Source: The Business Journal
Fourth-generation family business Stamoules Produce Co. in Mendota has won the 2013 California Family Business Award.
It is the 24th year of the award, presented by the Institute for Family Business at Fresno State and The Business Journal at an awards ceremony last night at Pardini's in Fresno.
Stamoules grows crops including cantaloupes, honeydew melons, green bell peppers and pistachios on 18,000 acres, employing some 2,000 workers at peak harvest.
The company was founded by Speros Stamoules, who came to the US from Greece in 1903 in search of the American dream. He worked as a food server in a hotel in New York City, saving his money and saving the seeds of some of the cantaloupes he served in anticipation of planting them on his own farm some day.
He eventually made his way to the West Coast, purchasing a small farm near Mendota in 1927.
Stamoules adopted a daughter named Peggy, who eventually married Tom Stefanopolous, another Greek immigrant. Their children are the third generation in the business, with grandchildren as the fourth generation.
There were five companies that were finalists for the award:
Simonian Farms — Simonian Family
Simonian Farms is a fourth generation Fresno farming/farm stand business founded in 1901 that recently expanded with the Simonian Old Town building that houses an antique collection.
Mathews Harley-Davidson — Mathews Family
Two generation of the Mathews family currently work at the newly expanded Mathews Harley-Davidson showroom in Downtown Fresno, originally built in 1961.
Horstmann Financial & Insurance Services — Horstmann Family
Horstmann Financial & Insurance Services is a second-generation family business in Fresno that was founded by John E. Horstmann in 1958.
Dewar's Candy Shop — Dewar Family
Dewar's Candy Shop is a fourth generation sweet shop and manufacturer in Bakersfield founded in 1909 and featured on national television programs including the Food Network's "Unwrapped" series.
Bruno's Iron & Metal — Tosi Family
Bruno's Iron & Metal is a third generation family business in Fresno that has grown into one of the Central Valley's most successful waste recycling centers.
Nominees for the 2013 California Family Business Award are:
• Siemens Family — Arise Solar
• Smith Family — ClickCo LLC
• Nekumanesh / Karimi Family — Colorado Grill
• Clark Family — FTB Print and Mail
• Conner Family — London Properties
• Papulias Family — Pappy’s Fine Foods
• Rodriguez Family — Pinedale Lawnmower Center
• Wilson Family — SAN MAR Properties
• Peck Family — Sumner Peck Ranch
• Steele Family — Steel Printing
• Verrastro Family — Travel Shoppe
URL to the original article: http://www.thebusinessjournal.com/news/small-business/5857-stamoules-produce-co-wins-2013-california-family-business-award
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, April 26, 2013
Thursday, April 25, 2013
Bear vs bull: The current good and bad of the recovery
Source: Housingwire
By Megan Hopkins
While both single-family and multifamily housing starts anticipated to record double-digit gains over last year in 2013, there are factors that continue to hold back even more substantial growth as the recovery evolves, according to economists at the National Association of Home Builders. Single-family housing starts are expected to reach 672,000 in 2013, according to NAHB, up 23% from the 534,000 starts recorded last year. Looking ahead, NAHB is forecasting single-family production to increase an additional 28% to 858,000 units in 2014. It is anticipated multifamily starts will rise to 334,000 units in 2013, up 35% from last year's 247,000 level. NAHB noted that his will bring production back to the baseline level that is needed to keep the supply in balance with demand. In 2014, multifamily starts are expected to rise an additional 5% to 349,000 units. "The broadening housing expansion is evidenced by the NAHB/First American Improving Markets Index, which now lists 273 metros areas out of a universe of 361, or three-quarters of the metropolitan areas in the U.S.," said NAHB Chief Economist David Crowe. Crowe added that most of the recent surge is a result of home price appreciation in a majority of markets. In fact, the latest data shows a nearly 6% annual rate of home price appreciation nationwide. Housing growth is outpacing overall economic growth, noted Crowe. In the fourth quarter of 2013, the residential fixed investment component of GDP was up 17.5% whereas total economic output only registered a 0.4% gain. With housing demand gaining momentum, the need for building materials, developed lots and skilled workers will slowly begin to grow, although the process may take some time. In the meantime, most homebuilders are feeling strapped by the rising costs of key components in building — concrete, softwood lumber and gypsum prices are all above 90% of their housing boom peak — which, in turn, is pushing up the cost of home construction faster than appraised value can follow, according to NAHB. Consumer confidence and future housing demand continue to be dampened by ongoing difficulties in obtaining construction credit, tight mortgage lending rules and Washington’s uncertainty regarding the future of housing financial regulations and housing tax incentives. Meanwhile, Maury Harris, managing director and chief economist for the Americas for UBS, takes a more bullish approach to the housing and economic recovery. The economist expects housing starts to total 1.1 million units this year (700,000 single-family and 400,000 multifamily) and 1.35 million units (900,000 single-family and 450,000 multifamily) in 2014. "My view is that monetary policy is more important than fiscal policy," Harris said, noting that about $85 billion in spending will be cut out of the economy this year due to the sequester. Meanwhile, the Federal Reserve's monetary expansion policy is pumping $85 billion into the economy every month, he noted. "As the Fed buys securities and pumps reserves into the banking system, this is easing lending standards and that will help job growth," added Harris, who expects unemployment to drop to 7.5% at the end of this year and 6.7% at the end of 2014. "The bottom line: we're reasonably optimistic about the economy," Harris said. "The public doesn't sufficiently appreciate all the good that the Fed is doing."
URL to original article: http://www.housingwire.com/news/2013/04/25/bear-vs-bull-current-good-and-bad-recovery
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Megan Hopkins
While both single-family and multifamily housing starts anticipated to record double-digit gains over last year in 2013, there are factors that continue to hold back even more substantial growth as the recovery evolves, according to economists at the National Association of Home Builders. Single-family housing starts are expected to reach 672,000 in 2013, according to NAHB, up 23% from the 534,000 starts recorded last year. Looking ahead, NAHB is forecasting single-family production to increase an additional 28% to 858,000 units in 2014. It is anticipated multifamily starts will rise to 334,000 units in 2013, up 35% from last year's 247,000 level. NAHB noted that his will bring production back to the baseline level that is needed to keep the supply in balance with demand. In 2014, multifamily starts are expected to rise an additional 5% to 349,000 units. "The broadening housing expansion is evidenced by the NAHB/First American Improving Markets Index, which now lists 273 metros areas out of a universe of 361, or three-quarters of the metropolitan areas in the U.S.," said NAHB Chief Economist David Crowe. Crowe added that most of the recent surge is a result of home price appreciation in a majority of markets. In fact, the latest data shows a nearly 6% annual rate of home price appreciation nationwide. Housing growth is outpacing overall economic growth, noted Crowe. In the fourth quarter of 2013, the residential fixed investment component of GDP was up 17.5% whereas total economic output only registered a 0.4% gain. With housing demand gaining momentum, the need for building materials, developed lots and skilled workers will slowly begin to grow, although the process may take some time. In the meantime, most homebuilders are feeling strapped by the rising costs of key components in building — concrete, softwood lumber and gypsum prices are all above 90% of their housing boom peak — which, in turn, is pushing up the cost of home construction faster than appraised value can follow, according to NAHB. Consumer confidence and future housing demand continue to be dampened by ongoing difficulties in obtaining construction credit, tight mortgage lending rules and Washington’s uncertainty regarding the future of housing financial regulations and housing tax incentives. Meanwhile, Maury Harris, managing director and chief economist for the Americas for UBS, takes a more bullish approach to the housing and economic recovery. The economist expects housing starts to total 1.1 million units this year (700,000 single-family and 400,000 multifamily) and 1.35 million units (900,000 single-family and 450,000 multifamily) in 2014. "My view is that monetary policy is more important than fiscal policy," Harris said, noting that about $85 billion in spending will be cut out of the economy this year due to the sequester. Meanwhile, the Federal Reserve's monetary expansion policy is pumping $85 billion into the economy every month, he noted. "As the Fed buys securities and pumps reserves into the banking system, this is easing lending standards and that will help job growth," added Harris, who expects unemployment to drop to 7.5% at the end of this year and 6.7% at the end of 2014. "The bottom line: we're reasonably optimistic about the economy," Harris said. "The public doesn't sufficiently appreciate all the good that the Fed is doing."
URL to original article: http://www.housingwire.com/news/2013/04/25/bear-vs-bull-current-good-and-bad-recovery
For further information on Fresno Real Estate check: http://www.londonproperties.com
Now is the perfect time to sell, say sellers
Source: Housingwire
Home-Seller Confidence Doubles in the Second Quarter
by Tim Ellis
Responses to Redfin’s Real-Time Seller Survey indicated a dramatic shift in the confidence of home sellers in the second quarter—45 percent of sellers believe now is a good time to sell, up from just 22 percent in the first quarter and 15 percent in the fourth quarter. Meanwhile, 44 percent of sellers believe now is a good time to buy. This is the first time sellers have been more optimistic about the market for selling than for buying since Redfin began conducting this survey, in the third quarter of last year. Nearly a third of sellers have no major concerns about selling, up from just 19 percent in the first quarter. Here’s what sellers told us this quarter: •45 percent believe it is a good time to sell, up from 22 percent last quarter, while 44 percent believe it is a good time to buy, down from 54 percent last quarter; •32.3 percent indicated that missing out on future price gains was a major concern about selling now—down from 34.1 percent last quarter and barely exceeding the 31.9 percent of respondents that have no concerns; •52 percent of respondents indicated that they were planning to sell, up from 49 percent in the first quarter; •15 percent of those not planning to sell are renting out their home, while 52 percent of those who are planning to sell would also consider renting out their home instead of selling, up from 47 percent in the first quarter; •85 percent of sellers believe that home prices will rise in their area in the next 12 months, up from 81 percent in the first quarter; and •21% of sellers believe that they would not get a higher price for their home if they waited a year to sell, up from 15% in the first quarter. About the Survey This quarter’s seller survey took place between April 18th and 21st, 2013. We surveyed 1,984 people who had used Redfin in the last three months and who indicated that they were a homeowner. 1,036 of the respondents indicated an intention to sell his or her home at some point in the foreseeable future, while 948 respondents were not planning to sell. The results span 20 metropolitan markets in the U.S.: Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Dallas, Denver, Las Vegas, Los Angeles, New York, Orange County, Philadelphia, Phoenix, Portland, Raleigh, Riverside / San Bernardino, Sacramento, San Diego, San Francisco, Seattle, and Washington DC.
URL to original article: http://www.housingwire.com/fastnews/2013/04/25/now-perfect-time-sell-say-sellers
For further information on Fresno Real Estate check: http://www.londonproperties.com
Home-Seller Confidence Doubles in the Second Quarter
by Tim Ellis
Responses to Redfin’s Real-Time Seller Survey indicated a dramatic shift in the confidence of home sellers in the second quarter—45 percent of sellers believe now is a good time to sell, up from just 22 percent in the first quarter and 15 percent in the fourth quarter. Meanwhile, 44 percent of sellers believe now is a good time to buy. This is the first time sellers have been more optimistic about the market for selling than for buying since Redfin began conducting this survey, in the third quarter of last year. Nearly a third of sellers have no major concerns about selling, up from just 19 percent in the first quarter. Here’s what sellers told us this quarter: •45 percent believe it is a good time to sell, up from 22 percent last quarter, while 44 percent believe it is a good time to buy, down from 54 percent last quarter; •32.3 percent indicated that missing out on future price gains was a major concern about selling now—down from 34.1 percent last quarter and barely exceeding the 31.9 percent of respondents that have no concerns; •52 percent of respondents indicated that they were planning to sell, up from 49 percent in the first quarter; •15 percent of those not planning to sell are renting out their home, while 52 percent of those who are planning to sell would also consider renting out their home instead of selling, up from 47 percent in the first quarter; •85 percent of sellers believe that home prices will rise in their area in the next 12 months, up from 81 percent in the first quarter; and •21% of sellers believe that they would not get a higher price for their home if they waited a year to sell, up from 15% in the first quarter. About the Survey This quarter’s seller survey took place between April 18th and 21st, 2013. We surveyed 1,984 people who had used Redfin in the last three months and who indicated that they were a homeowner. 1,036 of the respondents indicated an intention to sell his or her home at some point in the foreseeable future, while 948 respondents were not planning to sell. The results span 20 metropolitan markets in the U.S.: Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Dallas, Denver, Las Vegas, Los Angeles, New York, Orange County, Philadelphia, Phoenix, Portland, Raleigh, Riverside / San Bernardino, Sacramento, San Diego, San Francisco, Seattle, and Washington DC.
URL to original article: http://www.housingwire.com/fastnews/2013/04/25/now-perfect-time-sell-say-sellers
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, April 24, 2013
Credit proves a hurdle for potential homebuyers
Source: The Housingwire
By Megan Hopkins
Spring has already proven to be a success for the housing industry. In its latest report, CoreLogic noted that there are a number of factors that could help strengthen the housing sector even more, but homebuyers are still facing major obstacles standing between themselves and homeownership. Right now, sellers are facing the challenge of owning enough equity in their existing home to have a strong enough downpayment on a home in a competitive sellers’ market. Not only that, they need to have a qualifying credit profile in a tight lending industry. Luckily, many of those markets that were hit the hardest have had strong price improvements in 2012, removing some of the insufficient equity constraint. With more equity in their hands, owners are putting their homes up for sale and contributing to a tight housing inventory, CoreLogic writes, then transitioning into the buyer role once their home has sold. Not only that, increasing equity is reviving trade-up buyer demand, creating a healthy housing cycle. Coinciding with this newfound equity is increased investor activity, which is expecting to continue driving demand throughout the year. It is anticipated that the first-time homebuyer will also make a stronger appearance in the near future. Today’s household formation has many potential first-time buyers running to rentals, but CoreLogic notes that is part of the cycle. The report’s author, Mark Fleming, writes, "As new renter-households are formed, rental prices are bid up, making the prospect of owning more attractive to existing renters." Fleming notes that the expectation this spring is that more renters will take advantage of historically low interest rates and low home prices and become first-time homebuyers. While the economy is getting back on its feet, slowly but surely, the housing sector is establishing itself as a substantial contributor to this improvement. With equity becoming more sufficient, creditworthiness seems to be one of the only obstacles for potential homebuyers.
URL to original article: http://www.housingwire.com/news/2013/04/23/credit-proves-hurdle-potential-homebuyers
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Megan Hopkins
Spring has already proven to be a success for the housing industry. In its latest report, CoreLogic noted that there are a number of factors that could help strengthen the housing sector even more, but homebuyers are still facing major obstacles standing between themselves and homeownership. Right now, sellers are facing the challenge of owning enough equity in their existing home to have a strong enough downpayment on a home in a competitive sellers’ market. Not only that, they need to have a qualifying credit profile in a tight lending industry. Luckily, many of those markets that were hit the hardest have had strong price improvements in 2012, removing some of the insufficient equity constraint. With more equity in their hands, owners are putting their homes up for sale and contributing to a tight housing inventory, CoreLogic writes, then transitioning into the buyer role once their home has sold. Not only that, increasing equity is reviving trade-up buyer demand, creating a healthy housing cycle. Coinciding with this newfound equity is increased investor activity, which is expecting to continue driving demand throughout the year. It is anticipated that the first-time homebuyer will also make a stronger appearance in the near future. Today’s household formation has many potential first-time buyers running to rentals, but CoreLogic notes that is part of the cycle. The report’s author, Mark Fleming, writes, "As new renter-households are formed, rental prices are bid up, making the prospect of owning more attractive to existing renters." Fleming notes that the expectation this spring is that more renters will take advantage of historically low interest rates and low home prices and become first-time homebuyers. While the economy is getting back on its feet, slowly but surely, the housing sector is establishing itself as a substantial contributor to this improvement. With equity becoming more sufficient, creditworthiness seems to be one of the only obstacles for potential homebuyers.
URL to original article: http://www.housingwire.com/news/2013/04/23/credit-proves-hurdle-potential-homebuyers
For further information on Fresno Real Estate check: http://www.londonproperties.com
Influence of new immigrants evident in US housing markets
Source: The Housingwire
Posted by Megan Hopkins on April 24, 2013 10:30 AM
One of the hottest debates coming out of Washington D.C. right now is immigration. But one thing that’s not debatable is the contribution of new immigrants to the housing recovery. In fact, new legal status for current non-citizens could result in a potential $100 billion in new mortgage loans, the Financial Times reported in Wednesday’s paper. As homeownership plummeted to a 17-year low of 65.3% in the third quarter of 2012, immigrant homeownership rates have continued increasing, the paper writes. For many of these foreign settlers who have come to the U.S., homeownership is the American dream for which they’ll work years to obtain. And while they only make up 13% of the country’s population, immigrants totaled nearly 36% of homeownership growth between 2000 and 2010, Financial Times reported. It is anticipated that in six gateway states, including California and New York, immigrants will account for more than 50% of the rise in home buying by 2020, according to a report by the Research Institute for Housing America and the Mortgage Bankers Association. We've all heard of the uber wealthy foreign investors reviving the California market. However, it's not just the glitzy markets that are seeing an effect. Due to their affordability and quick commute to work, neighborhoods that would otherwise be rundown and vacant are flourishing thanks to immigrant interest. So it’s important to remember what these foreign settlers are doing to our housing recovery. To many Americans, homeownership is just another predicted step in life. However, for many of these immigrants, it is a life goal worked many years to achieve.
URL to original article: http://www.housingwire.com/rewired/2013/04/24/influence-new-immigrants-evident-us-housing-markets
For further information on Fresno Real Estate check: http://www.londonproperties.com
Posted by Megan Hopkins on April 24, 2013 10:30 AM
One of the hottest debates coming out of Washington D.C. right now is immigration. But one thing that’s not debatable is the contribution of new immigrants to the housing recovery. In fact, new legal status for current non-citizens could result in a potential $100 billion in new mortgage loans, the Financial Times reported in Wednesday’s paper. As homeownership plummeted to a 17-year low of 65.3% in the third quarter of 2012, immigrant homeownership rates have continued increasing, the paper writes. For many of these foreign settlers who have come to the U.S., homeownership is the American dream for which they’ll work years to obtain. And while they only make up 13% of the country’s population, immigrants totaled nearly 36% of homeownership growth between 2000 and 2010, Financial Times reported. It is anticipated that in six gateway states, including California and New York, immigrants will account for more than 50% of the rise in home buying by 2020, according to a report by the Research Institute for Housing America and the Mortgage Bankers Association. We've all heard of the uber wealthy foreign investors reviving the California market. However, it's not just the glitzy markets that are seeing an effect. Due to their affordability and quick commute to work, neighborhoods that would otherwise be rundown and vacant are flourishing thanks to immigrant interest. So it’s important to remember what these foreign settlers are doing to our housing recovery. To many Americans, homeownership is just another predicted step in life. However, for many of these immigrants, it is a life goal worked many years to achieve.
URL to original article: http://www.housingwire.com/rewired/2013/04/24/influence-new-immigrants-evident-us-housing-markets
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, April 23, 2013
Report: Distressed home sales come down in March
Source: The Business Journal
Distressed home sales in California fell to their lowest level in five years, a trend reflected just as strongly in the San Joaquin Valley. According to the California Association of Realtors, distressed sales, which include short sales, sales of bank-owned properties and other foreclosure sales, were down to 41 percent of all home sales in Fresno County in March. That compares to 44 percent in February and 60 percent in March 2012. In Madera County, distressed sales fell to 46 percent in the month from 53 percent the prior month and 68 percent last year. Tulare County saw its distressed sales plummet to 38 percent in March compared to 48 percent in February and 62 percent a year ago. Kings County figures weren't as promising, with distressed sales shooting up to 54 percent in March over 41 percent the prior month. March 2012 percentages weren't available. The statewide average was even lower than the San Joaquin Valley with 28 percent of home sales considered distressed. That's down from 33 percent in February and 49 percent a year ago. Of California's home sales, the share of short sales was 17.3 percent in March, down from 19.8 percent the prior month and 22.6 percent a year ago. The share of real estate-owned sales, including bank-owned homes, dropped to 10.2 percent compared to 12.9 percent and 25.9 percent, respectively. Equity sales, or non-distressed property sales, shot up to 72.1 percent from 66.8 percent in February and 51.2 percent in March 2012. The available supply of real estate-owned homes remained tight in February, or number of months to deplete the supply of homes at the current sales rate, slipping from two months in February to 1.8 months in March. The index for short sales 2.7 months in March compared to 3.2 months in February while equity sales dropped from 3.8 months to three months.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/5763-report-distressed-home-sales-come-down-in-march
For further information on Fresno Real Estate check: http://www.londonproperties.com
Distressed home sales in California fell to their lowest level in five years, a trend reflected just as strongly in the San Joaquin Valley. According to the California Association of Realtors, distressed sales, which include short sales, sales of bank-owned properties and other foreclosure sales, were down to 41 percent of all home sales in Fresno County in March. That compares to 44 percent in February and 60 percent in March 2012. In Madera County, distressed sales fell to 46 percent in the month from 53 percent the prior month and 68 percent last year. Tulare County saw its distressed sales plummet to 38 percent in March compared to 48 percent in February and 62 percent a year ago. Kings County figures weren't as promising, with distressed sales shooting up to 54 percent in March over 41 percent the prior month. March 2012 percentages weren't available. The statewide average was even lower than the San Joaquin Valley with 28 percent of home sales considered distressed. That's down from 33 percent in February and 49 percent a year ago. Of California's home sales, the share of short sales was 17.3 percent in March, down from 19.8 percent the prior month and 22.6 percent a year ago. The share of real estate-owned sales, including bank-owned homes, dropped to 10.2 percent compared to 12.9 percent and 25.9 percent, respectively. Equity sales, or non-distressed property sales, shot up to 72.1 percent from 66.8 percent in February and 51.2 percent in March 2012. The available supply of real estate-owned homes remained tight in February, or number of months to deplete the supply of homes at the current sales rate, slipping from two months in February to 1.8 months in March. The index for short sales 2.7 months in March compared to 3.2 months in February while equity sales dropped from 3.8 months to three months.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/5763-report-distressed-home-sales-come-down-in-march
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, April 19, 2013
California AG awards homeowner assistance grants
Source: Housingwire
By Christina Mlynski
California’s top lawyer is granting dozens of organizations millions of dollars in benefits to better assist homeowners affected by the state’s foreclosure crisis. California’s National Mortgage Settlement Grant Program awarded $9.4 million to 21 organizations, with the ultimate goal of aiding the state’s neediest homeowners by providing foreclosure intervention aid. Additionally, the grants will expand access to free legal assistance and representation, homeowner education, financial literacy clinics, blight remediation services, fraud prevention education and employment support services, said California Attorney General Kamala Harris. "The foreclosure crisis has inflicted wide-ranging and deep harm to California homeowners and communities," she said. "These grants will give homeowners and families the financial and legal tools they need to recover." Many of the organizations receiving grants focus on disproportionately impacted populations including Native Americans, rural homeowners and the elderly. The grant is in accordance with Harris’ decision to construct a legal task force to handle cases that could surface under the state’s new Homeowner Bill of Rights. In March, the HBOR program issued a $1 million grant to the The National Housing Law Project. The funds will support a powerhouse team of lawyers to investigate and potentially prosecute cases under the homeowner-focused legislation. The goal of the grant is to provide training to 800 California consumer and housing attorneys from both private and nonprofit firms through on-site training and webinars on how to maximize the HBOR’s protections. Last year, Harris appointed Katherine Porter, professor of the University of California, Irvine School of Law, as the state’s monitor of the commitment by the nation’s five largest banks to perform as much as $18 billion worth of borrower benefits in the state. As a result, the California State Bar has partnered with the attorney general’s office to administer the grants and monitor compliance. The organizations are required to provide financial and operational reports to both offices. "In working with homeowners up-and-down California, I have seen the invaluable work being done by community-based organizations like these," Porter said. "Families working to get back on their feet will benefit greatly from the programs funded by these grants."
URL to original article: http://www.housingwire.com/news/2013/04/19/california-ag-awards-homeowner-assistance-grants
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Christina Mlynski
California’s top lawyer is granting dozens of organizations millions of dollars in benefits to better assist homeowners affected by the state’s foreclosure crisis. California’s National Mortgage Settlement Grant Program awarded $9.4 million to 21 organizations, with the ultimate goal of aiding the state’s neediest homeowners by providing foreclosure intervention aid. Additionally, the grants will expand access to free legal assistance and representation, homeowner education, financial literacy clinics, blight remediation services, fraud prevention education and employment support services, said California Attorney General Kamala Harris. "The foreclosure crisis has inflicted wide-ranging and deep harm to California homeowners and communities," she said. "These grants will give homeowners and families the financial and legal tools they need to recover." Many of the organizations receiving grants focus on disproportionately impacted populations including Native Americans, rural homeowners and the elderly. The grant is in accordance with Harris’ decision to construct a legal task force to handle cases that could surface under the state’s new Homeowner Bill of Rights. In March, the HBOR program issued a $1 million grant to the The National Housing Law Project. The funds will support a powerhouse team of lawyers to investigate and potentially prosecute cases under the homeowner-focused legislation. The goal of the grant is to provide training to 800 California consumer and housing attorneys from both private and nonprofit firms through on-site training and webinars on how to maximize the HBOR’s protections. Last year, Harris appointed Katherine Porter, professor of the University of California, Irvine School of Law, as the state’s monitor of the commitment by the nation’s five largest banks to perform as much as $18 billion worth of borrower benefits in the state. As a result, the California State Bar has partnered with the attorney general’s office to administer the grants and monitor compliance. The organizations are required to provide financial and operational reports to both offices. "In working with homeowners up-and-down California, I have seen the invaluable work being done by community-based organizations like these," Porter said. "Families working to get back on their feet will benefit greatly from the programs funded by these grants."
URL to original article: http://www.housingwire.com/news/2013/04/19/california-ag-awards-homeowner-assistance-grants
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, April 18, 2013
Getting ready for a more normal purchase-focused market
Source: Housingwire
Posted by Jonathan Corr
Is the mortgage origination market reverting to the mean? By that, of course, I mean the traditional 60/40 or 70/30 relationship between purchases and refinances. It sure sounded that way yesterday when the Mortgage Bankers Association (MBA) reiterated its forecast for this year and next. According to MBA economist Mike Fratantoni, the most likely outcome for 2013 is an origination market with $835 billion in refinances and purchases growing to $597 billion. If, as forecasted, rates rise to 4.5% in 2014, the MBA said that the refinance-to-purchase mix shift could accelerate with purchases climbing back to $700 billion levels and refinances coming in at $337 billion. This would bring the balance between purchases and refinances more in line with healthier, historical levels, and set the stage for a more sustainable market in 2015 and beyond. Fratantoni made it clear that while these were the likely outcomes, the decline could also be more gradual (or more pronounced). He noted that new household formation was growing again, that buying versus renting was a better option in many markets and that overseas uncertainties, while disruptive to the stock market, have a positive effect on mortgage rates. By the way, the MBA has one of the more conservative forecasts for originations this year. But suppose the MBA’s forecast is on target? What would it mean for our industry short term? Definitely hard times for originators that haven’t built out a purchase strategy. Certainly, greater competition and with it: margin compression. The shift from a less time sensitive refinance business to a faster-paced, more demanding purchase market will also be tricky. And it will occur at the same time our industry is ramping up for the plethora of new rules that are either coming or taking effect in 2014. Are lenders ready for this scenario? The attendees I talked with at the show, and the clients I see every week, seemed to be. They’ve been investing in technology to lower their costs so that they’ll be able to compete more effectively in a smaller market and still be profitable. They are also interested in new CRM options to improve their marketing to Realtors and consumers. Once the momentum changes from refinances to purchases, I’d expect to see more entrepreneurial players leverage technology to reposition themselves and deposition competitors. For example, I can see aggressive mortgage banks using promises of faster decisions and closings to recruit top-performing LOs. Similarly, technology will be critical in executing lower-cost, consumer-direct strategies. The lenders who are getting ready now will work through the downturn and be well positioned when the mortgage industry starts growing again in 2015 with a more normal 70-to-30% purchase-to-refinance mix.
URL to original article: http://www.housingwire.com/rewired/2013/04/17/getting-ready-more-normal-purchase-focused-market
For further information on Fresno Real Estate check: http://www.londonproperties.com
Posted by Jonathan Corr
Is the mortgage origination market reverting to the mean? By that, of course, I mean the traditional 60/40 or 70/30 relationship between purchases and refinances. It sure sounded that way yesterday when the Mortgage Bankers Association (MBA) reiterated its forecast for this year and next. According to MBA economist Mike Fratantoni, the most likely outcome for 2013 is an origination market with $835 billion in refinances and purchases growing to $597 billion. If, as forecasted, rates rise to 4.5% in 2014, the MBA said that the refinance-to-purchase mix shift could accelerate with purchases climbing back to $700 billion levels and refinances coming in at $337 billion. This would bring the balance between purchases and refinances more in line with healthier, historical levels, and set the stage for a more sustainable market in 2015 and beyond. Fratantoni made it clear that while these were the likely outcomes, the decline could also be more gradual (or more pronounced). He noted that new household formation was growing again, that buying versus renting was a better option in many markets and that overseas uncertainties, while disruptive to the stock market, have a positive effect on mortgage rates. By the way, the MBA has one of the more conservative forecasts for originations this year. But suppose the MBA’s forecast is on target? What would it mean for our industry short term? Definitely hard times for originators that haven’t built out a purchase strategy. Certainly, greater competition and with it: margin compression. The shift from a less time sensitive refinance business to a faster-paced, more demanding purchase market will also be tricky. And it will occur at the same time our industry is ramping up for the plethora of new rules that are either coming or taking effect in 2014. Are lenders ready for this scenario? The attendees I talked with at the show, and the clients I see every week, seemed to be. They’ve been investing in technology to lower their costs so that they’ll be able to compete more effectively in a smaller market and still be profitable. They are also interested in new CRM options to improve their marketing to Realtors and consumers. Once the momentum changes from refinances to purchases, I’d expect to see more entrepreneurial players leverage technology to reposition themselves and deposition competitors. For example, I can see aggressive mortgage banks using promises of faster decisions and closings to recruit top-performing LOs. Similarly, technology will be critical in executing lower-cost, consumer-direct strategies. The lenders who are getting ready now will work through the downturn and be well positioned when the mortgage industry starts growing again in 2015 with a more normal 70-to-30% purchase-to-refinance mix.
URL to original article: http://www.housingwire.com/rewired/2013/04/17/getting-ready-more-normal-purchase-focused-market
For further information on Fresno Real Estate check: http://www.londonproperties.com
More young couples buy a home before getting married
Source: Housingwire
MINNEAPOLIS (WCCO) – Is a home the new engagement ring? A new national survey shows more and more young couples are putting mortgages before wedding bands these days. The new Coldwell Banker survey shows nearly a quarter of married couples between the ages of 18 and 34 purchased a home before getting married. Matt Williamson and Olivia Wee of Minneapolis are in that boat, having closed on their first home a few weeks ago, even though their wedding isn’t until August. Psychologists say shopping for homes forces young couples to tackle issues they should deal with before getting married, such as how to cope with major disappointments. Wee said they’ve already started making the Nokomis-area home their own. “We’ve been knocking out this wall and buying a few things here or there to kind of get it ready and then I’ll move in after our wedding,” she said. The survey shows most couples who purchase a home before getting married end up moving in together.
URL to original article: http://www.housingwire.com/fastnews/2013/04/18/more-young-couples-buy-home-getting-married
For further information on Fresno Real Estate check: http://www.londonproperties.com
MINNEAPOLIS (WCCO) – Is a home the new engagement ring? A new national survey shows more and more young couples are putting mortgages before wedding bands these days. The new Coldwell Banker survey shows nearly a quarter of married couples between the ages of 18 and 34 purchased a home before getting married. Matt Williamson and Olivia Wee of Minneapolis are in that boat, having closed on their first home a few weeks ago, even though their wedding isn’t until August. Psychologists say shopping for homes forces young couples to tackle issues they should deal with before getting married, such as how to cope with major disappointments. Wee said they’ve already started making the Nokomis-area home their own. “We’ve been knocking out this wall and buying a few things here or there to kind of get it ready and then I’ll move in after our wedding,” she said. The survey shows most couples who purchase a home before getting married end up moving in together.
URL to original article: http://www.housingwire.com/fastnews/2013/04/18/more-young-couples-buy-home-getting-married
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, April 17, 2013
US housing starts surpass 1 million in March
Source: The Business Journal
Written by MARTIN CRUTSINGER, AP Economics Writer
( AP) — U.S. homebuilders broke the 1 million mark in March for the first time since June 2008. The gain signals continued strength for the housing recovery at the start of the spring buying season. The overall pace of homes started rose 7 percent from February to March to a seasonally adjusted annual rate of 1.04 million, the Commerce Department said Tuesday. Apartment construction, which tends to fluctuate sharply from month to month, led the surge: It jumped nearly 31 percent to an annual rate of 417,000, the fastest pace since January 2006. By contrast, single-family home building, which makes up nearly two-thirds of the market, fell 4.8 percent to an annual rate of 619,000. That was down from February's pace of 650,000, the fastest since May 2008. The government said February's pace was a sharp 5.2 percent higher than it had previously estimated. Applications for building permits, a gauge of future construction, declined 3.9 percent to an annual rate of 902,000. It was down from February's rate of 939,000, which was also nearly a five-year high. Paul Ashworth, chief U.S. economist at Capital Economics, called the data "obviously good news." But he noted that the surge was due to a jump in volatile apartment construction and said the pace of building could drop in April. Still, home building is expected to contribute to economic growth in 2013 for a second straight year — a reversal from 2006 through 2011, when it held back the economy. Deutsche Bank predicts that home construction will reach an annual pace of 1.2 million by year's end. Brett Ryan, an economist at Deutsche Bank, said that rate could add 0.5 percentage point to 2013 growth. That would be the biggest contribution from housing since 2004. The housing recovery could spur an additional percentage point of growth by encouraging more consumer spending, Ryan said. More building and higher home sales mean Americans will likely spend more on things like furniture and landscaping. Higher home prices also create a "wealth effect" that gives homeowners the confidence to spend more. Steady job growth, near record-low mortgage rates and rising home values have encouraged more people to buy homes. In response to higher demand and a low supply of available homes for sale, builders have stepped up construction. March's pace of homes started was nearly 46 percent higher than in the same month in 2012. Housing construction fell 5.8 percent in the Northeast but gained in the rest of the country, led by a 10.9 percent rise in the South. It rose 9.6 percent in the Midwest and 2.7 percent in the West. The National Association of Home Builders/Wells Fargo April survey released Monday showed that builders are concerned that limited land and rising costs for building materials and labor could slow sales in the short term. That led to a third straight monthly drop in confidence. Still, the builders' outlook for sales over the next six months climbed to the highest level in more than six years, suggesting that the obstacles could be temporary. And construction firms have stepped up hiring in recent months. They added 18,000 jobs in March and 169,000 since September, according to the Labor Department. 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 statistics from the homebuilders.
URL to original article: http://www.thebusinessjournal.com/news/national/5697-us-housing-starts-surpass-1-million-in-march
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by MARTIN CRUTSINGER, AP Economics Writer
( AP) — U.S. homebuilders broke the 1 million mark in March for the first time since June 2008. The gain signals continued strength for the housing recovery at the start of the spring buying season. The overall pace of homes started rose 7 percent from February to March to a seasonally adjusted annual rate of 1.04 million, the Commerce Department said Tuesday. Apartment construction, which tends to fluctuate sharply from month to month, led the surge: It jumped nearly 31 percent to an annual rate of 417,000, the fastest pace since January 2006. By contrast, single-family home building, which makes up nearly two-thirds of the market, fell 4.8 percent to an annual rate of 619,000. That was down from February's pace of 650,000, the fastest since May 2008. The government said February's pace was a sharp 5.2 percent higher than it had previously estimated. Applications for building permits, a gauge of future construction, declined 3.9 percent to an annual rate of 902,000. It was down from February's rate of 939,000, which was also nearly a five-year high. Paul Ashworth, chief U.S. economist at Capital Economics, called the data "obviously good news." But he noted that the surge was due to a jump in volatile apartment construction and said the pace of building could drop in April. Still, home building is expected to contribute to economic growth in 2013 for a second straight year — a reversal from 2006 through 2011, when it held back the economy. Deutsche Bank predicts that home construction will reach an annual pace of 1.2 million by year's end. Brett Ryan, an economist at Deutsche Bank, said that rate could add 0.5 percentage point to 2013 growth. That would be the biggest contribution from housing since 2004. The housing recovery could spur an additional percentage point of growth by encouraging more consumer spending, Ryan said. More building and higher home sales mean Americans will likely spend more on things like furniture and landscaping. Higher home prices also create a "wealth effect" that gives homeowners the confidence to spend more. Steady job growth, near record-low mortgage rates and rising home values have encouraged more people to buy homes. In response to higher demand and a low supply of available homes for sale, builders have stepped up construction. March's pace of homes started was nearly 46 percent higher than in the same month in 2012. Housing construction fell 5.8 percent in the Northeast but gained in the rest of the country, led by a 10.9 percent rise in the South. It rose 9.6 percent in the Midwest and 2.7 percent in the West. The National Association of Home Builders/Wells Fargo April survey released Monday showed that builders are concerned that limited land and rising costs for building materials and labor could slow sales in the short term. That led to a third straight monthly drop in confidence. Still, the builders' outlook for sales over the next six months climbed to the highest level in more than six years, suggesting that the obstacles could be temporary. And construction firms have stepped up hiring in recent months. They added 18,000 jobs in March and 169,000 since September, according to the Labor Department. 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 statistics from the homebuilders.
URL to original article: http://www.thebusinessjournal.com/news/national/5697-us-housing-starts-surpass-1-million-in-march
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, April 15, 2013
Report: Valley home sales see improvement in March
Source: The Business Journal
Valley home sales improved in March from the month before but not enough to meet last year's numbers. According to a new report from the California Association of Realtors, home sales in Fresno County were up 10 percent in the month over February, but dropped 9.5 percent from March 2012. The county's median home price stood at $160,510 in March, a 1-percent bump from February's price of $158,950 and a 19.2-percent spike from $134,690 a year ago. Sales in Tulare County were up 27.9 percent in the month, but fell 20.3 percent from last year. Tulare County's median home price of $137,560 marked a 2.8-percent increase from February's $133,870 and a 12.2-percent increase from $122,630 in March 2012. In Madera County, sales were up 64.7 percent in March but down 30 percent from the year before. The county's median home price stood at $136,000 in the month, up 4.6 percent from $130,000 the prior month and 8.8 percent from $125,000 last year. Kings County sales were up 31.7 percent over February but flat when compared to March 2012. The county's median home price dropped 5 percent from $153,750 in February but came up 5 percent from $139,090 last year to end at $146,000. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 3.8 months in March compared to 3.9 months in February and 4.5 months a year ago. Tulare County's index stood at 3.2 months compared to 4 months in both February and March 2012, while Madera County's index was at 3.5 months compared to 5.2 months and 3.7 months, respectively. Kings County saw its index fall to 2.7 months from 3.3 months in February and 3.6 months in March 2012. Statewide, sales were up just slightly in the month to 417,520 but down 4.9 percent from 439,260 in March 2012. California's median home price stood at $378,960, up 13.7 percent from February and 28.2 percent from March 2012. "While home sales were essentially flat from February, sales declined moderately from last year, as an extreme shortage of available homes continued to dictate the market," said C.A.R. President Don Faught, "Statewide inventory dropped 36 percent from last March and was below 3 months for the second time in the past few months. Supply conditions are particularly tight in the lower-priced segment of the market, as inventory for homes priced below $300K plunged more than 50 percent from the previous year."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/5687-report-valley-home-sales-see-improvement-in-march
For further information on Fresno Real Estate check: http://www.londonproperties.com
Valley home sales improved in March from the month before but not enough to meet last year's numbers. According to a new report from the California Association of Realtors, home sales in Fresno County were up 10 percent in the month over February, but dropped 9.5 percent from March 2012. The county's median home price stood at $160,510 in March, a 1-percent bump from February's price of $158,950 and a 19.2-percent spike from $134,690 a year ago. Sales in Tulare County were up 27.9 percent in the month, but fell 20.3 percent from last year. Tulare County's median home price of $137,560 marked a 2.8-percent increase from February's $133,870 and a 12.2-percent increase from $122,630 in March 2012. In Madera County, sales were up 64.7 percent in March but down 30 percent from the year before. The county's median home price stood at $136,000 in the month, up 4.6 percent from $130,000 the prior month and 8.8 percent from $125,000 last year. Kings County sales were up 31.7 percent over February but flat when compared to March 2012. The county's median home price dropped 5 percent from $153,750 in February but came up 5 percent from $139,090 last year to end at $146,000. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 3.8 months in March compared to 3.9 months in February and 4.5 months a year ago. Tulare County's index stood at 3.2 months compared to 4 months in both February and March 2012, while Madera County's index was at 3.5 months compared to 5.2 months and 3.7 months, respectively. Kings County saw its index fall to 2.7 months from 3.3 months in February and 3.6 months in March 2012. Statewide, sales were up just slightly in the month to 417,520 but down 4.9 percent from 439,260 in March 2012. California's median home price stood at $378,960, up 13.7 percent from February and 28.2 percent from March 2012. "While home sales were essentially flat from February, sales declined moderately from last year, as an extreme shortage of available homes continued to dictate the market," said C.A.R. President Don Faught, "Statewide inventory dropped 36 percent from last March and was below 3 months for the second time in the past few months. Supply conditions are particularly tight in the lower-priced segment of the market, as inventory for homes priced below $300K plunged more than 50 percent from the previous year."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/5687-report-valley-home-sales-see-improvement-in-march
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, April 12, 2013
Insurance exchange bringing call center, 500 jobs to Fresno
Source: The Business Journal
Covered California — the state's new health insurance exchange created as part of the federal health care law — announced Fresno will be the site of one of its three future call centers, creating almost 500 jobs. The center is scheduled to open in the fall with a location to be announced soon. The other call centers will be located in Contra Costa County and Rancho Cordova in Sacramento County. Covered California seeks staff speaking languages including English, Spanish, Mandarin, Cantonese, Vietnamese and Armenian. “Fresno is a great location for one of our service centers because its diverse workforce mirrors the diversity of the State we need to serve” said Covered California Executive Director Peter V. Lee in a statement. Creation of the call center and initial staffing will be funded by federal dollars. Covered California will administer a written test for positions at the call center at the Fresno Convention Center on April 13. Beginning April 11 at noon, applicants must self-schedule an examine at http://www.jobs.ca.gov/Job/ProgramTech Covered California is the first health benefit exchange created in the U.S. following the passage of the Affordable Care Act. Beginning next year, the exchange will be available to individuals and businesses to buy health coverage.
URL to original article: http://www.thebusinessjournal.com/news/healthcare/5647-insurance-exchange-bringing-call-center-500-jobs-to-fresno
For further information on Fresno Real Estate check: http://www.londonproperties.com
Covered California — the state's new health insurance exchange created as part of the federal health care law — announced Fresno will be the site of one of its three future call centers, creating almost 500 jobs. The center is scheduled to open in the fall with a location to be announced soon. The other call centers will be located in Contra Costa County and Rancho Cordova in Sacramento County. Covered California seeks staff speaking languages including English, Spanish, Mandarin, Cantonese, Vietnamese and Armenian. “Fresno is a great location for one of our service centers because its diverse workforce mirrors the diversity of the State we need to serve” said Covered California Executive Director Peter V. Lee in a statement. Creation of the call center and initial staffing will be funded by federal dollars. Covered California will administer a written test for positions at the call center at the Fresno Convention Center on April 13. Beginning April 11 at noon, applicants must self-schedule an examine at http://www.jobs.ca.gov/Job/ProgramTech Covered California is the first health benefit exchange created in the U.S. following the passage of the Affordable Care Act. Beginning next year, the exchange will be available to individuals and businesses to buy health coverage.
URL to original article: http://www.thebusinessjournal.com/news/healthcare/5647-insurance-exchange-bringing-call-center-500-jobs-to-fresno
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, April 10, 2013
'Nashville' house hits the market for $19.5 million
Source: Housingwire
By: Catherine Sherman
While the kitchen is a place to gather in the home, it's not everyday you invite guests into your master bathroom -- especially when a camera is rolling. But Sylvia Roberts did just that. Her extravagant six-acre estate has been transformed into the home of country-music star Rayna Jaymes, played by Connie Britton (pictured below with co-star Hayden Panettiere) in ABC's "Nashville." "Initially when I signed up to do the pilot, I had no idea it would turn into a hit TV series," Roberts said. "The process has been a little bit longer than expected, but I'm excited. I feel like it will get picked up for the next season." But while Roberts is having fun playing host to television stars, her property has yet to secure a buyer. She listed the home in October 2010 for $22.5 million and has since dropped the asking price to $19.5 million. Even for prestigious Belle Meade, Tenn., a city within Nashville, this is a lot to pay for a six-bedroom. "The price range is limited in terms of who it attracts," said Steve Fridrich of Fridrich & Clark Realty, the listing agent for the property. "Exposure for the house has been good. Of course, on a TV show they don't say the house is for sale." While Fridrich was initially skeptical about whether "Nashville" would help sell the home, Roberts says that she would do it all over again in a heartbeat. "To me, it's amazing," she said. "For years, Nashville has been looked at as a redneck, hillbilly situation, but it's a warm, loving community and they have tried to represent that." Roberts and her ex-husband purchased the 20,533-square-foot estate in April 1999. Over the past 14 years, she's raised a family, hosted charity events and weathered a flood filling her basement with five feet of water. But with a massive wine cellar, European wash bins and a spiraling staircase, any signs of damage were washed away with the flood. "You don't really understand the home until you walk in the door," Roberts said. "Then you feel the warmth." The home's traditional Georgian style was inspired by A. Hays Town, a famous American architect influenced by the Spanish, French and Creole history of Louisiana. "We were in New Orleans and saw these brick columns [designed by Town] there," Roberts explained. "They were amazingly unique, so that's what we did. We didn't plaster over the columns." And Roberts didn't stop there: She worked closely with interior designer Mary Spalding, filling the home with antiques and old light fixtures. "It's custom-built, every detail," Fridrich said. "It would be tough to rebuild it." But that's exactly what the producers of "Nashville" did. After shooting at the home for a few weeks, Roberts says the crew has only come by a dozen or so times to take measurements and photos of the landscape. "They made a set duplicating my home," she explained. "From the coffee pot to the stove, the brick, the mortar -- they measured and took an exact replica of my home." But a lack of movie cameras hasn't kept Roberts away from the show. Whether hosting viewing parties with her friends or making time for media interviews, she's embraced the adventure that is "Nashville." In fact, she may even play a cameo role in an upcoming episode. "I'm not going to have made that much money, but I've made so many new friends, and it's opened doors I didn't foresee," she said. Due to the publicity on the show, Roberts says, the estate is going to be marketed overseas. A buyer from Atlanta also has recently shown interest. "It's kind of like 'Downtown Abby,' " said Fridrich. "That house is famous now and will always be famous." Hopefully, fame will turn into a sale. Today marks 911 days since the home hit the Nashville real estate market.
URL to original article: http://www.housingwire.com/fastnews/2013/04/09/nashville-house-hits-market-195-million
For further information on Fresno Real Estate check: http://www.londonproperties.com
By: Catherine Sherman
While the kitchen is a place to gather in the home, it's not everyday you invite guests into your master bathroom -- especially when a camera is rolling. But Sylvia Roberts did just that. Her extravagant six-acre estate has been transformed into the home of country-music star Rayna Jaymes, played by Connie Britton (pictured below with co-star Hayden Panettiere) in ABC's "Nashville." "Initially when I signed up to do the pilot, I had no idea it would turn into a hit TV series," Roberts said. "The process has been a little bit longer than expected, but I'm excited. I feel like it will get picked up for the next season." But while Roberts is having fun playing host to television stars, her property has yet to secure a buyer. She listed the home in October 2010 for $22.5 million and has since dropped the asking price to $19.5 million. Even for prestigious Belle Meade, Tenn., a city within Nashville, this is a lot to pay for a six-bedroom. "The price range is limited in terms of who it attracts," said Steve Fridrich of Fridrich & Clark Realty, the listing agent for the property. "Exposure for the house has been good. Of course, on a TV show they don't say the house is for sale." While Fridrich was initially skeptical about whether "Nashville" would help sell the home, Roberts says that she would do it all over again in a heartbeat. "To me, it's amazing," she said. "For years, Nashville has been looked at as a redneck, hillbilly situation, but it's a warm, loving community and they have tried to represent that." Roberts and her ex-husband purchased the 20,533-square-foot estate in April 1999. Over the past 14 years, she's raised a family, hosted charity events and weathered a flood filling her basement with five feet of water. But with a massive wine cellar, European wash bins and a spiraling staircase, any signs of damage were washed away with the flood. "You don't really understand the home until you walk in the door," Roberts said. "Then you feel the warmth." The home's traditional Georgian style was inspired by A. Hays Town, a famous American architect influenced by the Spanish, French and Creole history of Louisiana. "We were in New Orleans and saw these brick columns [designed by Town] there," Roberts explained. "They were amazingly unique, so that's what we did. We didn't plaster over the columns." And Roberts didn't stop there: She worked closely with interior designer Mary Spalding, filling the home with antiques and old light fixtures. "It's custom-built, every detail," Fridrich said. "It would be tough to rebuild it." But that's exactly what the producers of "Nashville" did. After shooting at the home for a few weeks, Roberts says the crew has only come by a dozen or so times to take measurements and photos of the landscape. "They made a set duplicating my home," she explained. "From the coffee pot to the stove, the brick, the mortar -- they measured and took an exact replica of my home." But a lack of movie cameras hasn't kept Roberts away from the show. Whether hosting viewing parties with her friends or making time for media interviews, she's embraced the adventure that is "Nashville." In fact, she may even play a cameo role in an upcoming episode. "I'm not going to have made that much money, but I've made so many new friends, and it's opened doors I didn't foresee," she said. Due to the publicity on the show, Roberts says, the estate is going to be marketed overseas. A buyer from Atlanta also has recently shown interest. "It's kind of like 'Downtown Abby,' " said Fridrich. "That house is famous now and will always be famous." Hopefully, fame will turn into a sale. Today marks 911 days since the home hit the Nashville real estate market.
URL to original article: http://www.housingwire.com/fastnews/2013/04/09/nashville-house-hits-market-195-million
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, April 9, 2013
Fresno court: Motorist can't use hand-held map
Source: The Business Journal
Written by PAUL ELIAS, Associated Press
(AP) — Steven Spriggs was stopped in a traffic jam near downtown Fresno and thought nothing of whipping out his iPhone 4 and clicking on the map feature to see if there was an alternate route around the construction mess. He was startled when he looked up and saw a California Highway Patrol motorcycle officer ordering him to pull over. He showed the officer that he was looking at a map and not texting or talking. "'Pull over,'" Spriggs recalled the officer as saying. "'It's in your hand.'" A little more than a year later, Spriggs is at the heart of a novel court case that has technology blogs and social media sites buzzing about the $160 ticket plus court costs he was ordered to pay for "distracted driving." A court commissioner and then a three-judge appellate panel of the Superior Court found Spriggs guilty of violating a California law that bans motorists from texting or conducting phone conversations with hand-held devices. The judges rejected Spriggs' argument that they were expanding the law by refusing to toss out the ticket he got in January 2012. Spriggs, who graduated from law school but is not a practicing attorney, represented himself before the commissioner and then the appeals panel. He initially brought a paper map to court to argue that it was legal to hold it while driving. Not persuaded, the traffic court commissioner found him guilty. Next, he appealed to the three-judge panel of Fresno Superior Court, arguing in a legal brief that the iPhone has a flashlight feature and other functions that can be useful to a driver and aren't as dangerous as texting or talking. That hearing lasted all of 30 seconds because no one from the CHP or district attorney's office appeared to oppose the appeal by Spriggs. He still lost. Fresno County Judge Kent Hamlin, writing on March 21 for the three-judge panel upholding the commissioner's ruling, said "the primary evil sought to be avoided is the distraction the driver faces when using his or her hands to operate the phone. That distraction would be present whether the wireless telephone was being used as a telephone, a GPS navigator, a clock or a device for sending and receiving text messages and emails." The ruling doesn't apply outside of Fresno County. Nevertheless, Spriggs said he is troubled that police can now pull over motorists they suspect of simply holding their mobile phones. Spriggs, a fundraiser for Fresno State, said he's unsure if he has the time or money to pursue further appeals to the California Court of Appeal and the state Supreme Court. "I'm just a little guy who is frustrated," Spriggs said. "I don't see how they can extend this law." He actually supports the prohibition on texting and conversing on hand-held devices while driving, saying his adult son's leg was badly broken in 2010 when he was struck by a motorist who was chatting on a mobile phone. Judge Hamlin acknowledged in his ruling that changes in the law may be needed. "It may be argued that the Legislature acted arbitrarily when it outlawed all 'hands-on' use of a wireless telephone while driving, even though the legal use of one's hands to operate myriad other devices poses just as great a risk to the safety of other motorists," the judge wrote in the March 21 ruling. "It may also be argued that prohibiting driving while using 'electronic wireless communications devices' for texting and emailing, while acknowledging and failing to prohibit perhaps even more distracting uses of the same devices, is equally illogical and arbitrary." But the judge said it's up to the Legislature to amend the law. Until then, Hamlin wrote, courts are compelled to deem illegal nearly all uses of hand-held phone by motorists.
URL to original article: http://www.thebusinessjournal.com/news/technology/5610-fresno-court-motorist-can-t-use-hand-held-map
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by PAUL ELIAS, Associated Press
(AP) — Steven Spriggs was stopped in a traffic jam near downtown Fresno and thought nothing of whipping out his iPhone 4 and clicking on the map feature to see if there was an alternate route around the construction mess. He was startled when he looked up and saw a California Highway Patrol motorcycle officer ordering him to pull over. He showed the officer that he was looking at a map and not texting or talking. "'Pull over,'" Spriggs recalled the officer as saying. "'It's in your hand.'" A little more than a year later, Spriggs is at the heart of a novel court case that has technology blogs and social media sites buzzing about the $160 ticket plus court costs he was ordered to pay for "distracted driving." A court commissioner and then a three-judge appellate panel of the Superior Court found Spriggs guilty of violating a California law that bans motorists from texting or conducting phone conversations with hand-held devices. The judges rejected Spriggs' argument that they were expanding the law by refusing to toss out the ticket he got in January 2012. Spriggs, who graduated from law school but is not a practicing attorney, represented himself before the commissioner and then the appeals panel. He initially brought a paper map to court to argue that it was legal to hold it while driving. Not persuaded, the traffic court commissioner found him guilty. Next, he appealed to the three-judge panel of Fresno Superior Court, arguing in a legal brief that the iPhone has a flashlight feature and other functions that can be useful to a driver and aren't as dangerous as texting or talking. That hearing lasted all of 30 seconds because no one from the CHP or district attorney's office appeared to oppose the appeal by Spriggs. He still lost. Fresno County Judge Kent Hamlin, writing on March 21 for the three-judge panel upholding the commissioner's ruling, said "the primary evil sought to be avoided is the distraction the driver faces when using his or her hands to operate the phone. That distraction would be present whether the wireless telephone was being used as a telephone, a GPS navigator, a clock or a device for sending and receiving text messages and emails." The ruling doesn't apply outside of Fresno County. Nevertheless, Spriggs said he is troubled that police can now pull over motorists they suspect of simply holding their mobile phones. Spriggs, a fundraiser for Fresno State, said he's unsure if he has the time or money to pursue further appeals to the California Court of Appeal and the state Supreme Court. "I'm just a little guy who is frustrated," Spriggs said. "I don't see how they can extend this law." He actually supports the prohibition on texting and conversing on hand-held devices while driving, saying his adult son's leg was badly broken in 2010 when he was struck by a motorist who was chatting on a mobile phone. Judge Hamlin acknowledged in his ruling that changes in the law may be needed. "It may be argued that the Legislature acted arbitrarily when it outlawed all 'hands-on' use of a wireless telephone while driving, even though the legal use of one's hands to operate myriad other devices poses just as great a risk to the safety of other motorists," the judge wrote in the March 21 ruling. "It may also be argued that prohibiting driving while using 'electronic wireless communications devices' for texting and emailing, while acknowledging and failing to prohibit perhaps even more distracting uses of the same devices, is equally illogical and arbitrary." But the judge said it's up to the Legislature to amend the law. Until then, Hamlin wrote, courts are compelled to deem illegal nearly all uses of hand-held phone by motorists.
URL to original article: http://www.thebusinessjournal.com/news/technology/5610-fresno-court-motorist-can-t-use-hand-held-map
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, April 8, 2013
Mayor to host ‘Road Map for Fresno’
Source: The Business Journal
Mayor Ashley Swearengin will host a community gathering, “The Road Map for Fresno,” Tuesday evening and speak with Fresno residents about the direction of the city. The event will be held April 9 from 6 to 7:30 p.m at Hope Lutheran Church, 364 E. Barstow Ave. The mayor will provide an overview of the opportunities and challenges facing the community. Topics that may be included are jobs, neighborhoods, city services and the city’s budget. The doors will open at 5:30 p.m.
URL to original article: http://www.thebusinessjournal.com/news/government-and-politics/5598-mayor-to-host-road-map-for-fresno
For further information on Fresno Real Estate check: http://www.londonproperties.com
Mayor Ashley Swearengin will host a community gathering, “The Road Map for Fresno,” Tuesday evening and speak with Fresno residents about the direction of the city. The event will be held April 9 from 6 to 7:30 p.m at Hope Lutheran Church, 364 E. Barstow Ave. The mayor will provide an overview of the opportunities and challenges facing the community. Topics that may be included are jobs, neighborhoods, city services and the city’s budget. The doors will open at 5:30 p.m.
URL to original article: http://www.thebusinessjournal.com/news/government-and-politics/5598-mayor-to-host-road-map-for-fresno
For further information on Fresno Real Estate check: http://www.londonproperties.com
Americans outlook on housing defies overall economic pessimism
Source: Housingwire
By Kerri Ann Panchuk
Consumers surveyed for Fannie Mae’s recent housing market update remain skeptical about the U.S. economy, while maintaining a sense of optimism about the overall housing recovery. This contradiction seems unusual, giving the two economic indicators are generally linked. For the past few years, housing economists, including chief economist Jay Brinkmann with the Mortgage Bankers Association, have made the obvious connection between job security and a sustainable housing recovery. But today’s market may be in unusual shape and Fannie Mae’s March 2013 National Housing Survey is shedding new light on this phenomenon. Only 35% of survey respondents to the GSE’s survey believe the economy is on the right track, down three percentage points from February. Yet, 48% of respondents believe home prices will rise in the next 12 months, and the share that expects prices to drop remains at a survey low of 10%. Twenty-six percent of the 1,001 Americans surveyed also believe now is a good time to sell a home, while the share of respondents who said they would buy if moving in the near future fell 3 percentage points to 64%, which is still relatively high. Fifty-percent of the respondents say home prices could rise in the next year, the highest level reached since the survey’s inception. Meanwhile, the percentage who think mortgage rates will rise increased to 46%, the highest level since May 2011. But relatively positive news on the housing side is not reflective of how consumers feel about the overall economy, the survey suggests. Only 20% of survey respondents said their household income is higher than it was 12 months ago, a slight decrease from a month earlier. And the percentage of respondents who believe their personal financial situations will get worse over the next year rose by 4 percentage points to 21%. Meanwhile, 32% reported higher household expenses when compared to 12 months ago, a slight uptick from February. Lackluster consumer confidence in the face of a housing recovery may give credence to reports such as this metrostudy report from Hanley Wood in which economists suggest the real estate recovery is largely driven by investor activity and not necessarily the creation of demand among traditional homebuyers.
URL to original article: http://www.housingwire.com/news/2013/04/08/americans-outlook-housing-defies-overall-economic-pessimism
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Consumers surveyed for Fannie Mae’s recent housing market update remain skeptical about the U.S. economy, while maintaining a sense of optimism about the overall housing recovery. This contradiction seems unusual, giving the two economic indicators are generally linked. For the past few years, housing economists, including chief economist Jay Brinkmann with the Mortgage Bankers Association, have made the obvious connection between job security and a sustainable housing recovery. But today’s market may be in unusual shape and Fannie Mae’s March 2013 National Housing Survey is shedding new light on this phenomenon. Only 35% of survey respondents to the GSE’s survey believe the economy is on the right track, down three percentage points from February. Yet, 48% of respondents believe home prices will rise in the next 12 months, and the share that expects prices to drop remains at a survey low of 10%. Twenty-six percent of the 1,001 Americans surveyed also believe now is a good time to sell a home, while the share of respondents who said they would buy if moving in the near future fell 3 percentage points to 64%, which is still relatively high. Fifty-percent of the respondents say home prices could rise in the next year, the highest level reached since the survey’s inception. Meanwhile, the percentage who think mortgage rates will rise increased to 46%, the highest level since May 2011. But relatively positive news on the housing side is not reflective of how consumers feel about the overall economy, the survey suggests. Only 20% of survey respondents said their household income is higher than it was 12 months ago, a slight decrease from a month earlier. And the percentage of respondents who believe their personal financial situations will get worse over the next year rose by 4 percentage points to 21%. Meanwhile, 32% reported higher household expenses when compared to 12 months ago, a slight uptick from February. Lackluster consumer confidence in the face of a housing recovery may give credence to reports such as this metrostudy report from Hanley Wood in which economists suggest the real estate recovery is largely driven by investor activity and not necessarily the creation of demand among traditional homebuyers.
URL to original article: http://www.housingwire.com/news/2013/04/08/americans-outlook-housing-defies-overall-economic-pessimism
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, April 5, 2013
Positivity expected at April 11 Real Estate Forecast
Source: The Business Journal
Experts painted a positive real estate picture at last year’s Real Estate Forecast titled “Looking Up.” Real estate is expected to continue on an upward growth curve and this year’s speakers, besides forecasting new opportunities, will look into the nuts and bolts of succeeding in today’s real estate market. They will address this year’s theme, “Unlock the Mystery.” The forecast, presented by the Economic Development Corporation serving Fresno County, is set for 5:30 p.m. April 11 at the Radisson Conference Center in Fresno. A lot of changes have taken place in real estate since the big bubble burst of 2007. So knowing today’s market and how to benefit from it is key for buying, selling or leasing real estate in the home, office, industrial, apartment, farm and retail markets. A select group from the real estate and finance industries will address the changes and discuss upcoming opportunities. Bobby Fena, senior vice president of Central California Colliers International Office Properties Group and Phil Souza, senior vice president of Grubb & Ellis/Pearson Commercial, will serve as masters of ceremonies. Speakers include: Stewart Randall, senior vice president of Central California Colliers International, addressing industrial real estate; Tony Cortopassi, senior associate with Cushman & Wakefield, looking at office real estate; John M. Shamshoian, broker and owner at Realty Concepts Ltd., discussing residential real estate; Andrew Hansz, professor and Gazarian Real Estate Center director at Craig School of Business, Fresno State, providing insight into finance and real estate; Robin Kane, senior vice president of Hendricks & Berkadia Apartment Real Estate Advisors, addressing multi-family real estate; Stanley Kjar, senior sales associate for Pearson Realty, digging into agriculture real estate; Doug Cords, real estate broker with Commercial Retail Associates, looking at retail real estate; Matt Renney, associate with Mohr-Rurik Capital Group Inc., discussing real estate finance. Randall will highlight the potential for a solid comeback in the industrial building market. Local industrial construction was almost non-existent for five years coming into 2013. But new warehouses are taking shape including a 96,000-square-foot industrial building in the 230-acre North Pointe Industrial development just south of E. North Avenue and just west of freeway 99 in south Fresno. Meanwhile, plenty of space exists in south and north Fresno for companies seeking to rent industrial space. When it comes to the office market, vacancies are forecast to continue their decline, especially in north Fresno. “The Herndon north submarket for office has improved the most over the last 12 months and seems to have an increased activity, which should continue to decrease vacancy in 2013,” Cortopassi said recently. The housing market will continue somewhat frustrating in that despite all the foreclosures in recent years, inventory remains very tight. Traditional sales are on the increase and that is good news for home shoppers seeking to move quickly into a Fresno-area home. Shamshoian is expected to address the declining home inventory and the rise in home prices. Home prices have risen more than 7 percent from last year. Sales happen much quicker than they did in 2012. Kane will report on an especially brisk apartment real estate market. Apartments and other multi-family housing are said to be renting 10 times faster now than they were two years ago. In a recent interview, Kane said that apartment buyers are looking for larger properties to invest in. He said low-income apartments sell extremely well, but buyers normally need incentives or a tax break to profit from them. Faced with higher payroll taxes and soaring gasoline prices, lower priced apartments are attractive to families, Kane said. That has bolstered demand among investor-buyers, he said. Looking at agricultural real estate, an abundance of buyers are in the market for prime farmland. “Demand is very high,” Kjar said recently. “With most farmers making a decent return in farming, there is little to no motivation to sell.” That has driven land prices up, he said. But water availability could play a role. “Demand could soften if water allocations don’t increase this year for areas on the westside,” Kjar said. Demand will also be affected by interest rates and the value of the dollar in other parts of the world. “If interest rates continue to rise and the dollar gets stronger in other parts of the world, it will affect the export market, which drives local agriculture,” Kjar said. “This could lead to a softening in demand and land prices.” Addressing retail real estate, Cords will report that the retail market is showing sings of resurgence. Newer shopping centers like the Clovis Crossing Shopping Center have plenty of potential. In a recent interview, Cords said shopping centers with good tenants in good locations within Fresno and Clovis are doing well. Older shopping centers are having a tougher time, Cords said.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/5580-positivity-expected-at-april-11-real-estate-forecast
For further information on Fresno Real Estate check: http://www.londonproperties.com
Experts painted a positive real estate picture at last year’s Real Estate Forecast titled “Looking Up.” Real estate is expected to continue on an upward growth curve and this year’s speakers, besides forecasting new opportunities, will look into the nuts and bolts of succeeding in today’s real estate market. They will address this year’s theme, “Unlock the Mystery.” The forecast, presented by the Economic Development Corporation serving Fresno County, is set for 5:30 p.m. April 11 at the Radisson Conference Center in Fresno. A lot of changes have taken place in real estate since the big bubble burst of 2007. So knowing today’s market and how to benefit from it is key for buying, selling or leasing real estate in the home, office, industrial, apartment, farm and retail markets. A select group from the real estate and finance industries will address the changes and discuss upcoming opportunities. Bobby Fena, senior vice president of Central California Colliers International Office Properties Group and Phil Souza, senior vice president of Grubb & Ellis/Pearson Commercial, will serve as masters of ceremonies. Speakers include: Stewart Randall, senior vice president of Central California Colliers International, addressing industrial real estate; Tony Cortopassi, senior associate with Cushman & Wakefield, looking at office real estate; John M. Shamshoian, broker and owner at Realty Concepts Ltd., discussing residential real estate; Andrew Hansz, professor and Gazarian Real Estate Center director at Craig School of Business, Fresno State, providing insight into finance and real estate; Robin Kane, senior vice president of Hendricks & Berkadia Apartment Real Estate Advisors, addressing multi-family real estate; Stanley Kjar, senior sales associate for Pearson Realty, digging into agriculture real estate; Doug Cords, real estate broker with Commercial Retail Associates, looking at retail real estate; Matt Renney, associate with Mohr-Rurik Capital Group Inc., discussing real estate finance. Randall will highlight the potential for a solid comeback in the industrial building market. Local industrial construction was almost non-existent for five years coming into 2013. But new warehouses are taking shape including a 96,000-square-foot industrial building in the 230-acre North Pointe Industrial development just south of E. North Avenue and just west of freeway 99 in south Fresno. Meanwhile, plenty of space exists in south and north Fresno for companies seeking to rent industrial space. When it comes to the office market, vacancies are forecast to continue their decline, especially in north Fresno. “The Herndon north submarket for office has improved the most over the last 12 months and seems to have an increased activity, which should continue to decrease vacancy in 2013,” Cortopassi said recently. The housing market will continue somewhat frustrating in that despite all the foreclosures in recent years, inventory remains very tight. Traditional sales are on the increase and that is good news for home shoppers seeking to move quickly into a Fresno-area home. Shamshoian is expected to address the declining home inventory and the rise in home prices. Home prices have risen more than 7 percent from last year. Sales happen much quicker than they did in 2012. Kane will report on an especially brisk apartment real estate market. Apartments and other multi-family housing are said to be renting 10 times faster now than they were two years ago. In a recent interview, Kane said that apartment buyers are looking for larger properties to invest in. He said low-income apartments sell extremely well, but buyers normally need incentives or a tax break to profit from them. Faced with higher payroll taxes and soaring gasoline prices, lower priced apartments are attractive to families, Kane said. That has bolstered demand among investor-buyers, he said. Looking at agricultural real estate, an abundance of buyers are in the market for prime farmland. “Demand is very high,” Kjar said recently. “With most farmers making a decent return in farming, there is little to no motivation to sell.” That has driven land prices up, he said. But water availability could play a role. “Demand could soften if water allocations don’t increase this year for areas on the westside,” Kjar said. Demand will also be affected by interest rates and the value of the dollar in other parts of the world. “If interest rates continue to rise and the dollar gets stronger in other parts of the world, it will affect the export market, which drives local agriculture,” Kjar said. “This could lead to a softening in demand and land prices.” Addressing retail real estate, Cords will report that the retail market is showing sings of resurgence. Newer shopping centers like the Clovis Crossing Shopping Center have plenty of potential. In a recent interview, Cords said shopping centers with good tenants in good locations within Fresno and Clovis are doing well. Older shopping centers are having a tougher time, Cords said.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/5580-positivity-expected-at-april-11-real-estate-forecast
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, April 3, 2013
Fannie's record profit a symbol of housing rebound
Source: The Business Journal
Written by MARCY GORDON, AP Business Writer
( AP) — Home prices are up. Foreclosures are down. Construction is up. And now comes the latest sign of the U.S. home market's revival: Fannie Mae, the mortgage giant that nearly collapsed five years ago, has earned its biggest yearly profit ever. Fannie Mae earned $17.2 billion last year and said Tuesday that it expects to stay profitable for "the foreseeable future." It also paid $11.6 billion in dividends to the U.S. Treasury in 2012. And last year was Fannie's first since its takeover by the government in 2008 that it asked for no federal aid. As recently as 2011, Fannie lost nearly $17 billion and requested nearly $26 billion in aid. Once symbols of the reckless risk-taking that fed the housing bubble, Fannie and its smaller sibling Freddie Mac were seized by the government in 2008 after they were buried by bad mortgages. Taxpayers have spent $188 billion to rescue the two firms — the costliest bailout of the financial crisis. Fannie still has a long way to go to repay taxpayers. It received $116 billion in aid. So far, it's repaid $35.6 billion. Freddie received $72 billion and has paid back nearly $24 billion. Freddie has reported positive earnings for five straight quarters. Fannie and Freddie don't actually make loans. But they exert huge influence in the housing market because they help make loans available. They do so by buying mortgages from lenders, packaging them as bonds, guaranteeing them against default and selling them to investors. Together, Fannie and Freddie together own or guarantee about half of all U.S. mortgages — nearly 31 million home loans worth $5 trillion. And along with other federal agencies, they back about 90 percent of new mortgages. The two companies nearly folded because of huge losses on risky mortgages they purchased. Fannie and Freddie bore some responsibility for those losses. Like banks, they relaxed their lending standards during the housing boom and failed to thoroughly check incomes and assets. High-interest loans, some with low "teaser" rates, were doled out to risky borrowers. Now, the two companies are benefiting from the home market's steady recovery. Nationally, prices have risen nearly 9 percent since bottoming in March 2012. The number of homes repossessed by lenders has reached its lowest point since September 2007, according to RealtyTrac, a foreclosure listing firm. And the proportion of loans Fannie holds or guarantees that are at least 90 days' delinquent is down: The figure dropped to 3.3 percent at the end of 2012, compared with 5.5 percent in early 2010. Fannie earned $7.6 billion in the October-December quarter, a quarterly record for the company. About $1.3 billion of the gain came from a settlement paid by Bank of America Corp. related to mortgages that soured during the housing crash. Fannie paid the Treasury a quarterly dividend of $2.9 billion. Under federal policy, Fannie and Freddie must turn over their profits to the government. Fannie's fourth-quarter earnings compared with a net loss of $2.4 billion in the final quarter of 2011. "Our financial results improved significantly in 2012, and we expect our earnings to remain strong over the next few years," Timothy Mayopoulos, Fannie's CEO, said in a statement. Fannie and Freddie had grown spectacularly during the housing boom as home prices soared and demand for mortgages exploded. The two rushed to compete with big banks for dominance in the mortgage market. In doing so, they bought or guaranteed mortgages they once would have deemed too risky. The two were championed by powerful lawmakers in Washington. And they compensated their executives with pay that was high even by the standards of Wall Street. After their takeover by the government, Fannie's and Freddie's pay and bonus structure came under fire when it was revealed that 12 executives received a total of $35.4 million in salary and bonuses in 2009 and 2010. Fannie's chief executive received about $9.3 million for the two years, Freddie's $7.8 million. Once mainstays of the New York Stock Exchange, the stocks of both companies traded above $60 in 2007. Since 2010, both have been listed on the Over-the-Counter Bulletin Board, an electronic quotation service. They're trading below $1. After it took control, the government owned 80 percent of each company, and a federal regulator has made financial decisions. The government provided taxpayer aid in exchange for preferred stock. The stock pays 10 percent interest, which Fannie and Freddie have been repaying in dividends each quarter in which they make a profit. As recently as mid-2011, some experts had suggested that Fannie and Freddie were so deep in debt to the government that it could take decades for them to be able to repay the taxpayers. But the past 12 to 18 months have market a solid advance for the housing market, noted Ken Mayland, president of ClearView Economics, and Fannie and Freddie are benefiting. "It's a spirited recovery," he said. "The housing sector will be by far the strongest (economic) sector growth-wise."
URL to original article: http://www.thebusinessjournal.com/news/national/5521-fannie-s-record-profit-a-symbol-of-housing-rebound
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by MARCY GORDON, AP Business Writer
( AP) — Home prices are up. Foreclosures are down. Construction is up. And now comes the latest sign of the U.S. home market's revival: Fannie Mae, the mortgage giant that nearly collapsed five years ago, has earned its biggest yearly profit ever. Fannie Mae earned $17.2 billion last year and said Tuesday that it expects to stay profitable for "the foreseeable future." It also paid $11.6 billion in dividends to the U.S. Treasury in 2012. And last year was Fannie's first since its takeover by the government in 2008 that it asked for no federal aid. As recently as 2011, Fannie lost nearly $17 billion and requested nearly $26 billion in aid. Once symbols of the reckless risk-taking that fed the housing bubble, Fannie and its smaller sibling Freddie Mac were seized by the government in 2008 after they were buried by bad mortgages. Taxpayers have spent $188 billion to rescue the two firms — the costliest bailout of the financial crisis. Fannie still has a long way to go to repay taxpayers. It received $116 billion in aid. So far, it's repaid $35.6 billion. Freddie received $72 billion and has paid back nearly $24 billion. Freddie has reported positive earnings for five straight quarters. Fannie and Freddie don't actually make loans. But they exert huge influence in the housing market because they help make loans available. They do so by buying mortgages from lenders, packaging them as bonds, guaranteeing them against default and selling them to investors. Together, Fannie and Freddie together own or guarantee about half of all U.S. mortgages — nearly 31 million home loans worth $5 trillion. And along with other federal agencies, they back about 90 percent of new mortgages. The two companies nearly folded because of huge losses on risky mortgages they purchased. Fannie and Freddie bore some responsibility for those losses. Like banks, they relaxed their lending standards during the housing boom and failed to thoroughly check incomes and assets. High-interest loans, some with low "teaser" rates, were doled out to risky borrowers. Now, the two companies are benefiting from the home market's steady recovery. Nationally, prices have risen nearly 9 percent since bottoming in March 2012. The number of homes repossessed by lenders has reached its lowest point since September 2007, according to RealtyTrac, a foreclosure listing firm. And the proportion of loans Fannie holds or guarantees that are at least 90 days' delinquent is down: The figure dropped to 3.3 percent at the end of 2012, compared with 5.5 percent in early 2010. Fannie earned $7.6 billion in the October-December quarter, a quarterly record for the company. About $1.3 billion of the gain came from a settlement paid by Bank of America Corp. related to mortgages that soured during the housing crash. Fannie paid the Treasury a quarterly dividend of $2.9 billion. Under federal policy, Fannie and Freddie must turn over their profits to the government. Fannie's fourth-quarter earnings compared with a net loss of $2.4 billion in the final quarter of 2011. "Our financial results improved significantly in 2012, and we expect our earnings to remain strong over the next few years," Timothy Mayopoulos, Fannie's CEO, said in a statement. Fannie and Freddie had grown spectacularly during the housing boom as home prices soared and demand for mortgages exploded. The two rushed to compete with big banks for dominance in the mortgage market. In doing so, they bought or guaranteed mortgages they once would have deemed too risky. The two were championed by powerful lawmakers in Washington. And they compensated their executives with pay that was high even by the standards of Wall Street. After their takeover by the government, Fannie's and Freddie's pay and bonus structure came under fire when it was revealed that 12 executives received a total of $35.4 million in salary and bonuses in 2009 and 2010. Fannie's chief executive received about $9.3 million for the two years, Freddie's $7.8 million. Once mainstays of the New York Stock Exchange, the stocks of both companies traded above $60 in 2007. Since 2010, both have been listed on the Over-the-Counter Bulletin Board, an electronic quotation service. They're trading below $1. After it took control, the government owned 80 percent of each company, and a federal regulator has made financial decisions. The government provided taxpayer aid in exchange for preferred stock. The stock pays 10 percent interest, which Fannie and Freddie have been repaying in dividends each quarter in which they make a profit. As recently as mid-2011, some experts had suggested that Fannie and Freddie were so deep in debt to the government that it could take decades for them to be able to repay the taxpayers. But the past 12 to 18 months have market a solid advance for the housing market, noted Ken Mayland, president of ClearView Economics, and Fannie and Freddie are benefiting. "It's a spirited recovery," he said. "The housing sector will be by far the strongest (economic) sector growth-wise."
URL to original article: http://www.thebusinessjournal.com/news/national/5521-fannie-s-record-profit-a-symbol-of-housing-rebound
For further information on Fresno Real Estate check: http://www.londonproperties.com
CoreLogic: Home prices rise the most in seven years
Source: Housingwire
By Kerri Ann Panchuk
February home prices rose 10.2% from year ago levels, the largest annual gain in nearly seven years and the 12th consecutive month of national home price growth, CoreLogic said Wednesday. The real estate analytics firm attributes the steep rise to rapid price appreciation in several West Coast states—namely California, Phoenix and Las Vegas. CoreLogic’s [stock CLGX] [stock] Home Price Index report for February includes the impact of distressed sales. However, when subtracting distressed properties from the equation, prices still rose 10.1% from year ago levels. And from January to February, home prices edged up 0.5% nationally with distressed sales included. Without distressed properties, prices rose 1.5% month-to-month. Looking forward, the CoreLogic Pending Home Price Index suggests March prices will rise 10.2% over year ago levels and 1.2% from February. The states with the steepest price appreciation rates with distressed sales accounted for include Nevada, where prices rose 19.3% annually, followed by Arizona (up 18.6%), California (15.3%), Hawaii (14.6%) and Idaho (13.5%). On the flip side, the states where prices dropped the most include Delaware, with a 4.4% drop, Alabama (1.5% decline) and Illinois where values fell 1%. Still, for all transactions, the home price index remains 26.3% below levels reached during the market’s peak in April 2006.
URL to original article: http://www.housingwire.com/news/2013/04/03/corelogic-home-prices-rise-most-seven-years
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
February home prices rose 10.2% from year ago levels, the largest annual gain in nearly seven years and the 12th consecutive month of national home price growth, CoreLogic said Wednesday. The real estate analytics firm attributes the steep rise to rapid price appreciation in several West Coast states—namely California, Phoenix and Las Vegas. CoreLogic’s [stock CLGX] [stock] Home Price Index report for February includes the impact of distressed sales. However, when subtracting distressed properties from the equation, prices still rose 10.1% from year ago levels. And from January to February, home prices edged up 0.5% nationally with distressed sales included. Without distressed properties, prices rose 1.5% month-to-month. Looking forward, the CoreLogic Pending Home Price Index suggests March prices will rise 10.2% over year ago levels and 1.2% from February. The states with the steepest price appreciation rates with distressed sales accounted for include Nevada, where prices rose 19.3% annually, followed by Arizona (up 18.6%), California (15.3%), Hawaii (14.6%) and Idaho (13.5%). On the flip side, the states where prices dropped the most include Delaware, with a 4.4% drop, Alabama (1.5% decline) and Illinois where values fell 1%. Still, for all transactions, the home price index remains 26.3% below levels reached during the market’s peak in April 2006.
URL to original article: http://www.housingwire.com/news/2013/04/03/corelogic-home-prices-rise-most-seven-years
For further information on Fresno Real Estate check: http://www.londonproperties.com
All of the sudden, the time to sell is NOW!
Source: Housingwire
Posted by Megan Hopkins
It seems the transition is complete. In a recent survey by Redfin, 82% of agents described now as a "good time to sell," while only 57% described now as "a good time to buy." Let’s back up to the third quarter of 2012, when 54% of the agents polled considered it a good time to sell, but 75% called it a good time to buy. This complete ‘180’ in the housing markets can only be backed by dangerously low inventory, prices that continue to appreciate and low interest rates pushing buyers to buy now. I recently wrote about a house my husband and I put an offer in on. I felt fairly confident about our offer and we’d managed to tour the house less than 24 hours after it had gone on the market, putting our offer in the same day. Unfortunately, within a day, four other offers were put in and the seller chose a higher one. As a buyer, this is discouraging. It’s frustrating to know there is zero ‘wiggle room’ when it comes to negotiations and often homes are selling above the appraisal value. On the other hand, I can only imagine sellers are riding high and feeling good, as multiple offers pour in on their homes within a day. In fact, 98% of agents surveyed by Redfin agreed that sellers are becoming more confident about the market. With that in mind, 83% of agents agree that buyers also are becoming more confident, so it’s not totally a lost cause for those of us trying to find a home. Working in this industry, I can’t tell you how many people I’ve heard say "the time to buy is now." Well, as a buyer (often frustrated with this sellers’ market), I can tell you that the time to sell is now as well.
URL to original article: http://www.housingwire.com/rewired/2013/04/02/all-sudden-time-sell-now
For further information on Fresno Real Estate check: http://www.londonproperties.com
Posted by Megan Hopkins
It seems the transition is complete. In a recent survey by Redfin, 82% of agents described now as a "good time to sell," while only 57% described now as "a good time to buy." Let’s back up to the third quarter of 2012, when 54% of the agents polled considered it a good time to sell, but 75% called it a good time to buy. This complete ‘180’ in the housing markets can only be backed by dangerously low inventory, prices that continue to appreciate and low interest rates pushing buyers to buy now. I recently wrote about a house my husband and I put an offer in on. I felt fairly confident about our offer and we’d managed to tour the house less than 24 hours after it had gone on the market, putting our offer in the same day. Unfortunately, within a day, four other offers were put in and the seller chose a higher one. As a buyer, this is discouraging. It’s frustrating to know there is zero ‘wiggle room’ when it comes to negotiations and often homes are selling above the appraisal value. On the other hand, I can only imagine sellers are riding high and feeling good, as multiple offers pour in on their homes within a day. In fact, 98% of agents surveyed by Redfin agreed that sellers are becoming more confident about the market. With that in mind, 83% of agents agree that buyers also are becoming more confident, so it’s not totally a lost cause for those of us trying to find a home. Working in this industry, I can’t tell you how many people I’ve heard say "the time to buy is now." Well, as a buyer (often frustrated with this sellers’ market), I can tell you that the time to sell is now as well.
URL to original article: http://www.housingwire.com/rewired/2013/04/02/all-sudden-time-sell-now
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, April 1, 2013
Homebuyers shouldn't fall for these three real estate myths
Source: Housingwire
by Brendon DeSimone
As the real estate market significantly rebounds, some buyers and sellers are dipping their toes in the waters for the first time. Inevitably, they come into the market with assumptions about how it works. Their assumptions may come from TV reality shows or watching their parents' house-hunting experiences. Maybe they've learned about real estate from a co-worker’s recent home buying or selling experience. The trouble is, the new buyer or seller’s assumptions are sometimes based on outdated or generalized "real estate myths." Here are three such myths that many less-seasoned home buyers and sellers assume are true.
Myth No. 1: Spring is the best time to sell a home Historically, real estate seasons were tied to summer and the end of the school year. Families were the typical buyers or sellers, and they wanted to move during the summer so their kids could start anew in September. That’s how spring became the prime selling season. It’s true there are still more homes for sale in the spring, which means there’s a lot of activity and buzz. But spring isn't necessarily the best time to sell a home anymore.
The reality: The best time to sell is during the holidays and right after. Today, more than half of buyers aren't married, and their decisions aren't based upon school schedules. So spring isn't as relevant as it used to be. Instead, the best time to sell a home is in November, December and January. It’s a supply-and-demand issue. Most sellers assume buyers aren't seriously looking during this prolonged holiday season. And yet, many buyers are looking at properties in person and online right up until Christmas Eve. If the right home goes on the market in mid-December, a serious buyer — and there will be a lot of them — will take note. After New Year’s Eve, most buyers jump back into their routine with a resolve to get into the real estate market, even though many sellers wouldn't even consider listing in January. The net effect: Savvy sellers will face less competition for a still-strong pool of buyers during this period. And that makes November-January a great time to sell.
Myth No. 2: Always start with your lowest offer There’s no generalized strategy for making an offer on a home anywhere, ever. A seller could have overpriced or underpriced the home on purpose. Some markets may be more competitive than others. But, somehow, in the back of the buyer’s head is good old Uncle Bob saying "never offer the full asking price." That strategy might work if you’re trying to buy a used computer on eBay. And it worked in some real estate markets years ago. But times have changed.
The reality: A low offer may get you nowhere fast. A buyer in a strong, tight inventory market today would be wasting their time making low offers right from the start. It’s likely a home that’s priced right and shows well can receive multiple offers, sometimes even over the asking price. In this environment, constantly throwing in low offers because that’s what your Uncle Bob advised you to do will likely lead to disappointment. Instead, work with a good local real estate agent to understand the market. You’ll quickly learn after a few weeks on the open house circuit (and maybe a disappointment or two) that starting low may not get you anywhere.
Myth No. 3: A cash offer trumps all. There’s an assumption that a seller, considering two different offers, will always go with the cash offer because there’s less risk. As a result, many buyers who hear they’re competing with a cash offer assume they won’t get the home. They may not even make a formal offer. At the same time, many cash buyers assume that because they’re paying cash, they can make an offer below the asking price, and it will likely be accepted.
The reality: A savvy seller may be more tempted by a solid financed offer. Consider a seller with a home priced at $399,000. The seller receives two offers: One is a cash offer of $375,000. The other is an offer for the full asking price, with 25 percent down, a bank pre-approval letter and swift contingency periods. A good buyer’s agent, upon learning their client is competing with a cash offer, will arm the seller with lots of data supporting their client’s finances, such as a credit report and verification of income or assets. The agent might even arrange a call between the seller and the buyer’s lender.
Learn your market. When you become a buyer or seller, especially for the first time, the most important thing you can do is learn your market. Talk to a savvy local agent, and don’t make assumptions based on what you think you know. Real estate is local. Every market is different, with its own customs. If you believe there are general rules for real estate strategy that apply everywhere, anytime, you’ll likely be fooled — not only in April, but every other month of the year.
URL to original article: http://www.housingwire.com/fastnews/2013/04/01/homebuyers-shouldnt-fall-these-three-real-estate-myths
For further information on Fresno Real Estate check: http://www.londonproperties.com
by Brendon DeSimone
As the real estate market significantly rebounds, some buyers and sellers are dipping their toes in the waters for the first time. Inevitably, they come into the market with assumptions about how it works. Their assumptions may come from TV reality shows or watching their parents' house-hunting experiences. Maybe they've learned about real estate from a co-worker’s recent home buying or selling experience. The trouble is, the new buyer or seller’s assumptions are sometimes based on outdated or generalized "real estate myths." Here are three such myths that many less-seasoned home buyers and sellers assume are true.
Myth No. 1: Spring is the best time to sell a home Historically, real estate seasons were tied to summer and the end of the school year. Families were the typical buyers or sellers, and they wanted to move during the summer so their kids could start anew in September. That’s how spring became the prime selling season. It’s true there are still more homes for sale in the spring, which means there’s a lot of activity and buzz. But spring isn't necessarily the best time to sell a home anymore.
The reality: The best time to sell is during the holidays and right after. Today, more than half of buyers aren't married, and their decisions aren't based upon school schedules. So spring isn't as relevant as it used to be. Instead, the best time to sell a home is in November, December and January. It’s a supply-and-demand issue. Most sellers assume buyers aren't seriously looking during this prolonged holiday season. And yet, many buyers are looking at properties in person and online right up until Christmas Eve. If the right home goes on the market in mid-December, a serious buyer — and there will be a lot of them — will take note. After New Year’s Eve, most buyers jump back into their routine with a resolve to get into the real estate market, even though many sellers wouldn't even consider listing in January. The net effect: Savvy sellers will face less competition for a still-strong pool of buyers during this period. And that makes November-January a great time to sell.
Myth No. 2: Always start with your lowest offer There’s no generalized strategy for making an offer on a home anywhere, ever. A seller could have overpriced or underpriced the home on purpose. Some markets may be more competitive than others. But, somehow, in the back of the buyer’s head is good old Uncle Bob saying "never offer the full asking price." That strategy might work if you’re trying to buy a used computer on eBay. And it worked in some real estate markets years ago. But times have changed.
The reality: A low offer may get you nowhere fast. A buyer in a strong, tight inventory market today would be wasting their time making low offers right from the start. It’s likely a home that’s priced right and shows well can receive multiple offers, sometimes even over the asking price. In this environment, constantly throwing in low offers because that’s what your Uncle Bob advised you to do will likely lead to disappointment. Instead, work with a good local real estate agent to understand the market. You’ll quickly learn after a few weeks on the open house circuit (and maybe a disappointment or two) that starting low may not get you anywhere.
Myth No. 3: A cash offer trumps all. There’s an assumption that a seller, considering two different offers, will always go with the cash offer because there’s less risk. As a result, many buyers who hear they’re competing with a cash offer assume they won’t get the home. They may not even make a formal offer. At the same time, many cash buyers assume that because they’re paying cash, they can make an offer below the asking price, and it will likely be accepted.
The reality: A savvy seller may be more tempted by a solid financed offer. Consider a seller with a home priced at $399,000. The seller receives two offers: One is a cash offer of $375,000. The other is an offer for the full asking price, with 25 percent down, a bank pre-approval letter and swift contingency periods. A good buyer’s agent, upon learning their client is competing with a cash offer, will arm the seller with lots of data supporting their client’s finances, such as a credit report and verification of income or assets. The agent might even arrange a call between the seller and the buyer’s lender.
Learn your market. When you become a buyer or seller, especially for the first time, the most important thing you can do is learn your market. Talk to a savvy local agent, and don’t make assumptions based on what you think you know. Real estate is local. Every market is different, with its own customs. If you believe there are general rules for real estate strategy that apply everywhere, anytime, you’ll likely be fooled — not only in April, but every other month of the year.
URL to original article: http://www.housingwire.com/fastnews/2013/04/01/homebuyers-shouldnt-fall-these-three-real-estate-myths
For further information on Fresno Real Estate check: http://www.londonproperties.com
NAHB: Homebuyers can afford higher-priced homes
Source: Housingwire
By Megan Hopkins
The National Association of Home Builders is convincing buyers that they can afford a higher-priced new home by utilizing data from the U.S. Census Bureau and the Department of Housing and Urban Development. NAHB discovered that those looking to buy can actually purchase a more expensive newer home while achieving the same annual operating costs as an older, existing home. "Homebuyers need to look beyond the initial sales price when considering whether to buy new construction or an existing home," said NAHB Chairman Rick Judson. A study by NAHB first researched how utility, maintenance, property tax and insurance costs vary depending on how old the home is. The study found that a home built before 1960 would average $564 a year in maintenance costs, while homes built post-2008 average $241. Additionally, operating costs average nearly 5% of the home’s value for older homes made before 1960, while the costs average less than 3% when the home was built after 2008. "They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget," noted Judson. Also studied by NAHB were the first year after tax costs of owning a home — purchase price, mortgage payments, annual operating costs and income tax savings — which revealed that a buyer can afford to pay 23% more for a new home than a property build before 1960 and still maintain the same amount of first-year annual costs. Although mortgage payments will be greater with a higher-priced home, the lower operating costs means the homeowner will pay the same annual costs they’d pay with a lesser-priced, older home with a smaller mortgage payment, but higher operating expenses. NAHB notes that new home benefits include open space floor plans, creative storage options and entertainment resources that cater to more modern lifestyles. "For a family working with a fixed annual budget, new-construction homes offer outstanding comfort, convenience and overall cost savings," said Judson. "Put that together with today’s near-record low interest rates and competitive prices, and the time has never been better to buy a new home."
URL to original article: http://www.housingwire.com/news/2013/04/01/nahb-homebuyers-can-afford-higher-priced-homes-0
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Megan Hopkins
The National Association of Home Builders is convincing buyers that they can afford a higher-priced new home by utilizing data from the U.S. Census Bureau and the Department of Housing and Urban Development. NAHB discovered that those looking to buy can actually purchase a more expensive newer home while achieving the same annual operating costs as an older, existing home. "Homebuyers need to look beyond the initial sales price when considering whether to buy new construction or an existing home," said NAHB Chairman Rick Judson. A study by NAHB first researched how utility, maintenance, property tax and insurance costs vary depending on how old the home is. The study found that a home built before 1960 would average $564 a year in maintenance costs, while homes built post-2008 average $241. Additionally, operating costs average nearly 5% of the home’s value for older homes made before 1960, while the costs average less than 3% when the home was built after 2008. "They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget," noted Judson. Also studied by NAHB were the first year after tax costs of owning a home — purchase price, mortgage payments, annual operating costs and income tax savings — which revealed that a buyer can afford to pay 23% more for a new home than a property build before 1960 and still maintain the same amount of first-year annual costs. Although mortgage payments will be greater with a higher-priced home, the lower operating costs means the homeowner will pay the same annual costs they’d pay with a lesser-priced, older home with a smaller mortgage payment, but higher operating expenses. NAHB notes that new home benefits include open space floor plans, creative storage options and entertainment resources that cater to more modern lifestyles. "For a family working with a fixed annual budget, new-construction homes offer outstanding comfort, convenience and overall cost savings," said Judson. "Put that together with today’s near-record low interest rates and competitive prices, and the time has never been better to buy a new home."
URL to original article: http://www.housingwire.com/news/2013/04/01/nahb-homebuyers-can-afford-higher-priced-homes-0
For further information on Fresno Real Estate check: http://www.londonproperties.com
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