Source: Housingwire
30-year, FRM sinks to 4.10%
By: Brena Swanson
Fixed mortgage rates continue their downward spiral, falling for the second consecutive week in a row amid reports of a softening housing market.
The 30-year, fixed-rate mortgage sank to 4.10%, from 4.13% last week, but is still up from 3.39% last year, Freddie Mac said in its Primary Mortgage Market Survey.
"Fixed mortgage rates eased further leading up to the Federal Reserve’s October 30th monetary policy announcement," said Frank Nothaft, vice president and chief economist for Freddie Mac.
"The Fed saw improvement in economic activity and labor market conditions since it began its asset purchase program, but noted the recovery in the housing market slowed somewhat in recent months and unemployment remains elevated," he added.
As a result, Nothaft explained that there was no policy change which should help sustain low mortgage rates into the near future.
The 15-year, FRM dropped to 3.20% compared to 3.24% last week, but is higher than the 2.7% posted a year ago.
In addition, the 5-year Treasury-index adjustable rate mortgage hit 2.96% this week, a decrease from 3% last week, and up from 2.74% this time last year.
Meanwhile, the 1-year Treasury-index ARM averaged 2.64%, up from 2.6% last week and 2.58% a year earlier.
Bankrate noted that mortgage rates went largely unchanged, with the 30-year FRM holding at 4.27%.
Furthermore, the 15-year, FRM ticked higher to 3.38%, from 3.37%, while the 5/1 ARM slipped down to 3.26% when compared to 3.27% a week earlier.
URL to original article: http://www.housingwire.com/articles/27731-mortgage-rates-fall-two-weeks-in-a-row-freddie-mac
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, October 31, 2013
Wednesday, October 30, 2013
Valley home prices rise sharply in 2nd quarter
Source: The Business Journal
CoreLogic®, a residential property information, analytics and services provider, has released an analysis indicating home prices in the Fresno metropolitan statistical area rose by 13 percent in the second quarter of this year compared to the second quarter of 2012. Compared to the second quarter of 2010, second quarter 2013 metropolitan Fresno home prices are only up by 3.9 percent. The projected home price increase for second quarter 2014 compared to second quarter 2013 is 4.7 percent. As of 2012, the Fresno metropolitan statistical area had a population of 947,895. HANFORD-CORCORAN In the 151,364-resident Hanford-Corcoran metropolitan statistical area, home prices rose 7.8 percent in the second quarter compared to the second-quarter of 2012. Prices in the second quarter were down by 4.6 percent from the second quarter of 2010. Prices are forecast to rise by 3.4 percent in Q-2 2014 compared to the second quarter of this year. MADERA-CHOWCHILLA In the 152,218-resident Madera-Chowchilla metropolitan statistical area, home prices jumped by 14.8 percent in the second quarter compared to Q-2 in 2012. Prices rose by 2.9 percent compared to the second quarter of 2010. Prices are forecast to grow by 1.5 percent in Q-2 of 2014 compared to this year’s second quarter. VISALIA-PORTERVILLE In the 451,997-resident Visalia-Porterville metropolitan statistical area, prices soared by 14.5 percent in the second quarter, compared to the second quarter last year. They grew by only 1.5 percent compared to Q-2 of 2010. Visalia-Porterville home prices are expected to rise by 5.4 percent in Q-2 of 2014 compared to the second quarter of this year. The information is based on the CoreLogic Case-Shiller Indexes™. The CoreLogic Case-Shiller Indexes estimate that nationally, home prices increased by 10.1 percent in the second quarter of 2013 compared to a year ago. Home prices nationwide are now 16 percent above the trough, reached in the fourth quarter of 2011, but still remain 24 percent below the peak, reached in the first quarter of 2006. The analysis projects that price appreciation will decelerate through the second half of 2013 and into the beginning of 2014. Based on CoreLogic Case-Shiller data forecast through June 30, 2014, home price appreciation will slow to an average of 5.4 percent across all U.S. markets. "Prices are now rising in nearly 90 percent of metro areas, and in all metro areas with populations greater than 1 million," said David Stiff, principal economist for CoreLogic Case-Shiller™ in a release. "The strongest growth continues to be recorded in cities that were at the center of the housing bubble, but investor demand in those markets appears to be waning, meaning rapid rates of price appreciation are likely unsustainable." Of the metro areas that felt the greatest impact from the housing bubble, Sacramento (+26 percent), Las Vegas (+25 percent) and Phoenix (+20 percent) saw the largest increase in home prices during the second quarter of 2013 versus the same period last year. Coastal California markets also exhibited strong price appreciation, including Oakland (+24 percent), San Jose (+22 percent) and Los Angeles (+20 percent), as buyers continue to jump in before increasing prices and mortgage rates substantially reduce affordability. Purchases by first-time and trade-up buyers are increasing, though tight mortgage lending conditions and slow job-market gains are constraining demand for owner-occupied housing. Demand from investors is weakening as well, as fewer distressed properties are listed for sale and rising home prices cut into potential rental profits. At the same time, the overall supply of homes for sale is still rising in many metro areas as current homeowners take advantage of favorable seller's markets. "Combined with increased housing construction, expected increases in existing inventories should restrain price appreciation even if demand remains strong,” Stiff said. “Nevertheless, the rate of home price growth in the coming months will remain above its long-term average of 4.5 percent annual appreciation since 1975.”
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9398-valley-home-prices-rise-sharply-in-2nd-quarter
For further information on Fresno Real Estate check: http://www.londonproperties.com
CoreLogic®, a residential property information, analytics and services provider, has released an analysis indicating home prices in the Fresno metropolitan statistical area rose by 13 percent in the second quarter of this year compared to the second quarter of 2012. Compared to the second quarter of 2010, second quarter 2013 metropolitan Fresno home prices are only up by 3.9 percent. The projected home price increase for second quarter 2014 compared to second quarter 2013 is 4.7 percent. As of 2012, the Fresno metropolitan statistical area had a population of 947,895. HANFORD-CORCORAN In the 151,364-resident Hanford-Corcoran metropolitan statistical area, home prices rose 7.8 percent in the second quarter compared to the second-quarter of 2012. Prices in the second quarter were down by 4.6 percent from the second quarter of 2010. Prices are forecast to rise by 3.4 percent in Q-2 2014 compared to the second quarter of this year. MADERA-CHOWCHILLA In the 152,218-resident Madera-Chowchilla metropolitan statistical area, home prices jumped by 14.8 percent in the second quarter compared to Q-2 in 2012. Prices rose by 2.9 percent compared to the second quarter of 2010. Prices are forecast to grow by 1.5 percent in Q-2 of 2014 compared to this year’s second quarter. VISALIA-PORTERVILLE In the 451,997-resident Visalia-Porterville metropolitan statistical area, prices soared by 14.5 percent in the second quarter, compared to the second quarter last year. They grew by only 1.5 percent compared to Q-2 of 2010. Visalia-Porterville home prices are expected to rise by 5.4 percent in Q-2 of 2014 compared to the second quarter of this year. The information is based on the CoreLogic Case-Shiller Indexes™. The CoreLogic Case-Shiller Indexes estimate that nationally, home prices increased by 10.1 percent in the second quarter of 2013 compared to a year ago. Home prices nationwide are now 16 percent above the trough, reached in the fourth quarter of 2011, but still remain 24 percent below the peak, reached in the first quarter of 2006. The analysis projects that price appreciation will decelerate through the second half of 2013 and into the beginning of 2014. Based on CoreLogic Case-Shiller data forecast through June 30, 2014, home price appreciation will slow to an average of 5.4 percent across all U.S. markets. "Prices are now rising in nearly 90 percent of metro areas, and in all metro areas with populations greater than 1 million," said David Stiff, principal economist for CoreLogic Case-Shiller™ in a release. "The strongest growth continues to be recorded in cities that were at the center of the housing bubble, but investor demand in those markets appears to be waning, meaning rapid rates of price appreciation are likely unsustainable." Of the metro areas that felt the greatest impact from the housing bubble, Sacramento (+26 percent), Las Vegas (+25 percent) and Phoenix (+20 percent) saw the largest increase in home prices during the second quarter of 2013 versus the same period last year. Coastal California markets also exhibited strong price appreciation, including Oakland (+24 percent), San Jose (+22 percent) and Los Angeles (+20 percent), as buyers continue to jump in before increasing prices and mortgage rates substantially reduce affordability. Purchases by first-time and trade-up buyers are increasing, though tight mortgage lending conditions and slow job-market gains are constraining demand for owner-occupied housing. Demand from investors is weakening as well, as fewer distressed properties are listed for sale and rising home prices cut into potential rental profits. At the same time, the overall supply of homes for sale is still rising in many metro areas as current homeowners take advantage of favorable seller's markets. "Combined with increased housing construction, expected increases in existing inventories should restrain price appreciation even if demand remains strong,” Stiff said. “Nevertheless, the rate of home price growth in the coming months will remain above its long-term average of 4.5 percent annual appreciation since 1975.”
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9398-valley-home-prices-rise-sharply-in-2nd-quarter
For further information on Fresno Real Estate check: http://www.londonproperties.com
City of Fresno Plans Bike Through (Neighborhood) History Nov. 2
Source: Business Street Online
FRESNO – The City of Fresno has announced plans for this year’s “Bike Through History” on Saturday, Nov. 2, from 9 a.m. to noon. The event will feature a 7-mile round-trip ride with an emphasis on Fresno’s historic neighborhoods. Bike Through (Neighborhood) History is co-sponsored by the City of Fresno, Fresno County Bicycle Coalition, the Cal Alumni Group of Fresno and the Valley Air District. The ride will begin at the 1939 Streamline Moderne style Tower Theater (HP# 190 /National Register of Historic Places), 1201 N. Wishon Ave., and will follow a route through several City and County Historic Districts. Stops along the way will include the Spanish Revival Herbert Levy Home (1930), the Gilbert Jertberg Adobe (1936), the Neoclassical Fig Garden Womans Club (1926/1956) and the Porter Home (1921), near Fresno City College. Volunteer docents and/or property owners will be available at each stop to give a brief history of the site. The ride is intended for participants 10 and up (with 16 and under accompanied by a parent). Participants need to have a bike in good working condition and a helmet. The event is free, but pre-registration is strongly encouraged. For more information or to volunteer for the event, contact Karana Hattersley-Drayton, the City of Fresno’s historic preservation project manager, at (559) 621-8520, or Karana.Hattersley-Drayton@fresno.gov.
URL to original article: http://businessstreetonline.com/city-of-fresno-plans-bike-through-neighborhood-history-nov-2/
For further information on Fresno Real Estate check: http://www.londonproperties.com
FRESNO – The City of Fresno has announced plans for this year’s “Bike Through History” on Saturday, Nov. 2, from 9 a.m. to noon. The event will feature a 7-mile round-trip ride with an emphasis on Fresno’s historic neighborhoods. Bike Through (Neighborhood) History is co-sponsored by the City of Fresno, Fresno County Bicycle Coalition, the Cal Alumni Group of Fresno and the Valley Air District. The ride will begin at the 1939 Streamline Moderne style Tower Theater (HP# 190 /National Register of Historic Places), 1201 N. Wishon Ave., and will follow a route through several City and County Historic Districts. Stops along the way will include the Spanish Revival Herbert Levy Home (1930), the Gilbert Jertberg Adobe (1936), the Neoclassical Fig Garden Womans Club (1926/1956) and the Porter Home (1921), near Fresno City College. Volunteer docents and/or property owners will be available at each stop to give a brief history of the site. The ride is intended for participants 10 and up (with 16 and under accompanied by a parent). Participants need to have a bike in good working condition and a helmet. The event is free, but pre-registration is strongly encouraged. For more information or to volunteer for the event, contact Karana Hattersley-Drayton, the City of Fresno’s historic preservation project manager, at (559) 621-8520, or Karana.Hattersley-Drayton@fresno.gov.
URL to original article: http://businessstreetonline.com/city-of-fresno-plans-bike-through-neighborhood-history-nov-2/
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, October 29, 2013
Lang, Richert and Patch celebrate half century of law
Source: The Business Journal
Written by Ben Keller
Fifty years have gone by since one of Fresno’s oldest law firms formed out of a few young attorneys looking to make their mark in the area. Now with 17 attorneys and some 30 in supporting staff, Lang, Richert and Patch handles the affairs of multi-million-dollar clients even outside of the Valley and state in situations involving bankruptcy, debtor-creditor relationship, estate planning, agriculture, construction, banking and commercial finance, medical malpractice and employment law, to name just a few specialties. The firm’s connection with the local community has remained strong, however, as attorneys can often be seen participating in charitable events around Fresno or giving their time to pro bono clients challenged by expensive legal needs. “With attorneys rates and fees being charged now across the board, there’s a lot of people that can’t afford legal services and we’re able to go to these forums and settings and provide these services and help the community,” said Managing Partner Matthew Quall. The attitude of community support was a founding focus for the firm soon after Frank Lang, a new attorney two years out of the UC Berkeley School of Law, met up with Phil Fullerton, who was swamped with a practice he inherited. The two made a good fit with Lang working on bankruptcies and creditors’ rights while Fullerton represented mostly truckers and contractors. A third founding partner, the late William Richert, was an expert in family law. The firm later dropped family law and grew along with the local business community that now makes up a majority of its clientele. “When we stared there were some 200 to 250 lawyers in Fresno County and now it’s close to 2,000,” said Lang, a native of Modesto. “There’s been a lot of growth in the local area and the business community that supports the population.” Fullerton retired early, replaced by UC Davis School of Law grad Robert Patch in 1972, who has since obtained sizable verdicts as the firm’s lead trial lawyer in cases dealing with product liability, wrongful death, personal injury and medical malpractice in both the state and federal courts. A host of other astute attorneys have put the firm on the map since then, including Douglas Noll, a well-known mediator and peacemaker, and Val Saldana, the first and only Hispanic president of the Fresno County Bar Association. The firm also moved several times as its numbers expanded, starting out from three buildings in downtown Fresno and settling in the Fig Garden Financial Center around 20 years ago. From there, many of Lang, Richert and Patch’s attorneys have had a hand in defending large corporate clients when faced with cases in the San Joaquin Valley. In July 2002, for instance, the firm gained national recognition when it negotiated a large settlement for a family whose wrongful death lawsuit was the first in the nation to go to trial against both Ford Motor Co. and Bridgestone/Firestone Inc. More often, however, Lang, Richert and Patch is on the side of large companies. Besides one of its biggest fortes backing agriculture clients, the last few years have seen a spike in bankruptcies and solvency cases due to recessionary struggles, although that’s dying down a little as the economy improves. “We were maybe the busiest bankruptcy court in the nation and now the judges are resting once in a while,” Lang said. ”We’re heavy into collection work right now for major debt collectors.” Employer/employee issues have come at the forefront in recent years as well. With its expertise in the area, the firm helped to establish and continues speaking at the monthly workers’ rights clinics put on by Central California Legal Services (CCLS) to provide legal information to low-wage workers in various aspects of employment law. Other educational seminars over the years have had attorneys speaking to groups and classes on issues like bankruptcy, commercial litigation and pro bono work, many at the San Joaquin College of Law in Clovis or for the Fresno County Bar Association. Serving as an example of helping those in need, Lang, Richert and Patch was the first law firm to sign on with CCLS’ Central Valley Pro Bono Challenge in 2010 to encourage attorneys in the area to provide free legal service to disadvantaged individuals and families. Since that time, the firm has dedicated more than 700 hours and approximately $165,000 in pro bono legal services to the underserved. “We’ve always been supportive of our attorneys’ time and hours in pro bono efforts but in this instance it was a very structured effort,” said Quall, who joined the firm 15 years ago. “The minimum is 10 hours each and most of our attorneys far exceed that.” Another way Lang, Richert and Patch shows support for the Fresno community is through regular community service projects that benefit local causes and nonprofits. In the last three years, the firm has backed such events like the Lawyers Have Heart Run to support the American Heart Association. In May, members of the firm’s family and the general community came together to assist in the building of a dog park at Animal Compassion Team of California's Fresno location. Staff will be hosting a night of dinner and games at Community Medical Center’s Terry’s House in December to raise funds for the facility that houses families and loved ones of hospital patients. Quall said the firm is looking to contribute even more with plans to assign attorneys and staff to a new community service project every quarter. Every year, the firm also gives out $1,000 towards payment of law school tuition from the Frank H. Lang Merit Scholarship. Although Lang is now retired, he still occupies an office at the firm to guide attorneys in cases and provide direction for the business. But with the firm’s achievements and accolades, Lang said the practice he started looks to be in good shape for another 50 years. Among the awards include OneJustice’s “Opening Doors to Justice” award, Central California Legal Services, Inc.’s “Champions of Justice” award, the Legal Services Corporation Award for Extraordinary Commitment to Providing Equal Access to Justice and the Fresno County Bar Association’s Pro Bono Law Firm of the Year award. In July, half of the firm’s attorneys were selected as Super Lawyers or Rising Stars by Super Lawyers Magazine based on peer recognition and professional achievement in more than 70 practice areas. “We hire really good lawyers,” said Lang, who has served on such groups as the Fresno Art Museum, the Fresno Dance Repertory Association, the Fresno Philharmonic Association and Encourage Tomorrow. “Any person we hired we expect to be capable of becoming an owner in the business.” Lang, Richert and Patch will be celebrating their first 50 years with a reception on Oct. 17 for clients, lawmakers, pro bono partners and friends and family at its office at the fourth floor of the Fig Garden Financial Center, 5200 N. Palm Ave.
URL to original article: http://thebusinessjournal.com/news/legal/9383-lang-richet-and-patch-celebrate-half-century-of-law
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Ben Keller
Fifty years have gone by since one of Fresno’s oldest law firms formed out of a few young attorneys looking to make their mark in the area. Now with 17 attorneys and some 30 in supporting staff, Lang, Richert and Patch handles the affairs of multi-million-dollar clients even outside of the Valley and state in situations involving bankruptcy, debtor-creditor relationship, estate planning, agriculture, construction, banking and commercial finance, medical malpractice and employment law, to name just a few specialties. The firm’s connection with the local community has remained strong, however, as attorneys can often be seen participating in charitable events around Fresno or giving their time to pro bono clients challenged by expensive legal needs. “With attorneys rates and fees being charged now across the board, there’s a lot of people that can’t afford legal services and we’re able to go to these forums and settings and provide these services and help the community,” said Managing Partner Matthew Quall. The attitude of community support was a founding focus for the firm soon after Frank Lang, a new attorney two years out of the UC Berkeley School of Law, met up with Phil Fullerton, who was swamped with a practice he inherited. The two made a good fit with Lang working on bankruptcies and creditors’ rights while Fullerton represented mostly truckers and contractors. A third founding partner, the late William Richert, was an expert in family law. The firm later dropped family law and grew along with the local business community that now makes up a majority of its clientele. “When we stared there were some 200 to 250 lawyers in Fresno County and now it’s close to 2,000,” said Lang, a native of Modesto. “There’s been a lot of growth in the local area and the business community that supports the population.” Fullerton retired early, replaced by UC Davis School of Law grad Robert Patch in 1972, who has since obtained sizable verdicts as the firm’s lead trial lawyer in cases dealing with product liability, wrongful death, personal injury and medical malpractice in both the state and federal courts. A host of other astute attorneys have put the firm on the map since then, including Douglas Noll, a well-known mediator and peacemaker, and Val Saldana, the first and only Hispanic president of the Fresno County Bar Association. The firm also moved several times as its numbers expanded, starting out from three buildings in downtown Fresno and settling in the Fig Garden Financial Center around 20 years ago. From there, many of Lang, Richert and Patch’s attorneys have had a hand in defending large corporate clients when faced with cases in the San Joaquin Valley. In July 2002, for instance, the firm gained national recognition when it negotiated a large settlement for a family whose wrongful death lawsuit was the first in the nation to go to trial against both Ford Motor Co. and Bridgestone/Firestone Inc. More often, however, Lang, Richert and Patch is on the side of large companies. Besides one of its biggest fortes backing agriculture clients, the last few years have seen a spike in bankruptcies and solvency cases due to recessionary struggles, although that’s dying down a little as the economy improves. “We were maybe the busiest bankruptcy court in the nation and now the judges are resting once in a while,” Lang said. ”We’re heavy into collection work right now for major debt collectors.” Employer/employee issues have come at the forefront in recent years as well. With its expertise in the area, the firm helped to establish and continues speaking at the monthly workers’ rights clinics put on by Central California Legal Services (CCLS) to provide legal information to low-wage workers in various aspects of employment law. Other educational seminars over the years have had attorneys speaking to groups and classes on issues like bankruptcy, commercial litigation and pro bono work, many at the San Joaquin College of Law in Clovis or for the Fresno County Bar Association. Serving as an example of helping those in need, Lang, Richert and Patch was the first law firm to sign on with CCLS’ Central Valley Pro Bono Challenge in 2010 to encourage attorneys in the area to provide free legal service to disadvantaged individuals and families. Since that time, the firm has dedicated more than 700 hours and approximately $165,000 in pro bono legal services to the underserved. “We’ve always been supportive of our attorneys’ time and hours in pro bono efforts but in this instance it was a very structured effort,” said Quall, who joined the firm 15 years ago. “The minimum is 10 hours each and most of our attorneys far exceed that.” Another way Lang, Richert and Patch shows support for the Fresno community is through regular community service projects that benefit local causes and nonprofits. In the last three years, the firm has backed such events like the Lawyers Have Heart Run to support the American Heart Association. In May, members of the firm’s family and the general community came together to assist in the building of a dog park at Animal Compassion Team of California's Fresno location. Staff will be hosting a night of dinner and games at Community Medical Center’s Terry’s House in December to raise funds for the facility that houses families and loved ones of hospital patients. Quall said the firm is looking to contribute even more with plans to assign attorneys and staff to a new community service project every quarter. Every year, the firm also gives out $1,000 towards payment of law school tuition from the Frank H. Lang Merit Scholarship. Although Lang is now retired, he still occupies an office at the firm to guide attorneys in cases and provide direction for the business. But with the firm’s achievements and accolades, Lang said the practice he started looks to be in good shape for another 50 years. Among the awards include OneJustice’s “Opening Doors to Justice” award, Central California Legal Services, Inc.’s “Champions of Justice” award, the Legal Services Corporation Award for Extraordinary Commitment to Providing Equal Access to Justice and the Fresno County Bar Association’s Pro Bono Law Firm of the Year award. In July, half of the firm’s attorneys were selected as Super Lawyers or Rising Stars by Super Lawyers Magazine based on peer recognition and professional achievement in more than 70 practice areas. “We hire really good lawyers,” said Lang, who has served on such groups as the Fresno Art Museum, the Fresno Dance Repertory Association, the Fresno Philharmonic Association and Encourage Tomorrow. “Any person we hired we expect to be capable of becoming an owner in the business.” Lang, Richert and Patch will be celebrating their first 50 years with a reception on Oct. 17 for clients, lawmakers, pro bono partners and friends and family at its office at the fourth floor of the Fig Garden Financial Center, 5200 N. Palm Ave.
URL to original article: http://thebusinessjournal.com/news/legal/9383-lang-richet-and-patch-celebrate-half-century-of-law
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, October 28, 2013
Former Bulldog, NBA star buys out season opener
Source: The Business Journal
Written by Clay Moffitt
Indiana Pacer and former Fresno State Bulldog Paul George didn’t take long to put his recently-inked contract to good use, as the NBA All-Star purchased every ticket to the Bulldogs’ season opener on Nov. 16. After leading the Pacers to the Eastern Conference Finals last year and coming within one win of making an NBA Finals appearance, George signed a five-year extension worth between $80 million and $90 million. Jennifer Jory, the Bulldog Foundation director of development, confirmed the gesture from the Palmdale native through Twitter on Monday. “@Paul_George24 bought all the tickets to Fresno State Men's Basketball game on Nov. 16! Thank Paul & pick up your FREE ticket! Thanks PG!” Jory tweeted. George purchased the tickets for the Save Mart Center’s full 15,596-seat configuration. All season ticket holders will have their same seats for the opener. Fans will need to print off a voucher at http://imgur.com/8fxYsZm, then redeem those vouchers at the Save Mart Center ticket office. Vouchers are available immediately and are redeemable for one ticket each.
URL to original article: http://www.thebusinessjournal.com/news/sports-and-entertainment/9362-former-bulldog-nba-star-buys-out-season-opener
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Clay Moffitt
Indiana Pacer and former Fresno State Bulldog Paul George didn’t take long to put his recently-inked contract to good use, as the NBA All-Star purchased every ticket to the Bulldogs’ season opener on Nov. 16. After leading the Pacers to the Eastern Conference Finals last year and coming within one win of making an NBA Finals appearance, George signed a five-year extension worth between $80 million and $90 million. Jennifer Jory, the Bulldog Foundation director of development, confirmed the gesture from the Palmdale native through Twitter on Monday. “@Paul_George24 bought all the tickets to Fresno State Men's Basketball game on Nov. 16! Thank Paul & pick up your FREE ticket! Thanks PG!” Jory tweeted. George purchased the tickets for the Save Mart Center’s full 15,596-seat configuration. All season ticket holders will have their same seats for the opener. Fans will need to print off a voucher at http://imgur.com/8fxYsZm, then redeem those vouchers at the Save Mart Center ticket office. Vouchers are available immediately and are redeemable for one ticket each.
URL to original article: http://www.thebusinessjournal.com/news/sports-and-entertainment/9362-former-bulldog-nba-star-buys-out-season-opener
For further information on Fresno Real Estate check: http://www.londonproperties.com
’40 Under 40′ – Ashley De Young – De Young Properties
Source: The Business Street
Ashley De Young, vice president of marketing for De Young Properties, represents the third generation to work in her family’s homebuilding business, continuing a 70-year family tradition of affordable, quality craftsmanship, earth-friendly homebuilding. De Young joined the De Young Properties team in 2011 and serves as vice president of marketing. In this role, she manages De Young Properties’ website, online marketing, special events, social media platforms, community signage and all other forms of advertising and public relations. De Young has specifically led the initiative for De Young Properties to build a presence in social media with profiles on Facebook, Twitter, YouTube, LinkedIn, Pinterest and Instagram. After graduating from Clovis West High School, she studied at California State University, Fresno where she earned her degree in mass communication and journalism. De Young Properties has built over 7,000 homes in the Central Valley, and De Young aims to continue this family legacy to build quality, innovative homes that feature the latest design trends and leading-edge amenities, while never losing sight of the most important aspect of the business – customer service. Dedicated to the development of the local community, Ashley De Young has supported and will continue to support De Young Properties’ dedication to improving quality of life. De Young Properties gives dreams and hope to their community through supporting local schools, non-profits and community groups, such as Saint Agnes Medical Center, HandsOn Central California, Make a Wish Foundation, Court Appointed Special Advocates and California State University, Fresno. They also served as the proud builder and major donor of six Central Valley St. Jude Dream Homes benefiting St. Jude Children’s Research Hospital. In addition, De Young Properties stepped forward to build a home in less than one week for a local hero as part of the Emmy-award winning television show, Extreme Makeover: Home Edition. Ashley values working alongside her family at De Young Properties, including her parents, Jerry and Paula De Young and her brothers, Ryan and Brandon De Young.
URL to original article: http://businessstreetonline.com/40-under-40-ashley-de-young-de-young-properties/
For further information on Fresno Real Estate check: http://www.londonproperties.com
Ashley De Young, vice president of marketing for De Young Properties, represents the third generation to work in her family’s homebuilding business, continuing a 70-year family tradition of affordable, quality craftsmanship, earth-friendly homebuilding. De Young joined the De Young Properties team in 2011 and serves as vice president of marketing. In this role, she manages De Young Properties’ website, online marketing, special events, social media platforms, community signage and all other forms of advertising and public relations. De Young has specifically led the initiative for De Young Properties to build a presence in social media with profiles on Facebook, Twitter, YouTube, LinkedIn, Pinterest and Instagram. After graduating from Clovis West High School, she studied at California State University, Fresno where she earned her degree in mass communication and journalism. De Young Properties has built over 7,000 homes in the Central Valley, and De Young aims to continue this family legacy to build quality, innovative homes that feature the latest design trends and leading-edge amenities, while never losing sight of the most important aspect of the business – customer service. Dedicated to the development of the local community, Ashley De Young has supported and will continue to support De Young Properties’ dedication to improving quality of life. De Young Properties gives dreams and hope to their community through supporting local schools, non-profits and community groups, such as Saint Agnes Medical Center, HandsOn Central California, Make a Wish Foundation, Court Appointed Special Advocates and California State University, Fresno. They also served as the proud builder and major donor of six Central Valley St. Jude Dream Homes benefiting St. Jude Children’s Research Hospital. In addition, De Young Properties stepped forward to build a home in less than one week for a local hero as part of the Emmy-award winning television show, Extreme Makeover: Home Edition. Ashley values working alongside her family at De Young Properties, including her parents, Jerry and Paula De Young and her brothers, Ryan and Brandon De Young.
URL to original article: http://businessstreetonline.com/40-under-40-ashley-de-young-de-young-properties/
For further information on Fresno Real Estate check: http://www.londonproperties.com
Sanger's Pitman Family Farms expanding to Kings County
Source: The Business Journal
Written by John Lindt
Pitman Family Farms of Sanger has made two significant property purchases in recent weeks in the Hanford Industrial Park, setting the stage for what is expected to be a major expansion of operations into Kings County. The latest transaction as of Oct. 14 was the purchase by Bel’s Poultry, the Pitman family’s limited liability corporation, of 110 acres owned by the city’s redevelopment successor agency. The purchase price was $2.75 million, or $25,000 an acre, with escrow set to close in 30 days. The acreage is clustered on the western side of 10th Avenue east of the Burlington Northern Santa Fe tracks at Iona Avenue. The 110 acres includes three different parcels of land. The purchase complements Pitman Family Farms' August purchase of Cargill's Hanford feed manufacturing facility. The sale included about 16 acres of land, buildings and machinery, said Cargill in a news release. Terms of the agreement were not made public. With its recent Hanford acquisition, Pitman has more than 126 acres near the rail ine. Just what is planned on the large site is unclear, but a good source says “it will be big.” Pitman Family Farms has its current packing/slaughterhouse in Sanger and its ranches scattered in the Central Valley. The family owned company produces free-range, organic and non-organic chickens, turkeys and ducks for the US market. The company is also growing its ranches this month with building permits for seven new chicken barns near Traver. The company has also expanded its Sanger processing facilities to the tune about about $2 million, including new buildings and solar panels. Pitman Farms, which employs around 600 people in the Central Valley, was in the running to buy bankrupt Zacky Farms but lost that bid to members of the Zacky family earlier this year.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9341-sanger-s-pitman-family-farms-expanding-to-kings-county
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by John Lindt
Pitman Family Farms of Sanger has made two significant property purchases in recent weeks in the Hanford Industrial Park, setting the stage for what is expected to be a major expansion of operations into Kings County. The latest transaction as of Oct. 14 was the purchase by Bel’s Poultry, the Pitman family’s limited liability corporation, of 110 acres owned by the city’s redevelopment successor agency. The purchase price was $2.75 million, or $25,000 an acre, with escrow set to close in 30 days. The acreage is clustered on the western side of 10th Avenue east of the Burlington Northern Santa Fe tracks at Iona Avenue. The 110 acres includes three different parcels of land. The purchase complements Pitman Family Farms' August purchase of Cargill's Hanford feed manufacturing facility. The sale included about 16 acres of land, buildings and machinery, said Cargill in a news release. Terms of the agreement were not made public. With its recent Hanford acquisition, Pitman has more than 126 acres near the rail ine. Just what is planned on the large site is unclear, but a good source says “it will be big.” Pitman Family Farms has its current packing/slaughterhouse in Sanger and its ranches scattered in the Central Valley. The family owned company produces free-range, organic and non-organic chickens, turkeys and ducks for the US market. The company is also growing its ranches this month with building permits for seven new chicken barns near Traver. The company has also expanded its Sanger processing facilities to the tune about about $2 million, including new buildings and solar panels. Pitman Farms, which employs around 600 people in the Central Valley, was in the running to buy bankrupt Zacky Farms but lost that bid to members of the Zacky family earlier this year.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9341-sanger-s-pitman-family-farms-expanding-to-kings-county
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, October 23, 2013
Fresno family wins Home of Hope
Source: The Business Journal
The Xiong family of Fresno of won a 2,200 square-foot home during Granville Homes' 2013 Home of Hope drawing on Oct. 19. The two-story home at 5921 E. Eugenia Ave. in southwest Fresno is valued at $270,000 and features three bedrooms, 2.5 bathrooms and a two-car garage, along with granite counters, stainless steel appliances and a large backyard. It also comes with a contract for solar panels from Solar City. Hue Xiong and his wife have two children. Twenty other prizes were awarded to ticket holders during the drawing, including a flight on the Fresno Sheriff Department's Eagle One helicopter, one-year tennis membership at Copper River Country Club, Fresno State men's basketball tickets, cleaning services and an Apple iPad 2. The Granville Home of Hope raffle has raised more than $2.4 million for local nonprofits since its inception in 2006. This year, the event sold 2,730 tickets and raised $273,000 for the Community Food Bank, the Poverello House, Hinds Hospice and other charitable organizations.
URL to original article: http://198.1.95.185/news/non-profits/9266-fresno-family-wins-home-of-hope
For further information on Fresno Real Estate check: http://www.londonproperties.com
The Xiong family of Fresno of won a 2,200 square-foot home during Granville Homes' 2013 Home of Hope drawing on Oct. 19. The two-story home at 5921 E. Eugenia Ave. in southwest Fresno is valued at $270,000 and features three bedrooms, 2.5 bathrooms and a two-car garage, along with granite counters, stainless steel appliances and a large backyard. It also comes with a contract for solar panels from Solar City. Hue Xiong and his wife have two children. Twenty other prizes were awarded to ticket holders during the drawing, including a flight on the Fresno Sheriff Department's Eagle One helicopter, one-year tennis membership at Copper River Country Club, Fresno State men's basketball tickets, cleaning services and an Apple iPad 2. The Granville Home of Hope raffle has raised more than $2.4 million for local nonprofits since its inception in 2006. This year, the event sold 2,730 tickets and raised $273,000 for the Community Food Bank, the Poverello House, Hinds Hospice and other charitable organizations.
URL to original article: http://198.1.95.185/news/non-profits/9266-fresno-family-wins-home-of-hope
For further information on Fresno Real Estate check: http://www.londonproperties.com
DataQuick: California foreclosure starts continue to drop
Source: Housingwire
Reach their second-lowest level since 2006
By: Brena Swanson
The number of homeowners entering the foreclosure process in California last quarter fell to the second-lowest level in seven and a half years, a new report from analytics firm DataQuick claims. Lenders filed 20,314 notices of default from July through September in California. That's down 21.1% from 25,747 filings during the previous quarter and a 58.6% drop from 49,026 filings in the first quarter of 2006. A strong job market, home price appreciation and a variety of government foreclosure avoidance efforts helped drop foreclosure filings to their lowest level since 18,568 were filed in the first quarter of this year. However, the significant drop at the beginning of 2013 was in correlation with the initiation of the Homeowner Bill of Rights, which took effect on Jan. 1. "When the Homeowner Bill of Rights took effect in January, foreclosure activity dropped 40% in one month, from December to January. That was the biggest one-month drop in California foreclosure activity we’ve seen since we began tracking foreclosure activity in 2005," said Daren Blomquist, chief economist with RealtyTrac. "Foreclosure activity was already naturally declining in California prior to the new legislation, but at an average 1% decline per month. After the legislation took effect, we have seen an average 2% decline per month in California foreclosure activity. The average pace of decline doubled," he said. Additionally, the steep rise in home values in the state over the last year has reduced the number of Californians who owe more than their homes are worth. As a result, it drives down the number of households facing the threat of foreclosure. The median price of a California home hit $360,000 during the third quarter, up 4% from $346,000 the previous quarter and up 26.3% from $285,000 the same period a year ago. On primary mortgages, by the time a notice of default is filed, the median California borrower is 8.2 months behind on their payments and owes a median of $16,327 on a mortgage of $300,000. Among the state’s larger counties, loans were least likely to go into default last quarter in San Francisco, Santa Clara, San Mateo, Marin and San Luis Obispo counties. Meanwhile, the probability was highest in Riverside, San Bernardino, San Joaquin, Kings and Yuba counties. "Cleanup of the foreclosure mess is ongoing, but it’s difficult to imagine a huge new wave," said John Walsh, president of DataQuick. "Still, it’s certainly possible that we could see foreclosure activity edge higher again," he added."It will depend on the economy and how lenders manage their remaining distressed properties."
URL to original article: http://www.housingwire.com/articles/27578-dataquick-california-foreclosure-starts-continue-to-drop
For further information on Fresno Real Estate check: http://www.londonproperties.com
Reach their second-lowest level since 2006
By: Brena Swanson
The number of homeowners entering the foreclosure process in California last quarter fell to the second-lowest level in seven and a half years, a new report from analytics firm DataQuick claims. Lenders filed 20,314 notices of default from July through September in California. That's down 21.1% from 25,747 filings during the previous quarter and a 58.6% drop from 49,026 filings in the first quarter of 2006. A strong job market, home price appreciation and a variety of government foreclosure avoidance efforts helped drop foreclosure filings to their lowest level since 18,568 were filed in the first quarter of this year. However, the significant drop at the beginning of 2013 was in correlation with the initiation of the Homeowner Bill of Rights, which took effect on Jan. 1. "When the Homeowner Bill of Rights took effect in January, foreclosure activity dropped 40% in one month, from December to January. That was the biggest one-month drop in California foreclosure activity we’ve seen since we began tracking foreclosure activity in 2005," said Daren Blomquist, chief economist with RealtyTrac. "Foreclosure activity was already naturally declining in California prior to the new legislation, but at an average 1% decline per month. After the legislation took effect, we have seen an average 2% decline per month in California foreclosure activity. The average pace of decline doubled," he said. Additionally, the steep rise in home values in the state over the last year has reduced the number of Californians who owe more than their homes are worth. As a result, it drives down the number of households facing the threat of foreclosure. The median price of a California home hit $360,000 during the third quarter, up 4% from $346,000 the previous quarter and up 26.3% from $285,000 the same period a year ago. On primary mortgages, by the time a notice of default is filed, the median California borrower is 8.2 months behind on their payments and owes a median of $16,327 on a mortgage of $300,000. Among the state’s larger counties, loans were least likely to go into default last quarter in San Francisco, Santa Clara, San Mateo, Marin and San Luis Obispo counties. Meanwhile, the probability was highest in Riverside, San Bernardino, San Joaquin, Kings and Yuba counties. "Cleanup of the foreclosure mess is ongoing, but it’s difficult to imagine a huge new wave," said John Walsh, president of DataQuick. "Still, it’s certainly possible that we could see foreclosure activity edge higher again," he added."It will depend on the economy and how lenders manage their remaining distressed properties."
URL to original article: http://www.housingwire.com/articles/27578-dataquick-california-foreclosure-starts-continue-to-drop
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, October 21, 2013
California home sales fall to 1988 levels
Source: Housingwire
Low inventory stifles demand as market recovers from bust
By: Christina Mlynski
The home sales volume in California is on a downward trajectory as the state deals with a limited supply of desirable inventory and the Homeowner Bill of Rights, which is stalling the foreclosure process. The drop is not tied to demand since buyers are reportedly on the hunt for properties across the West Coast state. Roughly 36,000 new and resale houses sold statewide in September, down 15.3% from August, but up 5.9% from a year ago, according to DataQuick. The September sales count is hovering at one of the lowest levels recorded in years, considering more than 40,000 homes sold in 2009 during the midst of the economic downturn. "Some of that imbalance is just a natural result of a market that is still working its way back to normal, with still many homeowners deeply underwater and unable to sell because of that,” explained RealtyTrac vice president Daren Blomquist. He added, “But some of the lack of available inventory is due to foreclosure inventory being held back by the Homeowners Bill of Rights in California, which took effect in January 2013. I would argue this law, which makes it more difficult for lenders to foreclose in the state, has held back foreclosure inventory that otherwise would have been listed for sale this year, which in turn is helping to prop up home prices." Blomquist said the law cut the state's foreclosure pace in half, while home price appreciation doubled. The median price paid for a home in California hit $355,000 in September, down 1.7% from August, but up 23.7% from last year. September also was the 19th consecutive month in which the state's median sales price increased annually. Of the existing homes sold last month, 7% were foreclosures, the lowest foreclosure-resale level on record since 2007. Meanwhile, short sales made up roughly 13.1% of the homes that resold in September, down from 13.3% in August, and a 27.5% drop from a year earlier. The typical monthly mortgage payment that California home buyers committed to in September hit $1,429 per month, down slightly from $1,456 in August, but up from $1,027 a year ago.
URL to original article: http://www.housingwire.com/articles/27533-california-home-sales-fall-to-1988-levels
For further information on Fresno Real Estate check: http://www.londonproperties.com
Low inventory stifles demand as market recovers from bust
By: Christina Mlynski
The home sales volume in California is on a downward trajectory as the state deals with a limited supply of desirable inventory and the Homeowner Bill of Rights, which is stalling the foreclosure process. The drop is not tied to demand since buyers are reportedly on the hunt for properties across the West Coast state. Roughly 36,000 new and resale houses sold statewide in September, down 15.3% from August, but up 5.9% from a year ago, according to DataQuick. The September sales count is hovering at one of the lowest levels recorded in years, considering more than 40,000 homes sold in 2009 during the midst of the economic downturn. "Some of that imbalance is just a natural result of a market that is still working its way back to normal, with still many homeowners deeply underwater and unable to sell because of that,” explained RealtyTrac vice president Daren Blomquist. He added, “But some of the lack of available inventory is due to foreclosure inventory being held back by the Homeowners Bill of Rights in California, which took effect in January 2013. I would argue this law, which makes it more difficult for lenders to foreclose in the state, has held back foreclosure inventory that otherwise would have been listed for sale this year, which in turn is helping to prop up home prices." Blomquist said the law cut the state's foreclosure pace in half, while home price appreciation doubled. The median price paid for a home in California hit $355,000 in September, down 1.7% from August, but up 23.7% from last year. September also was the 19th consecutive month in which the state's median sales price increased annually. Of the existing homes sold last month, 7% were foreclosures, the lowest foreclosure-resale level on record since 2007. Meanwhile, short sales made up roughly 13.1% of the homes that resold in September, down from 13.3% in August, and a 27.5% drop from a year earlier. The typical monthly mortgage payment that California home buyers committed to in September hit $1,429 per month, down slightly from $1,456 in August, but up from $1,027 a year ago.
URL to original article: http://www.housingwire.com/articles/27533-california-home-sales-fall-to-1988-levels
For further information on Fresno Real Estate check: http://www.londonproperties.com
Bubble or no bubble? It depends on who you ask...
Source: Housingwire
Fitch is actually optimistic about housing
By: Kerri Ann Panchuk
Depending on who you ask, the housing recovery remains in limbo as the nation awaits the outcome of uncertain government policy, rising mortgage rates and a small decline in home affordability. But how housing will fare heading into the final two months of 2013 and through 2014 depends on who you believe. Fitch Ratings released its Chalk Line report covering housing this week, concluding that homes remain affordable with mortgage rates and home prices still trending far below their former highs. Robert Curran, managing director for Fitch, calls "recent government struggles, negative equity and challenging mortgage qualification standards” short-term headwinds. In fact, Fitch still expects single-family housing starts for all of 2013 to improve by 17%, while new home sales are expected to grow approximately 20% as existing-home sales edge up 8.5%. As for 2014 – a year when the government is going to have to deal with the nation’s debt ceiling again – Fitch remains optimistic, projecting total housing starts will expand 16.5% to 1.1 million in 2014 with the expectation that single-family starts will grow 20% and multifamily volume will shoot up 9% as well. Fitch also believes new home sales will grow 20%, while existing-home sales growth could moderate to a 5% pace. Fitch’s optimism contrasts with other research that forecasts either slow growth or significant troubles ahead. Recent Nobel Prize winner Robert Shiller, the force behind the S&P Case-Shiller Home Price Indices, has been sounding the alarm, suggesting housing is in another bubble phase. Despite Shiller's reputation – and a recent Nobel Prize in economics – analysts attending a recent investors conference pushed back at the idea of a bubble, falling in line with Fitch’s more positive estimates. "We are certainly not in a housing bubble," said Laurie Goodman who heads up a housing thinktank at the Urban Institute. Goodman said even with a 6% interest rate, affordability is expected to remain at 2000-2003 levels, which were pretty stable compared to 2006-2007. Mark Fleming, a chief economist with CoreLogic, also had noted that price appreciation is slowing down, making it less likely the market would return to the inflated pricing levels that defined the pre-bubble era. But if you’re in the market looking at all the outliers, it’s truly becoming a game of who do you believe? Buy now, or wait? Capital Economics put out a release, saying "the number of new home sales continued to recover in September." Yet, the research firm will not know for sure until data delayed by the shutdown is published. The company is now forecasting an increase to 440,000 new home sales annually. And while Capital Economics believes new home sales recovered somewhat in September, the firm is not as optimistic on existing home sales and expects a drop for that month in particular.
URL to original article: http://www.housingwire.com/blogs/1-rewired/post/27528-bubble-or-no-bubble-it-depends-on-who-you-ask
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fitch is actually optimistic about housing
By: Kerri Ann Panchuk
Depending on who you ask, the housing recovery remains in limbo as the nation awaits the outcome of uncertain government policy, rising mortgage rates and a small decline in home affordability. But how housing will fare heading into the final two months of 2013 and through 2014 depends on who you believe. Fitch Ratings released its Chalk Line report covering housing this week, concluding that homes remain affordable with mortgage rates and home prices still trending far below their former highs. Robert Curran, managing director for Fitch, calls "recent government struggles, negative equity and challenging mortgage qualification standards” short-term headwinds. In fact, Fitch still expects single-family housing starts for all of 2013 to improve by 17%, while new home sales are expected to grow approximately 20% as existing-home sales edge up 8.5%. As for 2014 – a year when the government is going to have to deal with the nation’s debt ceiling again – Fitch remains optimistic, projecting total housing starts will expand 16.5% to 1.1 million in 2014 with the expectation that single-family starts will grow 20% and multifamily volume will shoot up 9% as well. Fitch also believes new home sales will grow 20%, while existing-home sales growth could moderate to a 5% pace. Fitch’s optimism contrasts with other research that forecasts either slow growth or significant troubles ahead. Recent Nobel Prize winner Robert Shiller, the force behind the S&P Case-Shiller Home Price Indices, has been sounding the alarm, suggesting housing is in another bubble phase. Despite Shiller's reputation – and a recent Nobel Prize in economics – analysts attending a recent investors conference pushed back at the idea of a bubble, falling in line with Fitch’s more positive estimates. "We are certainly not in a housing bubble," said Laurie Goodman who heads up a housing thinktank at the Urban Institute. Goodman said even with a 6% interest rate, affordability is expected to remain at 2000-2003 levels, which were pretty stable compared to 2006-2007. Mark Fleming, a chief economist with CoreLogic, also had noted that price appreciation is slowing down, making it less likely the market would return to the inflated pricing levels that defined the pre-bubble era. But if you’re in the market looking at all the outliers, it’s truly becoming a game of who do you believe? Buy now, or wait? Capital Economics put out a release, saying "the number of new home sales continued to recover in September." Yet, the research firm will not know for sure until data delayed by the shutdown is published. The company is now forecasting an increase to 440,000 new home sales annually. And while Capital Economics believes new home sales recovered somewhat in September, the firm is not as optimistic on existing home sales and expects a drop for that month in particular.
URL to original article: http://www.housingwire.com/blogs/1-rewired/post/27528-bubble-or-no-bubble-it-depends-on-who-you-ask
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, October 18, 2013
School districts to get Prop. 39 funding
Source: The Business Journal
Fresno Unified will get a sizable chunk of the money allotted for energy efficiency improvements from Proposition 39. The California Department of Education announced $381 million from last year's voter-approved corporate tax initiative to update aging campuses with energy-saving retrofits. Fresno Unified, the state's fourth largest school district, will see $3.5 million of the total coming its way this year for improvements like new lighting and windows, insulation, crack sealing and ventilation system repairs. Clovis Unified School District will get $1.7 million while Visalia Unified will be receiving $1.26 million. Madera Unified is in line for $973,464 while Central Unified will be given $719,768 and Porterville Unified will get $655,980. Other Valley school districts slated to receive funding include: • Sanger Unified ($461,398) • Selma Unified ($325,100) • Hanford Elementary ($289,241) • Kerman Unified ($243,120) • Cutler-Orosi Joint Unified ($213,334) • Lindsay Unified ($203,445) • Mendota Unified ($152,759) • Corcoran Joint Unified ($164,856) • Yosemite Unified ($111,766) Charter schools within the school districts will also get a portion of the funding. The full allocation of funding also includes county offices of education and cities that run educational centers. Besides the $381 million to K-12 districts, Proposition 39 also sets aside $47 million to community college districts, $28 million for loans and assistance to the California Energy Commission, $3 million to the California Workforce Investment Board for job training and $5 million to the California Conservation Corps to perform energy surveys.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9209-valley-school-districts-to-get-prop-39-energy-funding
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fresno Unified will get a sizable chunk of the money allotted for energy efficiency improvements from Proposition 39. The California Department of Education announced $381 million from last year's voter-approved corporate tax initiative to update aging campuses with energy-saving retrofits. Fresno Unified, the state's fourth largest school district, will see $3.5 million of the total coming its way this year for improvements like new lighting and windows, insulation, crack sealing and ventilation system repairs. Clovis Unified School District will get $1.7 million while Visalia Unified will be receiving $1.26 million. Madera Unified is in line for $973,464 while Central Unified will be given $719,768 and Porterville Unified will get $655,980. Other Valley school districts slated to receive funding include: • Sanger Unified ($461,398) • Selma Unified ($325,100) • Hanford Elementary ($289,241) • Kerman Unified ($243,120) • Cutler-Orosi Joint Unified ($213,334) • Lindsay Unified ($203,445) • Mendota Unified ($152,759) • Corcoran Joint Unified ($164,856) • Yosemite Unified ($111,766) Charter schools within the school districts will also get a portion of the funding. The full allocation of funding also includes county offices of education and cities that run educational centers. Besides the $381 million to K-12 districts, Proposition 39 also sets aside $47 million to community college districts, $28 million for loans and assistance to the California Energy Commission, $3 million to the California Workforce Investment Board for job training and $5 million to the California Conservation Corps to perform energy surveys.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9209-valley-school-districts-to-get-prop-39-energy-funding
For further information on Fresno Real Estate check: http://www.londonproperties.com
Home sales fall hard in Madera County
Source: The Business Journal
Home sales dropped throughout the Valley in September, but no where as significantly as Madera County. According to a new report from the California Association of Realtors, home sales in Madera County were down 40.5 percent from August and 26.7 percent from September 2012, the second and fourth largest drop-offs in the state, respectively. The decline likely had something to do with rising home prices. At $190,000, the county's median home price was up 11.8 percent from $170,000 in August and 58.3 percent from $120,000 a year ago. Kings County saw sales drop 3.5 percent in the month. However sales improved 26.7 percent over last year, the second highest increase in the state after Humboldt County. The increase came despite jump in year-over-year home prices. At $168,450, the county's median home price was up 7.5 percent over last year's price of $156,670. The county saw an 8.4-percent drop from August, however, when the median home price stood at $184,000. Sales in Fresno County fell 13 percent over the month, but remained about even with last year. The county's median home price of $185,830 marked a 1-percent increase from $184,000 in August and a 16.8-percent jump from September 2012. In Tulare County, sales were down 4.7 percent from August and 12.3 percent from a year ago. At $163,500, Tulare County's median home price rose 3.2 percent from August's price of $158,460 and 19.3 percent from $137,060 last year. While sales may have dropped, the available supply of homes improved throughout the Valley. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 4.4 months in September, up from 3.7 months in August but less than last year's supply at 4.7 months. Tulare county's index stood at 4.2 months in September compared to 4.1 months in August and 4 months last year. Kings County saw its index increase to 3 months from 2.9 months in August, although it dropped from 4.1 months last year. Madera County saw a much more dramatic increase, going from 3.5 months a year ago and 2.4 months in August to 5 months in September. Statewide, sales totaled 412,880 homes in September, down 5.1 percent from 434,910 the prior month and 2.6 from 424,000 in September 2012. California's median home price stood at $428,810 in September, down 2.8 percent from $441,330 in August but up 24.4 percent from $344,760 last year. "It's encouraging that housing inventory has been steadily improving since May, when housing supply hit its recent bottom," said C.A.R. President Don Faught, in a release. "While inventory remains constrained in the lower-priced home segment and primary home buyers continue to compete with investors, the number of properties for sale overall has been rising since March 20123 and is at its highest level since mid-2012."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9227-home-sales-fall-hard-in-madera-county
For further information on Fresno Real Estate check: http://www.londonproperties.com
Home sales dropped throughout the Valley in September, but no where as significantly as Madera County. According to a new report from the California Association of Realtors, home sales in Madera County were down 40.5 percent from August and 26.7 percent from September 2012, the second and fourth largest drop-offs in the state, respectively. The decline likely had something to do with rising home prices. At $190,000, the county's median home price was up 11.8 percent from $170,000 in August and 58.3 percent from $120,000 a year ago. Kings County saw sales drop 3.5 percent in the month. However sales improved 26.7 percent over last year, the second highest increase in the state after Humboldt County. The increase came despite jump in year-over-year home prices. At $168,450, the county's median home price was up 7.5 percent over last year's price of $156,670. The county saw an 8.4-percent drop from August, however, when the median home price stood at $184,000. Sales in Fresno County fell 13 percent over the month, but remained about even with last year. The county's median home price of $185,830 marked a 1-percent increase from $184,000 in August and a 16.8-percent jump from September 2012. In Tulare County, sales were down 4.7 percent from August and 12.3 percent from a year ago. At $163,500, Tulare County's median home price rose 3.2 percent from August's price of $158,460 and 19.3 percent from $137,060 last year. While sales may have dropped, the available supply of homes improved throughout the Valley. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 4.4 months in September, up from 3.7 months in August but less than last year's supply at 4.7 months. Tulare county's index stood at 4.2 months in September compared to 4.1 months in August and 4 months last year. Kings County saw its index increase to 3 months from 2.9 months in August, although it dropped from 4.1 months last year. Madera County saw a much more dramatic increase, going from 3.5 months a year ago and 2.4 months in August to 5 months in September. Statewide, sales totaled 412,880 homes in September, down 5.1 percent from 434,910 the prior month and 2.6 from 424,000 in September 2012. California's median home price stood at $428,810 in September, down 2.8 percent from $441,330 in August but up 24.4 percent from $344,760 last year. "It's encouraging that housing inventory has been steadily improving since May, when housing supply hit its recent bottom," said C.A.R. President Don Faught, in a release. "While inventory remains constrained in the lower-priced home segment and primary home buyers continue to compete with investors, the number of properties for sale overall has been rising since March 20123 and is at its highest level since mid-2012."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9227-home-sales-fall-hard-in-madera-county
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, October 17, 2013
The Big Fresno Fair sets 21-year attendance record
Source: The Business Journal
The Big Fresno Fair truly lived up to its name this year, drawing 641,351 visitors during its 13-day run, up 11 percent from last year's 12-day run. This was also the first year the fair drew more than 600,000 visitors since 1992, when it lasted for 17 days. The upward trend also extended to concessions (13.25 percent from last year), on-track and Northern California wagering (up 2 percent from last year) and out-of-state wagering (up 6 percent from last year), according to a news release. The Big Fresno Fair focused on offering deep discounts to visitors through a number of initiatives including its $25 season pass, EYE-Q Senior's Day and other discount-ticket promotions with Save Mart, FoodMaxx and Les Schwab Tires. The fair also hosted its third-annual 4.0 & Above Program for high-achieving Fresno County high school students, giving away ten $3,000 scholarships, two iPads, six mountain bikes and a 2014 Toyota Corolla, which was won by Central East High School student Victor Quintos, who maintains a 4.208 grade point average. According to a statement from The Big Fresno Fair: "The overall success of the 2013 Fair would not be possible without a community who loves and supports their Fair. Many families stayed local for their entertainment and The Big Fresno Fair provided a family-friendly and affordable option. Planning is already underway for the 2014 Big Fresno Fair, which will run October 1 -13 and will mark the 131st year of this valued tradition."
URL to original article: http://www.thebusinessjournal.com/news/sports-and-entertainment/9214-the-big-fresno-fair-sets-21-year-attendance-record
For further information on Fresno Real Estate check: http://www.londonproperties.com
The Big Fresno Fair truly lived up to its name this year, drawing 641,351 visitors during its 13-day run, up 11 percent from last year's 12-day run. This was also the first year the fair drew more than 600,000 visitors since 1992, when it lasted for 17 days. The upward trend also extended to concessions (13.25 percent from last year), on-track and Northern California wagering (up 2 percent from last year) and out-of-state wagering (up 6 percent from last year), according to a news release. The Big Fresno Fair focused on offering deep discounts to visitors through a number of initiatives including its $25 season pass, EYE-Q Senior's Day and other discount-ticket promotions with Save Mart, FoodMaxx and Les Schwab Tires. The fair also hosted its third-annual 4.0 & Above Program for high-achieving Fresno County high school students, giving away ten $3,000 scholarships, two iPads, six mountain bikes and a 2014 Toyota Corolla, which was won by Central East High School student Victor Quintos, who maintains a 4.208 grade point average. According to a statement from The Big Fresno Fair: "The overall success of the 2013 Fair would not be possible without a community who loves and supports their Fair. Many families stayed local for their entertainment and The Big Fresno Fair provided a family-friendly and affordable option. Planning is already underway for the 2014 Big Fresno Fair, which will run October 1 -13 and will mark the 131st year of this valued tradition."
URL to original article: http://www.thebusinessjournal.com/news/sports-and-entertainment/9214-the-big-fresno-fair-sets-21-year-attendance-record
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, October 16, 2013
Bidding wars for houses begin to fade
Source: Housingwire
Redfin: Economic uncertainty, sticker shock take sellers out of the game
By: Kerri Ann Panchuk
Home sellers had it made back in March when 76% of offers submitted through real estate brokerage Redfin resulted in a massive bidding war among potential buyers. Redfin economist Ellen Haberle remembers those days well. "It was common to hear stories of people bringing in 30 or 40 offers," she said of the spring-selling season, "but now, they are lucky to get two." The reality is times have changed, and the bidding wars have given way to a more subdued market in September – one in which only 58% of Redfin offers land in a such a situation. Experts attribute the mild slowdown to seasonal trends, rising interest rates and uncertainty about the overall economic landscape in September. From Haberle’s point of view, the 2013 real estate market looks a bit schizophrenic at times—pulled in different directions by uncertain Fed policy, a gridlocked government and consumer fears. "This has been an unusual situation because not only did buyers flood the market in the fall of 2012, we saw a peak in activity in the spring and summer," said Haberle. But all of that activity began to taper off as buyers lost confidence in the overall economy, and the real estate community felt the seasonal impact that generally accompanies the shift from summer-to-autumn home sales. "This year was kind of front-loaded, buyers rushed in earlier than they usually do and competition was fierce for homes in the spring," explained Haberle. But by mid-summer, rising rates and concerns of a slowdown in the Federal Reserve’s mortgage-bond buying program, sent chills through the real estate market. Buyers, at the time, also faced the beginning stages of sticker-shock as rates and prices began to rise on news that a tapering could take effect. "What we are seeing now is a clear market correction from that – on top of seasonal trends," explained Haberle. Redfin’s latest Real-Time Demand Pulse report shows home tour requests remaining flat from August to September, while offers on homes declined 11.8% — the steepest drop of 2013. Compared to September 2012, the market is showing signs of a significant slowdown, considering offers on Redfin homes actually grew 4.5% during the same month last year. Even after the Fed sent a dose of optimism into the market by announcing plans to delay its tapering of mortgage-bond purchases, home offers still fell 0.3% from the previous week after the plans were announced. This occurred even as interest rates eased, declining from 4.5% to 4.3%, Redfin noted. "Last year homebuyers recognized that home prices were bottoming out, and with record-low interest rates and signs that the recession was ending, consumer confidence was high," said Aaron Drucker, Redfin’s New York market manager. "Today our clients are concerned about fluctuating mortgage rates as well as the government shutdown and debt ceiling battle. When people feel uncertain about their wealth and the economy, buying a home falls to the bottom of their to-do list." The same day that Redfin pointed to a potential market slowdown, FNC released its latest FNC Residential Price Index, showing home values inching up 0.7% in the month of July as foreclosure sales and new defaults declined. By July, foreclosure sales across the nation were almost back to pre-crisis levels, FNC said. The latest August median sales-to-list price ratio rose to 97.2, up from 93.9. Still, the latest data from FNC is from mid-to-late summer, with the firm expecting a decline in price mometum as the market moves into the fall/winter selling season. The numbers are already showing a decline in pricing. "The latest September median sales-to-list price ratio edged lower to 96.2 – a 3.8% listing price markdown among closed sales, down from 97.2 in August," FNC said.
URL to original article: http://www.housingwire.com/articles/27451-bidding-wars-fade-away
For further information on Fresno Real Estate check: http://www.londonproperties.com
Redfin: Economic uncertainty, sticker shock take sellers out of the game
By: Kerri Ann Panchuk
Home sellers had it made back in March when 76% of offers submitted through real estate brokerage Redfin resulted in a massive bidding war among potential buyers. Redfin economist Ellen Haberle remembers those days well. "It was common to hear stories of people bringing in 30 or 40 offers," she said of the spring-selling season, "but now, they are lucky to get two." The reality is times have changed, and the bidding wars have given way to a more subdued market in September – one in which only 58% of Redfin offers land in a such a situation. Experts attribute the mild slowdown to seasonal trends, rising interest rates and uncertainty about the overall economic landscape in September. From Haberle’s point of view, the 2013 real estate market looks a bit schizophrenic at times—pulled in different directions by uncertain Fed policy, a gridlocked government and consumer fears. "This has been an unusual situation because not only did buyers flood the market in the fall of 2012, we saw a peak in activity in the spring and summer," said Haberle. But all of that activity began to taper off as buyers lost confidence in the overall economy, and the real estate community felt the seasonal impact that generally accompanies the shift from summer-to-autumn home sales. "This year was kind of front-loaded, buyers rushed in earlier than they usually do and competition was fierce for homes in the spring," explained Haberle. But by mid-summer, rising rates and concerns of a slowdown in the Federal Reserve’s mortgage-bond buying program, sent chills through the real estate market. Buyers, at the time, also faced the beginning stages of sticker-shock as rates and prices began to rise on news that a tapering could take effect. "What we are seeing now is a clear market correction from that – on top of seasonal trends," explained Haberle. Redfin’s latest Real-Time Demand Pulse report shows home tour requests remaining flat from August to September, while offers on homes declined 11.8% — the steepest drop of 2013. Compared to September 2012, the market is showing signs of a significant slowdown, considering offers on Redfin homes actually grew 4.5% during the same month last year. Even after the Fed sent a dose of optimism into the market by announcing plans to delay its tapering of mortgage-bond purchases, home offers still fell 0.3% from the previous week after the plans were announced. This occurred even as interest rates eased, declining from 4.5% to 4.3%, Redfin noted. "Last year homebuyers recognized that home prices were bottoming out, and with record-low interest rates and signs that the recession was ending, consumer confidence was high," said Aaron Drucker, Redfin’s New York market manager. "Today our clients are concerned about fluctuating mortgage rates as well as the government shutdown and debt ceiling battle. When people feel uncertain about their wealth and the economy, buying a home falls to the bottom of their to-do list." The same day that Redfin pointed to a potential market slowdown, FNC released its latest FNC Residential Price Index, showing home values inching up 0.7% in the month of July as foreclosure sales and new defaults declined. By July, foreclosure sales across the nation were almost back to pre-crisis levels, FNC said. The latest August median sales-to-list price ratio rose to 97.2, up from 93.9. Still, the latest data from FNC is from mid-to-late summer, with the firm expecting a decline in price mometum as the market moves into the fall/winter selling season. The numbers are already showing a decline in pricing. "The latest September median sales-to-list price ratio edged lower to 96.2 – a 3.8% listing price markdown among closed sales, down from 97.2 in August," FNC said.
URL to original article: http://www.housingwire.com/articles/27451-bidding-wars-fade-away
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, October 15, 2013
September foreclosure activity falls 27%
Source: Housingwire
RealtyTrac records 36 months of declining foreclosure activity
By: Brena Swanson
Foreclosure filings in the U.S. dropped 27% year-over-year in September, RealtyTrac reported in its latest foreclosure update. The report shows 131,232 U.S. homes facing either a default notice, auction sale or bank repossession in September, down 27% from last year and 2% from the previous update. In fact, the month of September marked 36 months of annual declines in foreclosure activity, with third-quarter foreclosure activity falling to its lowest quarterly level since 2Q 2007, RealtyTrac noted. As a whole, the data and research firm recorded 376,931 properties with foreclosure filings in the third quarter, down 7% from the previous quarter and a 29% drop from last year. "The September and third-quarter foreclosure numbers show a housing market that is haltingly returning to health," said Daren Blomquist, vice president of RealtyTrac. "In a healthy housing market foreclosures are rare but streamlined while still protecting the rights of the homeowner." "While foreclosures are clearly becoming fewer and farther between in most markets, the increasing time it takes to foreclose is holding back a more robust and sustainable recovery," Blomquist added. Meanwhile, foreclosure starts hit a seven-year low in the third quarter, with 174,366 properties entering the foreclosure process, down 39% from a year ago. Foreclosure starts fell year-over-year in 38 states, including Colorado, Arizona and California, where starts declined 71%, 63% and 59%, respectively. Foreclosure starts grew dramatically in 11 states, with Maryland, Oregon and New Jersey seeing rises of 259%, 252% and 53%, respectively. "These spikes in activity demonstrate that while millions of distressed homeowners have been pulled back from the precipice by foreclosure prevention programs over the past several years, once those programs expire or are exhausted, a percentage of these troubled homeowners are still susceptible to falling into foreclosure," Blomquist said. Bank repossessions also fell 24% from a year ago, while still rising 7% from the previous quarter.
URL to original article: http://www.housingwire.com/articles/27345
For further information on Fresno Real Estate check: http://www.londonproperties.com
RealtyTrac records 36 months of declining foreclosure activity
By: Brena Swanson
Foreclosure filings in the U.S. dropped 27% year-over-year in September, RealtyTrac reported in its latest foreclosure update. The report shows 131,232 U.S. homes facing either a default notice, auction sale or bank repossession in September, down 27% from last year and 2% from the previous update. In fact, the month of September marked 36 months of annual declines in foreclosure activity, with third-quarter foreclosure activity falling to its lowest quarterly level since 2Q 2007, RealtyTrac noted. As a whole, the data and research firm recorded 376,931 properties with foreclosure filings in the third quarter, down 7% from the previous quarter and a 29% drop from last year. "The September and third-quarter foreclosure numbers show a housing market that is haltingly returning to health," said Daren Blomquist, vice president of RealtyTrac. "In a healthy housing market foreclosures are rare but streamlined while still protecting the rights of the homeowner." "While foreclosures are clearly becoming fewer and farther between in most markets, the increasing time it takes to foreclose is holding back a more robust and sustainable recovery," Blomquist added. Meanwhile, foreclosure starts hit a seven-year low in the third quarter, with 174,366 properties entering the foreclosure process, down 39% from a year ago. Foreclosure starts fell year-over-year in 38 states, including Colorado, Arizona and California, where starts declined 71%, 63% and 59%, respectively. Foreclosure starts grew dramatically in 11 states, with Maryland, Oregon and New Jersey seeing rises of 259%, 252% and 53%, respectively. "These spikes in activity demonstrate that while millions of distressed homeowners have been pulled back from the precipice by foreclosure prevention programs over the past several years, once those programs expire or are exhausted, a percentage of these troubled homeowners are still susceptible to falling into foreclosure," Blomquist said. Bank repossessions also fell 24% from a year ago, while still rising 7% from the previous quarter.
URL to original article: http://www.housingwire.com/articles/27345
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, October 14, 2013
Fresno architect wins award for Frank Lloyd Wright project
Source: The Business Journal
Architect Arthur Dyson has won an international award for his restoration of Frank Lloyd Wright's Fawcett House in Los Banos. The house is built of concrete block, mahogany and glass. It was completed in 1961. The award was presented by the Sierra Valley Chapter of the American Institute of Architects (AIASV) at the sixth-annual Modesto International Architecture Festival last month. “Any proposal to restore the work of this great architect should be celebrated, and his effort, on a significant example of Wright’s late domestic work was accomplished with sensitivity and skill," read a jury comment presented by Paul M. Pratt, AIASV president. The competition jury consited of: Anne Laird-Blanton, principal and owner of ALB Designs, a San Francisco Architecture and Interior Design firm; Bob Barzan, executive director of the Modesto Art Museum; Kurt Hunker, professor and director of graduate programs at NewSchool of Architecture and Design, in San Diego and Susan M. Eschweiler, an architect and certified interior designer, currently on the Dean’s Advisory Council for Cornell University’s College of Art. Dyson is principal of Arthur Dyson Architects.
URL to original article: http://www.thebusinessjournal.com/news/construction/9152-fresno-architect-wins-award-for-frank-lloyd-wright-project
For further information on Fresno Real Estate check: http://www.londonproperties.com
Architect Arthur Dyson has won an international award for his restoration of Frank Lloyd Wright's Fawcett House in Los Banos. The house is built of concrete block, mahogany and glass. It was completed in 1961. The award was presented by the Sierra Valley Chapter of the American Institute of Architects (AIASV) at the sixth-annual Modesto International Architecture Festival last month. “Any proposal to restore the work of this great architect should be celebrated, and his effort, on a significant example of Wright’s late domestic work was accomplished with sensitivity and skill," read a jury comment presented by Paul M. Pratt, AIASV president. The competition jury consited of: Anne Laird-Blanton, principal and owner of ALB Designs, a San Francisco Architecture and Interior Design firm; Bob Barzan, executive director of the Modesto Art Museum; Kurt Hunker, professor and director of graduate programs at NewSchool of Architecture and Design, in San Diego and Susan M. Eschweiler, an architect and certified interior designer, currently on the Dean’s Advisory Council for Cornell University’s College of Art. Dyson is principal of Arthur Dyson Architects.
URL to original article: http://www.thebusinessjournal.com/news/construction/9152-fresno-architect-wins-award-for-frank-lloyd-wright-project
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, October 9, 2013
Could new regs lock out borrowers in 2014?
Source: The Housingwire
New mortgage regulations will squeeze working-class buyers
By Tim Grant / Pittsburgh Post-Gazette
New mortgage rules that go into effect the beginning of next year are meant to avoid a repeat of the housing and credit crisis that nearly brought the economy to its knees five years ago. But the regulations also could have the unintended effect of making it more difficult for many working-class families to qualify for mortgage loans offered by major banks. Financial institutions in the business of originating mortgages that they plan to resell on the secondary market to government-sponsored mortgage buyers Fannie Mae and Freddie Mac will have to raise their standards for approving loans. That is likely to have the biggest impact on working-class families, many of whom are struggling with consumer debt and are living paycheck to paycheck. Regulations that go into effect Jan. 1, 2014, prohibit banks from approving mortgages for anyone whose debt-to-income ratio is higher than 43 percent. Banks also will have to limit the fees for originating mortgages to no more than 3 percent of the loan amount, which could discourage many institutions from pursuing loans for lower-priced houses. "If you are a bank that pretty much originates and sells your mortgages, you are now playing under these rules," said Ernie Hogan, executive director of Pittsburgh Community Reinvestment Group. "If you are a bank that originates mortgages but keeps them and holds them for 30 years, you can vary from some of these rules." In the years leading to the historic mortgage meltdown in 2008, lenders too often made home loans to buyers who could not pay them back and ended up in foreclosure. The Dodd-Frank Wall Street Reform and Consumer Protection Act enacted in 2010 requires lenders to more closely scrutinize borrowers' financial information to make sure they can afford a loan. Two of the most important new rules created by the Consumer Financial Protection Bureau -- which also was created by Dodd-Frank -- related to housing are the Ability-to-Repay rule and the 3 percent test rule. The Ability-to-Repay rule, also known as the Qualified Mortgage rule, says borrowers' total debt liability -- including housing -- should not exceed 43 percent of income. A Qualified Mortgage is one that would be qualified for resale on the secondary mortgage market. The 3 percent test rule says 3 percent of the mortgage amount is the maximum amount of fees that banks can charge a borrower in order for the home loan to be classified as a Qualified Mortgage that can be resold in the secondary market. Mr. Hogan believes this rule will make lower-priced homes more expensive for banks because they will not make as much money on that kind of business. "It will hurt working-class families buying homes for $75,000 or less," he said. "Those loans will be classified as a high-cost loan. You are going to lose people in the mortgage industry looking at that segment. That's what we think will happen. Banks will make a better spread on higher-priced homes." Don Frommeyer, president of the National Association of Mortgage Brokers, said the 3 percent rule also will be a problem for mortgage brokers. He said brokers will have a harder time collecting their fee on homes priced below $160,000 because every cost to the customer in the homebuying process goes toward the 3 percent. For a mortgage of $100,000, for example, all origination fees -- including the mortgage broker fee -- would be limited to a total of $3,000. "Loans between $100,000 and $160,000 will be caught in the middle," Mr. Frommeyer said. "Until this is all sorted out, we won't know how the 3 percent rule will actually work." The Ability-to-Repay rules will apply to most mortgage loans. However, they exclude certain types of loans such as home equity lines of credit, timeshare plans and reverse mortgages. Ken Benton, senior consumer regulations specialist at the Federal Reserve Bank of Philadelphia, said the new rules do contain several options to make residential mortgage loans available for low- and moderate-income borrowers. Certain types of lenders are exempt from the Ability-to-Repay/Qualified Mortgage rule and can make loans without regard to a borrower's debt-to-income ratio. Those include state and local government housing finance agencies, community development financial institutions, down payment assistance creditors designated by HUD, Community Housing Development Organizations and nonprofit lenders. In addition, community banks that meet certain requirements can offer Qualified Mortgages without a debt-to-income ratio limit. HUD has also proposed a Qualified Mortgage standard for FHA loans that will have no debt-to-income limits. HUD said it was making the proposal in order to remain consistent with the housing department's mission to serve underserved borrowers. "We don't know at this point how banks will adjust their mortgage loans to implement the new rules that will go into effect in January 2014," Mr. Benton said. "We are not in a position to speculate on that. There are too many variables and moving parts." According to a study by the Federal Reserve Board, 14 percent of all households that carried debt in 2010 had monthly payments higher than 40 percent of their income nationwide. But 26 percent of households in the poorest 20 percent of the population had debt payments greater than 40 percent of their income, while only 3 percent of the richest 10 percent paid more than 40 percent of their income for debt payments. "When one looks at the high monthly debt service to income, poorer households have more difficulty serving their debt than richer households," said Richard Fry, a researcher at the Pew Research Center in Washington. "Similarly, younger households -- 30 years or less -- tend to have lower debt service relative to income because over the last 10 years they have not been buying houses or cars as [past generations] previously had." Mr. Hogan said although HUD is proposing that government-backed mortgages be allowed to have a higher debt-to-income limit, it still leaves private financial institutions with only two options. Either they comply with the new debt-to-income standards or keep the loan on their own books, which is harder to free capital for new home loans. "The effect of this is unknown, but we believe banks will lean more to preserving the right to sell these mortgages. So they will conform to the Qualified Mortgage standard," Mr. Hogan said. If that's the case, he said, "Buyers with student loans, car loans, credit cards and other fixed debt will find it harder to buy as these families pay out on average 50 percent to 60 percent of their income for housing and things."
URL to original article: http://www.housingwire.com/articles/27341-could-new-regs-lock-out-borrowers-in-2014
For further information on Fresno Real Estate check: http://www.londonproperties.com
New mortgage regulations will squeeze working-class buyers
By Tim Grant / Pittsburgh Post-Gazette
New mortgage rules that go into effect the beginning of next year are meant to avoid a repeat of the housing and credit crisis that nearly brought the economy to its knees five years ago. But the regulations also could have the unintended effect of making it more difficult for many working-class families to qualify for mortgage loans offered by major banks. Financial institutions in the business of originating mortgages that they plan to resell on the secondary market to government-sponsored mortgage buyers Fannie Mae and Freddie Mac will have to raise their standards for approving loans. That is likely to have the biggest impact on working-class families, many of whom are struggling with consumer debt and are living paycheck to paycheck. Regulations that go into effect Jan. 1, 2014, prohibit banks from approving mortgages for anyone whose debt-to-income ratio is higher than 43 percent. Banks also will have to limit the fees for originating mortgages to no more than 3 percent of the loan amount, which could discourage many institutions from pursuing loans for lower-priced houses. "If you are a bank that pretty much originates and sells your mortgages, you are now playing under these rules," said Ernie Hogan, executive director of Pittsburgh Community Reinvestment Group. "If you are a bank that originates mortgages but keeps them and holds them for 30 years, you can vary from some of these rules." In the years leading to the historic mortgage meltdown in 2008, lenders too often made home loans to buyers who could not pay them back and ended up in foreclosure. The Dodd-Frank Wall Street Reform and Consumer Protection Act enacted in 2010 requires lenders to more closely scrutinize borrowers' financial information to make sure they can afford a loan. Two of the most important new rules created by the Consumer Financial Protection Bureau -- which also was created by Dodd-Frank -- related to housing are the Ability-to-Repay rule and the 3 percent test rule. The Ability-to-Repay rule, also known as the Qualified Mortgage rule, says borrowers' total debt liability -- including housing -- should not exceed 43 percent of income. A Qualified Mortgage is one that would be qualified for resale on the secondary mortgage market. The 3 percent test rule says 3 percent of the mortgage amount is the maximum amount of fees that banks can charge a borrower in order for the home loan to be classified as a Qualified Mortgage that can be resold in the secondary market. Mr. Hogan believes this rule will make lower-priced homes more expensive for banks because they will not make as much money on that kind of business. "It will hurt working-class families buying homes for $75,000 or less," he said. "Those loans will be classified as a high-cost loan. You are going to lose people in the mortgage industry looking at that segment. That's what we think will happen. Banks will make a better spread on higher-priced homes." Don Frommeyer, president of the National Association of Mortgage Brokers, said the 3 percent rule also will be a problem for mortgage brokers. He said brokers will have a harder time collecting their fee on homes priced below $160,000 because every cost to the customer in the homebuying process goes toward the 3 percent. For a mortgage of $100,000, for example, all origination fees -- including the mortgage broker fee -- would be limited to a total of $3,000. "Loans between $100,000 and $160,000 will be caught in the middle," Mr. Frommeyer said. "Until this is all sorted out, we won't know how the 3 percent rule will actually work." The Ability-to-Repay rules will apply to most mortgage loans. However, they exclude certain types of loans such as home equity lines of credit, timeshare plans and reverse mortgages. Ken Benton, senior consumer regulations specialist at the Federal Reserve Bank of Philadelphia, said the new rules do contain several options to make residential mortgage loans available for low- and moderate-income borrowers. Certain types of lenders are exempt from the Ability-to-Repay/Qualified Mortgage rule and can make loans without regard to a borrower's debt-to-income ratio. Those include state and local government housing finance agencies, community development financial institutions, down payment assistance creditors designated by HUD, Community Housing Development Organizations and nonprofit lenders. In addition, community banks that meet certain requirements can offer Qualified Mortgages without a debt-to-income ratio limit. HUD has also proposed a Qualified Mortgage standard for FHA loans that will have no debt-to-income limits. HUD said it was making the proposal in order to remain consistent with the housing department's mission to serve underserved borrowers. "We don't know at this point how banks will adjust their mortgage loans to implement the new rules that will go into effect in January 2014," Mr. Benton said. "We are not in a position to speculate on that. There are too many variables and moving parts." According to a study by the Federal Reserve Board, 14 percent of all households that carried debt in 2010 had monthly payments higher than 40 percent of their income nationwide. But 26 percent of households in the poorest 20 percent of the population had debt payments greater than 40 percent of their income, while only 3 percent of the richest 10 percent paid more than 40 percent of their income for debt payments. "When one looks at the high monthly debt service to income, poorer households have more difficulty serving their debt than richer households," said Richard Fry, a researcher at the Pew Research Center in Washington. "Similarly, younger households -- 30 years or less -- tend to have lower debt service relative to income because over the last 10 years they have not been buying houses or cars as [past generations] previously had." Mr. Hogan said although HUD is proposing that government-backed mortgages be allowed to have a higher debt-to-income limit, it still leaves private financial institutions with only two options. Either they comply with the new debt-to-income standards or keep the loan on their own books, which is harder to free capital for new home loans. "The effect of this is unknown, but we believe banks will lean more to preserving the right to sell these mortgages. So they will conform to the Qualified Mortgage standard," Mr. Hogan said. If that's the case, he said, "Buyers with student loans, car loans, credit cards and other fixed debt will find it harder to buy as these families pay out on average 50 percent to 60 percent of their income for housing and things."
URL to original article: http://www.housingwire.com/articles/27341-could-new-regs-lock-out-borrowers-in-2014
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, October 7, 2013
Shutdown impact: Tourists, homebuyers hit quickly
Source: The Business Journal
Written by Associated Press
(AP) — A government shutdown is having far-reaching consequences for some, but minimal impact on others. Mail is being delivered. Social Security and Medicare benefits continue to flow. But vacationers are being turned away from national parks and Smithsonian museums, and that's having a ripple effect on those businesses and communities that rely on tourism. Borrowers applying for a mortgage can expect delays, particularly many low-to-moderate income borrowers and first-time homebuyers. A look at how services have been affected, and sometimes not, by Congress failing to reach an agreement averting a partial government shutdown. AIR TRAVEL Federal air traffic controllers remain on the job and airport screeners continue to funnel passengers through security checkpoints. But safety inspections of planes, pilots and aircraft repair stations by government workers have ceased because federal inspectors have been furloughed. INTERNATIONAL TRAVEL The State Department continues to process foreign applications for visas and U.S. applications for passports, since fees are collected to finance those services. Embassies and consulates overseas are expected to remain open and provide services for U.S. citizens abroad. BENEFIT PAYMENTS Social Security and Medicare benefits continue to be paid out, but there could be delays in processing new disability applications. Unemployment benefits are also still going out. FEDERAL COURTS Federal courts continue to operate normally and will do so until mid-October. If the shutdown continues, the judiciary would have to begin furloughs of employees whose work is not considered essential. But cases would continue to be heard. The Supreme Court also says its business will go on despite the ongoing shutdown, and the high court will hear arguments Monday and will continue do so through at least the end of next week. The Supreme Court announced on its website that its building will be open to the public during its usual hours. MAIL Deliveries continue as usual because the U.S. Postal Service receives no tax dollars for day-to-day operations. It relies on income from stamps and other postal fees to keep running. RECREATION All national parks are closed. Grand National Canyon National Park was shut down for only the second time since it was created in 1919. The Grand Canyon averages 18,000 tourists per day in October, which has left hotels, concessionaires and tour operators losing money by the hour. In Washington, monuments along the National Mall have been closed, as have the Smithsonian museums, including the National Zoo. Among the visitor centers that have closed: the Statue of Liberty and Ellis Island in New York, Independence Hall in Philadelphia and Alcatraz Island near San Francisco. HEALTH New patients are not being accepted into clinical research at the National Institutes of Health, but current patients continue to receive care. Medical research at the NIH has been disrupted as some studies have been delayed. The Centers for Disease Control and Prevention has been severely limited in spotting or investigating disease outbreaks such as the flu or that mysterious MERS virus from the Middle East. FOOD SAFETY The Food and Drug Administration and Centers for Disease Control and Prevention say they could handle recalls and high-risk foodborne outbreaks, but they are less likely to discover them because most of the people who investigate outbreaks have been furloughed. Routine food safety inspections conducted by FDA are suspended, so most food manufacturers won't have to worry about periodic visits from government inspectors to make sure their facilities are clean. U.S. food inspections abroad have also been halted. USDA's federal meat inspections are proceeding as usual, however. USDA inspectors are on the lines every day in meatpacking plants and are required to be there by law for the plants to stay open. EDUCATION The Education Department has said that a shutdown beyond a week would "severely" curtail the cash flow to school districts, colleges and universities and vocational rehabilitation agencies that depend on department funds. For example, colleges rely on department funds to pay ongoing expenses for staff in programs for disadvantaged students. The department would not make additional details available on Friday about the number of districts, colleges and universities and vocational rehabilitation agencies that could more immediately feel the impact of a shutdown. FOOD ASSISTANCE The Special Supplemental Nutrition Program for Women, Infants and Children, known as WIC, has enough money to operate through the end of October, according to USDA. The department distributed almost $400 million in federal unexpended and contingency dollars this week to states to cover any shortfalls. The program provides supplemental food, health care referrals and nutrition education for pregnant women, mothers and their children. School lunches and breakfasts should have enough funding to be served, USDA says, and food stamps will continue to be distributed through October. TAXES Americans would still have to pay their taxes and file federal tax returns, but the Internal Revenue Service suspended all audits. The IRS also will not be processing any tax refunds during the shutdown. Got questions? Sorry, IRS call centers will not be staffed, though automated lines are still running. LOANS Borrowers applying for a mortgage can expect delays, especially if the shutdown is prolonged. That's because many lenders need government confirmation of applicants' income tax returns and Social Security data. Mortgage industry officials say they expect bottlenecks on closing loans if the shutdown stretches on for more than a few days. The delays will particularly hit low- to moderate-income borrowers and first-time homebuyers who are seeking government-insured mortgages for single-family homes from the Federal Housing Administration. Multifamily FHA mortgage approvals are suspended. Action on government-backed loans to small businesses is also suspended. It's business as usual for Fannie Mae and Freddie Mac loans, which are not impacted by the shutdown. SCIENCE NASA continues to keep workers at Mission Control in Houston and elsewhere to support the International Space station, where two Americans and four others are deployed. It also exempted a robotic probe to Mars from the shutdown because time is tight to be ready for a once-every-two-year launch opportunity. The National Weather Service is forecasting weather and issuing warnings while the National Hurricane Center continues to track storms. The scientific work of the U.S. Geological Survey has been halted. HOMELAND SECURITY The majority of the Department of Homeland Security's employees have stayed on the job, including uniformed agents and officers at the country's borders and ports of entry, members of the Coast Guard, Transportation Security Administration officers, Secret Service personnel and other law enforcement agents and officers. U.S. Citizenship and Immigration Services employees continue to process green card applications. However, the four Federal Law Enforcement Training Centers, run by DHS, have shuttered training operations for federal agents. The closure of those services could delay when newer employees with the Border Patrol, Customs and Border Protection and Capitol Police can go on the job. LAW ENFORCEMENT The FBI estimates that in all, about 80 percent of its employees are working around the country. The FBI has about 34,000 employees. All FBI field offices around the country and the legal attache offices around the world are staffed and are prepared to meet any immediate threats and are protecting life and property. However, activities are suspended for other, longer-term types of investigations of crimes that don't involve an immediate threat. Training and other support functions have been slashed. MILITARY The military's 1.4 million active duty personnel remain on duty. About half of the Defense Department's civilian employees were furloughed. National Guard and Reserve training has been cancelled for many units around the country. PRISONS All 116 federal prisons remain open and criminal litigation proceeds. VETERANS SERVICES Most services offered through the Department of Veterans Affairs continue because lawmakers approved money one year in advance for the VA's health programs. Veterans are still visiting hospitals for inpatient care and getting mental health counseling at vet centers at outpatient clinics. Operators are also staffing the crisis hotline, but regional offices are not taking calls. The VA continues to process payments providing veterans compensation for disabilities and pensions. However, claims processors are no longer being required to work 20 hours of overtime per month, which VA officials say is stalling progress in reducing the disability claims backlog, which stood at 418,500 at the end of September. If the shutdown continues into late October, the VA warns that compensation and pension payments to veterans will be halted. WORK SAFETY Federal occupational safety and health inspectors have stopped workplace inspections except in cases of imminent danger.
URL to original article: http://www.thebusinessjournal.com/news/national/9024-shutdown-impact-tourists-homebuyers-hit-quickly
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Associated Press
(AP) — A government shutdown is having far-reaching consequences for some, but minimal impact on others. Mail is being delivered. Social Security and Medicare benefits continue to flow. But vacationers are being turned away from national parks and Smithsonian museums, and that's having a ripple effect on those businesses and communities that rely on tourism. Borrowers applying for a mortgage can expect delays, particularly many low-to-moderate income borrowers and first-time homebuyers. A look at how services have been affected, and sometimes not, by Congress failing to reach an agreement averting a partial government shutdown. AIR TRAVEL Federal air traffic controllers remain on the job and airport screeners continue to funnel passengers through security checkpoints. But safety inspections of planes, pilots and aircraft repair stations by government workers have ceased because federal inspectors have been furloughed. INTERNATIONAL TRAVEL The State Department continues to process foreign applications for visas and U.S. applications for passports, since fees are collected to finance those services. Embassies and consulates overseas are expected to remain open and provide services for U.S. citizens abroad. BENEFIT PAYMENTS Social Security and Medicare benefits continue to be paid out, but there could be delays in processing new disability applications. Unemployment benefits are also still going out. FEDERAL COURTS Federal courts continue to operate normally and will do so until mid-October. If the shutdown continues, the judiciary would have to begin furloughs of employees whose work is not considered essential. But cases would continue to be heard. The Supreme Court also says its business will go on despite the ongoing shutdown, and the high court will hear arguments Monday and will continue do so through at least the end of next week. The Supreme Court announced on its website that its building will be open to the public during its usual hours. MAIL Deliveries continue as usual because the U.S. Postal Service receives no tax dollars for day-to-day operations. It relies on income from stamps and other postal fees to keep running. RECREATION All national parks are closed. Grand National Canyon National Park was shut down for only the second time since it was created in 1919. The Grand Canyon averages 18,000 tourists per day in October, which has left hotels, concessionaires and tour operators losing money by the hour. In Washington, monuments along the National Mall have been closed, as have the Smithsonian museums, including the National Zoo. Among the visitor centers that have closed: the Statue of Liberty and Ellis Island in New York, Independence Hall in Philadelphia and Alcatraz Island near San Francisco. HEALTH New patients are not being accepted into clinical research at the National Institutes of Health, but current patients continue to receive care. Medical research at the NIH has been disrupted as some studies have been delayed. The Centers for Disease Control and Prevention has been severely limited in spotting or investigating disease outbreaks such as the flu or that mysterious MERS virus from the Middle East. FOOD SAFETY The Food and Drug Administration and Centers for Disease Control and Prevention say they could handle recalls and high-risk foodborne outbreaks, but they are less likely to discover them because most of the people who investigate outbreaks have been furloughed. Routine food safety inspections conducted by FDA are suspended, so most food manufacturers won't have to worry about periodic visits from government inspectors to make sure their facilities are clean. U.S. food inspections abroad have also been halted. USDA's federal meat inspections are proceeding as usual, however. USDA inspectors are on the lines every day in meatpacking plants and are required to be there by law for the plants to stay open. EDUCATION The Education Department has said that a shutdown beyond a week would "severely" curtail the cash flow to school districts, colleges and universities and vocational rehabilitation agencies that depend on department funds. For example, colleges rely on department funds to pay ongoing expenses for staff in programs for disadvantaged students. The department would not make additional details available on Friday about the number of districts, colleges and universities and vocational rehabilitation agencies that could more immediately feel the impact of a shutdown. FOOD ASSISTANCE The Special Supplemental Nutrition Program for Women, Infants and Children, known as WIC, has enough money to operate through the end of October, according to USDA. The department distributed almost $400 million in federal unexpended and contingency dollars this week to states to cover any shortfalls. The program provides supplemental food, health care referrals and nutrition education for pregnant women, mothers and their children. School lunches and breakfasts should have enough funding to be served, USDA says, and food stamps will continue to be distributed through October. TAXES Americans would still have to pay their taxes and file federal tax returns, but the Internal Revenue Service suspended all audits. The IRS also will not be processing any tax refunds during the shutdown. Got questions? Sorry, IRS call centers will not be staffed, though automated lines are still running. LOANS Borrowers applying for a mortgage can expect delays, especially if the shutdown is prolonged. That's because many lenders need government confirmation of applicants' income tax returns and Social Security data. Mortgage industry officials say they expect bottlenecks on closing loans if the shutdown stretches on for more than a few days. The delays will particularly hit low- to moderate-income borrowers and first-time homebuyers who are seeking government-insured mortgages for single-family homes from the Federal Housing Administration. Multifamily FHA mortgage approvals are suspended. Action on government-backed loans to small businesses is also suspended. It's business as usual for Fannie Mae and Freddie Mac loans, which are not impacted by the shutdown. SCIENCE NASA continues to keep workers at Mission Control in Houston and elsewhere to support the International Space station, where two Americans and four others are deployed. It also exempted a robotic probe to Mars from the shutdown because time is tight to be ready for a once-every-two-year launch opportunity. The National Weather Service is forecasting weather and issuing warnings while the National Hurricane Center continues to track storms. The scientific work of the U.S. Geological Survey has been halted. HOMELAND SECURITY The majority of the Department of Homeland Security's employees have stayed on the job, including uniformed agents and officers at the country's borders and ports of entry, members of the Coast Guard, Transportation Security Administration officers, Secret Service personnel and other law enforcement agents and officers. U.S. Citizenship and Immigration Services employees continue to process green card applications. However, the four Federal Law Enforcement Training Centers, run by DHS, have shuttered training operations for federal agents. The closure of those services could delay when newer employees with the Border Patrol, Customs and Border Protection and Capitol Police can go on the job. LAW ENFORCEMENT The FBI estimates that in all, about 80 percent of its employees are working around the country. The FBI has about 34,000 employees. All FBI field offices around the country and the legal attache offices around the world are staffed and are prepared to meet any immediate threats and are protecting life and property. However, activities are suspended for other, longer-term types of investigations of crimes that don't involve an immediate threat. Training and other support functions have been slashed. MILITARY The military's 1.4 million active duty personnel remain on duty. About half of the Defense Department's civilian employees were furloughed. National Guard and Reserve training has been cancelled for many units around the country. PRISONS All 116 federal prisons remain open and criminal litigation proceeds. VETERANS SERVICES Most services offered through the Department of Veterans Affairs continue because lawmakers approved money one year in advance for the VA's health programs. Veterans are still visiting hospitals for inpatient care and getting mental health counseling at vet centers at outpatient clinics. Operators are also staffing the crisis hotline, but regional offices are not taking calls. The VA continues to process payments providing veterans compensation for disabilities and pensions. However, claims processors are no longer being required to work 20 hours of overtime per month, which VA officials say is stalling progress in reducing the disability claims backlog, which stood at 418,500 at the end of September. If the shutdown continues into late October, the VA warns that compensation and pension payments to veterans will be halted. WORK SAFETY Federal occupational safety and health inspectors have stopped workplace inspections except in cases of imminent danger.
URL to original article: http://www.thebusinessjournal.com/news/national/9024-shutdown-impact-tourists-homebuyers-hit-quickly
For further information on Fresno Real Estate check: http://www.londonproperties.com
Valley construction shooting past last year
Source: The Business Journal
Although some industries in the Central Valley are still slow to grow, construction is making large strides so far this year. Throughout Fresno, Madera, Kings and Tulare counties, 8,290 were issued to builders in the first nine months of the year, up 29.6 percent from 6,395 during the same period last year, according to a weekly report by Construction Monitor. Of the permits awarded so far this year, 7,043 were for residential construction compared to 5,239 last year. Commercial permits rose from 1,156 during the first nine months of 2012 to 1,247 so far this year. Among those, retail, warehouses and dining project jumped from 35 to 46 with total construction value increasing 5.2 percent to $55.85 million. Offices, banks and professional buildings went from 35 to 56 permits with total value shooting up 82.3 percent to $52.18 million. Permits for industrial, manufacturing buildings and warehouses rose from 36 to 55 as construction values soared 143 percent to $56.4 million. The value of all construction permits rose 40.7 percent, going from $751.77 million by the end of September 2012 to $1.1 billion so far this year. Residential construction values totaled $666.8 million so far this year over $445.82 million in 2012, while commercial construction permits went from $305.95 million to $391.48 million Lennar Fresno topped the list of home builders working in the Central Valley with 355 permits awarded so far this year followed by Granville Homes with 214, Wilson Homes with 193, Benchmark with 126 and Woodside Homes with 150. Solar installer Immodo Energy was the largest builder of commercial projects in the Valley with 10 permits valued at $43.48 million followed by WL Butler with two permits of $16.87 million, Target Constructors with 20 permits for $13.79 million, Jo's Handyman and Remodeling with two permits for $13.27 million and Graycor with two permits totaling $11.93 million.
URL to original article: http://www.thebusinessjournal.com/news/construction/9019-valley-construction-shooting-past-last-year
For further information on Fresno Real Estate check: http://www.londonproperties.com
Although some industries in the Central Valley are still slow to grow, construction is making large strides so far this year. Throughout Fresno, Madera, Kings and Tulare counties, 8,290 were issued to builders in the first nine months of the year, up 29.6 percent from 6,395 during the same period last year, according to a weekly report by Construction Monitor. Of the permits awarded so far this year, 7,043 were for residential construction compared to 5,239 last year. Commercial permits rose from 1,156 during the first nine months of 2012 to 1,247 so far this year. Among those, retail, warehouses and dining project jumped from 35 to 46 with total construction value increasing 5.2 percent to $55.85 million. Offices, banks and professional buildings went from 35 to 56 permits with total value shooting up 82.3 percent to $52.18 million. Permits for industrial, manufacturing buildings and warehouses rose from 36 to 55 as construction values soared 143 percent to $56.4 million. The value of all construction permits rose 40.7 percent, going from $751.77 million by the end of September 2012 to $1.1 billion so far this year. Residential construction values totaled $666.8 million so far this year over $445.82 million in 2012, while commercial construction permits went from $305.95 million to $391.48 million Lennar Fresno topped the list of home builders working in the Central Valley with 355 permits awarded so far this year followed by Granville Homes with 214, Wilson Homes with 193, Benchmark with 126 and Woodside Homes with 150. Solar installer Immodo Energy was the largest builder of commercial projects in the Valley with 10 permits valued at $43.48 million followed by WL Butler with two permits of $16.87 million, Target Constructors with 20 permits for $13.79 million, Jo's Handyman and Remodeling with two permits for $13.27 million and Graycor with two permits totaling $11.93 million.
URL to original article: http://www.thebusinessjournal.com/news/construction/9019-valley-construction-shooting-past-last-year
For further information on Fresno Real Estate check: http://www.londonproperties.com
Americans carve back spending in September
Source: Housingwire
Americans' Spending Reports Retreat After August Surge
Average daily spending estimate in September down to $84 from $95
by Jeffrey M. Jones
PRINCETON, NJ -- Americans' self-reports of daily spending averaged $84 throughout September, down sharply from August's $95, and the lowest monthly figure since February. The August average had been the highest in any month in five years. Though down, the September average remains above the levels Gallup measured from 2009-2012, and is the highest for any September since 2008. The results are based on Sept. 1-30 Gallup Daily tracking. Each day, Gallup asks Americans to report how much they spent the prior day, excluding major purchases such as a home or car and normal household bills. The data give an estimate of discretionary consumer spending. In the six years Gallup has tracked spending, the September estimates have typically been lower than the August estimates. Thus, last month's decline is not unexpected, although it is a significantly larger decline than what Gallup recorded in prior years. In fact, the one-month decline of $11 ranks among the largest Gallup has measured since 2008. Declines of that magnitude are more commonly found between December and January, reflecting the typical surge in spending around the holidays and the pullback the following month. The other recent major declines in spending came near the beginning of the 2008-2009 recession. In addition to the typical August to September decline, the drop in spending last month could have been influenced by the decline in Americans' confidence in the economy over the course of the month. Spending Down Among Most Subgroups Self-reported spending declined by an average $15 among upper-income and $10 among lower- and middle-income Americans in September. However, the $10 decline for lower- and middle-income Americans was concentrated among those whose annual household incomes range between $60,000 and $90,000. Spending among this group declined from $122 per day in August to $87 in September. There was a smaller $6 decline, from $81 to $75, among those in the $24,000 to $60,000 range, and no change among those whose incomes are less than $24,000 per year. Spending in September fell below the $100 mark for Americans between the ages of 30 and 49 for the first time since March. It also dipped below $100 for those aged 50 to 64, men, and parents of young children. The declines tended to be greater among groups whose spending is usually higher than that of other groups. Implications The August increase in spending, observed in Gallup's self-reported measure and in government estimates, was clearly an encouraging sign for the economy. Spending estimates from Gallup and the government seem to indicate that consumers are moving beyond the "new normal" period of more limited spending observed from 2009 to 2012. However, the higher spending levels Gallup measured in August were not sustained in September. With consumer spending such a key component of U.S. economic growth, the pullback suggests a full recovery from the recession may still be a ways off. To the extent Americans' decreased spending is tied to concerns about the larger economy, driven to a large degree by the run-up to, and commencement of, a federal government shutdown, it suggests the effects of the government's budget stalemate go well beyond the temporary halting of non-essential government services. And progress toward a full economic recovery may be on hold until the government successfully addresses the budget situation, as well as the coming Oct. 17 deadline to raise the federal debt limit.
URL to original article: http://www.gallup.com/poll/165278/americans-spending-reports-retreat-august-surge.aspx
For further information on Fresno Real Estate check: http://www.londonproperties.com
Americans' Spending Reports Retreat After August Surge
Average daily spending estimate in September down to $84 from $95
by Jeffrey M. Jones
PRINCETON, NJ -- Americans' self-reports of daily spending averaged $84 throughout September, down sharply from August's $95, and the lowest monthly figure since February. The August average had been the highest in any month in five years. Though down, the September average remains above the levels Gallup measured from 2009-2012, and is the highest for any September since 2008. The results are based on Sept. 1-30 Gallup Daily tracking. Each day, Gallup asks Americans to report how much they spent the prior day, excluding major purchases such as a home or car and normal household bills. The data give an estimate of discretionary consumer spending. In the six years Gallup has tracked spending, the September estimates have typically been lower than the August estimates. Thus, last month's decline is not unexpected, although it is a significantly larger decline than what Gallup recorded in prior years. In fact, the one-month decline of $11 ranks among the largest Gallup has measured since 2008. Declines of that magnitude are more commonly found between December and January, reflecting the typical surge in spending around the holidays and the pullback the following month. The other recent major declines in spending came near the beginning of the 2008-2009 recession. In addition to the typical August to September decline, the drop in spending last month could have been influenced by the decline in Americans' confidence in the economy over the course of the month. Spending Down Among Most Subgroups Self-reported spending declined by an average $15 among upper-income and $10 among lower- and middle-income Americans in September. However, the $10 decline for lower- and middle-income Americans was concentrated among those whose annual household incomes range between $60,000 and $90,000. Spending among this group declined from $122 per day in August to $87 in September. There was a smaller $6 decline, from $81 to $75, among those in the $24,000 to $60,000 range, and no change among those whose incomes are less than $24,000 per year. Spending in September fell below the $100 mark for Americans between the ages of 30 and 49 for the first time since March. It also dipped below $100 for those aged 50 to 64, men, and parents of young children. The declines tended to be greater among groups whose spending is usually higher than that of other groups. Implications The August increase in spending, observed in Gallup's self-reported measure and in government estimates, was clearly an encouraging sign for the economy. Spending estimates from Gallup and the government seem to indicate that consumers are moving beyond the "new normal" period of more limited spending observed from 2009 to 2012. However, the higher spending levels Gallup measured in August were not sustained in September. With consumer spending such a key component of U.S. economic growth, the pullback suggests a full recovery from the recession may still be a ways off. To the extent Americans' decreased spending is tied to concerns about the larger economy, driven to a large degree by the run-up to, and commencement of, a federal government shutdown, it suggests the effects of the government's budget stalemate go well beyond the temporary halting of non-essential government services. And progress toward a full economic recovery may be on hold until the government successfully addresses the budget situation, as well as the coming Oct. 17 deadline to raise the federal debt limit.
URL to original article: http://www.gallup.com/poll/165278/americans-spending-reports-retreat-august-surge.aspx
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, October 3, 2013
First-time homebuyers sidelined by financial challenges
Source: Housingwire
By: Christina Mlynski
Affordability increases, but rising rates threaten its survival
By most accounts, this year is shaping up to be a positive one for housing, with prices, sales and construction numbers consistently on the rise. However, there is a catch. Investors may be buying homes -- along with some homeowners — but the overall homeownership rate among Americans continues to fall behind historic homeownership levels. In fact, the homeownership rate declined for the fifth consecutive year in a row, reaching 63.9%, according to the Census Bureau’s latest American Community Survey. To put this into perspective, the homeownership rate reached its lowest level since the survey was implemented in 2005. It's also the lowest recorded rate since the census taken back in 1970, said Patrick Simmons, Fannie Mae's director of economic and strategic research. In a departure from recent trends, housing affordability posted positive improvements across the board. Between 2011 and 2012, the proportion of households spending at least 30% of gross income for housing declined by nearly two percentage points, lower than at the outset of the Great Recession, the survey pointed out. "The improvement for renters is particularly notable, as it broke a string of four consecutive years of declining affordability," Simmons noted. He continued, "The findings related to declining homeownership rate reveal the durability of the demand shift from owning to renting that emerged from the housing crisis and Great Recession, even as affordability improved for owner-occupants and as consumers indicated a continued preference for homeownership over renting." Nonetheless, first-time homebuyers are still facing various challenges, prolonging the process of buying their first homes. Although buying remains 35% cheaper than renting nationally, the homeownership rate remains near post-crash levels, explained Truila chief economist Jed Kolko. "Saving enough for a down payment is the biggest obstacle to homeownership, especially for young adults still struggling in the job market," he said. Additionally, tight mortgage credit and even tighter inventory are also challenges for renters who want to buy. On an interesting note, Kolko pointed out that buying is actually getting less affordable, not more. "With prices rising faster than rents, and mortgage rates up over the past year, affordability is declining," he argued. As the baby boomer generation moves out of housing, Generation Y is expected to drive homeownership demand. But due to a volatile economy and massive amounts of student loan debt, first-time homebuyers are finding it difficult to make their homeownership dreams a reality, explained Jed Smith, managing director of quantitative research for the National Association of Realtors. "Until you settle down into your life and until you have a family, you tend not to buy — leading to a delayed reaction," he said. Going forward, the market will see recent prices increases subside. However, interest rates are expected to rise, leading to less affordability in the foreseeable future, NAR's chief economist asserted.
URL to original article: http://www.housingwire.com/articles/27220-first-time-homebuyers-sidelined-by-financial-challenges
For further information on Fresno Real Estate check: http://www.londonproperties.com
By: Christina Mlynski
Affordability increases, but rising rates threaten its survival
By most accounts, this year is shaping up to be a positive one for housing, with prices, sales and construction numbers consistently on the rise. However, there is a catch. Investors may be buying homes -- along with some homeowners — but the overall homeownership rate among Americans continues to fall behind historic homeownership levels. In fact, the homeownership rate declined for the fifth consecutive year in a row, reaching 63.9%, according to the Census Bureau’s latest American Community Survey. To put this into perspective, the homeownership rate reached its lowest level since the survey was implemented in 2005. It's also the lowest recorded rate since the census taken back in 1970, said Patrick Simmons, Fannie Mae's director of economic and strategic research. In a departure from recent trends, housing affordability posted positive improvements across the board. Between 2011 and 2012, the proportion of households spending at least 30% of gross income for housing declined by nearly two percentage points, lower than at the outset of the Great Recession, the survey pointed out. "The improvement for renters is particularly notable, as it broke a string of four consecutive years of declining affordability," Simmons noted. He continued, "The findings related to declining homeownership rate reveal the durability of the demand shift from owning to renting that emerged from the housing crisis and Great Recession, even as affordability improved for owner-occupants and as consumers indicated a continued preference for homeownership over renting." Nonetheless, first-time homebuyers are still facing various challenges, prolonging the process of buying their first homes. Although buying remains 35% cheaper than renting nationally, the homeownership rate remains near post-crash levels, explained Truila chief economist Jed Kolko. "Saving enough for a down payment is the biggest obstacle to homeownership, especially for young adults still struggling in the job market," he said. Additionally, tight mortgage credit and even tighter inventory are also challenges for renters who want to buy. On an interesting note, Kolko pointed out that buying is actually getting less affordable, not more. "With prices rising faster than rents, and mortgage rates up over the past year, affordability is declining," he argued. As the baby boomer generation moves out of housing, Generation Y is expected to drive homeownership demand. But due to a volatile economy and massive amounts of student loan debt, first-time homebuyers are finding it difficult to make their homeownership dreams a reality, explained Jed Smith, managing director of quantitative research for the National Association of Realtors. "Until you settle down into your life and until you have a family, you tend not to buy — leading to a delayed reaction," he said. Going forward, the market will see recent prices increases subside. However, interest rates are expected to rise, leading to less affordability in the foreseeable future, NAR's chief economist asserted.
URL to original article: http://www.housingwire.com/articles/27220-first-time-homebuyers-sidelined-by-financial-challenges
For further information on Fresno Real Estate check: http://www.londonproperties.com
Survey: Obamacare putting damper on Valley economy
Source: The Business Journal
Written by Gabriel Dillard
While the San Joaquin Valley's economy continues to growth, the rate of growth in September fell compared to August. That's the word from the San Joaquin Valley Business Conditions Index, produced by Fresno State's Craig School of Business. The overall September index is 50.2, compared to 55.4 in August. An index of more than 50 indicates an expanding economy over the course of the next three to six months. Uncertainty emanating from Washington DC is a factor, said Ernie Goss, Craig School research faculty member. "Uncertainty surrounding the Affordable Care Act and the budget stalemates in Congress are causing firms to be much more cautious about hiring and have encouraged layoffs and cuts in hours worked,” Goss said in a statement. The survey found that 51.9 percent of businesses have either been reluctant to hire, reduced hiring, planned layoffs or reduced hours worked as a result of the federal Affordable Care Act. The survey also found sluggish growth in employment and inventories, while wholesale prices continue to rise. The business confidence indicator fell to 48.7 percent in September, compared to 51.1 in August.
URL to original article: http://www.thebusinessjournal.com/news/economy/9011-survey-obamacare-putting-damper-on-valley-economy
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Gabriel Dillard
While the San Joaquin Valley's economy continues to growth, the rate of growth in September fell compared to August. That's the word from the San Joaquin Valley Business Conditions Index, produced by Fresno State's Craig School of Business. The overall September index is 50.2, compared to 55.4 in August. An index of more than 50 indicates an expanding economy over the course of the next three to six months. Uncertainty emanating from Washington DC is a factor, said Ernie Goss, Craig School research faculty member. "Uncertainty surrounding the Affordable Care Act and the budget stalemates in Congress are causing firms to be much more cautious about hiring and have encouraged layoffs and cuts in hours worked,” Goss said in a statement. The survey found that 51.9 percent of businesses have either been reluctant to hire, reduced hiring, planned layoffs or reduced hours worked as a result of the federal Affordable Care Act. The survey also found sluggish growth in employment and inventories, while wholesale prices continue to rise. The business confidence indicator fell to 48.7 percent in September, compared to 51.1 in August.
URL to original article: http://www.thebusinessjournal.com/news/economy/9011-survey-obamacare-putting-damper-on-valley-economy
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, October 2, 2013
Fair's 130th birthday celebrated at opening ceremony
Source: The Business Journal
Contributors to the Big Fresno Fair celebrated the fair’s 130th birthday at opening ceremonies Wednesday that included a big birthday cake, award presentations and a salute to a new museum to remember fairs from years gone by. Even the name Wyatt Earp found its way into the ceremonies as John Alkire, fair CEO, discussed what will be displayed in the museum. Alkire explained that Earp, a legend of the Old West, raced horses at the Big Fresno Fair on Oct. 1, 1889. The ceremonies also featured a salute to commercial agriculture, young people in agriculture displaying their animals at the fair and to the people who contribute money and time to continue the success of the annual event. “This fair draws over a half-million people to Fresno,” said Sal Quintero, Fresno councilmember. “It celebrates the county’s diversity. The fair has a focus on giving back to the community.” The Big Fresno Fair is the 5th largest fair in the state and brings $68.8 million to the area annually. It provides $823,000 in tax revenue to the county. The morning ceremonies included 2013 Community Champion award winners including a special award to Al Smith, best known for creating “Legends and Legacies” now running 10 times a week on Fresno’s KMJ radio. He also serves on the Fresno/Clovis Convention and Visitors Bureau board of directors, Rotary Club of Fresno, Wonder Valley board of directors, Workforce Investment Board and Creating Prosperity in Fresno. Other winners were: Teri and Ken Penfold for volunteerism, David Lopes for education and Sharon Johnson for humanitarianism. Five fair contributors were also honored as 2013 Hall of Fame inductees. They are Tim Bakman, Gary Nelson, Mike Fitzgerald, Robert Smittcamp and Marvin A. Meyers. “You have a model fair,” said Karen Ross, secretary for California Department of Food and Agriculture, speaking to the large opening ceremony gathering. “Agriculture in Fresno County is worth celebrating every day.”
URL to original article: http://www.thebusinessjournal.com/news/agriculture/8994-fair-s-130th-birthday-celebrated-at-opening-ceremony
For further information on Fresno Real Estate check: http://www.londonproperties.com
Contributors to the Big Fresno Fair celebrated the fair’s 130th birthday at opening ceremonies Wednesday that included a big birthday cake, award presentations and a salute to a new museum to remember fairs from years gone by. Even the name Wyatt Earp found its way into the ceremonies as John Alkire, fair CEO, discussed what will be displayed in the museum. Alkire explained that Earp, a legend of the Old West, raced horses at the Big Fresno Fair on Oct. 1, 1889. The ceremonies also featured a salute to commercial agriculture, young people in agriculture displaying their animals at the fair and to the people who contribute money and time to continue the success of the annual event. “This fair draws over a half-million people to Fresno,” said Sal Quintero, Fresno councilmember. “It celebrates the county’s diversity. The fair has a focus on giving back to the community.” The Big Fresno Fair is the 5th largest fair in the state and brings $68.8 million to the area annually. It provides $823,000 in tax revenue to the county. The morning ceremonies included 2013 Community Champion award winners including a special award to Al Smith, best known for creating “Legends and Legacies” now running 10 times a week on Fresno’s KMJ radio. He also serves on the Fresno/Clovis Convention and Visitors Bureau board of directors, Rotary Club of Fresno, Wonder Valley board of directors, Workforce Investment Board and Creating Prosperity in Fresno. Other winners were: Teri and Ken Penfold for volunteerism, David Lopes for education and Sharon Johnson for humanitarianism. Five fair contributors were also honored as 2013 Hall of Fame inductees. They are Tim Bakman, Gary Nelson, Mike Fitzgerald, Robert Smittcamp and Marvin A. Meyers. “You have a model fair,” said Karen Ross, secretary for California Department of Food and Agriculture, speaking to the large opening ceremony gathering. “Agriculture in Fresno County is worth celebrating every day.”
URL to original article: http://www.thebusinessjournal.com/news/agriculture/8994-fair-s-130th-birthday-celebrated-at-opening-ceremony
For further information on Fresno Real Estate check: http://www.londonproperties.com
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