Valley construction sees bright spots in 2014

Source: The Business Journal
Written by Ben Keller, Business Journal staff writer

Despite an overall drop in permit values, the Central Valley's construction industry saw marked improvement in 2014, especially in some key commercial sectors. Throughout Fresno, Madera, Kings and Tulare counties, 15,012 construction permits were issued to builders in the year, according to a weekly report by Construction Monitor. That's up 30.2 percent from 2013 when 11,527 permits were issued. Of the permits awarded in the year, 13,429 were for residential construction compared to 9,924 the year before. Commercial permits, on the other hand, fell slightly from 1,604 in 2013 to 1,583 this year. Among those, offices, banks and professional buildings went from 72 to 57 permits with total value going from $58.12 million to $52.35 million Permits for industrial, manufacturing buildings and warehouses went from 61 to 39 with construction values dropping from $66.07 million to $48.95 million, while retail, warehouses and dining projects fell from 52 permits to 35 matched by construction values falling from $60.33 million to $24.06 million. Alternative commercial energy projects had a good year, however, with 128 permits trumping 2013's 78 and construction values soaring from $110.92 million last year to $136.25 million this year. Permits for commercial remodels and additions fell from 825 to 815 but construction values increased from $133.88 million to $166.08 million. The value of all construction permits stood at $1.39 billion in 2014, down 4.8 percent from $1.46 billion last year. Residential construction values alone fell 12.7 percent, going from $960.54 million to $838.47 million. However, the value of commercial construction permits went from $502.79 million to $554.63 million for a 10.3-percent jump. Lennar Fresno topped the list of home builders working in the Central Valley in 2014 with 359 permits awarded in the year at a total value of $95.48 million. The company was followed by Woodside Homes with 199 permits totaling $50.76 million, Wilson Homes with 184 permits of $42.55 million, Wathen Homes with 195 permits of $41.36 million and Bonadelle Homes with 117 permits of $33.72 million. Solar installer First Solar Electric was the largest builder of commercial projects in the Valley with eight permits valued at $78.11 million followed by Roebbelen with one permit of $32.18 million, Target Constructors with 25 permits of $17.96 million, City of Fresno with 21 permits of $17.05 million and Quiring General with five permits of $16.42 million.

URL to original article: http://www.thebusinessjournal.com/news/construction/15401-valley-construction-sees-bright-spots-in-2014 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Keep Your Home California expands unemployment program

Source: The Fresno Bee
By BoNhia Lee

Keep Your Home California has made a change to one of its four foreclosure relief programs to help homeowners struggling to find a job. The Unemployment Mortgage Assistance Program has expanded from 12 months to 18 months. That means homeowners eligible for jobless benefits from the Employment Development Department can receive up to $3,000 a month in mortgage payment help, or a total of $54,000, for 18 months. The limit was previously 12 months and $36,000. The unemployment assistance program was designed to allow homeowners to focus on finding a job rather than worrying about mortgage payments. “California’s economy continues to improve, but we’re far from a complete recovery and there are many homeowners who are still struggling,” said Tia Boatman Patterson, executive director of the California Housing Finance Agency, which oversees Keep Your Home California. “We’re always looking at ways to improve the program and we are confident these changes will help more homeowners get much-needed help.” Homeowners currently enrolled in the program can have their eligibility extended.
 For information, visit keepyourhomecalifornia.org.

 Read more here: http://www.fresnobee.com/2014/12/18/4292130/keep-your-home-california-expands.html#storylink=cpy 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

Valley home sales spiral down in November

Source: The Business Journal

Homes sales plummeted in the Central Valley during November as prices continued to tick up, straining affordability for many. According to a new report from the California Association of Realtors, homes sales in Fresno County fell 20.9 percent from October to November and 3.7 percent compared to November 2013. The median price of a home in the county stood at $200,000 in November, down just 0.3 percent from the prior month but up 3.6 percent compared to $193,020 a year ago. Home sales in Tulare County plunged 25.9 percent from October and 15.8 percent compared to November 2013. The price of a median home in the county stood at $187,000 in November, up 4.4 percent from $179,060 the prior month and 15 percent from $161,330 last year. Madera County saw its home sales fall 4.3 percent during the latest month but increase 10 percent in the year-over-year comparison. The county's median home price shot up by 42 percent in November to $235,710 from October's price of $166,000. That's also up 47.3 percent from $160,000 a year ago. Home sales in Kings County were down 21.9 percent compared to October and 10.9 percent year-over-year. The county's median home price increased 14.1 percent in the month, going from $168,670 in October to $192,500 in November. That's also up 12.1 percent from $171,670 last year. Home sales may have decreased in the Valley but the available supply of houses was on the rise. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was up to 5.7 months in November compared to 4.9 months in October and 5.1 months a year ago. Tulare County's index stood at 5.5 months compared to 4.4 months in October and 4 months last year. Madera County's index increased to 5.1 months from 4.9 months in October, but remained below 5.2 months last year. Kings County's index went from 3.6 months in October and 3.9 months a year ago to 4.4 months in November. Statewide, home sales totaled 376,480 units in November, down 5.3 percent from 397,400 October and also down 3.4 percent from 389,580 in November 2013. "The declining sales-to-list price ratio suggests that mismatched expectations of home prices between sellers and buyers still exist in most markets, except for the Bay Area, where there’s a dearth of homes for sale," said 2015 C.A.R. President Chris Kutzkey. "Prospective buyers facing affordability constraints recognize the slowing housing market and are looking for deals, while many sellers are still reluctant to adjust their listing prices to reflect the moderation of price gains in recent months."

 URL to original article: http://www.thebusinessjournal.com/news/real-estate/15270-valley-home-sales-spiral-down-in-november 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Housing authority gets $121K to help homeless vets

Source: The Business Journal

The Fresno Housing Authority is set to receive $121,000 from the U.S. departments of Housing and Urban Development and Veterans Affairs to assist homeless veterans in securing permanent housing. Altogether, the departments announced $13.53 million in rental vouchers to local public housing agencies as part of their HUD-Veterans Affairs Supporting Housing (HUD-VASH) program. The money will help an additional 1,984 homeless veterans find and afford permanent housing. With the $121,000 for the Fresno Housing Authority, the agency will be able to award 22 rental vouchers to veterans once they are referred by the VA Central California Health Care System from its Fresno medical center. Veterans participating in the HUD-VASH program rent privately owned housing and generally contribute no more than 30 percent of their income toward rent. The Department of Veterans Affairs also offers eligible homeless veterans clinical and supportive services through its medical centers as part of the program. Since HUD-VASH funding began in 2008, the two agencies have supported vouchers for 68,000 homeless Veterans, including 12,369 homeless veterans in California. Last October, the two agencies awarded $62 million in HUD-VASH vouchers to assist more than 9,000 homeless veterans nationwide. The latest award of $4.9 million to California public housing agencies will provide rental assistance for an additional 579 homeless veterans in the state.

URL to original article: http://www.thebusinessjournal.com/news/government-and-politics/15053-housing-authority-gets-121k-to-help-homeless-vets 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Madera planning commission green lights Tesoro Viejo

Source: The Business Journal

Tesoro Viejo, the McCaffrey Group's master-planned community in southeastern Madera County, received unanimous approval of its first Village by the Madera County Planning Commission. Located off Highway 41, the 1,600 acre site will have more than 5,000 units and be at the heart of Madera's planned growth area in southeastern Madera County. Tesoro Viejo will be developed by McCaffrey Group and Lyles United. "Not only will it offer homebuyers a quality home built by leaders in the industry, but it will also remedy the housing needs throughout Madera County - which is one of the fastest growing areas in the nation," said Max Rodriguez, Madera County Supervisor. "The community will add value and amenities to support continued growth, generate thousands of jobs and sustain a vibrant environment." Tesoro Viejo is situated at the foot of Little Table Mountain and will include housing and business opportunities, a walkable Town Center, green living, neighborhood parks and an elementary school. The community will also allow for more than 15 miles of scenic nature trails and 400 acres of natural open spaces and parks. Development plans call for seven unique villages with a variety of housing choices ranging from courtyard-living designs to expansive ranch-style hillside estates.

URL to original article: http://www.thebusinessjournal.com/news/development/14660-madera-planning-commission-green-lights-tesoro-viejo 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Fresno home prices rose in September

Source: The Business Journal

Home prices increased in Fresno by 7.7 percent in September 2014 compared to last year, according to new data from real estate statistics firm CoreLogic. Month-over-month, home prices, excluding distressed home sales, increased by 0.4 percent in September. Excluding distressed sales, year-over-year prices increased by 7.5 percent in September 2014 compared to September 2013. While on a month-over-month basis excluding distressed sales, the CoreLogic Home Price Index showed a 0.5 percent increase in September 2014. Across the state, home prices, including distressed sales, rose 8.5 percent in September 2014. Excluding distressed sales, the figure dropped to 7.6 percent. Nationally, home prices including distressed sales increased 5.6 percent in September 2014 compared to the same time last year. This change marks 31 months of consecutive year-over-year increases in home prices. On a month-to-month basis, home prices nationwide, including distressed sales, dropped by 0.1 percent in September 2014 compared to August 2014.

 URL to original article: http://www.thebusinessjournal.com/news/real-estate/14573-fresno-home-prices-rose-in-september 

For further information on Fresno Real Estate check: http://www.londonproperties.com

As housing market recovers, roadblocks remain

Source: The Business Journal
Written by Hannah Esqueda

Despite median home prices and sales of homes in the Central Valley increasing since the recession, industry experts warn that many obstacles still remain for homebuyers. Concerns over job security and market stability are some of the main reasons we are becoming a nation of renters, said Selma Happ, senior economist with the California Association of Realtors. Happ was the keynote speaker during the 2014 Fresno Housing Market Symposium at Fresno State last week. “Those under 40 are the least likely to have recovered from the recession,” Happ said. The market was once driven by this younger generation but not anymore, and more individuals are postponing buying a home. This trend has helped to put the breaks on the growth of the housing market that had seen record growth until last summer. And while the Fresno market has seen new interest because of the high-speed rail project, Fresno's younger generation is still unlikely to stop renting anytime soon. “We have found that in California, 50 percent of [18-24-year-olds] are still living with their parents,” she said. Those who aren't living at home are renting and Happ reported that 80 percent of investors surveyed say they would rather rent than flip properties. Further confounding the issue, the unemployment rate in Fresno is still very high — 9.5 percent in September — compared to the 6.9 percent average in the rest of the state and California only recovered the number of jobs lost during the recession this past July. “This doesn’t account for all the new people looking for jobs in the state who weren't old enough or lived here before,” Happ said. On the other side of the home-buying process, Happ said that fewer young people are interested in becoming real estate agents. The California Association of realtors has found that fewer college students are interested in careers in real estate or appraising, leaving a void in the market once the current workforce ages out. Jared Martin, executive committee member of the Fresno Association of Realtors, said this is because the housing market still scares most people. College students grew up when the recession was at its worst, and that event left a mark on them when they began thinking about what types of careers they wanted, he said. “Even after I became a realtor, I kept my bar-tending job,” he said. “I would encourage young people looking to become realtors to still hang on to that nighttime job for a while.” While the housing market has since stabilized, young people on either side of the market are still skittish about fully committing. Happ said she thinks this hesitation will be highlighted as market begins to feel the fallout from the drought. Less food and job security will keep individuals from making such a large purchase and buying a home. John Shore, executive director of Community Housing Council of Fresno, agreed and said that while many individuals may be interested in buying a home, few understand the process. Their lack of knowledge makes them feel vulnerable and they and are easily scared away, he said. While his organization offers a free course for first-time home-buyers, very few people in the community know or take advantage of it, he said. Despite the negative trends, John Bonadelle, CEO of Bonadelle Neighborhoods, said there is still great demand for new homes in the Fresno market, it's just a matter of finding a balance between what buyers want and what's possible under the current market constraints. Most local homebuyers have larger families and are looking for homes with a greater number of bedrooms. To meet this demand, Bonadelle said his company is increasing the home size while decreasing yards. Smaller lots are also a key trend, he said as the land supply in cities like Fresno and Clovis is dwindling. Developers are now looking toward smaller towns like Sanger and Tulare that are willing to increase their sphere of influence.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/14520-as-housing-market-recovers-roadblocks-remain

 For further information on Fresno Real Estate check: http://www.londonproperties.com

Clovis tops young families list

Source: The Business Journal

Clovis was named the top city in Northern California for young families while Sanger took the top 14 spot, according to a new list by personal finance site NerdWallet. NerdWallet considered such factors like public school excellence, home affordability and growth and prosperity when compiling its Best Cities for Young Families in Northern California list. Of the 138 cities evaluated, Clovis was the No. 1 pick with an overall score of 68.07. The rating had a lot to do with Clovis schools, which made up 40 percent of the score. GreatSchools gave Clovis area schools a rating of 8 out of 10, while the city's high schools achieved a graduation rate of 92.6 percent for the 2011-2012 year compared to the statewide graduation rate of 78.5 percent. Clovis also excelled economically. Accounting for 30 percent of the overall score, the city's median income grew 51.32 percent from 1999 to 2012 to $63,983. Median home values, making up 15 percent of the score, were reasonable as well at $259,000 in 2012, while another 15 percent was in median monthly homeownership costs standing at $1,981 that year. Clovis was also praised for its 285 acres of parks and trails, proximity to three national parks and the Fresno Chaffee Zoo and family-friendly activities like Friday night farmer's markets in the summer, Big Hat Days in April. At No. 14 on the list, Sanger achieved an overall score of 59.67. The score took into account a GreatSchools rating of 7 out of 10 and a 2012 median income $40,761, which is 27.09 percent higher than 1999. Sanger residents also enjoyed median home values of $162,300 in 2012 and median monthly homeownership costs of $1,508. While not cracking the top 20, other cities included in the list were Reedley at 49, Chowchilla at 56, Fresno at 66 and Dinuba at 101.

URL to original article: http://www.thebusinessjournal.com/news/economy/14506-clovis-tops-young-families-list 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

Distressed home sales climb in September

Source: The Business Journal

 Distressed home sales inched up in the San Joaquin Valley in September, with some counties approaching last year's dismal figures. According to the California Association of Realtors, distressed sales, which include short sales, sales of bank-owned properties and other foreclosure sales, stood at 15 percent of all home sales in Fresno County in September. That's the same as in August but down from 27 percent in September 2013. Distressed sales were up to 21 percent in Kings County in the month compared to 15 percent in August and 28 percent a year ago. Tulare County saw its distressed sales climb from 19 percent in August to 26 percent in the latest month, the same as in September 2013. Madera County even surpassed last year with distressed sales rising to 33 percent over 19 percent the prior month and 32 percent in September 2013. Statewide, distressed sales made up 9.1 percent of all homes sales in September, up from 9 percent in August but down from 14.3 percent a year ago. The share of real estate-owned sales, including bank-owned homes, went down to 3.9 percent compared to 4 percent in August and 4.5 percent in August 2013. Short sales remained flat at 4.6 percent in the month, down from 9.3 percent a year ago.
Equity sales, or non-distressed home sales, stood at 90.9 percent in September compared to 91 percent the prior month and 85.7 percent last year. Housing inventory increased throughout the state in September. The unsold inventory index for real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, went from 2.8 months in August to 3.1 months in September. The index for short sales rose from 6.1 months in August to 6.2 months in September, while the index for equity sales was unchanged at 4.1 months.

 URL to the original article: http://ftp.thebusinessjournal.com/news/real-estate/14486-distressed-home-sales-climb-in-september 

For further information on Fresno Real Estate check: http://www/londonproperties.com

Kings County avoids falling home sales

Source: The Business Journal
Written by Ben Keller

Home sales fell throughout the state in September, although Kings County continued to be among the few exceptions. According to a new report from the California Association of Realtors, homes sales in Kings County improved 16.7 percent from August to September. Sales were also up 1.2 percent compared to September 2013. The median price of a home in the county was unchanged at $183,330 in September, both up 8.8 percent from $168,460 a year ago. Home sales in Fresno County declined 0.3 percent from August and 1.6 percent compared to September 2013. The price of a median home in Fresno County stood at $208,210 in September, up 2.2 percent from $203,760 the prior month and 12 percent from $185,830 a year ago. Tulare County saw its home sales fall 6.9 percent during the month but increase 3.6 percent in the year-over-year comparison. The county's median home price fell by 5.1 percent in September to $175,000 from August's price of $184,440. That's up 7 percent from $163,500 a year ago. Home sales in Madera County were down 6.3 percent compared to August and 31.8 percent year-over-year. The county's median home price was down 6 percent in the month, going from $166,670 in August to $156,670 in September. That's also down 17.5 percent from $190,000 last year. Home sales may have dropped in September but the available supply of houses saw some healthy increases in the Valley. Tulare County's index was up to 4.9 months in September compared to 4.5 months in August and 4.2 months a year ago. Madera County's index increased to 7.1 months compared to 6.9 months in August and 5 months last year. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was unchanged in September at 5.2 months, up from 4.4 months in September 2013. Kings County's index stood at 3.2 months in September, down from 4 months in August but up from 3 months the year before. Statewide, home sales totaled 396,440 units in September, up just 0.4 percent from 394,700 in August but down 4.2 percent from 413,850 in September 2013. "September’s slight sales increase and tempering in home price gains suggest optimism as we head into the slower homebuying season," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young, in a statement. "Home prices are stabilizing, and the year-to-year sales decline is at the lowest level we’ve seen in the last 12 months. The cooling price growth and recent drops in mortgage rates will ease housing affordability and help to improve sales in the final months of the year."

URL to original article: http://www.thebusinessjournal.com/news/real-estate/14390-kings-county-avoids-falling-home-sales 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Clovis City Council OK’s largest apartment complex in a decade

Source: The Fresno Bee
By Marc Benjamin The Fresno Bee
October 20, 2014

An apartment project that is the largest approved in Clovis in 10 years was supported by Clovis City Council members Monday night. The vote was 5-0 with no public opposition. The plan for 144 units that can be converted to condominiums is near the corner of Dakota and Clovis avenues, east of the city’s recreation center and old winery site. Under city guidelines, the property could have handled twice as many apartment units, said Laurie Doyle, vice president of development for Clovis-based Regal Development Group. She said the developer held two neighborhood meetings where traffic was a focal point, but there were no other significant concerns raised by neighbors. All the apartments will be single story, Doyle said. An office/recreation center with a manager’s unit is the only two-story building on the 19.6-acre property, she said. The plan includes the flexibility to become a condominium development, which is allowable under city guidelines, said Robin Kane, a Fresno apartment investment adviser. Kane said the local condominium market is sporadic in the Fresno area. It was strong about 10 years ago and in the early 1980s and could improve again, depending on the rise of housing prices. The Montage condominium development, approved by the Clovis City Council in 2005, had 255 units proposed, but only 81 have been built, city officials said. The last apartment complex approved that was larger in Clovis was the 178-unit Copper Beech project on Gettysburg Avenue and Sierra Vista Parkway in 2004.

URL to original article: http://www.fresnobee.com/2014/10/20/4189505_clovis-city-council-oks-largest.html?rh=1#storylink=cpy 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Granville building Brio! on Broadway in Mural District

Source: The Fresno Bee
By BoNhia Lee

When one downtown Fresno development from Granville Homes opens, the dirt on another begins moving. Construction is underway on the homebuilder’s ninth project in the Mural District called Brio! on Broadway. The builder celebrated the grand opening of its Crichton Place development on L and San Joaquin streets in July. And looks like some heavy machinery started underground work Monday on a lot near the Metropolitan Museum, on Van Ness Avenue and Stanislaus Street, where Granville plans more apartments. Back at Brio, 14 new two- and three-story buildings are being built and an existing house, formerly home to the Marjaree Mason Center, is under renovation on Broadway Street, between San Joaquin and Calaveras streets. Brio will have 52 units ranging in size from 602 square feet to 2,173 square feet. The house will be used as a clubhouse. Some apartments will have an attached garage and private patios or balconies. All units will have energy efficient appliances, custom cabinets, and white quartz counters. Rents will range from $825 to $1,500. A construction tour of the project will be held from 11 a.m. to 2 p.m. on Saturday. Hard hats will be provided. Closed-toed shoes are required. Brio is expected to be completed early next year. For information visit www.RentGranville.com.

 Read more here: http://www.fresnobee.com/2014/10/09/4164592/granville-building-brio-on-broadway.html#storylink=cpy 

For further information on Fresno Real Estate check: http://www.londonproperties.com

CoreLogic: Fresno home prices up in August

Source: The Business Journal

Home prices in Fresno were up 8.1 percent in August compared to last year, according to a new report from CoreLogic. Month-over-month, home prices in the city increased by 1.4 percent in August compared to July. Excluding distressed sales, the year-over-year prices increased by 7.6 percent while month over month increased by 1.1 percent. In California, home prices increased by 9.2 percent, or 7.8 percent excluding distressed properties, while nationally prices increased 6.4 percent. This change represents 30 months of consecutive year-over-year increases in national home prices.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/14168-corelogic-fresno-home-prices-up-in-august 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

Huntington Boulevard homes given historic designation

Source: ABC 30.com
By Gene Haagenson

 FRESNO, Calif. (KFSN) -- More homes have been added to the list of historic places in Fresno. The city council added seven homes on Huntington Boulevard. The majestic homes along Fresno's Huntington Boulevard were an early example of progressive urban planning, centered around public transportation. Fresno's Historic Preservation Specialist Karana Hattersly Drayton explained, "Developed in 1907 as a streetcar line by Albert Wishon, who's house is next door, and in 1911 it was developed as a streetcar suburb, the Alta Vista Tract. It was a commuter's paradise, it's exactly it. Streetcar suburbs were all apart moving a little further away from downtown, maybe you didn't need your horse and buggy anymore, you jumped on a streetcar and went downtown." The streetcar tracks that went down the center of the wide boulevard are gone, in their place, a wide, grassy corridor separates both sides of the street. There are more than 100 homes on the boulevard, most are historically significant. Only 10 have been given a historic designation. Seven were just put on the local register of historic resources by the Fresno City Council. Melissa Black is excited to have her Italian Renaissance style home on the register. "I'm the fourth owner of this house which is pretty remarkable in that it was built in 1924. One of the things I'm excited about with the historical designation is that now I know this beautiful work of art will be preserved into the future. Whether it's me or the next person going forward we have established this is something really special." So, what does being on the register mean? Drayton explained, "What being a registered property does do is protect the exterior." Any renovations to the outside have to be historically appropriate. Anything goes on the inside, but most homeowners love the charm and interior craftsmanship. And the for the city, the more homes that make the list, the longer the legacy of Huntington Boulevard will last. Hattersly Drayton told the City Council, "It's considered one of the great boulevards in the world."

URL to original article: http://abc30.com/news/huntington-boulevard-homes-given-historic-designation/324999/ 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

Catering trend brings hot meals home

Source: The Business Journal
Written by Hannah Esqueda

Several new meal service trends have come to the Fresno area this summer, ensuring customers can enjoy decadent meals served up right at home. One local catering trend offers customers a homemade weekly dinner delivered oven-fresh right to their door. Patty Ochinero of Ochinero’s Catering said she only began offering the meals to residents in Fresno and Clovis in August, but already has seen a growing demand for the service. “People love having homemade meals delivered to their doors,” she said. She has an average of 12 customers a week and plans to put a cap on the number of meals offered once demand gets higher. Orders must be placed by Monday in order to receive a meal delivered that Wednesday. The $55 meals can serve up to four adults and come with a main dish, two side dishes and dessert. Ochinero offers a fixed menu and does not allow for changes or substitutions. Ochinero cooks the food in the kitchen at Piemonte's Deli in Fresno’s Tower District where she also sells her homemeade jams and jellies. She said she tries to buy local whenever she can in order to support local food growers. In August her menus ranged from lasagna and garlic bread to skewered salmon in an apricot ginger glaze. Menus are posted on her website and Facebook page a few days in advance so people can see what they are ordering. For the most part, Ochinero said her publicity has been word of mouth. “It’s kind of a new thing, a new idea and the response has been great,” she said. The trend has already caught on in larger cities like San Francisco, said local caterer Nancy Vajretti, owner of Love and Garlic Event Design and Catering. Her company focuses on more traditional catering services but Vajretti said in the past she has offered homemade meals on a larger scale. Vajretti said she has heard of several Bay Area companies focusing on the more intimate home meal delivery trend but is unsure if it will catch on in Fresno. “It’s very big in the Bay Area because they have the mindset for it and they have the income for it,” she said. Vajretti noted that most couples in the Bay Area both work long hours and may not have the energy or time to prepare a home-cooked meal when they get home. But Ochinero said there is a similar need for the meal service in Fresno. In addition to appealing to couples who work long hours, the meals are often given as gifts. “I’ve had one customer who is a real estate agent and she will buy the meals to give to her new homeowners, it’s a great housewarming gift,” she said. The meals are meant to take the stress out of dinnertime and therefore serve as a nice gift for new mothers or when a family member is in the hospital, Ochinero said. Currently, she makes all the deliveries herself but plans to hire more help once demand grows. The delivery process takes her several hours each Wednesday, but meals are always delivered warm, she said. That component is what sets these newer meal delivery services apart from others, Vajretti said. “There are numerous restaurants in Fresno that offer delivery but few do it right,” she said. “It’s a great thing if one can receive it hot because then all [the customer] has to do is set the table.” Another local catering company is going one step further and bringing the fire directly to its customers. Clovis's Teppanyaki 2U offers clients the grilled Japanese fare while also putting on a cooking show. The business has only been operating since June but is already booked for every weekend in September, owner Eric Sunamoto said. Sunamoto said the idea for the business came to him when he was planning his daughter's birthday party. “I wanted to get a taco truck but my daughter wanted teppanyaki,” he said. That's when he realized there was a need for the mobile service. While he doesn't personally cook the meals, Sunamoto said he was trained in a Japanese kitchen and worked for several restaurants before venturing out on his own. Sunamoto said that as far as he knows, his is the only service in the country offering to cook the traditional Japanese cuisine at someone's home, but the idea is already spreading to other markets in California. “My sister is planning to start one in San Diego and I have a friend in Santa Monica who is also interested,” he said. Sunamoto said the catering services would most likely be independent of each other rather than part of a chain with his Fresno business. For now, he is focusing on meeting demand in the Central Valley. Teppanyaki 2U has six chefs on call and each one can cook for up to 50 people, he said. “We have a party booked for 250 people in January. That will probably take all my chefs but we can handle it,” Sunamoto said. Based in Clovis, Sunamoto said the business works at parties throughout the area, including parts of Tulare County. “I don't mind traveling a bit if they're willing to pay for it,” he said. There is a $300 minimum for the service regardless of party size and the business offers a selection of meat and fish including shrimp, filet mignon, lobster and chicken. Sunamoto and Ochinero represent how the catering industry is being forced to adapt as Americans change their dinner habits. “No one throws dinner parties anymore. People are busy now and less likely to want to entertain,” Vajretti said. Hiring services like Sunamoto's Teppanyaki 2U helps kill two birds with one stone as customers get a fresh gourmet meal while guests are entertained with a fiery cooking show. By tweaking the traditional idea of a catering service and emphasizing the convenience for customers, businesses are able to carve out a niche in the market, Vajretti said. The eat local and community supported agriculture movements have also helped set up a client base for businesses like Ochinero's, she said. “It’s definitely trending right now,” Vajretti said.

URL to original article: http://www.thebusinessjournal.com/news/small-business/13956-catering-trend-brings-hot-meals-home 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Distressed sales down in Fresno, Kings counties

Source: The Business Journal

 Distressed home sales dipped a little in Fresno and Kings counties in August while Tulare and Madera counties both saw increases in the month. According to the California Association of Realtors, distressed sales, which include short sales, sales of bank-owned properties and other foreclosure sales, stood at 15 percent of all home sales in Fresno County in August. That's down from 17 percent in June and 29 percent in August 2013. Distressed sales were down to 15 percent in Kings County in the month compared to 19 percent in July and 30 percent a year ago. Tulare County saw its distressed sales inch up from 18 percent in July to 19 percent in the latest month, still down from 28 percent in August 2013. Madera County also had an increase, with distressed sales coming up from 9 percent to 19 percent in the month. The county's share was 30 percent a year ago. Statewide, distressed sales made up 9 percent of all homes sales in August, down from 9.7 percent in July and 15.4 percent a year ago. The share of real estate-owned sales, including bank-owned homes, went down to 4 percent compared to 4.1 percent in July and 4.8 percent in August 2013. Short sales dropped from 5.3 percent in July and 10.2 percent a year ago to 4.6 percent in the latest month. Equity sales, or non-distressed home sales, stood at 91 percent in August, down from 90.3 percent the prior month and 84.6 percent last year. Housing inventory increased for all homes in August. The unsold inventory index for real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, went from 2.5 months in July to 2.8 months in August. The index for short sales rose from 5 months in July to 6 months in August, while the index for equity sales went from 3.9 months to 4.1 months.

 URL to original article: http://www.thebusinessjournal.com/news/real-estate/13954-distressed-sales-down-in-fresno-kings-counties 

For further information on Fresno Real Estate check: http://www.londonproperties.com

During drought, pool construction at five-year high

Source: The Business Journal
Written by Hannah Esqueda

Water is the topic on everyone’s minds this summer. Where to get it, how to conserve it and how much is left are common questions residents and municipalities are asking each other. But as the statewide drought deepens, some have begun asking another question — are swimming pools in poor taste? For some communities the answer has been yes, and dozens of cities and water districts throughout the California have increased regulations on pool construction and maintenance. Some communities have even placed an outright ban on building new pools. Local pool construction companies, however, don't believe their products are wasteful and say business is booming despite the drought. “It takes less water to fill a pool than to keep a lawn green,” said Brian Smart, owner of Dreamscape Pools in Clovis. Smart has been in the pool construction business for 40 years and said he has seen several droughts. “The drought hasn't done anything to my business. We've seen others before and it's never been a problem,” Smart said. Dreamscape Pools has done 25 construction jobs this summer, the ideal workload for his small business and a recent high compared to the past few years. Despite the drought, pool construction businesses throughout the Central Valley have seen a busy summer and records indicate that there have been more pool construction permits issued this year than any other time in the last five years. So far this year, 605 permits have been issued for residential swimming pool and spa construction jobs in Madera, Fresno, Kings and Tulare counties. All together, those permits represent more than $19.9 million in construction work. That's a $4 million increase compared to the 538 permits issued last year during the same time period. In 2010, before the drought began, those numbers were even lower, with only 399 permits issued between January and September. While this trend flies in the face of the drought, it makes sense economically, said Ben Bogdanof. Bogdanof co-owns Vineyard Pools in Clovis with his brother Jeff. The two said the market is finally starting to recover from the recession and people are once again spending their money. “People have just been holding on to their money year after year and now’s the time when they're finally feeling confident,” Ben Bogdanof said. “It also helps that the banks are kind of lightening up their [loan] regulations too.” Before this year, most pool customers couldn't get a loan from the bank and had to have the cash upfront, he said. According to permit records, most pool construction jobs carried out this year range between $23,000 to $65,000. Spring and summer are the busiest times of year for pool construction and Vineyard Pools is on-track to complete more construction jobs than last year, Ben Bogdanof said. “You always get a lot of people calling in after the first heat wave of summer. It usually decreases a little after the Fourth of July,” he said. Despite the steady work pace, Jeff Bogdanof said the company has been keeping a close eye on the drought this summer and is wary of any regulations the local governments might take in response. “We're trying to get [jobs] as we can because we're aware something might happen further down the line,” he said, referring to actions taken by dozens of local governments throughout the state. In August, the Santa Margarita Water District announced it would no longer allow customers to fill or even top-off swimming pools saying water is needed elsewhere. Months before that ban, the southern California town of Montecito put a moratorium on new pool developments until the lake where the community gets its water is back to a normal level. Fresno County has not enacted any sort of ban on pool construction but could decide to do so if the drought worsens, said Will Kettler, manager of development services. “There are instances in emergencies,” he said. “It would need to be vetted publicly with a [Fresno County Board of Supervisors] vote before we did anything.” So far, Kettler said his department had not received any direction on pool construction bans. He said he did not know whether or not pools use more water than average lawn maintenance practices. But business owners like the Bogdanofs and Smart said most people overestimate the amount of water pools actually need and the fear of wasting excessive amounts of water is unfounded. “After the initial fill, [pools] actually take less water than a lawn,” Ben Bogdanof said. When people build a pool in their backyard they frequently choose to lay down concrete and build a patio as well, he said. That cuts down on the surface area of their lawn and reduces the amount of water used for outdoor yard maintenance. Jeff Bogdanof agreed and said that the industry is trying to combat the image of pools being a huge waste of water. People see an open body of water and it seems like a lot, he said. “I think a lot of it's just in the mind.” To help reassure their customers, Ben Bogdanof said Vineyard Pools has been using additional waterproofing techniques to help make sure there are no leaks and encouraging customers to invest in pool covers. “Pool covers are a huge way to conserve water. The evaporation is significantly reduced meaning less topping off,” Ben Bogdanof said. But, if local communities placed a moratorium on new pool construction, the brothers said it would mean the end of Vineyard Pools and the dozens of other businesses in the area. “We would have to shut our doors and close down. Our employees would have no work,” he said.

URL to original article: http://thebusinessjournal.com/news/construction/13807-during-drought-pool-construction-at-five-year-high 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

Construction begins on luxury apartments for seniors

Source: The Business Journal

 Oakmont Senior Living broke ground on a 75,000-square-foot luxury retirement community in Fresno on Sept. 3. The center is located at 5606 N. Gates Avenue and will cater to active seniors in search of resort-style amenities. Reservations are now being accepted for the 56 assisted living and 23 memory care apartments. Construction is expected to be completed by spring 2015. "We like to say that we will be the region's luxury cruise liner of retirement communities with highly skilled chefs, an endless list of fitness and entertainment activities, and a comprehensive catalog of quality care options," Oakmont Executive Director Valerie Epps said in a prepared statement. "Oakmont of Fresno will be a place where seniors can still enjoy the best that life has to offer." The community will offer gourmet dining, on- and off-site recreational and social activities, a library, movie theater, fitness center, salon and day spa, gardens and chauffeured transportation services. Oakmont of Fresno will also offer customized care services like medication management, housekeeping, grooming assistance, dietary guidance escort services for off-site appointments and in-home care. The center specializes in memory care and will offer services specifically for individuals with Alzheimer's and other forms of dementia. Headquartered in Santa Rosa, Oakmont Senior Living is family-owned and operated.

URL to original article: http://www.thebusinessjournal.com/news/construction/13727-construction-begins-on-luxury-apartments-for-seniors 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

CoreLogic: Valley homes prices rose in July

Source: The Business Journal

 Home prices in Fresno were up 7.6 percent in July compared to last year, according to a new report from CoreLogic. Month over month, home prices decreased by 0.6 percent in Fresno. Excluding distressed sales in Fresno, year-over-year prices increased by 7.9 percent, while they dipped month-over-month by 0.3 percent.

 In Madera in July, home prices increased by 10 percent. Month over month, prices increased by 0.7 percent. Excluding distressed sales, year-over-year prices increased by 15.8 percent, while they increased by 6.1 percent month over month.

In the Hanford-Corcoran area, home prices for July increased by 6.5 percent, while month-over-month prices fell by 0.2 percent. Excluding distressed sales, year-over-year prices rose by 13.6 percent, while month-over-month prices increased by 0.3 percent.

In the Visalia-Porterville area, home prices increased by 11.5 percent in July, while month-over-month prices increased by 1.4 percent. Excluding distressed sales, year-over-year prices increased by 13.2 percent, while month-over-month prices increased by 2.5 percent. Home prices nationwide, including distressed sales, increased 7.4 percent in July 2014 compared to July 2013. In California, prices increased by 10.5 percent in July, or 8.7 percent excluding distressed properties.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/13665-corelogic-valley-homes-prices-rose-in-july

 For further information on Fresno Real Estate check: http://www.londonproperties.com

Fresno shopping center sells for $8.05M

Source: The Business Journal

The Mission Village Shopping Center near Fashion Fair Mall in Fresno was sold to a Southern California investment company for $8.05 million. The 52,950 square-foot shopping center, located at the southwest corner of Shaw Avenue and Fresno Street, was purchased by MCS Guardian Properties LLC of Solana Beach, Calif at a sale price of $152 per square foot after 90 days on the market. The seller, who chose to remain private, was represented by Hanley Investment Group of Irvine, Calif. The 5.2-acre property is 83 percent occupied. "Mission Village is located at one of the busiest intersections in Fresno, drawing more than 75,000 car per day," said Eric P. Wohl, senior vice president of Hanley Investment Group, in a release. "The property benefits from close proximity to California State University, Fresno and the newly renovated Fashion Fair Mall, the largest mall in Fresno with over 950,000 square feet of retail space." Built in 1979, the Mission Village Shopping Center is anchored by a new CVS pharmacy. Other tenants in the shopping center include a Fotech Photo Imaging Lab, Samos Kitchen, Toledo's Mexican restaurant, the Korea Mart grocery store, a Curves fitness center and Life Uniform.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/13571-fresno-shopping-center-sells-for-8-05m 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Local bike shop named one of nation's best

Source: The Business Journal

Fresno's Sunnyside Bicycles has been named one of America's Best Bike Shops for 2014 by the National Bicycle Dealers Association (NBDA). According to a press release, the award seeks to honor retailers that offer a great shopping experience, demonstrate exceptional customer support, and give back to their community. The NBDA also looks for stores that promote bicycle advocacy on both the local and national level, a feat Sunnyside Bicycles has achieved through its work with PeopleForBikes Retail Roundup. Sunnyside Bicycles launched the donation program in 2013 and has so far raised nearly $4,000 for the national advocacy organization. This is not the first time Sunnyside Bicycles has been honored by the NBDA, it previously won the award in 2013 and was given a Top 100 Retailer Award in 2012. Store owner Vanessa McCraken said she is still excited. "This award is a huge honor," she said in a statement. "We are extremely grateful to be recognized and thankful to have such a wonderful team who shares our vision and passion for bicycles." Sunnyside Bicycles opened in 2010 and is located in the Sunnyside Marketplace at Kings Canyon Road and Fowler Avenue.

URL to original article: http://www.thebusinessjournal.com/news/retail/13559-local-bike-shop-named-one-of-nation-s-best 

For further information on Fresno Real Estate please check: http://www.londonproperties.com

Valley home sales fall in July

Source: The Business Journal

Home sales slipped throughout the Valley in July, even as housing inventory continued to grow. According to a new report from the California Association of Realtors, home sales in Fresno County declined 1.7 percent from June to July and 12.6 percent compared to July 2013. The price of a median home in Fresno County stood at $201,530 in July, up 0.2 percent from $201,080 the prior month and up 9.6 percent from $183,870 a year ago. Sales in Tulare County fell 0.7 percent during the month but increased 3.1 percent in the year-over-year comparison. The county's median home price fell 1 percent in July to $174,670 from June's price of $176,520. That's still up 11.2 percent from $157,140 a year ago. Kings County saw its home sales come down 12.7 percent from June, still up 1.5 percent from last year. The median price of a home in the county stood at $175,450 in the month, down 9.8 percent from $194,440 but up 1.2 percent from $173,330 a year ago. Home sales in Madera County were down 15.4 percent compared to June and 43.6 percent year-over-year. The county's median home price was up 2.4 percent in the month, going from $206,250 in June to $211,110 in July. That's also 20.1 percent higher than $175,710 last year. Home sales may have dropped in July but the available supply of houses was on the rise. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, stood at 4.8 months in July, up from 4.5 months in June and 3.5 months in July 2013. Tulare County's index was up to 4.1 months in July compared to 3.9 months in June and 3.5 months a year ago. Kings County's index stood at 3.8 months in July, up from 3.5 months in both the month and year before. Madera County's index increased to 4.8 months compared to 3.9 months in June and 2.2 months last year. Statewide, home sales totaled 398,940 units in July, up 1.2 percent from 394,250 in June but down 10 percent from 443,500 in July 2013. "It's encouraging that home sales have risen in the past two months, but low housing affordability and stringent underwriting standards are still holding back sales," said C.A.R. President Kevin Brown. "However, recent news of changes to how credit scores are determined should make it easier for first-time buyers who are on the cusp of qualifying and others who are having a difficult time getting a loan because their credit scores are less than satisfactory."

URL to original article: http://www.thebusinessjournal.com/news/real-estate/13474-valley-home-sales-fall-in-july 

For further information on Fresno Real Estate check: http://www.londonproperties.com

A Q&A on changes coming to FICO credit scores

Source: The Business Journal
Written by 
MARLEY JAY, AP Business Writer

 (AP) — There are changes coming to FICO, a broadly used credit score, that may mean higher credit scores for many consumers. Banks, credit card issuers, auto lenders and other businesses use those scores to decide whether to lend to consumers and how much interest to charge them. A higher score could get you better terms on loans for cars and homes.
WHAT ARE THE CHANGES? Fair Isaac Corp., the company behind FICO, says there are three significant changes to its metric, which it says is used in 90 percent of U.S. consumer lending decisions. — Debts that go to collections agencies and get repaid won't count against a consumer's FICO score. — Medical debts will have a smaller effect on the score. If your only major bad mark comes from unpaid medical debts, FICO says it expects your credit score to go up by 25 points. (Scores range from 300 to 850.) — A technique to analyze people's creditworthiness if they don't have much of a credit history. __

WHY ARE THE CHANGES HAPPENING? Regulators have focused on health care debts. In May the Consumer Financial Protection Bureau, a government agency, said consumers may be penalized too harshly for medical debt. The CFPB said medical bills are different from some other types of debts because they can be more expensive, unpredictable and caused by disputes between medical providers and insurers instead of bills consumers simply didn't pay. The CFPB said that consumers who owe medical debt may have their credit scores underestimated by about 10 points. __

WHO WILL BE MOST AFFECTED? Greg McBride, the chief financial analyst for financial services company Bankrate, says the change will help many consumers, but it won't make a big difference if you already have bad credit or very good credit. For consumers with medical debt, this could be the difference between a decent score of around 675 and a good one around 700, or a good score and a great one around 725. According to a study by the Urban Institute, 35 percent of Americans have debts and unpaid bills reported to collection agencies. The Association of Credit and Collection Professionals says health care-related bills account for about 38 percent of the debt that gets collected. As for the new technique focused on those with little or no credit history, McBride says its effect remains to be seen. He says lenders want to get a better read on such consumers because they see them as potential customers and want to know which are likeliest to repay loans. The technique will help lenders evaluate people who don't have a bank account, mortgage or credit card — often those with lower incomes, including young people and retirees. __

WHEN DO THESE CHANGES GO INTO EFFECT? Fair Isaac hopes lenders will use the newest version of FICO, which will be available in the fall. But lenders don't have to buy the updated version.

URL to original article: http://www.thebusinessjournal.com/en/news/national/13356-a-q-a-on-changes-coming-to-fico-credit-scores 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

CoreLogic: Year-over-year home prices still rising

Source: The Business Journal

CoreLogic, a global property information, analytics and data-enabled services provider, today released its June CoreLogic Home Price Index (HPI) report showing that in Fresno and nationally, home prices continue to rise year over year. Month-over-month prices were up slightly from May to June. Home prices nationwide, including distressed sales, increased 7.5 percent in June compared to June 2013. The change represents 28 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.0 percent in June compared to May. In Fresno, home prices, including distressed sales, increased by 9.8 percent in June compared to June 2013. On a month-over-month basis, home prices, including distressed sales, increased by 0.6 percent in June compared to May. Excluding distressed sales, Fresno’s year-over-year prices increased by 10.3 percent in June compared to June 2013. On a month-over-month basis, excluding distressed sales, Fresno home prices increased by 1.2 percent in June compared to May.

Madera
In Madera, home prices, including distressed sales, increased by 13.2 percent in June compared to June 2013. On a month-over-month basis, home prices, including distressed sales, increased by 2.5 percent in June compared to May. Excluding distressed sales, year-over-year prices in Madera increased by 9.8 percent in June compared to June 2013. On a month-over-month basis, excluding distressed sales, the CoreLogic HPI shows Madera home prices increased by 3.6 percent in June compared to May.

Visalia-Porterville
 In Visalia-Porterville, home prices, including distressed sales, increased by 13.2 percent in June compared to June 2013. On a month-over-month basis, home prices, including distressed sales, increased by 0.6 percent in June compared to May. Excluding distressed sales, year-over-year prices increased by 13.1 percent in June compared to June 2013. On a month-over-month basis, excluding distressed sales, the Visalia-Porterville home prices increased by 1.9 percent in June compared to May.

 Hanford-Corcoran
 In Hanford-Corcoran, home prices, including distressed sales, increased by 8.5 percent in June compared to June 2013. On a month-over-month basis, home prices, including distressed sales, increased by 1.3 percent in June compared to May. Excluding distressed sales, year-over-year prices increased by 16.6 percent in June compared to June 2013. On a month-over-month basis, excluding distressed sales, Hanford-Corcoran home prices increased by 1.3 percent in June compared to May.

URL to original article: http://thebusinessjournal.com/en/news/real-estate/13282-corelogic-year-over-year-home-prices-still-rising 

For further information on Fresno Real Estate check: http://www.londonproperties.com

De Young introduces new Mira Bella community in foothills

Source: The Fresno Bee

 De Young Properties will soon be building in the Sierra foothills. The Clovis builder will have a pre-grand opening event on Saturday for its De Young at Mira Bella neighborhood, a master-planned community with 41 homesites on Millerton Road, east of Friant Avenue. The houses, which start in the low $300,000s, will be built on large sites up to 43,000 square feet with views of Millerton Lake. The 1,890- to 3,899-square-foot floor plans will have enough garage space to park a boat, the builder said. The community already has tennis and basketball courts. A swimming pool and clubhouse are planned. The pre-grand opening will be held from noon to 6 p.m. at the Clovis Welcome Center on Armstrong Avenue, south of Gettysburg Avenue. For more information, visit De Young Properties or call (559) 323-6004 or (559) 434-2000.

 URL to original article: http://www.fresnobee.com/2014/07/24/4038563/de-young-introduces-new-mira-bella.html 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

In San Francisco real estate, $1M won't buy much

Source: The Business Journal
Written by 
LISA LEFF, Associated Press

(AP) — San Francisco Association of Realtors President Betty Taisch has two words of advice for those who want to live here and think $1 million will buy them their dream house: think again. In the souped-up world of San Francisco real estate, where the median selling price for houses and condominiums last month hit seven figures for the first time, the cool million that would fetch a mansion on a few acres elsewhere will now barely cover the cost of an 800-square foot starter home that needs work and may or may not include private parking. Taisch, a veteran broker who is used to managing her clients' expectations, has experienced first-hand the heartbreak and hair-pulling inherent to house-hunting in what she considers one of the world's "most desirable, fabulous cities." She put her professional skills to work this summer on behalf of her adult son and his family, who had outgrown their one-bedroom apartment. After three unsuccessful offers, they ended up paying $913,000 for a two-bedroom, one-bath house with an outdated kitchen, a yard that can charitably be called overgrown, and a big basement that Taisch counts as its most attractive feature. "It certainly is a milestone. It's like, 'Wow!'''," she said of the city's new million-dollar median. "Everybody thinks San Francisco is all Pacific Heights Victorians, and it's not. There are many areas of the city that are just normal, single-family homes that are small and not posh at all." The technology's industry's rapid growth coupled with 49-square-mile San Francisco's constrained supply of housing is a big part of the story behind the city's ascension to a rarified real estate bracket already occupied by New York City, but Silicon Valley wealth also is stoking the market in the greater San Francisco Bay Area, according to Andrew LePage, an analyst with CoreLogic DataQuick, a real estate research firm in Irvine, California. Between April and June, the Bay Area saw a record number of homes and condos going for $1 million and above, and they accounted for one-quarter of all sales in the region, CoreLogic DataQuick said in a report released Thursday. During the same three-month period, six of the Bay Area's nine counties set records for the number of homes and condos selling for over $2 million, as did California as a whole, the report said. "The robust tech economy and the overall economy mean the Bay Area has been doing better than most for years now," LePage said. "It already was expensive, and a lot of these high-end markets weren't hammered as hard during the downturn because they weren't exposed to subprime mortgages, so they had less ground to recover in the first place." George Limperis, an agent with Paragon Real Estate Group in San Francisco, agrees that freshly minted technology millionaires who can afford to bid up a property until they win it with an all-cash offer are helping to drive up demand. But unlike during the city's first tech boom in the late 1990s, the buyers prepared to lay down more than $1 million on a fixer-upper in a neighborhood within walking distance of shops and restaurants also include Asian investors and retirees from other major cities who already are accustomed to skyscraper prices for shoebox dwellings, Limperis said. "It feels like a very different city than it certainly did even 15 years ago. There is money coming from so many places now," he said. "So many of these buyers today, they have lived in London, they have lived in Hong Kong, they have lived in New York, and to them these prices are parallel. We can't compare San Francisco with median housing prices even elsewhere in California because this is an international level we are dealing with." Limperis this month represented the sellers of a 1,200-square-foot, two-bedroom home "in poor condition" that had been in their family for generations. Located on a commercial street in San Francisco's Noe Valley neighborhood, an area prized for its modest Victorians, the home was listed for a little under $1.2 million. By the end of its first week on the market, 10 people had submitted all-cash offers. The house sold for $1.8 million to a developer who plans to convert it into condos. "Everyone is aghast at what these things sell for, but as long as the economy keeps going it like it does, these numbers do make sense," Limperis said. Being prepared to go well over a home's asking price and willing to sacrifice style or a second bathroom are some of the pointers that Kelly Kang, a colleague of Limperis' at Paragon, gives to buyers. Kang just represented a young couple with a child who were interested in a 756-square-foot, two-bedroom, one-bath row house built in 1950 in a newly hot neighborhood near a park and public transit that was listed at a little more than $1 million after having sold for $710,000 five years ago. The couple offered $1.2 million and wrote a "love letter" about the house explaining why it was just right for their family. They got the house. "People that want to stay in San Francisco really love the city, so what they are buying is the city more than the property," Kang said.

URL to original article: http://www.thebusinessjournal.com/news/state/13240-in-san-francisco-real-estate-1m-won-t-buy-much 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Zillow buying Trulia to build real estate titan

Source: The Business Journal
Written by MAE ANDERSON, AP Technology Writer

 (AP) — Zillow and Trulia, two companies that changed the way people shop for homes, are combining. Real estate website operator Zillow Inc. is buying its rival in a $3.5 billion deal that will make the biggest player in the online real estate information market. Zillow will also become king of real estate listings available on smartphones and tablets — the fastest growing area for listings. Both Zillow and Trulia were founded nearly a decade ago and have capitalized on Americans' increasing preference for researching purchases, including homes, online, rather than relying solely on a real estate agent. "It's a very sound business move by Zillow. They wiped out their closest competitor," said Benchmark analyst Daniel Kurnos. According to Benchmark estimates, Zillow and Trulia are No. 1 and 2 in the online real estate market, followed by No. 3 Move Inc. Zillow reported nearly 83 million monthly unique visitors in June. Trulia reported 54 million. "We're moving away from word of mouth, or calling an agent to try to find a home," Kurnos said. "Now people realize, 'Hey, I can go look for houses online, and use the Internet to start searching for a home.'" Zillow, which debuted in late 2004, became well known for its "Zestimate" housing price estimate for 100 million homes nationwide. The number is based on geographic data, user-submitted information and public records. Zillow says the "Zestimate" has a 6.9 percent median error rate, and should be used as a starting point in determining a home's value. Both Zillow, which went public in 2011 and Trulia, which had its stock market debut in 2012, offer similar information like neighborhood school and crime reports and mortgage calculators. Both Zillow and San Francisco-based Trulia generate revenue through advertising and subscription software and services sold to real estate agents. Trulia shareholders will receive 0.444 shares of Zillow common stock for each share they hold, and will own approximately 33 percent of the combined company. Zillow Inc. shareholders will receive one comparable share of the combined company and own the other two-thirds of the business. The combined company will keep both the Trulia and Zillow brands. The companies said that there is limited consumer overlap of their brands, as about half of Trulia.com's monthly visitors don't visit Zillow.com. It's not Zillow's first expansion through acquisition. The company bought New York City-focused real estate website StreetEasy in 2013 for $50 million. Zillow, based in Seattle, plans to save $100 million in cost cutting once the Trulia purchase is complete. Trulia Inc. CEO Pete Flint will stay in his post and join the board of the combined business. He will report to Zillow CEO Spencer Rascoff. Another Trulia director will join the combined company's board after the transaction is finalized. Both companies' boards approved the deal. Both companies' shareholders still must approve it. The transaction is targeted to close next year. Shares of Zillow fell $3.97, or 2.5 percent to $154.89 in midday trading. Shares of Trulia jumped $6.84, or 12 percent, to $63.19.

 URL to original article: http://www.thebusinessjournal.com/news/national/13180-zillow-buying-trulia-to-build-real-estate-titan 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Property management firms enjoy brighter days

Source: The Business Journal
Written by Chuck Harvey

Property management took a blow during the real estate crash, but has since been a steady income business for specialists like Manco Abbott and Robert L. Jensen & Associates as the rental housing, office and retail market bounces back. After 26 years in the same location, Manco Abbott will move its operations in late September from 6051 N Fresno St. in Fresno to a new energy-efficient building being developed near Herndon and Fruit avenues in Fresno. Ginder Development Corp. is developing the business park where Manco Abbott will be situated. Manco’s offices will occupy 11,000 square feet of the 20,500 square foot building. Leases are being negotiated for the remainder of the building, which is flanked by offices of Bonadelle Development Corp. to the west and Granville Homes to the east. Robert L. Jensen & Associates is another growth story in the property management business. The company’s residential division manages 28 community associations. The largest is a 2,258-unit master association. The commercial division manages ten multi-story office buildings, the largest of which is a 100,000 square-foot complex. Robert L. Jensen has 58 employees and manages 15.1 million square feet of apartments and commercial buildings. Jensen said his business is doing well and he has been able to keep his employee numbers steady. He said construction in the Valley has been pretty low, but there has been some activity. And new buildings coming on line help fuel growth in the property management business, he said. Property management services fell off some following the collapse of the real estate market in 2007. However, since then the Valley has seen resurgence in commercial and retail building leases along with strong growth in the apartment and rental housing markets. The top 10 property managers in the central San Joaquin Valley managed 657.2 million square feet of properties in 2009. By 2013, the number had grown to 703.5 million square feet, according to information provided by the companies for The Business Journal’s annual Book of Lists. As home foreclosures grew, more people moved into apartments and rental homes. That boosted demand for property management firms to handle the expanding rental market. “Our business is starting to grow,” said Michael Goldfarb, chief operating officer of Manco Abbott. “There was a slow time in 2008 and 2009, but business was better in 2011,” he said. A growing rental housing business boosted Manco Abbott’s business further. “The apartment sector is doing well,” Goldfarb said. “It helped us.” He said the office market is starting to come back and as vacancies get filled, it will help property management companies. Most retail activity has been in Visalia and Dinuba, Goldfarb said. Although new retail construction has picked up some, most of the recent growth in property management has been in rental housing. “We have seen some growth,” said Terry Fox, owner of Fox Property Management. His company recently picked up about 100 single-family units. Fox’s portfolio is single-family homes and small apartments. Fox Property Management currently has 12 employees. As a small company, it is doing very well, Fox added. It has 9.8 million square feet of residential and commercial buildings that it manages. Overall, Fresno has 473 units of rental housing under construction or renovation, according to the Fresno Housing Authority. It has 345 units of rental housing in development and construction. The largest is Parc Grove Commons South at Clinton Avenue and Fresno Street, with 215 units of family housing under construction. With more apartments being built in Fresno, property management firms should see continued opportunities. They will also see challenges as home prices rise and some rental housing owners put single-family rental homes up for sale. Still property management growth is expected at least in the near term. Both developers and real estate companies have found property management to be a profitable sideline. Membership in the National Association of Residential Property Managers nearly doubled following the real estate market collapse. The U.S. Census Bureau reports that renter household formation surpassed new owner-occupied homes in 2007 and has held the lead since then. That is in response to more people wanting to rent homes than buy them. IBISWorld.com a global business intelligence specialist providing procurement and purchasing research reports, reports that declining home ownership will continue to support property management industry growth though 2018. Hiring professional management has become more attractive as regulations governing landlords becomes more complex. And once rental prices start rising, it will make property management more affordable and attractive. In rental housing, property managers handle tasks like screening tenants, helping determine rents, resolving disputes and handling landscape maintenance. Manco Abbott has an IT department that helps monitor the systems that provide tenants and residents with rapid response to maintenance requests, accounting questions or any other issues that arise. Its technology-enabled services, including online work orders and rent payment with Manco Connect, help speed information to its customers. Additionally, the majority of the property management team uses iPads for access to real-time data from any location. Manco Abbott oversees nearly 200 properties including apartment communities, office buildings, shopping centers and industrial properties. The firm's services span 10 counties from the San Joaquin Valley to the Central Coast and includes a Monterey branch. Founded in 1972 the company has approximately 150 employees. Along with rental housing, retail leases have also been growing, leading to more opportunities for property management. ShoppingCenterBusiness.com reports that new tenants are turning the once-dark vacancies into new opportunities. That has also helped the property management companies. Real estate giants like Lance Kashian & Co. and Colliers International have made property management part of their lineup of services. For commercial buildings, services include support of a building’s operations, physical maintenance, tenant relations, accounting, leasing and marketing and sales.

 URL to original article: http://thebusinessjournal.com/news/real-estate/13156-property-management-firms-enjoy-brighter-days

 For further information on Fresno Real Estate check: http://www.londonproperties.com

New downtown Fresno apartments in works

Source: The Business Journal
Written by Ben Keller, Business Journal staff writer

Another vacant lot is getting new life in downtown Fresno as Pyramid Homes makes progress on a 16-studio apartment project at Divisadero Street and College Avenue. Pyramid Homes began construction around eight weeks ago on the 6,000 square-foot project sited on a dirt lot at 1102 E. Divisadero Street. The apartments, dubbed Courtyard Studios, will feature a pair of two-story studios near the street and another 14 single-level units measuring 400 square feet each toward the back. Massoud Assemi, president of Pyramid Homes, said he is expecting a lot of interest from downtown Fresno's creative and tech-oriented class when the new studios finish up some time before the end of the year. "It's meant for singles," Assemi said. "I think we need to do stuff like this to build downtown up." The apartments will be managed by Granville Realty. Assemi said each unit will rent for around $600 to $700 a month. Pyramid Homes and Assemi's son, Reza Assemi, were also the developers behind several other residential projects in downtown Fresno's cultural arts district, including the Pearl Building, Vagabond Lofts, H Street Lofts, the Iron Bird Lofts and Studio 64.

 URL to original article: http://www.thebusinessjournal.com/news/construction/13133-new-downtown-fresno-apartments-in-works 

For further information on Fresno Real Estate check http://www.londonproperties.com

Distressed sales unchanged in Fresno, Tulare counties

Source: The Business Journal

Distressed home sales in the Valley changed relatively little in June, but the rate was down significantly from what it was this time last year. According to the California Association of Realtors, distressed sales, which includes short sales, sales of bank-owned properties and other foreclosures sales, stood at 17 percent of all home sales in Fresno County in June. That's flat from May but down from 36 percent a year ago. Distressed sales were also unchanged in Tulare County at 21 percent, slightly below 27 percent in June 2013. Madera County saw its distressed sales drop from 19 percent in May to 15 percent in June, both well below the 33-percent share last year. Kings County also had a drop, with distressed sales falling from 44 percent a year ago and 31 percent in May to 25 percent in the latest month. Statewide, distressed sales made up 9.7 percent of all homes sales in June, down from 10.8 percent in May and 20.3 percent a year ago. The share of real estate-owned sales, including bank-owned homes, went down to 4.4 percent compared to 4.7 percent in May and 6.8 percent in June 2013. Short sales dropped from 5.6 percent in May and 12.9 percent a year ago to 5 percent in the latest month. Equity sales, or non-distressed home sales, stood at 90.3 percent in June, up from 89.2 percent the prior month and 79.7 percent last year. Housing inventory increased for all homes in June. The unsold inventory index or real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, went from 2.3 months in May to 2.4 months in June. The index for short sales rose from 4.3 months in May to 4.8 months in June, while the index for equity sales rose from 3.7 months to 3.8 months.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/13108-distressed-sales-unchanged-in-fresno-tulare-counties 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Pets' amenities rising trend for homebuilders

Source: The Business Journal
Written by SUE MANNING, Associated Press

(AP) — These homes are set apart by their amenities — for dogs. Standard Pacific Homes is building and selling homes in 27 developments from Florida to California and is believed to be the first to offer a pet suite as an option in every one. The suite is a 170-square-foot pet paradise with a step-in wash station, handheld sprayer and leash lead; tile walls and floors; a designated drying area with a commercial sized pet dryer; a water station; automated feeders; a large bunk-style bed; cabinets for toys, treats and food; a stackable washer and dryer; a French door that opens to a puppy run; and a flat-screen television set. Standard Pacific, based in Irvine, decided to offer pet suites after conducting livability studies with homeowners. Pets were a constant theme, said Jeffrey Lake, vice president and national director of architecture for Standard Pacific. "Devotion to pets is second-to-none," he added. "They are family." The American Pet Products Association reports that 68 percent of Americans own pets and contribute to an industry worth more than $55 billion annually. Real estate officials say building homes designed to cater to pets is a new concept, but that remodels for pet owners have been available for some time. Adam Cowherd Construction in Ozark, Missouri, installs pet-friendly additions to homes. Cowherd said he recently finished a job where there was an open shelf on the end of a kitchen island to hold pet bowls. "Owners want it uniquely functional, very contemporary and something that catches the eye," Cowherd said. However, only once in the last 10 years has he been asked to build a whole room for a pet, he added. Melanie Dean lives with her family near Dallas in a Standard Pacific home with a pet package for their dog, Lola. Lola's room "makes life much easier," Dean said. "We don't have to use the kitchen sink to wash yucky stuff anymore." Standard Pacific Homes' newest community, called Avignon at Blackstone in Brea, about 25 miles south of Los Angeles, features homes that start at $710,000. The pet spa option adds $35,000 to the price, Lake said. Only the largest suite is available in Brea, but in some of the other communities, there are smaller sizes and prices, starting at 60 square feet for $8,000, he said. During some of the model grand openings at different communities, several potential buyers brought their dogs to look at the homes, said Danielle Tocco, the company's director of communications. Around 70 percent of those looking for a home have pets, said Mollie Carmichael, principal at the John Burns Real Estate Consulting firm in Irvine. Pet adoptions were also held at some model grand openings, she said, just in case somebody didn't have a dog but wanted one. For cat owners, things can be rearranged and swapped out, like a scratching post for the dryer. And if no one is using the bath, it can be used for sporting equipment, like golf clubs. Those looking to sell their homes may find their pet additions to be a benefit. Laundry rooms and mud rooms toward the back of homes are popular, said Amy Bohutinsky, chief marketing officer at Chicago-based Zillow. Pet washrooms can also be used as multipurpose mud rooms, which may attract buyers.

URL to original article: http://www.thebusinessjournal.com/news/state/12981-pets-amenities-rising-trend-for-homebuilders 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Valley home sales, prices see uptick

Source: The Business Journal

Home sales grew throughout the Valley in June, albeit slowly, as housing inventory also inched up over last year's supply. According to a new report from the California Association of Realtors, home sales increased just 0.4 percent in Fresno County during the month and 7.4 percent compared to June 2013. The price of a median home in Fresno County stood at $201,080 in June, up 0.8 percent from $199,540 the prior month and up 14.4 percent from $175,820 a year ago. Sales in Tulare County fell 0.7 percent during the month but grew 4.7 percent in the year-over-year comparison. The county's median home price fell 0.4 percent in June to $176,520 from May's price of $177,140. That's still up 11.2 percent from $158,710 a year ago. Kings County saw its home sales increase 1.3 percent in June but fall 2.5 percent compared to a year earlier. The average home price in the county stood at $194,440 in the month, up 13.3 percent from $171,670 in May and 31.6 percent from $147,780 in June 2013. Home sales in Madera County increased 23.8 percent compared to May but fell 21.2 percent year-over-year. The county's median home price was up 16.7 in the month, going from $176,670 in May to $206,250 in June. That's also 37.5 percent higher than $150,000 last year. Prices aren't the only thing that picked up in the month as housing supply increased throughout the Valley. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, stood at 4.5 months in June, up from 4.4 months in May and 3.4 months in June 2013. Tulare County's index was up to 3.9 months in June compared to 3.8 months in May and 3.2 months a year ago. Kings County's index went from 3.1 months a year ago to 3.3 months in May and 3.5 months in June. Madera County's index was flat at 3.6 months in June but higher than the 2.6 month supply last year. Statewide, home sales totaled 394,930 units in June, up 1.5 percent from 389,060 in May but down 4.8 percent from 414,830 in June 2013. "While June home sales rose at the statewide level, the market is still constrained by tight supply and low housing affordability in areas of high demand, where job growth is robust and international buyers have a strong presence," said C.A.R. President Kevin Brown. "Overall, however, with inventory improving and home sales slowly moving back up, the market is more balance, and we could see further market normalization in the upcoming months as interest rates remain at the lowest levels we've seen so far this year."

URL to original article: http://www.thebusinessjournal.com/news/real-estate/12989-valley-home-sales-prices-see-uptick 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

Freddie Mac: 3 ways to improve your credit score right now

Source: Housingwire
By: Jacob Gaffney

 Next year's homebuyers need to start today Believe it or not, the mortgage business is showing signs of life again. Wells Fargo earnings show mortgage originations increased by 20%, compared to negative growth the quarter prior, and they expect that to grow. So signs point to a gradual loosening of credit standards for potential mortgage borrowers, but most people still think they won’t qualify, which is a large part of the reason people aren't trying to get a mortgage in the first place. But will you want to try to get a mortgage next month? Next year? If so, mortgage securitizer Freddie Mac recently posted a blog on three ways to improve your credit score, starting today. As the blog states: “If you're thinking about buying a home, you need to be aware of your credit because it can affect your ability to qualify for a mortgage.” I take that one step further. While you may or may not be interested in refinancing or even entering home ownership, tips to improve one’s credit score are helpful across the board. An improved credit score does offer more leverage when engaging the debt markets, in terms of choosing better deals from multiple lenders — that is true. More importantly, a higher FICO [credit] score indicates better financial acumen in individuals and shows a greater prowess when managing money. In short, the better the credit score, the greater the financial freedom. “Don't despair if your credit is low, there are ways to repair your credit and improve your score,” the Freddie Mac blog states. “As Fair Isaac [the company that provides the FICO] points out, the best advice for rebuilding credit is to manage it responsibly over time.” So here is Freddie Mac’s way to start today, taken from the more comprehensive advice on the Fair Isaac website: 1. Check Your Credit Report Annually "Your credit report contains the data used to calculate your score and it may contain errors. In particular, check to make sure that there are no late payments incorrectly listed for any of your accounts and that the amounts owed for each of your open accounts is correct," FICO advises. If there are errors, you can dispute them with the credit bureau. 2. Set up Payment Reminders "Making your credit payments on time is one of the biggest contributing factors to your credit score. Some banks offer payment reminders through their online banking portals that can send you an email or text message reminding you when a payment is due," FICO states. Automatic payments are also a great option for those on a salary. The down side in this case is that auto payments are not actively made by you, so may not instill a greater satisfaction of money management. 3. Reduce the Amount of Debt You Owe "This is easier said than done, but reducing the amount that you owe is going to be a far more satisfying achievement than improving your credit score. The first thing you need to do is stop using your credit cards," FICO reports. OK, wait — so stop using my credit cards so that I can get more credit? That may not make sense, on the surface, but you can't put the cart before the horse when building your credit. And you'll never qualify for a mortgage (secured debt) if you can't manage short term credit cards (unsecured debt). So what's a good attack plan if you owe big time on multiple cards? "Come up with a payment plan that puts most of your available budget for debt payments towards the highest interest cards first, while maintaining minimum payments on your other accounts." Want more tips on how to fix your credit score and maintain good credit? Hit up the Fair Isaac site for 5 more FICO tips.

URL to the original article: http://www.housingwire.com/blogs/1-rewired/post/30624-freddie-mac-3-ways-to-improve-your-credit-score-right-now 

 For further information on Fresno Real Estate check: http://www.londonproperties.com

$1.75M in grants boost Valley housing projects

Source: The Business Journal

Four planned affordable housing developments in the San Joaquin Valley were awarded $1.75M in the latest round of grants from the Federal Home Loan Bank of San Francisco. In all, bank members supporting 76 projects throughout the country will see a portion of the $49.4 million in grants as part of the San Francisco bank's 2014 Affordable Housing Program funding competition. Ranging from $25,000 to $1.5 million each, the grants support construction projects like rental housing for low-income families, transitional permanent housing with supportive services for veterans and sustainable developments that will be LEED (Leadership in Energy and Environmental Design) certified or GreenPoint rated. Out of the total, $470,000 will go to Rabobank in Fresno County to help fund the Kingsburg Senior Village being built by the Pacific Southwest Community Development Corporation. The project, which will include 48 rental units for senior residents, aims to achieve gold rating in the U.S. Green Building Council's LEED program. Rabobank will also distribute a grant of $450,000 to the Fresno Housing Authority as it builds the 46-unit Marion Villas Apartments in Kingsburg. Located in Kingsburg's Central Commercial District, the development is close to a grocery store, public library and park and will include a community room with a kitchen and lounge area. Another $800,000 will come from Rabobank as the Fresno Housing Authority rehabilitates the Orange Cove Rental Assistance Project. When complete, the multi-family, scattered-site affordable housing development will have new flooring and windows, exterior paint and roofing as well as upgraded mechanical and electrical systems. The development will also be improved with more than 6,300 square feet of new space for community activities and recreation. In Tulare County, Central Valley Community Bank will funnel its $30,000 grant to Habitat for Humanity as it works on the Building Hope affordable housing community in Porterville. The project will consist of two single-family homes being built using Habitat for Humanity's self-help sweat equity model in which homebuyers are credited for their contributions on building their new homes.

URL to original article: http://www.thebusinessjournal.com/news/banking-and-finance/12715-1-75m-in-grants-boost-valley-housing-projects 

For further information on Fresno Real Estate check: http://www.londonproperties.com

Trulia: Housing shaking off spring slump?

Source: Housingwire
 Barometer shows recovery gains, but something still missing

By: Trey Garrison

Trulia (TRLA) is making the case that the underlying fundamentals of the housing industry are on track, and that only a few components are missing from a full-on charge out of the late winter, whole of spring downturn -- first-time buyers. Prices, sales, and starts are recovering, and prices are near normal levels, but first-time buyers are missing from the housing equation. First-time homebuyers are still missing from the housing recovery, making up just 27% of existing-home buyers according to the May report from the National Association of Realtors. That’s down a bit both from last month and from last year. That, they say, is what is dragging down housing. Trulia notes that home-price levels are 79% back to normal, up from 44% one year ago. Prices should reach their long-term norm relative to fundamentals late in 2014 or early in 2015. Further, they say, delinquency plus the foreclosure rate continued to drop and is now 74% back to normal, from just 53% back to normal one year ago. Existing home sales, excluding distressed sales, are 64% back to normal – roughly the same as one year ago and up slightly from 61% last quarter. Trulia’s Bubble Watch shows prices were 3% undervalued in 2014 Q2, compared with 15% at the worst of the housing bust; that means prices are nearly four-fifths (79%) of the way back to their “normal” level of being neither over- nor under-valued. New construction starts have reached the halfway mark, at 50% back to normal, boosted by apartment construction. Year-to-date, multi-unit starts are the highest share of overall construction in 40 years. On the downside, they note, the employment rate for 25-34 year-olds, a key age group for household formation and first-time homeownership, fell back to 35% back to normal, down from 39% one quarter ago. So what’s holding off first-time buyers? Jed Kolko, chief economist at Trulia, says would-be first-timers are stuck: rising prices and mortgage rates have reduced affordability before young adults have been able to recover from the jobs recession. “A full recovery that includes first-time homebuyers is still years away; many young adults still need to find jobs and keep them long enough to save for a down payment and qualify for a mortgage. Until that happens, the clearest signs of recovery will be apartment construction and renter household formation, not first-time home buying,” he says.

URL to original article: http://www.housingwire.com/articles/30436-trulia-housing-shaking-off-spring-slump 

 For further information on Fresno Real Estate check: http://www.londonproperties.com