Source: The Business Journal
Fresno homebuilder De Young Properties will open its new Loma Vista community for pre-sale to potential homebuyers on Nov. 24 in Clovis.
Located near the southwest corner of Bullard and De Wolf avenues, the community features homesites as large as 11,350 square-foot lots and no homeowners association fees.
Homes start in the $200s and feature the homebuilder's Energy Smart design elements like tankless water heaters, Energy Star appliances, argon-gas filled windows and radiant barrier roofing to keep out heat, as well as blown-on insulation and fluorescent lights and dimmer switches.
The site is located just down the street from Pasa Tiempo Park and a short drive away from Clovis Community Medical Center as well as several schools in the Clovis Unified School District.
A 20-mile network of trails, parks and tree-lined streets are also development in and around the area.
De Young Properties will hold a grand opening event for Loma Vista from noon to 6 p.m. at its CountryCourt welcome center, located at the southwest corner of Armstrong and Gettysburg avenues in Clovis.
More information about the community can be found on De Young Properties' website or by calling (559) 434-2000.
Established in 1974, De Young Properties has built more than 7,000 homes throughout the Fresno area.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9737-de-young-to-unveil-new-clovis-community
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, November 25, 2013
Valley unemployment reaches five-year low
Source: The Business Journal
Madera County became the first Central Valley county to drop to single-digit percentage unemployment in nearly five years, according to the Employment Development Department’s release on Friday. Madera County reported a 9.3 percent unemployment rate in September. The last time a Central Valley county’s unemployment rate was below 10 percent was October 2008, when Madera County’s rate was 9.2 percent. The EDD released its statistics for both September and October on Friday, because the government shutdown prevented it from releasing the September statistics last month. Madera County had the lowest unemployment rate of the four counties both months, with a rate of 9.3 percent in September and 10.2 percent in October. The county’s unemployment rate was 11.3 percent in September 2012 and 12.1 percent in October 2012. Kings County posted an unemployment rate of 11.1 percent in September and 11.9 percent in October. The county’s unemployment rate was 13.1 percent in September 2012 and 14.2 percent in October 2012. Fresno County recorded an unemployment rate of 11.1 percent in September and 12 percent in October. The county’s unemployment rate was 13.2 percent in September 2012 and 14 percent in October 2012. Tulare County had the highest unemployment rate of the four counties, with 12.2 percent in September and 12.7 percent in October. The county’s unemployment rate was 14.2 percent in September 2012 and 14.5 percent in October 2012. Although Madera County was the only county to drop below 10 percent, all four counties reported their lowest unemployment rates since 2008.
URL to original article: http://www.thebusinessjournal.com/news/employment/9757-valley-unemployment-reaches-five-year-lows
For further information on Fresno Real Estate check: http://www.londonproperties.com
Madera County became the first Central Valley county to drop to single-digit percentage unemployment in nearly five years, according to the Employment Development Department’s release on Friday. Madera County reported a 9.3 percent unemployment rate in September. The last time a Central Valley county’s unemployment rate was below 10 percent was October 2008, when Madera County’s rate was 9.2 percent. The EDD released its statistics for both September and October on Friday, because the government shutdown prevented it from releasing the September statistics last month. Madera County had the lowest unemployment rate of the four counties both months, with a rate of 9.3 percent in September and 10.2 percent in October. The county’s unemployment rate was 11.3 percent in September 2012 and 12.1 percent in October 2012. Kings County posted an unemployment rate of 11.1 percent in September and 11.9 percent in October. The county’s unemployment rate was 13.1 percent in September 2012 and 14.2 percent in October 2012. Fresno County recorded an unemployment rate of 11.1 percent in September and 12 percent in October. The county’s unemployment rate was 13.2 percent in September 2012 and 14 percent in October 2012. Tulare County had the highest unemployment rate of the four counties, with 12.2 percent in September and 12.7 percent in October. The county’s unemployment rate was 14.2 percent in September 2012 and 14.5 percent in October 2012. Although Madera County was the only county to drop below 10 percent, all four counties reported their lowest unemployment rates since 2008.
URL to original article: http://www.thebusinessjournal.com/news/employment/9757-valley-unemployment-reaches-five-year-lows
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, November 20, 2013
Madera County sees turnaround in home sales
Source: The Business Journal
Homes sales picked up throughout the Valley in October with Madera County seeing the sharpest increase. According to a new report from the California Association of Realtors, home sales in Madera County were up 63.6 percent in October over the prior month with the same increase seen over October 2012. The figure came after a 40.5-percent drop in sales in September. The county's median price also fell, going from $190,000 in September down 19.3 percent to $153,330 in the latest month. That's still up 9.5 percent from $140,000 last year. Sales in Fresno County were up 3.5 percent in the month but down 16.2 percent from last year. The county's median home price of $182,620 marked a 1.7-percent decline from $185,830 in September but a 20.3-percent jump from $151,850 in October 2012. In Tulare County, sales rose 9.5 percent from September but dropped 10 percent from a year ago. At $161,330, Tulare County's median home price was down 1.3 percent from $163,500 in September but up 12.3 percent from $143,610 last year. Kings County saw its home sales drop 16.9 percent in October and 31 percent over the last year. That wasn't surprising considering the jump in home prices. At $181,000, the county's median home price was up 7.4 percent over September's $168,460 and 19.5 percent over $151,430 in October 2012. As sales fluctuated throughout the state, so did the available supply of homes. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 4.3 months in October, down from 4.4 months in September but more than last year's supply of 3.7 months. Tulare County's index stood at 4 months in October, down from 4.2 months. Last year's index was not available. Kings County saw it index increase to 3.9 months from 3 months in September and 2.5 months last year. Madera County's index plummeted from 5 months in September and 4.8 months last year to 2.9 months in October. Statewide, sales totaled 401,170 homes in October, down 2.7 percent from 412,260 the prior month and 11.1 percent from 451,090 in October 2012. California's median home price stood at $427,290 in October, down 0.3 percent from $428,740 the month before but up 25.3 percent from $340,910 a year ago. "As anticipated, the housing market was disrupted by the closure of the federal government in October, which prolonged the loan approval process and led to the delay of many home closings, especially on FHI transactions," said C.A.R. President Kevin Brown. "That said, we are returning to a market that's more balanced than we've seen in recent years, with home price gains that are more sustainable and a sales pace that's characteristic of a normal environment."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9701-madera-county-sees-turnaround-in-home-sales
For further information on Fresno Real Estate check: http://www.londonproperties.com
Homes sales picked up throughout the Valley in October with Madera County seeing the sharpest increase. According to a new report from the California Association of Realtors, home sales in Madera County were up 63.6 percent in October over the prior month with the same increase seen over October 2012. The figure came after a 40.5-percent drop in sales in September. The county's median price also fell, going from $190,000 in September down 19.3 percent to $153,330 in the latest month. That's still up 9.5 percent from $140,000 last year. Sales in Fresno County were up 3.5 percent in the month but down 16.2 percent from last year. The county's median home price of $182,620 marked a 1.7-percent decline from $185,830 in September but a 20.3-percent jump from $151,850 in October 2012. In Tulare County, sales rose 9.5 percent from September but dropped 10 percent from a year ago. At $161,330, Tulare County's median home price was down 1.3 percent from $163,500 in September but up 12.3 percent from $143,610 last year. Kings County saw its home sales drop 16.9 percent in October and 31 percent over the last year. That wasn't surprising considering the jump in home prices. At $181,000, the county's median home price was up 7.4 percent over September's $168,460 and 19.5 percent over $151,430 in October 2012. As sales fluctuated throughout the state, so did the available supply of homes. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 4.3 months in October, down from 4.4 months in September but more than last year's supply of 3.7 months. Tulare County's index stood at 4 months in October, down from 4.2 months. Last year's index was not available. Kings County saw it index increase to 3.9 months from 3 months in September and 2.5 months last year. Madera County's index plummeted from 5 months in September and 4.8 months last year to 2.9 months in October. Statewide, sales totaled 401,170 homes in October, down 2.7 percent from 412,260 the prior month and 11.1 percent from 451,090 in October 2012. California's median home price stood at $427,290 in October, down 0.3 percent from $428,740 the month before but up 25.3 percent from $340,910 a year ago. "As anticipated, the housing market was disrupted by the closure of the federal government in October, which prolonged the loan approval process and led to the delay of many home closings, especially on FHI transactions," said C.A.R. President Kevin Brown. "That said, we are returning to a market that's more balanced than we've seen in recent years, with home price gains that are more sustainable and a sales pace that's characteristic of a normal environment."
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9701-madera-county-sees-turnaround-in-home-sales
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, November 18, 2013
De Young unveils zero net energy home
Source: The Business Journal
Written by Ben Keller,
The Business Journal Fresno homebuilder De Young Properties today unveiled the first of what it hopes to be many zero net energy homes designed to produce as much or more power than they consume each year. Located at DeYoung's CountryCourt welcome center at Gettysburg and Armstrong avenues in Clovis, the 2,064 square-foot home is part of the company's support of California's Long Term Energy Efficiency Strategic Plan requiring all new homes to be built to zero net energy standards by 2020. The company partnered with Pacific Gas & Electric Co. to find ways of getting the home down to one-third of the energy needed for a house built to minimum code. "We're really excited to work together to reach the goal of building zero net energy as a standard by 2020," said Brandon De Young, vice president of De Young Properties. Besides solar panels installed by SolarCity, the home is fixed with several other energy-saving features like LED (light-emitting diode) lights, cool roof tiles, dual-paned, argon gas-filled windows and a home energy management system that relates energy production and usage by the minute. Also, a custom designed duct system is buried underneath the attic insulation so air is not passing through a warm environment before being cooled. Also, a Rheem Hybrid Heat Pump Water Heater harvests heat from the surrounding air to heat water rather than using gas or electricity. In addition, the home is equipped with an electric vehicle charging station, a two-stage, 95-percent efficient furnace from Lennox and an air conditioner rated at a high 19 SEER (seasonal energy efficiency ratio) and 14 EER (energy efficiency ratio). Pacific Gas & Electric Co. provided much of the design and technical assistance as well as some funding in order to build the home. Brandon De Young said PG&E will stay on board to help track the home's energy usage for the next several years, imitating a family's normal living habits in order to determine how future homes should be built to zero net standards. "It really takes a full year's window of data to really know how it's performing," De Young said. "Once we get a good idea of how this one's performing and the different things we did in this one, then we'll be able to adjust and continue on to the next steps." De Young said the zero net energy home will serve as a model for De Young Property's nearby Countryview and CountrySide communities in Clovis as well as its Loma Vista community debuting soon at Sierra and Temperance avenues. Typical homes place around 100 on the Home Energy Rating System (HERS) measuring potential energy consumption over a year. A zero net energy home achieves zero on the HERS scale.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9654-de-young-unveils-zero-net-energy-home
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Ben Keller,
The Business Journal Fresno homebuilder De Young Properties today unveiled the first of what it hopes to be many zero net energy homes designed to produce as much or more power than they consume each year. Located at DeYoung's CountryCourt welcome center at Gettysburg and Armstrong avenues in Clovis, the 2,064 square-foot home is part of the company's support of California's Long Term Energy Efficiency Strategic Plan requiring all new homes to be built to zero net energy standards by 2020. The company partnered with Pacific Gas & Electric Co. to find ways of getting the home down to one-third of the energy needed for a house built to minimum code. "We're really excited to work together to reach the goal of building zero net energy as a standard by 2020," said Brandon De Young, vice president of De Young Properties. Besides solar panels installed by SolarCity, the home is fixed with several other energy-saving features like LED (light-emitting diode) lights, cool roof tiles, dual-paned, argon gas-filled windows and a home energy management system that relates energy production and usage by the minute. Also, a custom designed duct system is buried underneath the attic insulation so air is not passing through a warm environment before being cooled. Also, a Rheem Hybrid Heat Pump Water Heater harvests heat from the surrounding air to heat water rather than using gas or electricity. In addition, the home is equipped with an electric vehicle charging station, a two-stage, 95-percent efficient furnace from Lennox and an air conditioner rated at a high 19 SEER (seasonal energy efficiency ratio) and 14 EER (energy efficiency ratio). Pacific Gas & Electric Co. provided much of the design and technical assistance as well as some funding in order to build the home. Brandon De Young said PG&E will stay on board to help track the home's energy usage for the next several years, imitating a family's normal living habits in order to determine how future homes should be built to zero net standards. "It really takes a full year's window of data to really know how it's performing," De Young said. "Once we get a good idea of how this one's performing and the different things we did in this one, then we'll be able to adjust and continue on to the next steps." De Young said the zero net energy home will serve as a model for De Young Property's nearby Countryview and CountrySide communities in Clovis as well as its Loma Vista community debuting soon at Sierra and Temperance avenues. Typical homes place around 100 on the Home Energy Rating System (HERS) measuring potential energy consumption over a year. A zero net energy home achieves zero on the HERS scale.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/9654-de-young-unveils-zero-net-energy-home
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, November 8, 2013
Fresno approves farming at former Running Horse site
Source: The Business Journal
The Fresno City Council on Thursday paved the way for Granville Homes to grow an almond orchard on west Fresno property in advance of building homes on the site. In a 5-0 vote with councilmembers Steve Brandau and Clint Olivier absent, the council approved an amendment that sets rules for large-scale agriculture and community gardens within the city. The vote put to rest arguments on what to do with the old Running Horse property once earmarked for a luxury golf community. The amendment was requested by Granville Homes President Darius Assemi in order to begin planning an almond ranch. The R-1-zoned, 360-acre property, now called Mission Ranch, is located in west Fresno near Whitesbridge Avenue. The amendment would permit commercial agriculture operations on qualifying vacant property zoned R-1, or single-family residential, within city limits. The council vote came at about 7:30 p.m. after 2 ½ hours of testimony by nearly 30 speakers, including residents concerned about pesticides and dust that could create health problems in the city. Others charged that the city had not done an adequate environmental assessment of the Mission Ranch project. However, a deal developed by councilmember Oliver Baines addressing concerns of leaders on Fresno’s west side, helped to satisfy some critics of the Mission Ranch project. One of the speakers, Bob Mitchell, co-chairman of Golden Westside Planning Committee, said that he was able support the project following modifications of plans that included pesticide sprayers with a shield to prevent the spray from drifting and one-week notice to residents of when spraying would be conducted. Also, spraying would be done when nearby Sunset Elementary School is closed. In addition wind barriers are planned. Jeff Roberts, vice president of Granville Homes, said the almond orchard would be a better alternative than leaving the site vacant. Dumping has been a serious problem at the location, he said. Roberts said that over the next three years, Granville would develop a plan for a housing community at Mission Ranch. In 12 years, the builder will file an application for actual development, he said. Charlie Waters, speaking for Fresno Veterans Home, said the Mission Ranch project would not put one person in danger with pesticides in the western part of the city. “We support the project,” he said. “We back it 100 percent.” However, a number of speakers warned not only of pesticide and dust problems, but also the potential of spreading Valley Fever, which is caused by soil-borne pathogens. Some insisted the almond farm planned by Assemi would be safer if the crop was grown organically. One speaker stated that retail development would be much more beneficial to the area. In voicing support for the project, Manuel Cunha Jr., president of the Nisei Farmers League in Fresno, said farming does not cause Valley Fever. Cunha added that the project would provide revenue to the city. Police currently have to patrol the area for motocross riding, drugs and crime, Cunha said. A number of small farmers complained that the amendment sets farming operations at 50 acres or more. That, they complained would eliminate specialty farmers on small plots. They would like to see general farming on one-quarter acres or more. Baines said the small-acreage farmers raise valid points, and he would talk to them about ways that small-size farming can be accommodated. Also, regulations planned for 50 acres or less would not begin for another six months. Rules for farms of more than 50 acres would start in 31 days. Local community gardeners also had concerns that they might be left out of the process as well. However, planners amended the recommended zoning change to include some protections for community gardening. One addition states that community gardeners on less than an acre will not be required to obtain a grading permit for installing community gardens.
URL to original article: http://www.thebusinessjournal.com/news/agriculture/9554-fresno-approves-farming-at-former-running-horse-site
For further information on Fresno Real Estate check: http://www.londonproperties.com
The Fresno City Council on Thursday paved the way for Granville Homes to grow an almond orchard on west Fresno property in advance of building homes on the site. In a 5-0 vote with councilmembers Steve Brandau and Clint Olivier absent, the council approved an amendment that sets rules for large-scale agriculture and community gardens within the city. The vote put to rest arguments on what to do with the old Running Horse property once earmarked for a luxury golf community. The amendment was requested by Granville Homes President Darius Assemi in order to begin planning an almond ranch. The R-1-zoned, 360-acre property, now called Mission Ranch, is located in west Fresno near Whitesbridge Avenue. The amendment would permit commercial agriculture operations on qualifying vacant property zoned R-1, or single-family residential, within city limits. The council vote came at about 7:30 p.m. after 2 ½ hours of testimony by nearly 30 speakers, including residents concerned about pesticides and dust that could create health problems in the city. Others charged that the city had not done an adequate environmental assessment of the Mission Ranch project. However, a deal developed by councilmember Oliver Baines addressing concerns of leaders on Fresno’s west side, helped to satisfy some critics of the Mission Ranch project. One of the speakers, Bob Mitchell, co-chairman of Golden Westside Planning Committee, said that he was able support the project following modifications of plans that included pesticide sprayers with a shield to prevent the spray from drifting and one-week notice to residents of when spraying would be conducted. Also, spraying would be done when nearby Sunset Elementary School is closed. In addition wind barriers are planned. Jeff Roberts, vice president of Granville Homes, said the almond orchard would be a better alternative than leaving the site vacant. Dumping has been a serious problem at the location, he said. Roberts said that over the next three years, Granville would develop a plan for a housing community at Mission Ranch. In 12 years, the builder will file an application for actual development, he said. Charlie Waters, speaking for Fresno Veterans Home, said the Mission Ranch project would not put one person in danger with pesticides in the western part of the city. “We support the project,” he said. “We back it 100 percent.” However, a number of speakers warned not only of pesticide and dust problems, but also the potential of spreading Valley Fever, which is caused by soil-borne pathogens. Some insisted the almond farm planned by Assemi would be safer if the crop was grown organically. One speaker stated that retail development would be much more beneficial to the area. In voicing support for the project, Manuel Cunha Jr., president of the Nisei Farmers League in Fresno, said farming does not cause Valley Fever. Cunha added that the project would provide revenue to the city. Police currently have to patrol the area for motocross riding, drugs and crime, Cunha said. A number of small farmers complained that the amendment sets farming operations at 50 acres or more. That, they complained would eliminate specialty farmers on small plots. They would like to see general farming on one-quarter acres or more. Baines said the small-acreage farmers raise valid points, and he would talk to them about ways that small-size farming can be accommodated. Also, regulations planned for 50 acres or less would not begin for another six months. Rules for farms of more than 50 acres would start in 31 days. Local community gardeners also had concerns that they might be left out of the process as well. However, planners amended the recommended zoning change to include some protections for community gardening. One addition states that community gardeners on less than an acre will not be required to obtain a grading permit for installing community gardens.
URL to original article: http://www.thebusinessjournal.com/news/agriculture/9554-fresno-approves-farming-at-former-running-horse-site
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, November 7, 2013
More Valley homebuyers challenged in Q2
Source: The Business Journal
The amount of people that could afford to buy a home in the San Joaquin Valley fell in the third quarter of the year as prices continued to rise. According to new figures by the California Association of Realtors, the percentage of homebuyers who could afford a median-priced home in Fresno County dropped to 56 percent in the latest quarter compared to 61 percent in the previous quarter and 69 percent in the third quarter of 2012. On average, homebuyers in the county needed to make a minimum annual income of $37,920 to purchase a single-family home priced at $184,550 with monthly payments of $950 on a 30-year fixed-rate loan. The affordability index in Tulare County dropped from 66 percent in the second quarter and 73 percent a year ago to 61 percent in the third quarter of the year. That meant homebuyers needed an income of at least $32,700 to afford a home priced at $159,110 on monthly payments of $820. In Madera County, the amount of those who could afford to buy a home stood at 62 percent in the third quarter compared to 61 percent in the prior quarter and 76 percent a year ago. That meant a median priced home of $174,540 was achievable with a minimum annual income of $35,870 on monthly payments of $900. The affordability index in Kings County dropped from 70 percent in the second quarter and 74 percent last year to 62 percent in the latest quarter. Homebuyers in the county needed a minimum income of $35,530 to afford a median priced home of $172,920 on payments of $890 per month. Housing affordability throughout the state stood at 32 percent in the third quarter, down from 36 percent in the second quarter and 49 percent a year ago. On average, California homebuyers needed to make at least $89,170 to afford a home priced at $433,940 on monthly payments of $2,230. For counties that submitted data, Madera and Kings counties had the highest affordability index, while San Mateo County had the lowest index at 15 percent. Nearly every county experienced a double-digit decline in affordability when compared to last year.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9534-more-valley-homebuyers-challenged-in-q2
For further information on Fresno Real Estate check: http://www.londonproperties.com
The amount of people that could afford to buy a home in the San Joaquin Valley fell in the third quarter of the year as prices continued to rise. According to new figures by the California Association of Realtors, the percentage of homebuyers who could afford a median-priced home in Fresno County dropped to 56 percent in the latest quarter compared to 61 percent in the previous quarter and 69 percent in the third quarter of 2012. On average, homebuyers in the county needed to make a minimum annual income of $37,920 to purchase a single-family home priced at $184,550 with monthly payments of $950 on a 30-year fixed-rate loan. The affordability index in Tulare County dropped from 66 percent in the second quarter and 73 percent a year ago to 61 percent in the third quarter of the year. That meant homebuyers needed an income of at least $32,700 to afford a home priced at $159,110 on monthly payments of $820. In Madera County, the amount of those who could afford to buy a home stood at 62 percent in the third quarter compared to 61 percent in the prior quarter and 76 percent a year ago. That meant a median priced home of $174,540 was achievable with a minimum annual income of $35,870 on monthly payments of $900. The affordability index in Kings County dropped from 70 percent in the second quarter and 74 percent last year to 62 percent in the latest quarter. Homebuyers in the county needed a minimum income of $35,530 to afford a median priced home of $172,920 on payments of $890 per month. Housing affordability throughout the state stood at 32 percent in the third quarter, down from 36 percent in the second quarter and 49 percent a year ago. On average, California homebuyers needed to make at least $89,170 to afford a home priced at $433,940 on monthly payments of $2,230. For counties that submitted data, Madera and Kings counties had the highest affordability index, while San Mateo County had the lowest index at 15 percent. Nearly every county experienced a double-digit decline in affordability when compared to last year.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/9534-more-valley-homebuyers-challenged-in-q2
For further information on Fresno Real Estate check: http://www.londonproperties.com
Mortgage delinquency rate dives lower: MBA
Source: Housingwire
Rate hits lowest level since early 2008
HousingWire Staff and Brena Swanson
The delinquency rate for mortgages on one-to-four unit residential properties fell 55 basis points from the second quarter of 2013, and 99 basis points from a year prior, the latest Mortgage Bankers Association National Delinquency Survey said. The delinquency rate for mortgages in this category dropped to the lowest level since the second quarter of 2008 and sank to 6.41%. This rate includes loans that are at least one payment past due, but it does not include loans in the process of foreclosure. In addition, the percentage of loans on which foreclosure actions were started during the third quarter decreased to 0.61% from 0.64%, -- the lowest level since early 2007. Also tumbling, the serious delinquent rate, the percentage of loans that are 90 days of more past due or in the process of foreclosure, hit 5.65%, a decrease of 23 basis points from last quarter. However, the trade firm did caution that reported improvement in the seriously delinquent percentages may be slightly less than stated because one large specialty servicer that has received a number of loan transfers does not participate in the MBA survey. Furthermore, the combined percentage of loans at least one payment past due or in foreclosure posted the lowest level in five years, declining to 9.75% on a non-seasonally adjusted basis, which is 38 basis points lower than last quarter and 196 basis points lower than the same quarter one year ago. Taking up most of the foreclosure pipeline, judicial states accounted for more than three times the number of loans in foreclosure than non-judicial states do, but the gap in their foreclosure inventory rates has narrowed in recent quarters. “The degree to which the mortgage delinquency and foreclosure problem has changed over the last five years is perhaps best illustrated by the fact that last quarter New Jersey led the nation in the increase in the percentage of foreclosure actions filed, followed by Delaware, Maryland and Indiana. While Florida still leads the nation in the percentage of loans in foreclosure, that percentage is falling,” said Jay Brinkmann, MBA’s chief economist and senior vice president of research and education. Brinkmann highlighted that with the improved rate, mortgage servicers are already reducing their staffs that handled delinquent loans and foreclosures and the MBA expects that trend to continue as the numbers continue to fall. Additionally, while home prices have shown some considerable improvement, only in a small number of states are they back above their pre-2007 levels. “Even if the economy continues to improve, those loans are more likely to proceed to foreclosure in the event of a divorce, illness or loss of a job because of lack of borrower equity. This will keep the foreclosure rates above historical norms for a few more years despite the strong credit standards of recent vintages,” Brinkmann said. There has been considerable improvement on average and improvement in virtually every state, with the special factors holding back improvement dominated by local market factors, Mike Fratantoni, vice president of single-family research and policy development for the MBA, explained.
URL to original article: http://www.housingwire.com/articles/27843-mortgage-delinquency-rate-dives-lower-mba
For further information on Fresno Real Estate check: http://www.londonproperties.com
Rate hits lowest level since early 2008
HousingWire Staff and Brena Swanson
The delinquency rate for mortgages on one-to-four unit residential properties fell 55 basis points from the second quarter of 2013, and 99 basis points from a year prior, the latest Mortgage Bankers Association National Delinquency Survey said. The delinquency rate for mortgages in this category dropped to the lowest level since the second quarter of 2008 and sank to 6.41%. This rate includes loans that are at least one payment past due, but it does not include loans in the process of foreclosure. In addition, the percentage of loans on which foreclosure actions were started during the third quarter decreased to 0.61% from 0.64%, -- the lowest level since early 2007. Also tumbling, the serious delinquent rate, the percentage of loans that are 90 days of more past due or in the process of foreclosure, hit 5.65%, a decrease of 23 basis points from last quarter. However, the trade firm did caution that reported improvement in the seriously delinquent percentages may be slightly less than stated because one large specialty servicer that has received a number of loan transfers does not participate in the MBA survey. Furthermore, the combined percentage of loans at least one payment past due or in foreclosure posted the lowest level in five years, declining to 9.75% on a non-seasonally adjusted basis, which is 38 basis points lower than last quarter and 196 basis points lower than the same quarter one year ago. Taking up most of the foreclosure pipeline, judicial states accounted for more than three times the number of loans in foreclosure than non-judicial states do, but the gap in their foreclosure inventory rates has narrowed in recent quarters. “The degree to which the mortgage delinquency and foreclosure problem has changed over the last five years is perhaps best illustrated by the fact that last quarter New Jersey led the nation in the increase in the percentage of foreclosure actions filed, followed by Delaware, Maryland and Indiana. While Florida still leads the nation in the percentage of loans in foreclosure, that percentage is falling,” said Jay Brinkmann, MBA’s chief economist and senior vice president of research and education. Brinkmann highlighted that with the improved rate, mortgage servicers are already reducing their staffs that handled delinquent loans and foreclosures and the MBA expects that trend to continue as the numbers continue to fall. Additionally, while home prices have shown some considerable improvement, only in a small number of states are they back above their pre-2007 levels. “Even if the economy continues to improve, those loans are more likely to proceed to foreclosure in the event of a divorce, illness or loss of a job because of lack of borrower equity. This will keep the foreclosure rates above historical norms for a few more years despite the strong credit standards of recent vintages,” Brinkmann said. There has been considerable improvement on average and improvement in virtually every state, with the special factors holding back improvement dominated by local market factors, Mike Fratantoni, vice president of single-family research and policy development for the MBA, explained.
URL to original article: http://www.housingwire.com/articles/27843-mortgage-delinquency-rate-dives-lower-mba
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, November 6, 2013
Madera Co. industrial vacancies cut in half in Q3
Source: The Business Journal
Industrial vacancies plummeted in Madera County during the third quarter of the way as more manufacturers filled much of what little space was left available. According to a recent report by TK Consulting, the county's vacancy rate plummeted to 1.22 percent in the quarter compared to 2.33 percent in the previous quarter and 3.93 percent a year ago. That means of the slightly more than 7 million square feet of building space for industrial purposes in Madera County, there is still 85,564 square feet still available for manufacturers to fill. The inventory includes multi-tenant and single-tenant buildings with at least 5,000 square feet. The report also showed monthly rental rates for industrial purposes averaging 39 cents square foot during the latest quarter with a high of 46 cents and a low of 30 cents. Asking rents have trended upward, increasing three cents per square foot over the last 12 months. One notable transaction mentioned in the report was the lease of a 51,300 square-foot facility at owned by Pat Ricchiuti on Almond Avenue in Madera to an almond processing company. Another was a 27,500 square-foot building in Madera's Airport Industrial Park that the County of Madera plans to occupy for its new sheriff's department. The county purchased the building earlier this year for a reported $1.1 million and sold it to Spencer Enterprises to design and build out the space. The company will now lease the building back to the county. Vacancy rates are expected to increase a little in the fourth quarter since dried fruit processor Z Foods vacated its 18.81-acre processing facility at 9537 Road 29 1/2 in Madera in favor of a new location on the East Coast. That and other available properties for sale or lease can be found on the Madera County Economic Development Commission website at maderaindustry.org.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9510-madera-co-industrial-vacancies-cut-in-half-in-q3
For further information on Fresno Real Estate check: http://www.londonproperties.com
Industrial vacancies plummeted in Madera County during the third quarter of the way as more manufacturers filled much of what little space was left available. According to a recent report by TK Consulting, the county's vacancy rate plummeted to 1.22 percent in the quarter compared to 2.33 percent in the previous quarter and 3.93 percent a year ago. That means of the slightly more than 7 million square feet of building space for industrial purposes in Madera County, there is still 85,564 square feet still available for manufacturers to fill. The inventory includes multi-tenant and single-tenant buildings with at least 5,000 square feet. The report also showed monthly rental rates for industrial purposes averaging 39 cents square foot during the latest quarter with a high of 46 cents and a low of 30 cents. Asking rents have trended upward, increasing three cents per square foot over the last 12 months. One notable transaction mentioned in the report was the lease of a 51,300 square-foot facility at owned by Pat Ricchiuti on Almond Avenue in Madera to an almond processing company. Another was a 27,500 square-foot building in Madera's Airport Industrial Park that the County of Madera plans to occupy for its new sheriff's department. The county purchased the building earlier this year for a reported $1.1 million and sold it to Spencer Enterprises to design and build out the space. The company will now lease the building back to the county. Vacancy rates are expected to increase a little in the fourth quarter since dried fruit processor Z Foods vacated its 18.81-acre processing facility at 9537 Road 29 1/2 in Madera in favor of a new location on the East Coast. That and other available properties for sale or lease can be found on the Madera County Economic Development Commission website at maderaindustry.org.
URL to original article: http://www.thebusinessjournal.com/news/manufacturing-and-distribution/9510-madera-co-industrial-vacancies-cut-in-half-in-q3
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, November 5, 2013
Habitat for Humanity to build nine homes in SW Fresno
Source: The Business Journal
Fresno mayor Ashley Swearengin, councilmember Sal Quintero and Habitat for Humanity Fresno County representatives met in southwest Fresno today to announce plans to build nine homes on vacant parcels at Belgravia and Laval avenues. The $1.3 million project will feature a mixture of three-, four and five-bedroom homes. The parcels are in the middle of two existing neighborhoods and the project is designed to bring together the entire area. Besides providing new homes in the neighborhood, the housing is expected to discourage dumping, which has been a problem on one of the planned building lots. City housing funds in the amount of $845,000 helped make the new project possible. “It is wonderful to have this in southwest Fresno,” Quintero told a gathering at the site. He said the city wants to see more Habitat for Humanity housing in Fresno. “We’ll do everything we can to make it happen,” he said. “We want to turn the American dream into reality.” Homes in the area were built in the 1940s and 1950s. “We want to invest in modern homes,” Quintero said. That will lead to greater pride and investment in existing properties, he said. The Habitat for Humanity homes will feature solar power systems provided through Pacific Gas & Electric.
URL to original article: http://www.thebusinessjournal.com/news/construction/9497-habitat-for-humanity-to-build-nine-homes-in-sw-fresno
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fresno mayor Ashley Swearengin, councilmember Sal Quintero and Habitat for Humanity Fresno County representatives met in southwest Fresno today to announce plans to build nine homes on vacant parcels at Belgravia and Laval avenues. The $1.3 million project will feature a mixture of three-, four and five-bedroom homes. The parcels are in the middle of two existing neighborhoods and the project is designed to bring together the entire area. Besides providing new homes in the neighborhood, the housing is expected to discourage dumping, which has been a problem on one of the planned building lots. City housing funds in the amount of $845,000 helped make the new project possible. “It is wonderful to have this in southwest Fresno,” Quintero told a gathering at the site. He said the city wants to see more Habitat for Humanity housing in Fresno. “We’ll do everything we can to make it happen,” he said. “We want to turn the American dream into reality.” Homes in the area were built in the 1940s and 1950s. “We want to invest in modern homes,” Quintero said. That will lead to greater pride and investment in existing properties, he said. The Habitat for Humanity homes will feature solar power systems provided through Pacific Gas & Electric.
URL to original article: http://www.thebusinessjournal.com/news/construction/9497-habitat-for-humanity-to-build-nine-homes-in-sw-fresno
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, November 1, 2013
Time is Running Out to Reserve St. Jude Dream Home Tickets
Source: BusinessStreetOnline.com
CLOVIS – This is the last weekend to visit the St. Jude Dream Home house. The house is open this Saturday from 9 a.m. to 5 p.m. and Sunday from noon to 5 p.m. Just for touring the home, visitors can enter for a free chance to win a $10,000 shopping spree at Ashley Furniture HomeStore. Tickets are going fast and only 10,500 are being sold, so Central Valley residents are encouraged to get theirs before they sell out. This De Young Energysmart approx. 3,300 square foot home is located in the CountryCourt community in Clovis. The home will be raffled off to benefit St. Jude Children’s Research Hospital live on KMPH FOX 26 next Sunday, Nov. 10 at 5 p.m. “We strongly believe in our responsibility to help others, and our entire De Young team is grateful to our community’s continued support of our business so we are honored to be a donor and builder of our seventh St. Jude Dream Home,” said Paula De Young of De Young Properties, which is the home’s major donor and builder. Other prizes include a custom dream cake from Maddie Cakes Cupcake Bakery, a luxury suite at a 2014 Fresno Grizzlies Game, dinner under the stars, courtesy of Milla Vineyards, as well as many other prizes! For a complete list of prizes, visit www.dreamhome.org. Tickets can be reserved at all Fresno County Federal Credit Union branches, Fresno Coin Gallery locations and De Young Model Home Centers or by calling 1-800-543-5887. For more information about the St. Jude Dream Home Giveaway, visit www.dreamhome.org. Other sponsors of the fundraising campaign include De Young Properties, KMPH FOX 26, 106.7 KJUG, Univision Radio, The Fresno Bee, Business Street Online, Ashley Furniture HomeStore, Fresno County Federal Credit Union, Fresno Coin Gallery, Alpha Delta Kappa, Epsilon Sigma Alpha and national sponsors Shaw Floors and Brizo.
URL to the original article: http://businessstreetonline.com/time-is-running-out-to-reserve-st-jude-dream-home-tickets-2/
For the further information on Fresno Real Estate check: http://www.londonproperties.com
CLOVIS – This is the last weekend to visit the St. Jude Dream Home house. The house is open this Saturday from 9 a.m. to 5 p.m. and Sunday from noon to 5 p.m. Just for touring the home, visitors can enter for a free chance to win a $10,000 shopping spree at Ashley Furniture HomeStore. Tickets are going fast and only 10,500 are being sold, so Central Valley residents are encouraged to get theirs before they sell out. This De Young Energysmart approx. 3,300 square foot home is located in the CountryCourt community in Clovis. The home will be raffled off to benefit St. Jude Children’s Research Hospital live on KMPH FOX 26 next Sunday, Nov. 10 at 5 p.m. “We strongly believe in our responsibility to help others, and our entire De Young team is grateful to our community’s continued support of our business so we are honored to be a donor and builder of our seventh St. Jude Dream Home,” said Paula De Young of De Young Properties, which is the home’s major donor and builder. Other prizes include a custom dream cake from Maddie Cakes Cupcake Bakery, a luxury suite at a 2014 Fresno Grizzlies Game, dinner under the stars, courtesy of Milla Vineyards, as well as many other prizes! For a complete list of prizes, visit www.dreamhome.org. Tickets can be reserved at all Fresno County Federal Credit Union branches, Fresno Coin Gallery locations and De Young Model Home Centers or by calling 1-800-543-5887. For more information about the St. Jude Dream Home Giveaway, visit www.dreamhome.org. Other sponsors of the fundraising campaign include De Young Properties, KMPH FOX 26, 106.7 KJUG, Univision Radio, The Fresno Bee, Business Street Online, Ashley Furniture HomeStore, Fresno County Federal Credit Union, Fresno Coin Gallery, Alpha Delta Kappa, Epsilon Sigma Alpha and national sponsors Shaw Floors and Brizo.
URL to the original article: http://businessstreetonline.com/time-is-running-out-to-reserve-st-jude-dream-home-tickets-2/
For the further information on Fresno Real Estate check: http://www.londonproperties.com
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