Source: Housingwire
Posted by Megan Hopkins
In a recent survey conducted by real estate broker Redfin, 66% of those polled listed low inventory as a high concern. That number is up from 59% in the fourth quarter, which indicates more buyers becoming increasingly frustrated with the lack of inventory.
Had I been surveyed, I would have marked the same thing as those 66%. Currently in the home searching process, I can attest to the shockingly low supply of homes on the market. After getting married nearly a year ago, my husband and I have been living in an apartment. However, when our lease runs up in the middle of May, we are hoping to already be moved into a home. This is a hope that seems more and more unrealistic with each week that passes by.
Every morning when I wake up, I diligently check my Redfin mobile app for any new homes that may have magically popped up over night. There’s always one or two that are in our price range, but just lack the specifics of what we need in our first home.
Having a deadline of when we need to be out of our apartment makes it increasingly frustrating when the housing market is slim pickings right now. Each day our lease comes closer to ending, I get more and more nervous that we may not find a house before then.
Not only that, but with each passing day, interest rates continue to inch up. The number one reason my husband and I chose to buy our first home now is low interest rates. It seems we are in the majority, as 58% of those surveyed by Redfin cited low interest rates as their top reason to buy as well. With such a low inventory, it is taking longer for buyers to find a home and the chance of locking in at a higher interest rate becomes more and more inevitable.
While I’m on the vent train, can I just talk about how many offers new listings are getting right now? According to Redfin, many homes are receiving dozens of offers at once. And I believe it. My husband and I found a home we loved three weeks ago, but there were multiple offers placed on the home and it was taken off the market four days later… before we had a chance to take a second look at the property.
So I’ll wrap this up by saying this. As a housing reporter, I applaud the healthy buyer activity happening right now. But as a first time homebuyer, I would like to see more inventory and less competition.
URL to original article: http://www.housingwire.com/rewired/2013/02/28/diary-frustrated-first-time-homebuyer
For further information on Fresno Real Estate check: http://www.londonproperties.com
Thursday, February 28, 2013
LPS: Home prices could skyrocket 35% without affecting affordability
Source: Housingwire
By Megan Hopkins
Home prices could rise 35% without stretching affordability, said Raj Dosaj, vice president of the behavioral library and home price index at LPS Applied Analytics. Dosaj made that bold assertion while speaking at "Outlook: Is the Housing Recovery for Real?", a webinar hosted and moderated by HousingWire's executive editor, Jacob Gaffney. Dosaj was joined by Christopher Whalen, executive president and managing director for Carrington Investment Co. Whalen was quick to say the housing recovery is real. "I think given the magnitude of the drop that we saw, you almost had to have a rebound and that’s indeed what is happening," Whalen said. Dosaj followed up on his bold statement by saying this increase could be less if rates increase as they are expected to do. During the HousingWire webinar, Dosaj displayed a graph revealing the average mortgage payment to median-income ratio. The annual graph, which goes back to 1995, has never been lower than January 2013, which dipped to just below 18%. "During the peak of the housing run-up, affordability was stretched as the market sold of," noted Dosaj. "As home prices dropped, affordability dropped." According to the most recent Standard & Poor’s/Case-Shillerhome price report, home prices rose 7.3% in 2012. The latest Federal Housing Finance Agency report revealed a 5.5% growth from the fourth quarter of 2011 to the same quarter in 2012. Both reports indicate a strong start to 2013. So could Dosaj be right? "There are definite signs that there's room for growth," concluded Dosaj. "Things are generally looking good for the housing market."
URL to original article: http://www.housingwire.com/news/2013/02/28/lps-home-prices-could-skyrocket-35-without-affecting-affordability
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Megan Hopkins
Home prices could rise 35% without stretching affordability, said Raj Dosaj, vice president of the behavioral library and home price index at LPS Applied Analytics. Dosaj made that bold assertion while speaking at "Outlook: Is the Housing Recovery for Real?", a webinar hosted and moderated by HousingWire's executive editor, Jacob Gaffney. Dosaj was joined by Christopher Whalen, executive president and managing director for Carrington Investment Co. Whalen was quick to say the housing recovery is real. "I think given the magnitude of the drop that we saw, you almost had to have a rebound and that’s indeed what is happening," Whalen said. Dosaj followed up on his bold statement by saying this increase could be less if rates increase as they are expected to do. During the HousingWire webinar, Dosaj displayed a graph revealing the average mortgage payment to median-income ratio. The annual graph, which goes back to 1995, has never been lower than January 2013, which dipped to just below 18%. "During the peak of the housing run-up, affordability was stretched as the market sold of," noted Dosaj. "As home prices dropped, affordability dropped." According to the most recent Standard & Poor’s/Case-Shillerhome price report, home prices rose 7.3% in 2012. The latest Federal Housing Finance Agency report revealed a 5.5% growth from the fourth quarter of 2011 to the same quarter in 2012. Both reports indicate a strong start to 2013. So could Dosaj be right? "There are definite signs that there's room for growth," concluded Dosaj. "Things are generally looking good for the housing market."
URL to original article: http://www.housingwire.com/news/2013/02/28/lps-home-prices-could-skyrocket-35-without-affecting-affordability
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fed cuts would have limited immediate Calif impact
Source: The Business Journal
Written by Associated Press
(AP) — Looming federal spending cuts are expected to dampen California's economic recovery at a time when a housing rebound and job growth are gaining traction, but come Friday the immediate effect may not prove to be the fiscal doomsday that President Barack Obama has predicted. The White House estimates that in California, 64,000 civilian defense workers would be furloughed and 1,200 teaching and teacher aid jobs would be put at risk from the mandatory budget reductions known as the "sequester." Obama administration officials also said the state will see program cuts in children's vaccines, senior nutrition, student work-study jobs and assistance for victims of domestic violence. While a bigger concern is what might happen in the long term, most of the effects will not be felt right away. Even if the $85 billion in across-the-board reductions happen nationally, the amount cut in California will be just a fraction of the state's $2 trillion gross domestic product, which according to 2012 estimates would be the world's eighth largest economy. Federal furloughs won't start for a month due to notification requirements, giving negotiators some breathing room to work on a deal. And while Obama said there is no smart way to let the cuts kick in, members of Congress are considering taking action to give agencies flexibility over what to cut. Meanwhile, some of the biggest drivers of federal spending such as Social Security and Medicaid are exempt from the automatic reductions. "You always have to assume that nothing will happen for a month, and by then they may have resolved it," said Stephen Levy, director and senior economist at the Palo Alto-based Center for Continuing Study of the California Economy. "Who knows who's playing chicken?" Most state economic forecasts already have accounted for some kind of federal budget cuts, meaning that California can expect tepid growth of about 2 percent for this year. The biggest fear economists and state officials have is any long-term impacts on California's recovery. "If sequestration results in a broader decline in consumer or business confidence or the stock market, the slowdown could be more pronounced," said Jason Sisney of the state's nonpartisan Legislative Analyst's Office. Robert A. Kleinhenz, chief economist at the Los Angeles County Economic Development Corporation, said federal cuts eventually could put about 175,000 non-defense jobs in California at stake because of their duration — $1.2 trillion over 10 years. He said the fallout from the political impasse is hard to quantify because it creates so much uncertainty for the private sector. Employers may not hire or put off expansion plans, while employees face lower wages and potential job losses. The cuts come at a time when California's economy is recovering from the recession and is adding more jobs than any other state. Political leaders are hoping California's own budget remains balanced. They will mean less funding for science and health research, which would slow innovation on clean energy technology and treatments for diseases. And just like everywhere else, air traffic and safety reductions could trigger longer wait times at security checkpoints, screening at customs and border crossings could take longer, and national parks could reduce operating hours. One notable cut is research funding, because many federal awards go to California's universities through training grants, fellowships, and research and development contracts. The University of California system receives approximately $3.5 billion a year in federal funding, largely from the National Institutes of Health to research cancer, heart disease and a host of other ailments. Cuts from the National Science Foundation and other federal agencies also would affect clean energy, computing and other new technology. "It's not like turning on and off a switch. If you start slowing down this kind of activity, it takes a while to bring it back up," said Gary Falle, a lobbyist for the UC system in Washington, D.C. For college students, there also will be less student aid in the form of work-study jobs. The White House estimates that about 9,600 fewer low-income students would receive work-study jobs in California. Between 350,000 and 400,000 Californians could be affected by a 10 percent reduction in extended unemployment benefits, said Loree Levy, a spokeswoman for the state Employment Development Department. "These are the benefits that long-term unemployed individuals receive once they run out of regular state-provided benefits," she said. Levy said it's not clear yet whether that will mean less money for the unemployed because the state has yet to receive guidance from the Labor Department. While California's economy relies far less on the military than it did in the past, the military budget reductions would still be felt, especially in the communities around bases. Military officials and defense contractors are advocating against cuts to Marine Corps bases in Miramar and Camp Pendleton, as well as naval bases in Coronado and San Diego. March Air Reserve Base near Riverside, the largest air reserve base in the country, could see training flight hours reduced by almost 20 percent and furloughs to civilian employees. Some Republicans say cuts are necessary to bring the national debt under control, but they don't want to see a disproportionate cut on defense. The automatic spending cuts were designed to be equally split between defense and domestic discretionary spending. "I think one of the things we do have to do is cut spending," state Assemblyman Jeff Gorell, R-Camarillo, said, adding that he saw "a tremendous amount of waste" during his time in the military.
URL to original article: http://thebusinessjournal.com/news/state/5126-fed-cuts-would-have-limited-immediate-calif-impact
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Associated Press
(AP) — Looming federal spending cuts are expected to dampen California's economic recovery at a time when a housing rebound and job growth are gaining traction, but come Friday the immediate effect may not prove to be the fiscal doomsday that President Barack Obama has predicted. The White House estimates that in California, 64,000 civilian defense workers would be furloughed and 1,200 teaching and teacher aid jobs would be put at risk from the mandatory budget reductions known as the "sequester." Obama administration officials also said the state will see program cuts in children's vaccines, senior nutrition, student work-study jobs and assistance for victims of domestic violence. While a bigger concern is what might happen in the long term, most of the effects will not be felt right away. Even if the $85 billion in across-the-board reductions happen nationally, the amount cut in California will be just a fraction of the state's $2 trillion gross domestic product, which according to 2012 estimates would be the world's eighth largest economy. Federal furloughs won't start for a month due to notification requirements, giving negotiators some breathing room to work on a deal. And while Obama said there is no smart way to let the cuts kick in, members of Congress are considering taking action to give agencies flexibility over what to cut. Meanwhile, some of the biggest drivers of federal spending such as Social Security and Medicaid are exempt from the automatic reductions. "You always have to assume that nothing will happen for a month, and by then they may have resolved it," said Stephen Levy, director and senior economist at the Palo Alto-based Center for Continuing Study of the California Economy. "Who knows who's playing chicken?" Most state economic forecasts already have accounted for some kind of federal budget cuts, meaning that California can expect tepid growth of about 2 percent for this year. The biggest fear economists and state officials have is any long-term impacts on California's recovery. "If sequestration results in a broader decline in consumer or business confidence or the stock market, the slowdown could be more pronounced," said Jason Sisney of the state's nonpartisan Legislative Analyst's Office. Robert A. Kleinhenz, chief economist at the Los Angeles County Economic Development Corporation, said federal cuts eventually could put about 175,000 non-defense jobs in California at stake because of their duration — $1.2 trillion over 10 years. He said the fallout from the political impasse is hard to quantify because it creates so much uncertainty for the private sector. Employers may not hire or put off expansion plans, while employees face lower wages and potential job losses. The cuts come at a time when California's economy is recovering from the recession and is adding more jobs than any other state. Political leaders are hoping California's own budget remains balanced. They will mean less funding for science and health research, which would slow innovation on clean energy technology and treatments for diseases. And just like everywhere else, air traffic and safety reductions could trigger longer wait times at security checkpoints, screening at customs and border crossings could take longer, and national parks could reduce operating hours. One notable cut is research funding, because many federal awards go to California's universities through training grants, fellowships, and research and development contracts. The University of California system receives approximately $3.5 billion a year in federal funding, largely from the National Institutes of Health to research cancer, heart disease and a host of other ailments. Cuts from the National Science Foundation and other federal agencies also would affect clean energy, computing and other new technology. "It's not like turning on and off a switch. If you start slowing down this kind of activity, it takes a while to bring it back up," said Gary Falle, a lobbyist for the UC system in Washington, D.C. For college students, there also will be less student aid in the form of work-study jobs. The White House estimates that about 9,600 fewer low-income students would receive work-study jobs in California. Between 350,000 and 400,000 Californians could be affected by a 10 percent reduction in extended unemployment benefits, said Loree Levy, a spokeswoman for the state Employment Development Department. "These are the benefits that long-term unemployed individuals receive once they run out of regular state-provided benefits," she said. Levy said it's not clear yet whether that will mean less money for the unemployed because the state has yet to receive guidance from the Labor Department. While California's economy relies far less on the military than it did in the past, the military budget reductions would still be felt, especially in the communities around bases. Military officials and defense contractors are advocating against cuts to Marine Corps bases in Miramar and Camp Pendleton, as well as naval bases in Coronado and San Diego. March Air Reserve Base near Riverside, the largest air reserve base in the country, could see training flight hours reduced by almost 20 percent and furloughs to civilian employees. Some Republicans say cuts are necessary to bring the national debt under control, but they don't want to see a disproportionate cut on defense. The automatic spending cuts were designed to be equally split between defense and domestic discretionary spending. "I think one of the things we do have to do is cut spending," state Assemblyman Jeff Gorell, R-Camarillo, said, adding that he saw "a tremendous amount of waste" during his time in the military.
URL to original article: http://thebusinessjournal.com/news/state/5126-fed-cuts-would-have-limited-immediate-calif-impact
For further information on Fresno Real Estate check: http://www.londonproperties.com
Truck emissions inspectors scour Fresno area
Source: The Business Journal
Written by Ben Keller, The Business Journal
Teams of inspectors from the California Air Resources Board were in Fresno today checking big rig engines for compliance with the agency's Truck and Bus regulation. The regulation requires all trucks in the state to have 2010 model year engines or the equivalent particulate matter (PM) retrofits by 2023. Beginning January 1, heavy duty diesel trucks with engines dating from 2000 to 2004 are required to have soot filters, making them 2010 equivalent for emissions. Working with the California Highway Patrol, teams of CARB inspectors set up five locations in the Fresno area to stop passing truck drivers for a check of their equipment. Inspectors checked for emissions control labels, exhaust smoke and other signs of excess emissions. CARB's Public Information Officer Karen Caesar said the average person may not always notice, but 2010 or equivalent engines reduce emissions by 85 percent when compared to 2000 engines. "Diesel engines last forever and when you have truck 30 to 40 years on the road, it's not good for the air," she said. Trucks originating outside of California are also subject to the regulation, she added, so the agency is working hard to make sure truck operators everywhere are informed about the requirements and get into compliance. "These regulations are important and compliance is not optional," she said. "We have to let these folks know and give them the information." The latest checkpoints were one of dozens that go on throughout the year in California but the first this year for the Fresno area. Last August, similar teams were set up at 40 different weigh stations, distribution centers and other locations throughout the state to inspect some 4,000 trucks as part of the "Gear Up For Clean Trucks" campaign. From that effort, CARB noted a rate of 80 percent of trucks compliant with the regulation either through diesel soot filters or new and upgraded engines. When truck operators aren't in compliance, penalties start at a minimum of $1,000 per violation per month and will increase significantly over time. Non-compliance can also result in a registration block by the Department of Motor Vehicles on the truck or having the vehicle impounded by the CHP until it in compliance. Small fleets with three or fewer trucks can delay compliance until January 2014 by reporting their truck information to CARB. More information on how to comply with the Truck and Bus regulation as well as incentive money is available at ARB's TruckStop website at arb.ca.gov/truckstop or by calling 1-866-6-DIESEL (634-3735). California is home to 200,000 trucking business and 450,000 registered heavy duty diesel trucks. Trucks and buses account for about 32 percent of the statewide emissions of NOx and about 40 percent of diesel PM emissions.
URL to original article: http://thebusinessjournal.com/news/energy-and-environment/5120-truck-emissions-inspectors-scour-fresno-area
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Ben Keller, The Business Journal
Teams of inspectors from the California Air Resources Board were in Fresno today checking big rig engines for compliance with the agency's Truck and Bus regulation. The regulation requires all trucks in the state to have 2010 model year engines or the equivalent particulate matter (PM) retrofits by 2023. Beginning January 1, heavy duty diesel trucks with engines dating from 2000 to 2004 are required to have soot filters, making them 2010 equivalent for emissions. Working with the California Highway Patrol, teams of CARB inspectors set up five locations in the Fresno area to stop passing truck drivers for a check of their equipment. Inspectors checked for emissions control labels, exhaust smoke and other signs of excess emissions. CARB's Public Information Officer Karen Caesar said the average person may not always notice, but 2010 or equivalent engines reduce emissions by 85 percent when compared to 2000 engines. "Diesel engines last forever and when you have truck 30 to 40 years on the road, it's not good for the air," she said. Trucks originating outside of California are also subject to the regulation, she added, so the agency is working hard to make sure truck operators everywhere are informed about the requirements and get into compliance. "These regulations are important and compliance is not optional," she said. "We have to let these folks know and give them the information." The latest checkpoints were one of dozens that go on throughout the year in California but the first this year for the Fresno area. Last August, similar teams were set up at 40 different weigh stations, distribution centers and other locations throughout the state to inspect some 4,000 trucks as part of the "Gear Up For Clean Trucks" campaign. From that effort, CARB noted a rate of 80 percent of trucks compliant with the regulation either through diesel soot filters or new and upgraded engines. When truck operators aren't in compliance, penalties start at a minimum of $1,000 per violation per month and will increase significantly over time. Non-compliance can also result in a registration block by the Department of Motor Vehicles on the truck or having the vehicle impounded by the CHP until it in compliance. Small fleets with three or fewer trucks can delay compliance until January 2014 by reporting their truck information to CARB. More information on how to comply with the Truck and Bus regulation as well as incentive money is available at ARB's TruckStop website at arb.ca.gov/truckstop or by calling 1-866-6-DIESEL (634-3735). California is home to 200,000 trucking business and 450,000 registered heavy duty diesel trucks. Trucks and buses account for about 32 percent of the statewide emissions of NOx and about 40 percent of diesel PM emissions.
URL to original article: http://thebusinessjournal.com/news/energy-and-environment/5120-truck-emissions-inspectors-scour-fresno-area
For further information on Fresno Real Estate check: http://www.londonproperties.com
Foreclosures fall 17.8% from year ago levels
Source: Housingwire
By Kerri Ann Panchuk
Foreclosure activity plummeted 17.8% year-over-year in January with only 61,000 foreclosures completed last month, down from 75,000 a year earlier, CoreLogic reported. The Irvine, Calif.-based real estate analytics firm also noted that foreclosures from December to January did mange to edge up 10.5% from 56,000 in December. Both months are still well above the normal foreclosure rate of 21,000 foreclosures per month, an average established in the six-year period running from 2000 through 2006. The U.S. currently has 1.2 million homes in some stage of foreclosure, down from 1.5 million in January of 2012. "The backlog of distressed assets continues to fade as the foreclosure inventory has fallen to a level not seen since mid-2009, with less than 3% of all mortgages in foreclosure," said Mark Fleming, chief economist for CoreLogic. "The improvement is widespread as only six states and 13 of the largest 100 metro areas had an increase in the foreclosure rate year over year." The five states with the most completed foreclosures for the 12 months ending January 2013 included California with 96,000 foreclosures; Michigan (74,000); Texas (59,000); and Georgia (50,000). All of these states made up nearly half of all completed foreclosures. The states with the fewest completed foreclosures for the 12 months ending in January included the District of Columbia, Hawaii, North Dakota, Maine and West Virginia.
URL to original article: http://www.housingwire.com/news/2013/02/28/foreclosures-fall-178-year-ago-levels
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Foreclosure activity plummeted 17.8% year-over-year in January with only 61,000 foreclosures completed last month, down from 75,000 a year earlier, CoreLogic reported. The Irvine, Calif.-based real estate analytics firm also noted that foreclosures from December to January did mange to edge up 10.5% from 56,000 in December. Both months are still well above the normal foreclosure rate of 21,000 foreclosures per month, an average established in the six-year period running from 2000 through 2006. The U.S. currently has 1.2 million homes in some stage of foreclosure, down from 1.5 million in January of 2012. "The backlog of distressed assets continues to fade as the foreclosure inventory has fallen to a level not seen since mid-2009, with less than 3% of all mortgages in foreclosure," said Mark Fleming, chief economist for CoreLogic. "The improvement is widespread as only six states and 13 of the largest 100 metro areas had an increase in the foreclosure rate year over year." The five states with the most completed foreclosures for the 12 months ending January 2013 included California with 96,000 foreclosures; Michigan (74,000); Texas (59,000); and Georgia (50,000). All of these states made up nearly half of all completed foreclosures. The states with the fewest completed foreclosures for the 12 months ending in January included the District of Columbia, Hawaii, North Dakota, Maine and West Virginia.
URL to original article: http://www.housingwire.com/news/2013/02/28/foreclosures-fall-178-year-ago-levels
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, February 27, 2013
Pending home sales hit two-year high: NAR
Source: Housingwire
By Christina Mlynski
Pending home sales rose in January and continued a 21-month trend of growing from year ago levels, the National Association of Realtors said. The company's latest pending home sales index suggests the housing recovery is gaining momentum. The January NAR Pending Home Sales Index hit its highest reading since April 2010 when the index reached 110.9. Aside from spikes induced by homebuyer tax credits in 2010, the last index high before 2010 occurred in February 2007 when NAR's index reached 107.9, the association said. The NAR pending home sales index – which measure contract signings on homes – increased 4.5% to 105.9 in January, compared to a score of 101.3 in December. That index score is also still 9.5% above January 2012 when the index hovered at 96.7. The data reflects only signed contracts, not actual property closings. Inventory is the key to this year’s housing market, said Lawrence Yun, NAR’s chief economist. "Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply and demand balance to sellers in much of the country," Yun said. He added, "It’s also why we’re experiencing the strongest price growth in more than seven years." Furthermore, the association stated there were healthy monthly gains in all regions accept for the West, which continues to struggle with limited inventory. On a regional basis, pending home sales rose the most in the Northeast, increasing 8.2%, a significant uptick compared to December when pending home sales fell 5.4%. In the Midwest, the pending home sales index rose 4.5% from December to January and is 17.7% above year ago levels. The South saw a 5.9% increase in pending home sales, while the West index of pending home sales edged up 0.1%. "Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages," Yun said.
URL to original article: http://www.housingwire.com/news/2013/02/27/pending-home-sales-hit-two-year-high-nar
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Christina Mlynski
Pending home sales rose in January and continued a 21-month trend of growing from year ago levels, the National Association of Realtors said. The company's latest pending home sales index suggests the housing recovery is gaining momentum. The January NAR Pending Home Sales Index hit its highest reading since April 2010 when the index reached 110.9. Aside from spikes induced by homebuyer tax credits in 2010, the last index high before 2010 occurred in February 2007 when NAR's index reached 107.9, the association said. The NAR pending home sales index – which measure contract signings on homes – increased 4.5% to 105.9 in January, compared to a score of 101.3 in December. That index score is also still 9.5% above January 2012 when the index hovered at 96.7. The data reflects only signed contracts, not actual property closings. Inventory is the key to this year’s housing market, said Lawrence Yun, NAR’s chief economist. "Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply and demand balance to sellers in much of the country," Yun said. He added, "It’s also why we’re experiencing the strongest price growth in more than seven years." Furthermore, the association stated there were healthy monthly gains in all regions accept for the West, which continues to struggle with limited inventory. On a regional basis, pending home sales rose the most in the Northeast, increasing 8.2%, a significant uptick compared to December when pending home sales fell 5.4%. In the Midwest, the pending home sales index rose 4.5% from December to January and is 17.7% above year ago levels. The South saw a 5.9% increase in pending home sales, while the West index of pending home sales edged up 0.1%. "Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages," Yun said.
URL to original article: http://www.housingwire.com/news/2013/02/27/pending-home-sales-hit-two-year-high-nar
For further information on Fresno Real Estate check: http://www.londonproperties.com
Lack of inventory hinders top real estate markets
Source: Housingwire
By Megan Hopkins
Higher priced homes are typically a strong indicator of the overall health of a real estate market and, according to Pro Teck Valuation Services, these homes are leading the recovery currently. "Many of the interior U.S. markets exhibit low volatility and are relatively easy to forecast. Others on the East and West Coast show more volatility due to the combination of constrained supply and generally rising demand," said Tom O’Grady, CEO of Pro Teck. "Home prices in these markets rise and fall faster than in markets where new supply can be more easily added such as the more open Midwest U.S." Pro Teck tracks a number of market indicators to predict where home prices are going in their Home Value Forecast. Partnering with Collateral Analytics for this report, Pro Teck studies the single-family price per square foot for different priced markets in the Los Angeles County areas of Manhattan Beach, Lancaster and Burbank from 1970 to 2012. These markets specifically were chosen because they represent a range of low, average and high-priced cities. This allows for a clear pattern to be established over the years, revealing the higher-priced cities taking the lead, followed by the average and then the low-priced ones. "Most newsworthy is the latest up move in the Manhattan Beach market which has pushed prices to all-time high levels," said Michael Sklarz, principal of collateral analytics to the Home Value Forecast. "This should be viewed as confirmation that the Los Angeles county real estate market is in the early stages of a new upward-cycle in home prices." The HVF also tracks the top 10 best and worst performing metros based on single-family home markets in the top 200 core based statistical areas on a monthly basis. The metros are chosen based on sales/listing activity and prices, months of remaining inventory, days on market, sold-to-list price ratio and foreclosure and REO activity. "Three of the top ranked markets are in Southern California while another two are in Massachusetts. A new entrant to the Top 10 list this month is Indianapolis-Carmel," added Sklarz. Big markets such as Phoenix and Sacramento, which led the lists towards the end of 2012, no longer make the list due to their year-over-year sales counts being down. This is due to the lack of inventory rather than a decrease in demand, Sklarz noted. "The bottom-ranked metros also represent an interesting mix with two being in the upstate New York area and two in Louisiana with higher months of remaining housing inventory."
URL to original article: http://www.housingwire.com/news/2013/02/27/lack-inventory-hinders-top-real-estate-markets
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Megan Hopkins
Higher priced homes are typically a strong indicator of the overall health of a real estate market and, according to Pro Teck Valuation Services, these homes are leading the recovery currently. "Many of the interior U.S. markets exhibit low volatility and are relatively easy to forecast. Others on the East and West Coast show more volatility due to the combination of constrained supply and generally rising demand," said Tom O’Grady, CEO of Pro Teck. "Home prices in these markets rise and fall faster than in markets where new supply can be more easily added such as the more open Midwest U.S." Pro Teck tracks a number of market indicators to predict where home prices are going in their Home Value Forecast. Partnering with Collateral Analytics for this report, Pro Teck studies the single-family price per square foot for different priced markets in the Los Angeles County areas of Manhattan Beach, Lancaster and Burbank from 1970 to 2012. These markets specifically were chosen because they represent a range of low, average and high-priced cities. This allows for a clear pattern to be established over the years, revealing the higher-priced cities taking the lead, followed by the average and then the low-priced ones. "Most newsworthy is the latest up move in the Manhattan Beach market which has pushed prices to all-time high levels," said Michael Sklarz, principal of collateral analytics to the Home Value Forecast. "This should be viewed as confirmation that the Los Angeles county real estate market is in the early stages of a new upward-cycle in home prices." The HVF also tracks the top 10 best and worst performing metros based on single-family home markets in the top 200 core based statistical areas on a monthly basis. The metros are chosen based on sales/listing activity and prices, months of remaining inventory, days on market, sold-to-list price ratio and foreclosure and REO activity. "Three of the top ranked markets are in Southern California while another two are in Massachusetts. A new entrant to the Top 10 list this month is Indianapolis-Carmel," added Sklarz. Big markets such as Phoenix and Sacramento, which led the lists towards the end of 2012, no longer make the list due to their year-over-year sales counts being down. This is due to the lack of inventory rather than a decrease in demand, Sklarz noted. "The bottom-ranked metros also represent an interesting mix with two being in the upstate New York area and two in Louisiana with higher months of remaining housing inventory."
URL to original article: http://www.housingwire.com/news/2013/02/27/lack-inventory-hinders-top-real-estate-markets
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, February 19, 2013
Contractor violations continue in Fresno, Clovis
Source: The Business Journal
One man was arrested and 15 others cited on various charges including operating without a contractor’s license in a Feb. 13-14 undercover sting operation by the Contractors State License Board in partnership with the Clovis Police Department at a home in Clovis. Investigators used advertisements from Craigslist.org to schedule home improvement bids for painting, landscaping, floor covering and tree maintenance. All 16 of the construction workers that arrived were cited for contracting without a license. All home improvement jobs were valued at $500 or more, which must be conducted by a company or person with a contractor license issued by the Contractors State License Board. Eleven of the 16 workers were cited for violating contractor-advertising laws, which require the contractor license number to be included in all forms of advertising. Clovis Police cited seven suspects for driving without a valid license and six suspect vehicles were impounded and towed from the scene. The man arrested was Michael Brian Dueck of M.D. Home Services in Clovis. The arrest was for a DUI warrant, said Rick Lopes, chief of public affairs for Contractors State License Board. Dueck was also cited for lacking a contractor’s license. The others cited on suspicion of operating without a license were Russell Gonzalez of Fresno, Dennis Lee Anderson of Fresno, Luis Sandoval Almanza of L.A. Painting & Luis The Painter of Fresno, Efrain Rubio of ER Painting in Fresno, Gregory Leonard Smith of Smith Brothers Painting in Clovis, Mario Garcia of We Do It All Tree Service in Fresno, Larry Joseph Stancato of Larry’s Handyman Service in Fresno, Terry Ronald Moser of Clovis, Mark Kevin Phelps of Discount Painter in Fresno, Sergio Leyva Cruz of Sergio Cruz’ Home Maintenance in Fresno, Mariano Tapia Dorantes of Tapia’s Lawn Service in Fresno, Esgar Yeraldo Arreola of Esgar Lawn Service in Fresno, Roberto Martinez of handyman Service in Fresno, Jose Amilcar Rivas Pacas of Jose Rivas El Amigo Landscaping in Fresno and Matthew James Lloyd Comegys of Matt’s Handyman Service in Fresno.
URL to original article: http://www.thebusinessjournal.com/news/construction/5031-contractor-violations-continue-in-fresno-clovis
For further information on Fresno Real Estate check: http://www.londonproperties.com
One man was arrested and 15 others cited on various charges including operating without a contractor’s license in a Feb. 13-14 undercover sting operation by the Contractors State License Board in partnership with the Clovis Police Department at a home in Clovis. Investigators used advertisements from Craigslist.org to schedule home improvement bids for painting, landscaping, floor covering and tree maintenance. All 16 of the construction workers that arrived were cited for contracting without a license. All home improvement jobs were valued at $500 or more, which must be conducted by a company or person with a contractor license issued by the Contractors State License Board. Eleven of the 16 workers were cited for violating contractor-advertising laws, which require the contractor license number to be included in all forms of advertising. Clovis Police cited seven suspects for driving without a valid license and six suspect vehicles were impounded and towed from the scene. The man arrested was Michael Brian Dueck of M.D. Home Services in Clovis. The arrest was for a DUI warrant, said Rick Lopes, chief of public affairs for Contractors State License Board. Dueck was also cited for lacking a contractor’s license. The others cited on suspicion of operating without a license were Russell Gonzalez of Fresno, Dennis Lee Anderson of Fresno, Luis Sandoval Almanza of L.A. Painting & Luis The Painter of Fresno, Efrain Rubio of ER Painting in Fresno, Gregory Leonard Smith of Smith Brothers Painting in Clovis, Mario Garcia of We Do It All Tree Service in Fresno, Larry Joseph Stancato of Larry’s Handyman Service in Fresno, Terry Ronald Moser of Clovis, Mark Kevin Phelps of Discount Painter in Fresno, Sergio Leyva Cruz of Sergio Cruz’ Home Maintenance in Fresno, Mariano Tapia Dorantes of Tapia’s Lawn Service in Fresno, Esgar Yeraldo Arreola of Esgar Lawn Service in Fresno, Roberto Martinez of handyman Service in Fresno, Jose Amilcar Rivas Pacas of Jose Rivas El Amigo Landscaping in Fresno and Matthew James Lloyd Comegys of Matt’s Handyman Service in Fresno.
URL to original article: http://www.thebusinessjournal.com/news/construction/5031-contractor-violations-continue-in-fresno-clovis
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, February 18, 2013
Fresno luxury auto dealers all over $30K price point
Source: The Business Journal
Written by Clay Moffitt
Even if momentarily, German luxury automotive manufacturer Mercedes-Benz was able to draw the attention away from the drama unfolding on the gridiron with its Super Bowl ad introducing its new CLA model and its price tag starting at $29,999. Mercedes is the latest in a line of luxury car manufacturers trying to tap into the younger working professionals’ market with a price point in the $30,000-35,000 range. Traditionally, luxury car buyers are more experienced and settled within their careers. But with the baby-boomers creeping up in age, manufacturers have taken note of the uncomfortable reality of a generation of that size getting older. “An aging demographic is very scary to a brand,” confirmed Caren Myers, general manager of Fresno Lexus. Lexus, Mercedes, BMW, Volvo, Audi and Cadillac are among the manufacturers who have or will soon release models ranging near that $30,000 price point to bring down the average age of their consumer base. “It’s a way to get that 25 to 30-year-old customer in the door, and as they move on and grow in their career, they will get into other models,” said Yrma Rico with Weber BMW. The Mercedes-Benz CLA won’t be on sales lots until late summer or early fall. Scott Biehl, the owner, dealer and operator of Mercedes-Benz of Fresno, doesn’t expect the model to be limited to just 30-something consumers. “The CLA will appeal to the younger buyer but it will also appeal to anyone that wants the safety and luxury of a Mercedes-Benz at that price point,” Biehl said. Rico takes a unique view that the other luxury car companies are not only trying to capture a younger demographic, but “they’re going after the BMW buyer.” According to Rico, BMW’s sporty design and high performance vehicles have always helped the company capture a younger consumer base than the other luxury manufacturers. However, the competition isn’t forcing Rico to panic. “It’s always good to have a little competition,” Rico said. “The consumer will demand the manufacturer to produce better product for less money.” BMW offers its 1 series, starting at $32,095, to compete in the group. During the downturn in the economy, luxury dealerships lost a lot of entry-level buyers as they turned to purchasing less luxurious makes. “We are trying to lure them back,” Myers said. “We want that younger, more youthful buyer. We’ve changed the design of cars and made other changes to appeal to this age group.” Lexus has embraced the new price point with its own niche. Of all the luxury vehicles in the $30,000-35,000 range, the Lexus CT is the only hybrid of the group, capitalizing on the more environmentally conscious mindset of the younger buyers. “Today’s children are being exposed to all of the important parts of environment. I definitely think there will be a trend there,” Myers said. Myers says the age of the buyers of the CT range from fresh out of college to 60 years old and older. Last year Fresno Lexus sold 41 CTs, which accounted for approximately 7 percent of the dealership’s new car sales for the year. Biehl expects his dealership to sell more used Mercedes vehicles because customers will come with a $30,000 price tag in mind, but not necessarily with their heart set on the CLA. “They’ll decide if they want a CLA or they may want a certified pre-owned Mercedes,” Biehl said. Although the dealerships anticipate increased sales by the lower-priced entry-level models, they will not generate large profits directly by each $30,000 car sold. The profit margins will come from the parts and service that go along with each vehicle, in addition to the buyer loyalty expected by introducing their brands at a younger age.
URL to original article: http://www.thebusinessjournal.com/news/retail/5007-fresno-luxury-auto-dealers-all-over-30k-price-point
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Clay Moffitt
Even if momentarily, German luxury automotive manufacturer Mercedes-Benz was able to draw the attention away from the drama unfolding on the gridiron with its Super Bowl ad introducing its new CLA model and its price tag starting at $29,999. Mercedes is the latest in a line of luxury car manufacturers trying to tap into the younger working professionals’ market with a price point in the $30,000-35,000 range. Traditionally, luxury car buyers are more experienced and settled within their careers. But with the baby-boomers creeping up in age, manufacturers have taken note of the uncomfortable reality of a generation of that size getting older. “An aging demographic is very scary to a brand,” confirmed Caren Myers, general manager of Fresno Lexus. Lexus, Mercedes, BMW, Volvo, Audi and Cadillac are among the manufacturers who have or will soon release models ranging near that $30,000 price point to bring down the average age of their consumer base. “It’s a way to get that 25 to 30-year-old customer in the door, and as they move on and grow in their career, they will get into other models,” said Yrma Rico with Weber BMW. The Mercedes-Benz CLA won’t be on sales lots until late summer or early fall. Scott Biehl, the owner, dealer and operator of Mercedes-Benz of Fresno, doesn’t expect the model to be limited to just 30-something consumers. “The CLA will appeal to the younger buyer but it will also appeal to anyone that wants the safety and luxury of a Mercedes-Benz at that price point,” Biehl said. Rico takes a unique view that the other luxury car companies are not only trying to capture a younger demographic, but “they’re going after the BMW buyer.” According to Rico, BMW’s sporty design and high performance vehicles have always helped the company capture a younger consumer base than the other luxury manufacturers. However, the competition isn’t forcing Rico to panic. “It’s always good to have a little competition,” Rico said. “The consumer will demand the manufacturer to produce better product for less money.” BMW offers its 1 series, starting at $32,095, to compete in the group. During the downturn in the economy, luxury dealerships lost a lot of entry-level buyers as they turned to purchasing less luxurious makes. “We are trying to lure them back,” Myers said. “We want that younger, more youthful buyer. We’ve changed the design of cars and made other changes to appeal to this age group.” Lexus has embraced the new price point with its own niche. Of all the luxury vehicles in the $30,000-35,000 range, the Lexus CT is the only hybrid of the group, capitalizing on the more environmentally conscious mindset of the younger buyers. “Today’s children are being exposed to all of the important parts of environment. I definitely think there will be a trend there,” Myers said. Myers says the age of the buyers of the CT range from fresh out of college to 60 years old and older. Last year Fresno Lexus sold 41 CTs, which accounted for approximately 7 percent of the dealership’s new car sales for the year. Biehl expects his dealership to sell more used Mercedes vehicles because customers will come with a $30,000 price tag in mind, but not necessarily with their heart set on the CLA. “They’ll decide if they want a CLA or they may want a certified pre-owned Mercedes,” Biehl said. Although the dealerships anticipate increased sales by the lower-priced entry-level models, they will not generate large profits directly by each $30,000 car sold. The profit margins will come from the parts and service that go along with each vehicle, in addition to the buyer loyalty expected by introducing their brands at a younger age.
URL to original article: http://www.thebusinessjournal.com/news/retail/5007-fresno-luxury-auto-dealers-all-over-30k-price-point
For further information on Fresno Real Estate check: http://www.londonproperties.com
Foreclosure discounts no longer as steep
Source: Housingwire
By Kerri Ann Panchuk
During the peak of the mortgage crisis, foreclosed homes sold at a 25% discount on average, but the market is stabilizing and the price differentiation between a home’s foreclosed valued and original market value is beginning to narrow, FNC reported. The real estate analytics firm released a Foreclosure Market Report Monday, saying home prices are rising in many metro areas while foreclosure prices are starting to bottom out, creating some price stability. "The fact that we are seeing a combination of rising home prices and a bottoming out of foreclosure prices is a very good sign the housing recovery is taking hold," said Dr. Yangling Mayer, FNC Senior Research Economist. "This is the very first time in the long housing recession that the two are happening at the same time." By the fourth quarter of 2012, the average foreclosure discount, which is a comparison between a foreclosed home's market value and its final sales price, had dropped to 12.2%, compared to 25% during the peak of the downturn. Single-family REO and foreclosure sales made up 18.1% of the market in the fourth quarter of 2012, down from 26.5% in the first quarter of the same year, FNC said. In addition, the median foreclosure price stands at $93,000, while the median price for a non-distressed sale is hovering at $183,500, according to FNC. Price discounts are still more dramatic at the lower end of the housing market, with discounts of roughly 18.4% for low-tier properties in the latest FNC report. Michigan remains foreclosure dominant, with 56% of homes sold in the fourth quarter of 2012 classified as foreclosure sales. The hardest hit states of Arizona (14.3%), California (19.8%), Florida (20.5%) and Nevada (13%) maintain foreclosure sale rates of roughly 13% to 20.5%, with Florida recording the most distressed property sales. FNC notes that the Midwest cities of Detroit, Chicago, Cleveland and St. Louis still have the largest concentration of foreclosure sales overall.
URL to original article: http://www.housingwire.com/news/2013/02/18/foreclosure-discounts-no-longer-steep
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
During the peak of the mortgage crisis, foreclosed homes sold at a 25% discount on average, but the market is stabilizing and the price differentiation between a home’s foreclosed valued and original market value is beginning to narrow, FNC reported. The real estate analytics firm released a Foreclosure Market Report Monday, saying home prices are rising in many metro areas while foreclosure prices are starting to bottom out, creating some price stability. "The fact that we are seeing a combination of rising home prices and a bottoming out of foreclosure prices is a very good sign the housing recovery is taking hold," said Dr. Yangling Mayer, FNC Senior Research Economist. "This is the very first time in the long housing recession that the two are happening at the same time." By the fourth quarter of 2012, the average foreclosure discount, which is a comparison between a foreclosed home's market value and its final sales price, had dropped to 12.2%, compared to 25% during the peak of the downturn. Single-family REO and foreclosure sales made up 18.1% of the market in the fourth quarter of 2012, down from 26.5% in the first quarter of the same year, FNC said. In addition, the median foreclosure price stands at $93,000, while the median price for a non-distressed sale is hovering at $183,500, according to FNC. Price discounts are still more dramatic at the lower end of the housing market, with discounts of roughly 18.4% for low-tier properties in the latest FNC report. Michigan remains foreclosure dominant, with 56% of homes sold in the fourth quarter of 2012 classified as foreclosure sales. The hardest hit states of Arizona (14.3%), California (19.8%), Florida (20.5%) and Nevada (13%) maintain foreclosure sale rates of roughly 13% to 20.5%, with Florida recording the most distressed property sales. FNC notes that the Midwest cities of Detroit, Chicago, Cleveland and St. Louis still have the largest concentration of foreclosure sales overall.
URL to original article: http://www.housingwire.com/news/2013/02/18/foreclosure-discounts-no-longer-steep
For further information on Fresno Real Estate check: http://www.londonproperties.com
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