $950 on a 30-year fixed-rate loan. The affordability index in Tulare County dropped from 66 percent in the second quarter and 73 percent a year ago to 61 percent in the third quarter of the year. That meant homebuyers needed an income of at least $32,700 to afford a home priced at $159,110 on monthly payments of $820. In Madera County, the amount of those who could afford to buy a home stood at 62 percent in the third quarter compared to 61 percent in the prior quarter and 76 percent a year ago. That meant a median priced home of $174,540 was achievable with a minimum annual income of $35,870 on monthly payments of $900. The affordability index in Kings County dropped from 70 percent in the second quarter and 74 percent last year to 62 percent in the latest quarter. Homebuyers in the county needed a minimum income of $35,530 to afford a median priced home of $172,920 on payments of $890 per month. Housing affordability throughout the state stood at 32 percent in the third quarter, down from 36 percent in the second quarter and 49 percent a year ago. On average, California homebuyers needed to make at least $89,170 to afford a home priced at $433,940 on monthly payments of $2,230. For counties that submitted data, Madera and Kings counties had the highest affordability index, while San Mateo County had the lowest index at 15 percent. Nearly every county experienced a double-digit decline in affordability when compared to last year.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9534-more-valley-homebuyers-challenged-in-q2
For further information on Fresno Real Estate check: http://www.londonproperties.com
The amount of people that could afford to buy a home in the San Joaquin Valley fell in the third quarter of the year as prices continued to rise. According to new figures by the California Association of Realtors, the percentage of homebuyers who could afford a median-priced home in Fresno County dropped to 56 percent in the latest quarter compared to 61 percent in the previous quarter and 69 percent in the third quarter of 2012. On average, homebuyers in the county needed to make a minimum annual income of $37,920 to purchase a single-family home priced at $184,550 with monthly payments of $950 on a 30-year fixed-rate loan. The affordability index in Tulare County dropped from 66 percent in the second quarter and 73 percent a year ago to 61 percent in the third quarter of the year. That meant homebuyers needed an income of at least $32,700 to afford a home priced at $159,110 on monthly payments of $820. In Madera County, the amount of those who could afford to buy a home stood at 62 percent in the third quarter compared to 61 percent in the prior quarter and 76 percent a year ago. That meant a median priced home of $174,540 was achievable with a minimum annual income of $35,870 on monthly payments of $900. The affordability index in Kings County dropped from 70 percent in the second quarter and 74 percent last year to 62 percent in the latest quarter. Homebuyers in the county needed a minimum income of $35,530 to afford a median priced home of $172,920 on payments of $890 per month. Housing affordability throughout the state stood at 32 percent in the third quarter, down from 36 percent in the second quarter and 49 percent a year ago. On average, California homebuyers needed to make at least $89,170 to afford a home priced at $433,940 on monthly payments of $2,230. For counties that submitted data, Madera and Kings counties had the highest affordability index, while San Mateo County had the lowest index at 15 percent. Nearly every county experienced a double-digit decline in affordability when compared to last year.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9534-more-valley-homebuyers-challenged-in-q2
For further information on Fresno Real Estate check: http://www.londonproperties.com
Mortgage delinquency rate dives lower: MBA
Source: Housingwire
Rate hits lowest level since early 2008
HousingWire Staff and Brena Swanson
The delinquency rate for mortgages on one-to-four unit residential properties fell 55 basis points from the second quarter of 2013, and 99 basis points from a year prior, the latest Mortgage Bankers Association National Delinquency Survey said. The delinquency rate for mortgages in this category dropped to the lowest level since the second quarter of 2008 and sank to 6.41%. This rate includes loans that are at least one payment past due, but it does not include loans in the process of foreclosure. In addition, the percentage of loans on which foreclosure actions were started during the third quarter decreased to 0.61% from 0.64%, -- the lowest level since early 2007. Also tumbling, the serious delinquent rate, the percentage of loans that are 90 days of more past due or in the process of foreclosure, hit 5.65%, a decrease of 23 basis points from last quarter. However, the trade firm did caution that reported improvement in the seriously delinquent percentages may be slightly less than stated because one large specialty servicer that has received a number of loan transfers does not participate in the MBA survey. Furthermore, the combined percentage of loans at least one payment past due or in foreclosure posted the lowest level in five years, declining to 9.75% on a non-seasonally adjusted basis, which is 38 basis points lower than last quarter and 196 basis points lower than the same quarter one year ago. Taking up most of the foreclosure pipeline, judicial states accounted for more than three times the number of loans in foreclosure than non-judicial states do, but the gap in their foreclosure inventory rates has narrowed in recent quarters. “The degree to which the mortgage delinquency and foreclosure problem has changed over the last five years is perhaps best illustrated by the fact that last quarter New Jersey led the nation in the increase in the percentage of foreclosure actions filed, followed by Delaware, Maryland and Indiana. While Florida still leads the nation in the percentage of loans in foreclosure, that percentage is falling,” said Jay Brinkmann, MBA’s chief economist and senior vice president of research and education. Brinkmann highlighted that with the improved rate, mortgage servicers are already reducing their staffs that handled delinquent loans and foreclosures and the MBA expects that trend to continue as the numbers continue to fall. Additionally, while home prices have shown some considerable improvement, only in a small number of states are they back above their pre-2007 levels. “Even if the economy continues to improve, those loans are more likely to proceed to foreclosure in the event of a divorce, illness or loss of a job because of lack of borrower equity. This will keep the foreclosure rates above historical norms for a few more years despite the strong credit standards of recent vintages,” Brinkmann said. There has been considerable improvement on average and improvement in virtually every state, with the special factors holding back improvement dominated by local market factors, Mike Fratantoni, vice president of single-family research and policy development for the MBA, explained.
URL to original article: http://www.housingwire.com/articles/27843-mortgage-delinquency-rate-dives-lower-mba
For further information on Fresno Real Estate check: http://www.londonproperties.com
Rate hits lowest level since early 2008
HousingWire Staff and Brena Swanson
The delinquency rate for mortgages on one-to-four unit residential properties fell 55 basis points from the second quarter of 2013, and 99 basis points from a year prior, the latest Mortgage Bankers Association National Delinquency Survey said. The delinquency rate for mortgages in this category dropped to the lowest level since the second quarter of 2008 and sank to 6.41%. This rate includes loans that are at least one payment past due, but it does not include loans in the process of foreclosure. In addition, the percentage of loans on which foreclosure actions were started during the third quarter decreased to 0.61% from 0.64%, -- the lowest level since early 2007. Also tumbling, the serious delinquent rate, the percentage of loans that are 90 days of more past due or in the process of foreclosure, hit 5.65%, a decrease of 23 basis points from last quarter. However, the trade firm did caution that reported improvement in the seriously delinquent percentages may be slightly less than stated because one large specialty servicer that has received a number of loan transfers does not participate in the MBA survey. Furthermore, the combined percentage of loans at least one payment past due or in foreclosure posted the lowest level in five years, declining to 9.75% on a non-seasonally adjusted basis, which is 38 basis points lower than last quarter and 196 basis points lower than the same quarter one year ago. Taking up most of the foreclosure pipeline, judicial states accounted for more than three times the number of loans in foreclosure than non-judicial states do, but the gap in their foreclosure inventory rates has narrowed in recent quarters. “The degree to which the mortgage delinquency and foreclosure problem has changed over the last five years is perhaps best illustrated by the fact that last quarter New Jersey led the nation in the increase in the percentage of foreclosure actions filed, followed by Delaware, Maryland and Indiana. While Florida still leads the nation in the percentage of loans in foreclosure, that percentage is falling,” said Jay Brinkmann, MBA’s chief economist and senior vice president of research and education. Brinkmann highlighted that with the improved rate, mortgage servicers are already reducing their staffs that handled delinquent loans and foreclosures and the MBA expects that trend to continue as the numbers continue to fall. Additionally, while home prices have shown some considerable improvement, only in a small number of states are they back above their pre-2007 levels. “Even if the economy continues to improve, those loans are more likely to proceed to foreclosure in the event of a divorce, illness or loss of a job because of lack of borrower equity. This will keep the foreclosure rates above historical norms for a few more years despite the strong credit standards of recent vintages,” Brinkmann said. There has been considerable improvement on average and improvement in virtually every state, with the special factors holding back improvement dominated by local market factors, Mike Fratantoni, vice president of single-family research and policy development for the MBA, explained.
URL to original article: http://www.housingwire.com/articles/27843-mortgage-delinquency-rate-dives-lower-mba
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, November 6, 2013
Madera Co. industrial vacancies cut in half in Q3
Source: The Business Journal
Industrial vacancies plummeted in Madera County during the third quarter of the way as more manufacturers filled much of what little space was left available. According to a recent report by TK Consulting, the county's vacancy rate plummeted to 1.22 percent in the quarter compared to 2.33 percent in the previous quarter and 3.93 percent a year ago. That means of the slightly more than 7 million square feet of building space for industrial purposes in Madera County, there is still 85,564 square feet still available for manufacturers to fill. The inventory includes multi-tenant and single-tenant buildings with at least 5,000 square feet. The report also showed monthly rental rates for industrial purposes averaging 39 cents square foot during the latest quarter with a high of 46 cents and a low of 30 cents. Asking rents have trended upward, increasing three cents per square foot over the last 12 months. One notable transaction mentioned in the report was the lease of a 51,300 square-foot facility at owned by Pat Ricchiuti on Almond Avenue in Madera to an almond processing company. Another was a 27,500 square-foot building in Madera's Airport Industrial Park that the County of Madera plans to occupy for its new sheriff's department. The county purchased the building earlier this year for a reported $1.1 million and sold it to Spencer Enterprises to design and build out the space. The company will now lease the building back to the county. Vacancy rates are expected to increase a little in the fourth quarter since dried fruit processor Z Foods vacated its 18.81-acre processing facility at 9537 Road 29 1/2 in Madera in favor of a new location on the East Coast. That and other available properties for sale or lease can be found on the Madera County Economic Development Commission website at maderaindustry.org.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9510-madera-co-industrial-vacancies-cut-in-half-in-q3
For further information on Fresno Real Estate check: http://www.londonproperties.com
Industrial vacancies plummeted in Madera County during the third quarter of the way as more manufacturers filled much of what little space was left available. According to a recent report by TK Consulting, the county's vacancy rate plummeted to 1.22 percent in the quarter compared to 2.33 percent in the previous quarter and 3.93 percent a year ago. That means of the slightly more than 7 million square feet of building space for industrial purposes in Madera County, there is still 85,564 square feet still available for manufacturers to fill. The inventory includes multi-tenant and single-tenant buildings with at least 5,000 square feet. The report also showed monthly rental rates for industrial purposes averaging 39 cents square foot during the latest quarter with a high of 46 cents and a low of 30 cents. Asking rents have trended upward, increasing three cents per square foot over the last 12 months. One notable transaction mentioned in the report was the lease of a 51,300 square-foot facility at owned by Pat Ricchiuti on Almond Avenue in Madera to an almond processing company. Another was a 27,500 square-foot building in Madera's Airport Industrial Park that the County of Madera plans to occupy for its new sheriff's department. The county purchased the building earlier this year for a reported $1.1 million and sold it to Spencer Enterprises to design and build out the space. The company will now lease the building back to the county. Vacancy rates are expected to increase a little in the fourth quarter since dried fruit processor Z Foods vacated its 18.81-acre processing facility at 9537 Road 29 1/2 in Madera in favor of a new location on the East Coast. That and other available properties for sale or lease can be found on the Madera County Economic Development Commission website at maderaindustry.org.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9510-madera-co-industrial-vacancies-cut-in-half-in-q3
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, November 5, 2013
Habitat for Humanity to build nine homes in SW Fresno
Source: The Business Journal
Fresno mayor Ashley Swearengin, councilmember Sal Quintero and Habitat for Humanity Fresno County representatives met in southwest Fresno today to announce plans to build nine homes on vacant parcels at Belgravia and Laval avenues. The $1.3 million project will feature a mixture of three-, four and five-bedroom homes. The parcels are in the middle of two existing neighborhoods and the project is designed to bring together the entire area. Besides providing new homes in the neighborhood, the housing is expected to discourage dumping, which has been a problem on one of the planned building lots. City housing funds in the amount of $845,000 helped make the new project possible. “It is wonderful to have this in southwest Fresno,” Quintero told a gathering at the site. He said the city wants to see more Habitat for Humanity housing in Fresno. “We’ll do everything we can to make it happen,” he said. “We want to turn the American dream into reality.” Homes in the area were built in the 1940s and 1950s. “We want to invest in modern homes,” Quintero said. That will lead to greater pride and investment in existing properties, he said. The Habitat for Humanity homes will feature solar power systems provided through Pacific Gas & Electric.
URL to original article: http://www.thebusinessjournal.com/news/construction/9497-habitat-for-humanity-to-build-nine-homes-in-sw-fresno
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fresno mayor Ashley Swearengin, councilmember Sal Quintero and Habitat for Humanity Fresno County representatives met in southwest Fresno today to announce plans to build nine homes on vacant parcels at Belgravia and Laval avenues. The $1.3 million project will feature a mixture of three-, four and five-bedroom homes. The parcels are in the middle of two existing neighborhoods and the project is designed to bring together the entire area. Besides providing new homes in the neighborhood, the housing is expected to discourage dumping, which has been a problem on one of the planned building lots. City housing funds in the amount of $845,000 helped make the new project possible. “It is wonderful to have this in southwest Fresno,” Quintero told a gathering at the site. He said the city wants to see more Habitat for Humanity housing in Fresno. “We’ll do everything we can to make it happen,” he said. “We want to turn the American dream into reality.” Homes in the area were built in the 1940s and 1950s. “We want to invest in modern homes,” Quintero said. That will lead to greater pride and investment in existing properties, he said. The Habitat for Humanity homes will feature solar power systems provided through Pacific Gas & Electric.
URL to original article: http://www.thebusinessjournal.com/news/construction/9497-habitat-for-humanity-to-build-nine-homes-in-sw-fresno
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, November 1, 2013
Time is Running Out to Reserve St. Jude Dream Home Tickets
Source: BusinessStreetOnline.com
CLOVIS – This is the last weekend to visit the St. Jude Dream Home house. The house is open this Saturday from 9 a.m. to 5 p.m. and Sunday from noon to 5 p.m. Just for touring the home, visitors can enter for a free chance to win a $10,000 shopping spree at Ashley Furniture HomeStore. Tickets are going fast and only 10,500 are being sold, so Central Valley residents are encouraged to get theirs before they sell out. This De Young Energysmart approx. 3,300 square foot home is located in the CountryCourt community in Clovis. The home will be raffled off to benefit St. Jude Children’s Research Hospital live on KMPH FOX 26 next Sunday, Nov. 10 at 5 p.m. “We strongly believe in our responsibility to help others, and our entire De Young team is grateful to our community’s continued support of our business so we are honored to be a donor and builder of our seventh St. Jude Dream Home,” said Paula De Young of De Young Properties, which is the home’s major donor and builder. Other prizes include a custom dream cake from Maddie Cakes Cupcake Bakery, a luxury suite at a 2014 Fresno Grizzlies Game, dinner under the stars, courtesy of Milla Vineyards, as well as many other prizes! For a complete list of prizes, visit www.dreamhome.org. Tickets can be reserved at all Fresno County Federal Credit Union branches, Fresno Coin Gallery locations and De Young Model Home Centers or by calling 1-800-543-5887. For more information about the St. Jude Dream Home Giveaway, visit www.dreamhome.org. Other sponsors of the fundraising campaign include De Young Properties, KMPH FOX 26, 106.7 KJUG, Univision Radio, The Fresno Bee, Business Street Online, Ashley Furniture HomeStore, Fresno County Federal Credit Union, Fresno Coin Gallery, Alpha Delta Kappa, Epsilon Sigma Alpha and national sponsors Shaw Floors and Brizo.
URL to the original article: http://businessstreetonline.com/time-is-running-out-to-reserve-st-jude-dream-home-tickets-2/
For the further information on Fresno Real Estate check: http://www.londonproperties.com
CLOVIS – This is the last weekend to visit the St. Jude Dream Home house. The house is open this Saturday from 9 a.m. to 5 p.m. and Sunday from noon to 5 p.m. Just for touring the home, visitors can enter for a free chance to win a $10,000 shopping spree at Ashley Furniture HomeStore. Tickets are going fast and only 10,500 are being sold, so Central Valley residents are encouraged to get theirs before they sell out. This De Young Energysmart approx. 3,300 square foot home is located in the CountryCourt community in Clovis. The home will be raffled off to benefit St. Jude Children’s Research Hospital live on KMPH FOX 26 next Sunday, Nov. 10 at 5 p.m. “We strongly believe in our responsibility to help others, and our entire De Young team is grateful to our community’s continued support of our business so we are honored to be a donor and builder of our seventh St. Jude Dream Home,” said Paula De Young of De Young Properties, which is the home’s major donor and builder. Other prizes include a custom dream cake from Maddie Cakes Cupcake Bakery, a luxury suite at a 2014 Fresno Grizzlies Game, dinner under the stars, courtesy of Milla Vineyards, as well as many other prizes! For a complete list of prizes, visit www.dreamhome.org. Tickets can be reserved at all Fresno County Federal Credit Union branches, Fresno Coin Gallery locations and De Young Model Home Centers or by calling 1-800-543-5887. For more information about the St. Jude Dream Home Giveaway, visit www.dreamhome.org. Other sponsors of the fundraising campaign include De Young Properties, KMPH FOX 26, 106.7 KJUG, Univision Radio, The Fresno Bee, Business Street Online, Ashley Furniture HomeStore, Fresno County Federal Credit Union, Fresno Coin Gallery, Alpha Delta Kappa, Epsilon Sigma Alpha and national sponsors Shaw Floors and Brizo.
URL to the original article: http://businessstreetonline.com/time-is-running-out-to-reserve-st-jude-dream-home-tickets-2/
For the further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, October 31, 2013
Mortgage rates fall two weeks in a row: Freddie Mac
Source: Housingwire
30-year, FRM sinks to 4.10%
By: Brena Swanson
Fixed mortgage rates continue their downward spiral, falling for the second consecutive week in a row amid reports of a softening housing market. The 30-year, fixed-rate mortgage sank to 4.10%, from 4.13% last week, but is still up from 3.39% last year, Freddie Mac said in its Primary Mortgage Market Survey. "Fixed mortgage rates eased further leading up to the Federal Reserve’s October 30th monetary policy announcement," said Frank Nothaft, vice president and chief economist for Freddie Mac. "The Fed saw improvement in economic activity and labor market conditions since it began its asset purchase program, but noted the recovery in the housing market slowed somewhat in recent months and unemployment remains elevated," he added. As a result, Nothaft explained that there was no policy change which should help sustain low mortgage rates into the near future. The 15-year, FRM dropped to 3.20% compared to 3.24% last week, but is higher than the 2.7% posted a year ago. In addition, the 5-year Treasury-index adjustable rate mortgage hit 2.96% this week, a decrease from 3% last week, and up from 2.74% this time last year. Meanwhile, the 1-year Treasury-index ARM averaged 2.64%, up from 2.6% last week and 2.58% a year earlier. Bankrate noted that mortgage rates went largely unchanged, with the 30-year FRM holding at 4.27%. Furthermore, the 15-year, FRM ticked higher to 3.38%, from 3.37%, while the 5/1 ARM slipped down to 3.26% when compared to 3.27% a week earlier.
URL to original article: http://www.housingwire.com/articles/27731-mortgage-rates-fall-two-weeks-in-a-row-freddie-mac
For further information on Fresno Real Estate check: http://www.londonproperties.com
30-year, FRM sinks to 4.10%
By: Brena Swanson
Fixed mortgage rates continue their downward spiral, falling for the second consecutive week in a row amid reports of a softening housing market. The 30-year, fixed-rate mortgage sank to 4.10%, from 4.13% last week, but is still up from 3.39% last year, Freddie Mac said in its Primary Mortgage Market Survey. "Fixed mortgage rates eased further leading up to the Federal Reserve’s October 30th monetary policy announcement," said Frank Nothaft, vice president and chief economist for Freddie Mac. "The Fed saw improvement in economic activity and labor market conditions since it began its asset purchase program, but noted the recovery in the housing market slowed somewhat in recent months and unemployment remains elevated," he added. As a result, Nothaft explained that there was no policy change which should help sustain low mortgage rates into the near future. The 15-year, FRM dropped to 3.20% compared to 3.24% last week, but is higher than the 2.7% posted a year ago. In addition, the 5-year Treasury-index adjustable rate mortgage hit 2.96% this week, a decrease from 3% last week, and up from 2.74% this time last year. Meanwhile, the 1-year Treasury-index ARM averaged 2.64%, up from 2.6% last week and 2.58% a year earlier. Bankrate noted that mortgage rates went largely unchanged, with the 30-year FRM holding at 4.27%. Furthermore, the 15-year, FRM ticked higher to 3.38%, from 3.37%, while the 5/1 ARM slipped down to 3.26% when compared to 3.27% a week earlier.
URL to original article: http://www.housingwire.com/articles/27731-mortgage-rates-fall-two-weeks-in-a-row-freddie-mac
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, October 30, 2013
Valley home prices rise sharply in 2nd quarter
Source: The Business Journal
CoreLogic®, a residential property information, analytics and services provider, has released an analysis indicating home prices in the Fresno metropolitan statistical area rose by 13 percent in the second quarter of this year compared to the second quarter of 2012. Compared to the second quarter of 2010, second quarter 2013 metropolitan Fresno home prices are only up by 3.9 percent. The projected home price increase for second quarter 2014 compared to second quarter 2013 is 4.7 percent. As of 2012, the Fresno metropolitan statistical area had a population of 947,895. HANFORD-CORCORAN In the 151,364-resident Hanford-Corcoran metropolitan statistical area, home prices rose 7.8 percent in the second quarter compared to the second-quarter of 2012. Prices in the second quarter were down by 4.6 percent from the second quarter of 2010. Prices are forecast to rise by 3.4 percent in Q-2 2014 compared to the second quarter of this year. MADERA-CHOWCHILLA In the 152,218-resident Madera-Chowchilla metropolitan statistical area, home prices jumped by 14.8 percent in the second quarter compared to Q-2 in 2012. Prices rose by 2.9 percent compared to the second quarter of 2010. Prices are forecast to grow by 1.5 percent in Q-2 of 2014 compared to this year’s second quarter. VISALIA-PORTERVILLE In the 451,997-resident Visalia-Porterville metropolitan statistical area, prices soared by 14.5 percent in the second quarter, compared to the second quarter last year. They grew by only 1.5 percent compared to Q-2 of 2010. Visalia-Porterville home prices are expected to rise by 5.4 percent in Q-2 of 2014 compared to the second quarter of this year. The information is based on the CoreLogic Case-Shiller Indexes™. The CoreLogic Case-Shiller Indexes estimate that nationally, home prices increased by 10.1 percent in the second quarter of 2013 compared to a year ago. Home prices nationwide are now 16 percent above the trough, reached in the fourth quarter of 2011, but still remain 24 percent below the peak, reached in the first quarter of 2006. The analysis projects that price appreciation will decelerate through the second half of 2013 and into the beginning of 2014. Based on CoreLogic Case-Shiller data forecast through June 30, 2014, home price appreciation will slow to an average of 5.4 percent across all U.S. markets. "Prices are now rising in nearly 90 percent of metro areas, and in all metro areas with populations greater than 1 million," said David Stiff, principal economist for CoreLogic Case-Shiller™ in a release. "The strongest growth continues to be recorded in cities that were at the center of the housing bubble, but investor demand in those markets appears to be waning, meaning rapid rates of price appreciation are likely unsustainable." Of the metro areas that felt the greatest impact from the housing bubble, Sacramento (+26 percent), Las Vegas (+25 percent) and Phoenix (+20 percent) saw the largest increase in home prices during the second quarter of 2013 versus the same period last year. Coastal California markets also exhibited strong price appreciation, including Oakland (+24 percent), San Jose (+22 percent) and Los Angeles (+20 percent), as buyers continue to jump in before increasing prices and mortgage rates substantially reduce affordability. Purchases by first-time and trade-up buyers are increasing, though tight mortgage lending conditions and slow job-market gains are constraining demand for owner-occupied housing. Demand from investors is weakening as well, as fewer distressed properties are listed for sale and rising home prices cut into potential rental profits. At the same time, the overall supply of homes for sale is still rising in many metro areas as current homeowners take advantage of favorable seller's markets. "Combined with increased housing construction, expected increases in existing inventories should restrain price appreciation even if demand remains strong,” Stiff said. “Nevertheless, the rate of home price growth in the coming months will remain above its long-term average of 4.5 percent annual appreciation since 1975.”
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9398-valley-home-prices-rise-sharply-in-2nd-quarter
For further information on Fresno Real Estate check: http://www.londonproperties.com
CoreLogic®, a residential property information, analytics and services provider, has released an analysis indicating home prices in the Fresno metropolitan statistical area rose by 13 percent in the second quarter of this year compared to the second quarter of 2012. Compared to the second quarter of 2010, second quarter 2013 metropolitan Fresno home prices are only up by 3.9 percent. The projected home price increase for second quarter 2014 compared to second quarter 2013 is 4.7 percent. As of 2012, the Fresno metropolitan statistical area had a population of 947,895. HANFORD-CORCORAN In the 151,364-resident Hanford-Corcoran metropolitan statistical area, home prices rose 7.8 percent in the second quarter compared to the second-quarter of 2012. Prices in the second quarter were down by 4.6 percent from the second quarter of 2010. Prices are forecast to rise by 3.4 percent in Q-2 2014 compared to the second quarter of this year. MADERA-CHOWCHILLA In the 152,218-resident Madera-Chowchilla metropolitan statistical area, home prices jumped by 14.8 percent in the second quarter compared to Q-2 in 2012. Prices rose by 2.9 percent compared to the second quarter of 2010. Prices are forecast to grow by 1.5 percent in Q-2 of 2014 compared to this year’s second quarter. VISALIA-PORTERVILLE In the 451,997-resident Visalia-Porterville metropolitan statistical area, prices soared by 14.5 percent in the second quarter, compared to the second quarter last year. They grew by only 1.5 percent compared to Q-2 of 2010. Visalia-Porterville home prices are expected to rise by 5.4 percent in Q-2 of 2014 compared to the second quarter of this year. The information is based on the CoreLogic Case-Shiller Indexes™. The CoreLogic Case-Shiller Indexes estimate that nationally, home prices increased by 10.1 percent in the second quarter of 2013 compared to a year ago. Home prices nationwide are now 16 percent above the trough, reached in the fourth quarter of 2011, but still remain 24 percent below the peak, reached in the first quarter of 2006. The analysis projects that price appreciation will decelerate through the second half of 2013 and into the beginning of 2014. Based on CoreLogic Case-Shiller data forecast through June 30, 2014, home price appreciation will slow to an average of 5.4 percent across all U.S. markets. "Prices are now rising in nearly 90 percent of metro areas, and in all metro areas with populations greater than 1 million," said David Stiff, principal economist for CoreLogic Case-Shiller™ in a release. "The strongest growth continues to be recorded in cities that were at the center of the housing bubble, but investor demand in those markets appears to be waning, meaning rapid rates of price appreciation are likely unsustainable." Of the metro areas that felt the greatest impact from the housing bubble, Sacramento (+26 percent), Las Vegas (+25 percent) and Phoenix (+20 percent) saw the largest increase in home prices during the second quarter of 2013 versus the same period last year. Coastal California markets also exhibited strong price appreciation, including Oakland (+24 percent), San Jose (+22 percent) and Los Angeles (+20 percent), as buyers continue to jump in before increasing prices and mortgage rates substantially reduce affordability. Purchases by first-time and trade-up buyers are increasing, though tight mortgage lending conditions and slow job-market gains are constraining demand for owner-occupied housing. Demand from investors is weakening as well, as fewer distressed properties are listed for sale and rising home prices cut into potential rental profits. At the same time, the overall supply of homes for sale is still rising in many metro areas as current homeowners take advantage of favorable seller's markets. "Combined with increased housing construction, expected increases in existing inventories should restrain price appreciation even if demand remains strong,” Stiff said. “Nevertheless, the rate of home price growth in the coming months will remain above its long-term average of 4.5 percent annual appreciation since 1975.”
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9398-valley-home-prices-rise-sharply-in-2nd-quarter
For further information on Fresno Real Estate check: http://www.londonproperties.com
City of Fresno Plans Bike Through (Neighborhood) History Nov. 2
Source: Business Street Online
FRESNO – The City of Fresno has announced plans for this year’s “Bike Through History” on Saturday, Nov. 2, from 9 a.m. to noon. The event will feature a 7-mile round-trip ride with an emphasis on Fresno’s historic neighborhoods. Bike Through (Neighborhood) History is co-sponsored by the City of Fresno, Fresno County Bicycle Coalition, the Cal Alumni Group of Fresno and the Valley Air District. The ride will begin at the 1939 Streamline Moderne style Tower Theater (HP# 190 /National Register of Historic Places), 1201 N. Wishon Ave., and will follow a route through several City and County Historic Districts. Stops along the way will include the Spanish Revival Herbert Levy Home (1930), the Gilbert Jertberg Adobe (1936), the Neoclassical Fig Garden Womans Club (1926/1956) and the Porter Home (1921), near Fresno City College. Volunteer docents and/or property owners will be available at each stop to give a brief history of the site. The ride is intended for participants 10 and up (with 16 and under accompanied by a parent). Participants need to have a bike in good working condition and a helmet. The event is free, but pre-registration is strongly encouraged. For more information or to volunteer for the event, contact Karana Hattersley-Drayton, the City of Fresno’s historic preservation project manager, at (559) 621-8520, or Karana.Hattersley-Drayton@fresno.gov.
URL to original article: http://businessstreetonline.com/city-of-fresno-plans-bike-through-neighborhood-history-nov-2/
For further information on Fresno Real Estate check: http://www.londonproperties.com
FRESNO – The City of Fresno has announced plans for this year’s “Bike Through History” on Saturday, Nov. 2, from 9 a.m. to noon. The event will feature a 7-mile round-trip ride with an emphasis on Fresno’s historic neighborhoods. Bike Through (Neighborhood) History is co-sponsored by the City of Fresno, Fresno County Bicycle Coalition, the Cal Alumni Group of Fresno and the Valley Air District. The ride will begin at the 1939 Streamline Moderne style Tower Theater (HP# 190 /National Register of Historic Places), 1201 N. Wishon Ave., and will follow a route through several City and County Historic Districts. Stops along the way will include the Spanish Revival Herbert Levy Home (1930), the Gilbert Jertberg Adobe (1936), the Neoclassical Fig Garden Womans Club (1926/1956) and the Porter Home (1921), near Fresno City College. Volunteer docents and/or property owners will be available at each stop to give a brief history of the site. The ride is intended for participants 10 and up (with 16 and under accompanied by a parent). Participants need to have a bike in good working condition and a helmet. The event is free, but pre-registration is strongly encouraged. For more information or to volunteer for the event, contact Karana Hattersley-Drayton, the City of Fresno’s historic preservation project manager, at (559) 621-8520, or Karana.Hattersley-Drayton@fresno.gov.
URL to original article: http://businessstreetonline.com/city-of-fresno-plans-bike-through-neighborhood-history-nov-2/
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, October 29, 2013
Lang, Richert and Patch celebrate half century of law
Source: The Business Journal
Written by Ben Keller
Fifty years have gone by since one of Fresno’s oldest law firms formed out of a few young attorneys looking to make their mark in the area. Now with 17 attorneys and some 30 in supporting staff, Lang, Richert and Patch handles the affairs of multi-million-dollar clients even outside of the Valley and state in situations involving bankruptcy, debtor-creditor relationship, estate planning, agriculture, construction, banking and commercial finance, medical malpractice and employment law, to name just a few specialties. The firm’s connection with the local community has remained strong, however, as attorneys can often be seen participating in charitable events around Fresno or giving their time to pro bono clients challenged by expensive legal needs. “With attorneys rates and fees being charged now across the board, there’s a lot of people that can’t afford legal services and we’re able to go to these forums and settings and provide these services and help the community,” said Managing Partner Matthew Quall. The attitude of community support was a founding focus for the firm soon after Frank Lang, a new attorney two years out of the UC Berkeley School of Law, met up with Phil Fullerton, who was swamped with a practice he inherited. The two made a good fit with Lang working on bankruptcies and creditors’ rights while Fullerton represented mostly truckers and contractors. A third founding partner, the late William Richert, was an expert in family law. The firm later dropped family law and grew along with the local business community that now makes up a majority of its clientele. “When we stared there were some 200 to 250 lawyers in Fresno County and now it’s close to 2,000,” said Lang, a native of Modesto. “There’s been a lot of growth in the local area and the business community that supports the population.” Fullerton retired early, replaced by UC Davis School of Law grad Robert Patch in 1972, who has since obtained sizable verdicts as the firm’s lead trial lawyer in cases dealing with product liability, wrongful death, personal injury and medical malpractice in both the state and federal courts. A host of other astute attorneys have put the firm on the map since then, including Douglas Noll, a well-known mediator and peacemaker, and Val Saldana, the first and only Hispanic president of the Fresno County Bar Association. The firm also moved several times as its numbers expanded, starting out from three buildings in downtown Fresno and settling in the Fig Garden Financial Center around 20 years ago. From there, many of Lang, Richert and Patch’s attorneys have had a hand in defending large corporate clients when faced with cases in the San Joaquin Valley. In July 2002, for instance, the firm gained national recognition when it negotiated a large settlement for a family whose wrongful death lawsuit was the first in the nation to go to trial against both Ford Motor Co. and Bridgestone/Firestone Inc. More often, however, Lang, Richert and Patch is on the side of large companies. Besides one of its biggest fortes backing agriculture clients, the last few years have seen a spike in bankruptcies and solvency cases due to recessionary struggles, although that’s dying down a little as the economy improves. “We were maybe the busiest bankruptcy court in the nation and now the judges are resting once in a while,” Lang said. ”We’re heavy into collection work right now for major debt collectors.” Employer/employee issues have come at the forefront in recent years as well. With its expertise in the area, the firm helped to establish and continues speaking at the monthly workers’ rights clinics put on by Central California Legal Services (CCLS) to provide legal information to low-wage workers in various aspects of employment law. Other educational seminars over the years have had attorneys speaking to groups and classes on issues like bankruptcy, commercial litigation and pro bono work, many at the San Joaquin College of Law in Clovis or for the Fresno County Bar Association. Serving as an example of helping those in need, Lang, Richert and Patch was the first law firm to sign on with CCLS’ Central Valley Pro Bono Challenge in 2010 to encourage attorneys in the area to provide free legal service to disadvantaged individuals and families. Since that time, the firm has dedicated more than 700 hours and approximately $165,000 in pro bono legal services to the underserved. “We’ve always been supportive of our attorneys’ time and hours in pro bono efforts but in this instance it was a very structured effort,” said Quall, who joined the firm 15 years ago. “The minimum is 10 hours each and most of our attorneys far exceed that.” Another way Lang, Richert and Patch shows support for the Fresno community is through regular community service projects that benefit local causes and nonprofits. In the last three years, the firm has backed such events like the Lawyers Have Heart Run to support the American Heart Association. In May, members of the firm’s family and the general community came together to assist in the building of a dog park at Animal Compassion Team of California's Fresno location. Staff will be hosting a night of dinner and games at Community Medical Center’s Terry’s House in December to raise funds for the facility that houses families and loved ones of hospital patients. Quall said the firm is looking to contribute even more with plans to assign attorneys and staff to a new community service project every quarter. Every year, the firm also gives out $1,000 towards payment of law school tuition from the Frank H. Lang Merit Scholarship. Although Lang is now retired, he still occupies an office at the firm to guide attorneys in cases and provide direction for the business. But with the firm’s achievements and accolades, Lang said the practice he started looks to be in good shape for another 50 years. Among the awards include OneJustice’s “Opening Doors to Justice” award, Central California Legal Services, Inc.’s “Champions of Justice” award, the Legal Services Corporation Award for Extraordinary Commitment to Providing Equal Access to Justice and the Fresno County Bar Association’s Pro Bono Law Firm of the Year award. In July, half of the firm’s attorneys were selected as Super Lawyers or Rising Stars by Super Lawyers Magazine based on peer recognition and professional achievement in more than 70 practice areas. “We hire really good lawyers,” said Lang, who has served on such groups as the Fresno Art Museum, the Fresno Dance Repertory Association, the Fresno Philharmonic Association and Encourage Tomorrow. “Any person we hired we expect to be capable of becoming an owner in the business.” Lang, Richert and Patch will be celebrating their first 50 years with a reception on Oct. 17 for clients, lawmakers, pro bono partners and friends and family at its office at the fourth floor of the Fig Garden Financial Center, 5200 N. Palm Ave.
URL to original article: http://thebusinessjournal.com/news/legal/9383-lang-richet-and-patch-celebrate-half-century-of-law
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Ben Keller
Fifty years have gone by since one of Fresno’s oldest law firms formed out of a few young attorneys looking to make their mark in the area. Now with 17 attorneys and some 30 in supporting staff, Lang, Richert and Patch handles the affairs of multi-million-dollar clients even outside of the Valley and state in situations involving bankruptcy, debtor-creditor relationship, estate planning, agriculture, construction, banking and commercial finance, medical malpractice and employment law, to name just a few specialties. The firm’s connection with the local community has remained strong, however, as attorneys can often be seen participating in charitable events around Fresno or giving their time to pro bono clients challenged by expensive legal needs. “With attorneys rates and fees being charged now across the board, there’s a lot of people that can’t afford legal services and we’re able to go to these forums and settings and provide these services and help the community,” said Managing Partner Matthew Quall. The attitude of community support was a founding focus for the firm soon after Frank Lang, a new attorney two years out of the UC Berkeley School of Law, met up with Phil Fullerton, who was swamped with a practice he inherited. The two made a good fit with Lang working on bankruptcies and creditors’ rights while Fullerton represented mostly truckers and contractors. A third founding partner, the late William Richert, was an expert in family law. The firm later dropped family law and grew along with the local business community that now makes up a majority of its clientele. “When we stared there were some 200 to 250 lawyers in Fresno County and now it’s close to 2,000,” said Lang, a native of Modesto. “There’s been a lot of growth in the local area and the business community that supports the population.” Fullerton retired early, replaced by UC Davis School of Law grad Robert Patch in 1972, who has since obtained sizable verdicts as the firm’s lead trial lawyer in cases dealing with product liability, wrongful death, personal injury and medical malpractice in both the state and federal courts. A host of other astute attorneys have put the firm on the map since then, including Douglas Noll, a well-known mediator and peacemaker, and Val Saldana, the first and only Hispanic president of the Fresno County Bar Association. The firm also moved several times as its numbers expanded, starting out from three buildings in downtown Fresno and settling in the Fig Garden Financial Center around 20 years ago. From there, many of Lang, Richert and Patch’s attorneys have had a hand in defending large corporate clients when faced with cases in the San Joaquin Valley. In July 2002, for instance, the firm gained national recognition when it negotiated a large settlement for a family whose wrongful death lawsuit was the first in the nation to go to trial against both Ford Motor Co. and Bridgestone/Firestone Inc. More often, however, Lang, Richert and Patch is on the side of large companies. Besides one of its biggest fortes backing agriculture clients, the last few years have seen a spike in bankruptcies and solvency cases due to recessionary struggles, although that’s dying down a little as the economy improves. “We were maybe the busiest bankruptcy court in the nation and now the judges are resting once in a while,” Lang said. ”We’re heavy into collection work right now for major debt collectors.” Employer/employee issues have come at the forefront in recent years as well. With its expertise in the area, the firm helped to establish and continues speaking at the monthly workers’ rights clinics put on by Central California Legal Services (CCLS) to provide legal information to low-wage workers in various aspects of employment law. Other educational seminars over the years have had attorneys speaking to groups and classes on issues like bankruptcy, commercial litigation and pro bono work, many at the San Joaquin College of Law in Clovis or for the Fresno County Bar Association. Serving as an example of helping those in need, Lang, Richert and Patch was the first law firm to sign on with CCLS’ Central Valley Pro Bono Challenge in 2010 to encourage attorneys in the area to provide free legal service to disadvantaged individuals and families. Since that time, the firm has dedicated more than 700 hours and approximately $165,000 in pro bono legal services to the underserved. “We’ve always been supportive of our attorneys’ time and hours in pro bono efforts but in this instance it was a very structured effort,” said Quall, who joined the firm 15 years ago. “The minimum is 10 hours each and most of our attorneys far exceed that.” Another way Lang, Richert and Patch shows support for the Fresno community is through regular community service projects that benefit local causes and nonprofits. In the last three years, the firm has backed such events like the Lawyers Have Heart Run to support the American Heart Association. In May, members of the firm’s family and the general community came together to assist in the building of a dog park at Animal Compassion Team of California's Fresno location. Staff will be hosting a night of dinner and games at Community Medical Center’s Terry’s House in December to raise funds for the facility that houses families and loved ones of hospital patients. Quall said the firm is looking to contribute even more with plans to assign attorneys and staff to a new community service project every quarter. Every year, the firm also gives out $1,000 towards payment of law school tuition from the Frank H. Lang Merit Scholarship. Although Lang is now retired, he still occupies an office at the firm to guide attorneys in cases and provide direction for the business. But with the firm’s achievements and accolades, Lang said the practice he started looks to be in good shape for another 50 years. Among the awards include OneJustice’s “Opening Doors to Justice” award, Central California Legal Services, Inc.’s “Champions of Justice” award, the Legal Services Corporation Award for Extraordinary Commitment to Providing Equal Access to Justice and the Fresno County Bar Association’s Pro Bono Law Firm of the Year award. In July, half of the firm’s attorneys were selected as Super Lawyers or Rising Stars by Super Lawyers Magazine based on peer recognition and professional achievement in more than 70 practice areas. “We hire really good lawyers,” said Lang, who has served on such groups as the Fresno Art Museum, the Fresno Dance Repertory Association, the Fresno Philharmonic Association and Encourage Tomorrow. “Any person we hired we expect to be capable of becoming an owner in the business.” Lang, Richert and Patch will be celebrating their first 50 years with a reception on Oct. 17 for clients, lawmakers, pro bono partners and friends and family at its office at the fourth floor of the Fig Garden Financial Center, 5200 N. Palm Ave.
URL to original article: http://thebusinessjournal.com/news/legal/9383-lang-richet-and-patch-celebrate-half-century-of-law
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, October 28, 2013
Former Bulldog, NBA star buys out season opener
Source: The Business Journal
Written by Clay Moffitt
Indiana Pacer and former Fresno State Bulldog Paul George didn’t take long to put his recently-inked contract to good use, as the NBA All-Star purchased every ticket to the Bulldogs’ season opener on Nov. 16. After leading the Pacers to the Eastern Conference Finals last year and coming within one win of making an NBA Finals appearance, George signed a five-year extension worth between $80 million and $90 million. Jennifer Jory, the Bulldog Foundation director of development, confirmed the gesture from the Palmdale native through Twitter on Monday. “@Paul_George24 bought all the tickets to Fresno State Men's Basketball game on Nov. 16! Thank Paul & pick up your FREE ticket! Thanks PG!” Jory tweeted. George purchased the tickets for the Save Mart Center’s full 15,596-seat configuration. All season ticket holders will have their same seats for the opener. Fans will need to print off a voucher at http://imgur.com/8fxYsZm, then redeem those vouchers at the Save Mart Center ticket office. Vouchers are available immediately and are redeemable for one ticket each.
URL to original article: http://www.thebusinessjournal.com/news/sports-and-entertainment/9362-former-bulldog-nba-star-buys-out-season-opener
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Clay Moffitt
Indiana Pacer and former Fresno State Bulldog Paul George didn’t take long to put his recently-inked contract to good use, as the NBA All-Star purchased every ticket to the Bulldogs’ season opener on Nov. 16. After leading the Pacers to the Eastern Conference Finals last year and coming within one win of making an NBA Finals appearance, George signed a five-year extension worth between $80 million and $90 million. Jennifer Jory, the Bulldog Foundation director of development, confirmed the gesture from the Palmdale native through Twitter on Monday. “@Paul_George24 bought all the tickets to Fresno State Men's Basketball game on Nov. 16! Thank Paul & pick up your FREE ticket! Thanks PG!” Jory tweeted. George purchased the tickets for the Save Mart Center’s full 15,596-seat configuration. All season ticket holders will have their same seats for the opener. Fans will need to print off a voucher at http://imgur.com/8fxYsZm, then redeem those vouchers at the Save Mart Center ticket office. Vouchers are available immediately and are redeemable for one ticket each.
URL to original article: http://www.thebusinessjournal.com/news/sports-and-entertainment/9362-former-bulldog-nba-star-buys-out-season-opener
For further information on Fresno Real Estate check: http://www.londonproperties.com
’40 Under 40′ – Ashley De Young – De Young Properties
Source: The Business Street
Ashley De Young, vice president of marketing for De Young Properties, represents the third generation to work in her family’s homebuilding business, continuing a 70-year family tradition of affordable, quality craftsmanship, earth-friendly homebuilding. De Young joined the De Young Properties team in 2011 and serves as vice president of marketing. In this role, she manages De Young Properties’ website, online marketing, special events, social media platforms, community signage and all other forms of advertising and public relations. De Young has specifically led the initiative for De Young Properties to build a presence in social media with profiles on Facebook, Twitter, YouTube, LinkedIn, Pinterest and Instagram. After graduating from Clovis West High School, she studied at California State University, Fresno where she earned her degree in mass communication and journalism. De Young Properties has built over 7,000 homes in the Central Valley, and De Young aims to continue this family legacy to build quality, innovative homes that feature the latest design trends and leading-edge amenities, while never losing sight of the most important aspect of the business – customer service. Dedicated to the development of the local community, Ashley De Young has supported and will continue to support De Young Properties’ dedication to improving quality of life. De Young Properties gives dreams and hope to their community through supporting local schools, non-profits and community groups, such as Saint Agnes Medical Center, HandsOn Central California, Make a Wish Foundation, Court Appointed Special Advocates and California State University, Fresno. They also served as the proud builder and major donor of six Central Valley St. Jude Dream Homes benefiting St. Jude Children’s Research Hospital. In addition, De Young Properties stepped forward to build a home in less than one week for a local hero as part of the Emmy-award winning television show, Extreme Makeover: Home Edition. Ashley values working alongside her family at De Young Properties, including her parents, Jerry and Paula De Young and her brothers, Ryan and Brandon De Young.
URL to original article: http://businessstreetonline.com/40-under-40-ashley-de-young-de-young-properties/
For further information on Fresno Real Estate check: http://www.londonproperties.com
Ashley De Young, vice president of marketing for De Young Properties, represents the third generation to work in her family’s homebuilding business, continuing a 70-year family tradition of affordable, quality craftsmanship, earth-friendly homebuilding. De Young joined the De Young Properties team in 2011 and serves as vice president of marketing. In this role, she manages De Young Properties’ website, online marketing, special events, social media platforms, community signage and all other forms of advertising and public relations. De Young has specifically led the initiative for De Young Properties to build a presence in social media with profiles on Facebook, Twitter, YouTube, LinkedIn, Pinterest and Instagram. After graduating from Clovis West High School, she studied at California State University, Fresno where she earned her degree in mass communication and journalism. De Young Properties has built over 7,000 homes in the Central Valley, and De Young aims to continue this family legacy to build quality, innovative homes that feature the latest design trends and leading-edge amenities, while never losing sight of the most important aspect of the business – customer service. Dedicated to the development of the local community, Ashley De Young has supported and will continue to support De Young Properties’ dedication to improving quality of life. De Young Properties gives dreams and hope to their community through supporting local schools, non-profits and community groups, such as Saint Agnes Medical Center, HandsOn Central California, Make a Wish Foundation, Court Appointed Special Advocates and California State University, Fresno. They also served as the proud builder and major donor of six Central Valley St. Jude Dream Homes benefiting St. Jude Children’s Research Hospital. In addition, De Young Properties stepped forward to build a home in less than one week for a local hero as part of the Emmy-award winning television show, Extreme Makeover: Home Edition. Ashley values working alongside her family at De Young Properties, including her parents, Jerry and Paula De Young and her brothers, Ryan and Brandon De Young.
URL to original article: http://businessstreetonline.com/40-under-40-ashley-de-young-de-young-properties/
For further information on Fresno Real Estate check: http://www.londonproperties.com
Sanger's Pitman Family Farms expanding to Kings County
Source: The Business Journal
Written by John Lindt
Pitman Family Farms of Sanger has made two significant property purchases in recent weeks in the Hanford Industrial Park, setting the stage for what is expected to be a major expansion of operations into Kings County. The latest transaction as of Oct. 14 was the purchase by Bel’s Poultry, the Pitman family’s limited liability corporation, of 110 acres owned by the city’s redevelopment successor agency. The purchase price was $2.75 million, or $25,000 an acre, with escrow set to close in 30 days. The acreage is clustered on the western side of 10th Avenue east of the Burlington Northern Santa Fe tracks at Iona Avenue. The 110 acres includes three different parcels of land. The purchase complements Pitman Family Farms' August purchase of Cargill's Hanford feed manufacturing facility. The sale included about 16 acres of land, buildings and machinery, said Cargill in a news release. Terms of the agreement were not made public. With its recent Hanford acquisition, Pitman has more than 126 acres near the rail ine. Just what is planned on the large site is unclear, but a good source says “it will be big.” Pitman Family Farms has its current packing/slaughterhouse in Sanger and its ranches scattered in the Central Valley. The family owned company produces free-range, organic and non-organic chickens, turkeys and ducks for the US market. The company is also growing its ranches this month with building permits for seven new chicken barns near Traver. The company has also expanded its Sanger processing facilities to the tune about about $2 million, including new buildings and solar panels. Pitman Farms, which employs around 600 people in the Central Valley, was in the running to buy bankrupt Zacky Farms but lost that bid to members of the Zacky family earlier this year.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9341-sanger-s-pitman-family-farms-expanding-to-kings-county
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by John Lindt
Pitman Family Farms of Sanger has made two significant property purchases in recent weeks in the Hanford Industrial Park, setting the stage for what is expected to be a major expansion of operations into Kings County. The latest transaction as of Oct. 14 was the purchase by Bel’s Poultry, the Pitman family’s limited liability corporation, of 110 acres owned by the city’s redevelopment successor agency. The purchase price was $2.75 million, or $25,000 an acre, with escrow set to close in 30 days. The acreage is clustered on the western side of 10th Avenue east of the Burlington Northern Santa Fe tracks at Iona Avenue. The 110 acres includes three different parcels of land. The purchase complements Pitman Family Farms' August purchase of Cargill's Hanford feed manufacturing facility. The sale included about 16 acres of land, buildings and machinery, said Cargill in a news release. Terms of the agreement were not made public. With its recent Hanford acquisition, Pitman has more than 126 acres near the rail ine. Just what is planned on the large site is unclear, but a good source says “it will be big.” Pitman Family Farms has its current packing/slaughterhouse in Sanger and its ranches scattered in the Central Valley. The family owned company produces free-range, organic and non-organic chickens, turkeys and ducks for the US market. The company is also growing its ranches this month with building permits for seven new chicken barns near Traver. The company has also expanded its Sanger processing facilities to the tune about about $2 million, including new buildings and solar panels. Pitman Farms, which employs around 600 people in the Central Valley, was in the running to buy bankrupt Zacky Farms but lost that bid to members of the Zacky family earlier this year.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9341-sanger-s-pitman-family-farms-expanding-to-kings-county
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, October 23, 2013
Fresno family wins Home of Hope
Source: The Business Journal
The Xiong family of Fresno of won a 2,200 square-foot home during Granville Homes' 2013 Home of Hope drawing on Oct. 19. The two-story home at 5921 E. Eugenia Ave. in southwest Fresno is valued at $270,000 and features three bedrooms, 2.5 bathrooms and a two-car garage, along with granite counters, stainless steel appliances and a large backyard. It also comes with a contract for solar panels from Solar City. Hue Xiong and his wife have two children. Twenty other prizes were awarded to ticket holders during the drawing, including a flight on the Fresno Sheriff Department's Eagle One helicopter, one-year tennis membership at Copper River Country Club, Fresno State men's basketball tickets, cleaning services and an Apple iPad 2. The Granville Home of Hope raffle has raised more than $2.4 million for local nonprofits since its inception in 2006. This year, the event sold 2,730 tickets and raised $273,000 for the Community Food Bank, the Poverello House, Hinds Hospice and other charitable organizations.
URL to original article: http://198.1.95.185/news/non-profits/9266-fresno-family-wins-home-of-hope
For further information on Fresno Real Estate check: http://www.londonproperties.com
The Xiong family of Fresno of won a 2,200 square-foot home during Granville Homes' 2013 Home of Hope drawing on Oct. 19. The two-story home at 5921 E. Eugenia Ave. in southwest Fresno is valued at $270,000 and features three bedrooms, 2.5 bathrooms and a two-car garage, along with granite counters, stainless steel appliances and a large backyard. It also comes with a contract for solar panels from Solar City. Hue Xiong and his wife have two children. Twenty other prizes were awarded to ticket holders during the drawing, including a flight on the Fresno Sheriff Department's Eagle One helicopter, one-year tennis membership at Copper River Country Club, Fresno State men's basketball tickets, cleaning services and an Apple iPad 2. The Granville Home of Hope raffle has raised more than $2.4 million for local nonprofits since its inception in 2006. This year, the event sold 2,730 tickets and raised $273,000 for the Community Food Bank, the Poverello House, Hinds Hospice and other charitable organizations.
URL to original article: http://198.1.95.185/news/non-profits/9266-fresno-family-wins-home-of-hope
For further information on Fresno Real Estate check: http://www.londonproperties.com
DataQuick: California foreclosure starts continue to drop
Source: Housingwire
Reach their second-lowest level since 2006
By: Brena Swanson
The number of homeowners entering the foreclosure process in California last quarter fell to the second-lowest level in seven and a half years, a new report from analytics firm DataQuick claims. Lenders filed 20,314 notices of default from July through September in California. That's down 21.1% from 25,747 filings during the previous quarter and a 58.6% drop from 49,026 filings in the first quarter of 2006. A strong job market, home price appreciation and a variety of government foreclosure avoidance efforts helped drop foreclosure filings to their lowest level since 18,568 were filed in the first quarter of this year. However, the significant drop at the beginning of 2013 was in correlation with the initiation of the Homeowner Bill of Rights, which took effect on Jan. 1. "When the Homeowner Bill of Rights took effect in January, foreclosure activity dropped 40% in one month, from December to January. That was the biggest one-month drop in California foreclosure activity we’ve seen since we began tracking foreclosure activity in 2005," said Daren Blomquist, chief economist with RealtyTrac. "Foreclosure activity was already naturally declining in California prior to the new legislation, but at an average 1% decline per month. After the legislation took effect, we have seen an average 2% decline per month in California foreclosure activity. The average pace of decline doubled," he said. Additionally, the steep rise in home values in the state over the last year has reduced the number of Californians who owe more than their homes are worth. As a result, it drives down the number of households facing the threat of foreclosure. The median price of a California home hit $360,000 during the third quarter, up 4% from $346,000 the previous quarter and up 26.3% from $285,000 the same period a year ago. On primary mortgages, by the time a notice of default is filed, the median California borrower is 8.2 months behind on their payments and owes a median of $16,327 on a mortgage of $300,000. Among the state’s larger counties, loans were least likely to go into default last quarter in San Francisco, Santa Clara, San Mateo, Marin and San Luis Obispo counties. Meanwhile, the probability was highest in Riverside, San Bernardino, San Joaquin, Kings and Yuba counties. "Cleanup of the foreclosure mess is ongoing, but it’s difficult to imagine a huge new wave," said John Walsh, president of DataQuick. "Still, it’s certainly possible that we could see foreclosure activity edge higher again," he added."It will depend on the economy and how lenders manage their remaining distressed properties."
URL to original article: http://www.housingwire.com/articles/27578-dataquick-california-foreclosure-starts-continue-to-drop
For further information on Fresno Real Estate check: http://www.londonproperties.com
Reach their second-lowest level since 2006
By: Brena Swanson
The number of homeowners entering the foreclosure process in California last quarter fell to the second-lowest level in seven and a half years, a new report from analytics firm DataQuick claims. Lenders filed 20,314 notices of default from July through September in California. That's down 21.1% from 25,747 filings during the previous quarter and a 58.6% drop from 49,026 filings in the first quarter of 2006. A strong job market, home price appreciation and a variety of government foreclosure avoidance efforts helped drop foreclosure filings to their lowest level since 18,568 were filed in the first quarter of this year. However, the significant drop at the beginning of 2013 was in correlation with the initiation of the Homeowner Bill of Rights, which took effect on Jan. 1. "When the Homeowner Bill of Rights took effect in January, foreclosure activity dropped 40% in one month, from December to January. That was the biggest one-month drop in California foreclosure activity we’ve seen since we began tracking foreclosure activity in 2005," said Daren Blomquist, chief economist with RealtyTrac. "Foreclosure activity was already naturally declining in California prior to the new legislation, but at an average 1% decline per month. After the legislation took effect, we have seen an average 2% decline per month in California foreclosure activity. The average pace of decline doubled," he said. Additionally, the steep rise in home values in the state over the last year has reduced the number of Californians who owe more than their homes are worth. As a result, it drives down the number of households facing the threat of foreclosure. The median price of a California home hit $360,000 during the third quarter, up 4% from $346,000 the previous quarter and up 26.3% from $285,000 the same period a year ago. On primary mortgages, by the time a notice of default is filed, the median California borrower is 8.2 months behind on their payments and owes a median of $16,327 on a mortgage of $300,000. Among the state’s larger counties, loans were least likely to go into default last quarter in San Francisco, Santa Clara, San Mateo, Marin and San Luis Obispo counties. Meanwhile, the probability was highest in Riverside, San Bernardino, San Joaquin, Kings and Yuba counties. "Cleanup of the foreclosure mess is ongoing, but it’s difficult to imagine a huge new wave," said John Walsh, president of DataQuick. "Still, it’s certainly possible that we could see foreclosure activity edge higher again," he added."It will depend on the economy and how lenders manage their remaining distressed properties."
URL to original article: http://www.housingwire.com/articles/27578-dataquick-california-foreclosure-starts-continue-to-drop
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, October 21, 2013
California home sales fall to 1988 levels
Source: Housingwire
Low inventory stifles demand as market recovers from bust
By: Christina Mlynski
The home sales volume in California is on a downward trajectory as the state deals with a limited supply of desirable inventory and the Homeowner Bill of Rights, which is stalling the foreclosure process. The drop is not tied to demand since buyers are reportedly on the hunt for properties across the West Coast state. Roughly 36,000 new and resale houses sold statewide in September, down 15.3% from August, but up 5.9% from a year ago, according to DataQuick. The September sales count is hovering at one of the lowest levels recorded in years, considering more than 40,000 homes sold in 2009 during the midst of the economic downturn. "Some of that imbalance is just a natural result of a market that is still working its way back to normal, with still many homeowners deeply underwater and unable to sell because of that,” explained RealtyTrac vice president Daren Blomquist. He added, “But some of the lack of available inventory is due to foreclosure inventory being held back by the Homeowners Bill of Rights in California, which took effect in January 2013. I would argue this law, which makes it more difficult for lenders to foreclose in the state, has held back foreclosure inventory that otherwise would have been listed for sale this year, which in turn is helping to prop up home prices." Blomquist said the law cut the state's foreclosure pace in half, while home price appreciation doubled. The median price paid for a home in California hit $355,000 in September, down 1.7% from August, but up 23.7% from last year. September also was the 19th consecutive month in which the state's median sales price increased annually. Of the existing homes sold last month, 7% were foreclosures, the lowest foreclosure-resale level on record since 2007. Meanwhile, short sales made up roughly 13.1% of the homes that resold in September, down from 13.3% in August, and a 27.5% drop from a year earlier. The typical monthly mortgage payment that California home buyers committed to in September hit $1,429 per month, down slightly from $1,456 in August, but up from $1,027 a year ago.
URL to original article: http://www.housingwire.com/articles/27533-california-home-sales-fall-to-1988-levels
For further information on Fresno Real Estate check: http://www.londonproperties.com
Low inventory stifles demand as market recovers from bust
By: Christina Mlynski
The home sales volume in California is on a downward trajectory as the state deals with a limited supply of desirable inventory and the Homeowner Bill of Rights, which is stalling the foreclosure process. The drop is not tied to demand since buyers are reportedly on the hunt for properties across the West Coast state. Roughly 36,000 new and resale houses sold statewide in September, down 15.3% from August, but up 5.9% from a year ago, according to DataQuick. The September sales count is hovering at one of the lowest levels recorded in years, considering more than 40,000 homes sold in 2009 during the midst of the economic downturn. "Some of that imbalance is just a natural result of a market that is still working its way back to normal, with still many homeowners deeply underwater and unable to sell because of that,” explained RealtyTrac vice president Daren Blomquist. He added, “But some of the lack of available inventory is due to foreclosure inventory being held back by the Homeowners Bill of Rights in California, which took effect in January 2013. I would argue this law, which makes it more difficult for lenders to foreclose in the state, has held back foreclosure inventory that otherwise would have been listed for sale this year, which in turn is helping to prop up home prices." Blomquist said the law cut the state's foreclosure pace in half, while home price appreciation doubled. The median price paid for a home in California hit $355,000 in September, down 1.7% from August, but up 23.7% from last year. September also was the 19th consecutive month in which the state's median sales price increased annually. Of the existing homes sold last month, 7% were foreclosures, the lowest foreclosure-resale level on record since 2007. Meanwhile, short sales made up roughly 13.1% of the homes that resold in September, down from 13.3% in August, and a 27.5% drop from a year earlier. The typical monthly mortgage payment that California home buyers committed to in September hit $1,429 per month, down slightly from $1,456 in August, but up from $1,027 a year ago.
URL to original article: http://www.housingwire.com/articles/27533-california-home-sales-fall-to-1988-levels
For further information on Fresno Real Estate check: http://www.londonproperties.com
Bubble or no bubble? It depends on who you ask...
Source: Housingwire
Fitch is actually optimistic about housing
By: Kerri Ann Panchuk
Depending on who you ask, the housing recovery remains in limbo as the nation awaits the outcome of uncertain government policy, rising mortgage rates and a small decline in home affordability. But how housing will fare heading into the final two months of 2013 and through 2014 depends on who you believe. Fitch Ratings released its Chalk Line report covering housing this week, concluding that homes remain affordable with mortgage rates and home prices still trending far below their former highs. Robert Curran, managing director for Fitch, calls "recent government struggles, negative equity and challenging mortgage qualification standards” short-term headwinds. In fact, Fitch still expects single-family housing starts for all of 2013 to improve by 17%, while new home sales are expected to grow approximately 20% as existing-home sales edge up 8.5%. As for 2014 – a year when the government is going to have to deal with the nation’s debt ceiling again – Fitch remains optimistic, projecting total housing starts will expand 16.5% to 1.1 million in 2014 with the expectation that single-family starts will grow 20% and multifamily volume will shoot up 9% as well. Fitch also believes new home sales will grow 20%, while existing-home sales growth could moderate to a 5% pace. Fitch’s optimism contrasts with other research that forecasts either slow growth or significant troubles ahead. Recent Nobel Prize winner Robert Shiller, the force behind the S&P Case-Shiller Home Price Indices, has been sounding the alarm, suggesting housing is in another bubble phase. Despite Shiller's reputation – and a recent Nobel Prize in economics – analysts attending a recent investors conference pushed back at the idea of a bubble, falling in line with Fitch’s more positive estimates. "We are certainly not in a housing bubble," said Laurie Goodman who heads up a housing thinktank at the Urban Institute. Goodman said even with a 6% interest rate, affordability is expected to remain at 2000-2003 levels, which were pretty stable compared to 2006-2007. Mark Fleming, a chief economist with CoreLogic, also had noted that price appreciation is slowing down, making it less likely the market would return to the inflated pricing levels that defined the pre-bubble era. But if you’re in the market looking at all the outliers, it’s truly becoming a game of who do you believe? Buy now, or wait? Capital Economics put out a release, saying "the number of new home sales continued to recover in September." Yet, the research firm will not know for sure until data delayed by the shutdown is published. The company is now forecasting an increase to 440,000 new home sales annually. And while Capital Economics believes new home sales recovered somewhat in September, the firm is not as optimistic on existing home sales and expects a drop for that month in particular.
URL to original article: http://www.housingwire.com/blogs/1-rewired/post/27528-bubble-or-no-bubble-it-depends-on-who-you-ask
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fitch is actually optimistic about housing
By: Kerri Ann Panchuk
Depending on who you ask, the housing recovery remains in limbo as the nation awaits the outcome of uncertain government policy, rising mortgage rates and a small decline in home affordability. But how housing will fare heading into the final two months of 2013 and through 2014 depends on who you believe. Fitch Ratings released its Chalk Line report covering housing this week, concluding that homes remain affordable with mortgage rates and home prices still trending far below their former highs. Robert Curran, managing director for Fitch, calls "recent government struggles, negative equity and challenging mortgage qualification standards” short-term headwinds. In fact, Fitch still expects single-family housing starts for all of 2013 to improve by 17%, while new home sales are expected to grow approximately 20% as existing-home sales edge up 8.5%. As for 2014 – a year when the government is going to have to deal with the nation’s debt ceiling again – Fitch remains optimistic, projecting total housing starts will expand 16.5% to 1.1 million in 2014 with the expectation that single-family starts will grow 20% and multifamily volume will shoot up 9% as well. Fitch also believes new home sales will grow 20%, while existing-home sales growth could moderate to a 5% pace. Fitch’s optimism contrasts with other research that forecasts either slow growth or significant troubles ahead. Recent Nobel Prize winner Robert Shiller, the force behind the S&P Case-Shiller Home Price Indices, has been sounding the alarm, suggesting housing is in another bubble phase. Despite Shiller's reputation – and a recent Nobel Prize in economics – analysts attending a recent investors conference pushed back at the idea of a bubble, falling in line with Fitch’s more positive estimates. "We are certainly not in a housing bubble," said Laurie Goodman who heads up a housing thinktank at the Urban Institute. Goodman said even with a 6% interest rate, affordability is expected to remain at 2000-2003 levels, which were pretty stable compared to 2006-2007. Mark Fleming, a chief economist with CoreLogic, also had noted that price appreciation is slowing down, making it less likely the market would return to the inflated pricing levels that defined the pre-bubble era. But if you’re in the market looking at all the outliers, it’s truly becoming a game of who do you believe? Buy now, or wait? Capital Economics put out a release, saying "the number of new home sales continued to recover in September." Yet, the research firm will not know for sure until data delayed by the shutdown is published. The company is now forecasting an increase to 440,000 new home sales annually. And while Capital Economics believes new home sales recovered somewhat in September, the firm is not as optimistic on existing home sales and expects a drop for that month in particular.
URL to original article: http://www.housingwire.com/blogs/1-rewired/post/27528-bubble-or-no-bubble-it-depends-on-who-you-ask
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, October 18, 2013
School districts to get Prop. 39 funding
Source: The Business Journal
Fresno Unified will get a sizable chunk of the money allotted for energy efficiency improvements from Proposition 39. The California Department of Education announced $381 million from last year's voter-approved corporate tax initiative to update aging campuses with energy-saving retrofits. Fresno Unified, the state's fourth largest school district, will see $3.5 million of the total coming its way this year for improvements like new lighting and windows, insulation, crack sealing and ventilation system repairs. Clovis Unified School District will get $1.7 million while Visalia Unified will be receiving $1.26 million. Madera Unified is in line for $973,464 while Central Unified will be given $719,768 and Porterville Unified will get $655,980. Other Valley school districts slated to receive funding include: • Sanger Unified ($461,398) • Selma Unified ($325,100) • Hanford Elementary ($289,241) • Kerman Unified ($243,120) • Cutler-Orosi Joint Unified ($213,334) • Lindsay Unified ($203,445) • Mendota Unified ($152,759) • Corcoran Joint Unified ($164,856) • Yosemite Unified ($111,766) Charter schools within the school districts will also get a portion of the funding. The full allocation of funding also includes county offices of education and cities that run educational centers. Besides the $381 million to K-12 districts, Proposition 39 also sets aside $47 million to community college districts, $28 million for loans and assistance to the California Energy Commission, $3 million to the California Workforce Investment Board for job training and $5 million to the California Conservation Corps to perform energy surveys.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9209-valley-school-districts-to-get-prop-39-energy-funding
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fresno Unified will get a sizable chunk of the money allotted for energy efficiency improvements from Proposition 39. The California Department of Education announced $381 million from last year's voter-approved corporate tax initiative to update aging campuses with energy-saving retrofits. Fresno Unified, the state's fourth largest school district, will see $3.5 million of the total coming its way this year for improvements like new lighting and windows, insulation, crack sealing and ventilation system repairs. Clovis Unified School District will get $1.7 million while Visalia Unified will be receiving $1.26 million. Madera Unified is in line for $973,464 while Central Unified will be given $719,768 and Porterville Unified will get $655,980. Other Valley school districts slated to receive funding include: • Sanger Unified ($461,398) • Selma Unified ($325,100) • Hanford Elementary ($289,241) • Kerman Unified ($243,120) • Cutler-Orosi Joint Unified ($213,334) • Lindsay Unified ($203,445) • Mendota Unified ($152,759) • Corcoran Joint Unified ($164,856) • Yosemite Unified ($111,766) Charter schools within the school districts will also get a portion of the funding. The full allocation of funding also includes county offices of education and cities that run educational centers. Besides the $381 million to K-12 districts, Proposition 39 also sets aside $47 million to community college districts, $28 million for loans and assistance to the California Energy Commission, $3 million to the California Workforce Investment Board for job training and $5 million to the California Conservation Corps to perform energy surveys.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9209-valley-school-districts-to-get-prop-39-energy-funding
For further information on Fresno Real Estate check: http://www.londonproperties.com
Home sales fall hard in Madera County
Source: The Business Journal
Home sales dropped throughout the Valley in September, but no where as significantly as Madera County. According to a new report from the California Association of Realtors, home sales in Madera County were down 40.5 percent from August and 26.7 percent from September 2012, the second and fourth largest drop-offs in the state, respectively. The decline likely had something to do with rising home prices. At $190,000, the county's median home price was up 11.8 percent from $170,000 in August and 58.3 percent from $120,000 a year ago. Kings County saw sales drop 3.5 percent in the month. However sales improved 26.7 percent over last year, the second highest increase in the state after Humboldt County. The increase came despite jump in year-over-year home prices. At $168,450, the county's median home price was up 7.5 percent over last year's price of $156,670. The county saw an 8.4-percent drop from August, however, when the median home price stood at $184,000. Sales in Fresno County fell 13 percent over the month, but remained about even with last year. The county's median home price of $185,830 marked a 1-percent increase from $184,000 in August and a 16.8-percent jump from September 2012. In Tulare County, sales were down 4.7 percent from August and 12.3 percent from a year ago. At $163,500, Tulare County's median home price rose 3.2 percent from August's price of $158,460 and 19.3 percent from $137,060 last year. While sales may have dropped, the available supply of homes improved throughout the Valley. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 4.4 months in September, up from 3.7 months in August but less than last year's supply at 4.7 months. Tulare county's index stood at 4.2 months in September compared to 4.1 months in August and 4 months last year. Kings County saw its index increase to 3 months from 2.9 months in August, although it dropped from 4.1 months last year. Madera County saw a much more dramatic increase, going from 3.5 months a year ago and 2.4 months in August to 5 months in September. Statewide, sales totaled 412,880 homes in September, down 5.1 percent from 434,910 the prior month and 2.6 from 424,000 in September 2012. California's median home price stood at $428,810 in September, down 2.8 percent from $441,330 in August but up 24.4 percent from $344,760 last year. "It's encouraging that housing inventory has been steadily improving since May, when housing supply hit its recent bottom," said C.A.R. President Don Faught, in a release. "While inventory remains constrained in the lower-priced home segment and primary home buyers continue to compete with investors, the number of properties for sale overall has been rising since March 20123 and is at its highest level since mid-2012."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9227-home-sales-fall-hard-in-madera-county
For further information on Fresno Real Estate check: http://www.londonproperties.com
Home sales dropped throughout the Valley in September, but no where as significantly as Madera County. According to a new report from the California Association of Realtors, home sales in Madera County were down 40.5 percent from August and 26.7 percent from September 2012, the second and fourth largest drop-offs in the state, respectively. The decline likely had something to do with rising home prices. At $190,000, the county's median home price was up 11.8 percent from $170,000 in August and 58.3 percent from $120,000 a year ago. Kings County saw sales drop 3.5 percent in the month. However sales improved 26.7 percent over last year, the second highest increase in the state after Humboldt County. The increase came despite jump in year-over-year home prices. At $168,450, the county's median home price was up 7.5 percent over last year's price of $156,670. The county saw an 8.4-percent drop from August, however, when the median home price stood at $184,000. Sales in Fresno County fell 13 percent over the month, but remained about even with last year. The county's median home price of $185,830 marked a 1-percent increase from $184,000 in August and a 16.8-percent jump from September 2012. In Tulare County, sales were down 4.7 percent from August and 12.3 percent from a year ago. At $163,500, Tulare County's median home price rose 3.2 percent from August's price of $158,460 and 19.3 percent from $137,060 last year. While sales may have dropped, the available supply of homes improved throughout the Valley. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 4.4 months in September, up from 3.7 months in August but less than last year's supply at 4.7 months. Tulare county's index stood at 4.2 months in September compared to 4.1 months in August and 4 months last year. Kings County saw its index increase to 3 months from 2.9 months in August, although it dropped from 4.1 months last year. Madera County saw a much more dramatic increase, going from 3.5 months a year ago and 2.4 months in August to 5 months in September. Statewide, sales totaled 412,880 homes in September, down 5.1 percent from 434,910 the prior month and 2.6 from 424,000 in September 2012. California's median home price stood at $428,810 in September, down 2.8 percent from $441,330 in August but up 24.4 percent from $344,760 last year. "It's encouraging that housing inventory has been steadily improving since May, when housing supply hit its recent bottom," said C.A.R. President Don Faught, in a release. "While inventory remains constrained in the lower-priced home segment and primary home buyers continue to compete with investors, the number of properties for sale overall has been rising since March 20123 and is at its highest level since mid-2012."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9227-home-sales-fall-hard-in-madera-county
For further information on Fresno Real Estate check: http://www.londonproperties.com
Subscribe to:
Posts (Atom)
