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
Wednesday, December 31, 2014
Friday, December 19, 2014
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
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
Wednesday, December 17, 2014
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
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
Thursday, December 11, 2014
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
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
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