Author Archives: reneebaccaro

About reneebaccaro

As a Realtor I know that Timing is everything in selling or buying a home. If you negotiate at the right time you can close escrow in the lead. Buying a home for most folks is the largest purchase of your life. Having an experienced - ethical - honest Realtor is very important. Call Renee to represent you when are considering your next real estate transaction. Renee Baccaro 01718366 (562) 972-9886. Blog: reneebaccaro.com

5-year-high in August – Homebuilder’s are regaining their confidence in LA Market


Here is a great article from California Association of Realtor’s. It states that Los Angeles Homebuilders are becoming more confident in the housing recovery, The National Association of Home Builders/Wells Fargo builder sentiment index released Wednesday rose two points this month to 37, up from 35 in July. That’s the highest reading since March 2007, Home Depot reports high sales in home improvement area, Buyer’s that were “on the fence” say they are ready to move to make that offer, and economist say from April til June there are 73,000 new jobs.

Renee Baccaro Realtor DRE License # 

(562) 972 9886

To read the entire article: http://www.sfgate.com/news/article/US-homebuilder-confidence-at-5-year-high-in-August-3789883.php


In Nearly Every Major City, Buying Trumps Rentingal


DAILY REAL ESTATE NEWS | THURSDAY, AUGUST 02, 2012

A new study shows that in more than three-fourths of 200 metro areas in the U.S., home owners would “break even” financially by owning a home after three years or less than if they opted to rent instead. 

The recent study by Zillow factors in home ownership costs — including down payments, closing costs, mortgage payments, property taxes, utilities, and maintenance costs — and compares it to the costs of renting. The study supports other recent findings that show with rents are on the rise nationwide that home ownership is becoming increasingly affordable with record low mortgage rates and falling home values. 

“Historic levels of affordability make buying a home a better decision than ever, especially considering rents have risen more than 5 percent over the past year,” says Stan Humphries, Zillow’s chief economist.

Zillow found that even in some markets, such as Miami, a person buying a home would only have to stay in that home for about 1.6 years for it to prove better than renting one there, due to the rising costs of renting in the city. Tampa, Fla., and Memphis, Tenn., also were found to be some of the top cities where owning a home trumps renting by the most, according to Zillow. 

Meanwhile, San Jose, Calif., home owners have the longest time until they reach a “break even” point on their homes. Home owners there would have to wait 8.3 years before their home purchase would trump renting, according to the Zillow study.  

Source: “Buying Beats Renting in Most Cities,” CNNMoney (Aug. 2, 2012)


Real entire article


Real entire article

This is really to bad with all the buyers out right now. I can’t find them homes!
 
Daily Real Estate News | Tuesday, July 17, 2012

Inventory of for-sale single-family homes, condos, townhouses, and co-ops dropped more than 19 percent in June compared to a year ago, REALTOR.com reports in its analysis of 146 markets nationwide.

Of the 146 markets across the U.S. that REALTOR.com analyzed, only three markets did not see inventory levels fall year-over-year, including Denver, Philadelphia, and Shreveport-Bossier City, La.

Meanwhile, the median national list price rose 2.68 percent in June compared to June 2011, REALTOR.com reports.

Link: to June Market Snapshot http://www.car.org/marketdata/marketsnapshot/MarketSnapshot_201206


84 Markets Make ‘Improving Housing’ List – July 10, 2012


ImageDaily Real Estate News | Tuesday, July 10, 2012

This month’s “Improving Housing Market” list grew by four more metros, bringing the total number to 84 housing markets in July that are posting measurable and sustained improvement in their real estate markets, according to the National Association of Home Builders/First American Improving Markets. 

The monthly index identifies metro areas that have seen housing permits, employment, and housing prices rise for at least six consecutive months. 

Seventy-three metro areas from June’s list remained on the July “Improving Housing Market” list while 11 new markets were added this month. Some of the markets added that NAHB highlighted in a press release included Prescott, Ariz.; Springfield, Mass.; St. Cloud, Minn.; and Houston. 

“The modest increase in the July IMI is encouraging because it indicates that individual housing markets continue to regain their footing despite some recent reports of weakening in the broader economy,” says NAHB Chief Economist David Crowe. “This is evidence that the housing recovery is slowly but surely taking root, one market at a time.”

To view a complete list of the 84 metro areas on the July “Improving Housing Market,” visit www.nahb.org/imi

Source: National Association of Home Builders


American Renters Getting Squeezed – Where are we going in California real estate?


I had to bring you this article today. I have read about rent increases  several times in the past year. Remember we are in the last few months of an election year…so I was skeptical. Now that the data has come out stating that rents have jump up to an all time high, well I believe it. Great information.

American Renters Getting Squeezed

Daily Real Estate News | Thursday, July 05, 2012

–>

Rents continue to inch upwards and many renters say they know it would be cheaper to buy a home than rent, but they can’t qualify for a mortgage, Reuters News reports.

With rising demand for rentals, landlords are increasing their rents and some cities are even posting double-digit percentage rental increases annually. Apartment rents have risen at their highest rate since 2007, with costs soaring over the last three quarters, according to the research firm Reis Inc.

Landlords feel they can charge more since vacancies have reached at a 10-year low at the same time that demand has surged. Asking rents have jumped nationally to $1,091 during the second quarter, the largest increase since the third quarter of 2007, Reis reports. The average effective rent is $1,041 for the second quarter, increasing 1.3 percent over the previous quarter.

“The improvement in rents is pretty pervasive,” says Ryan Severino, a Reis senior economist. “Even in places like Providence and Knoxville, which you don’t think of as hotbeds for apartment activity, landlords felt the market was strong enough to raise rents on their tenants.”

New York remains the market with the lowest number of vacancies and also the priciest place to rent by far. The monthly rent there averages $2,935, which is more than $1,000 higher than the second-priciest place to rent in the U.S., San Francisco.

Many finance experts recommend budgeting no more than 30 percent of household income to pay for housing costs. Yet nearly 40 percent of Americans are now paying more than a third, according to a U.S. Census Bureau survey. In New York, one-third of households spend more than half their pay on rent.

“We have falling incomes, rising rents, and nothing but substantial upward pressure on those rents,” says Chris Herbert, director of Harvard University’s Joint Center for Housing Studies. “And nothing in the cards suggests it will turn around anytime soon.”

Read the entire article link below:

Source: “Americans Squeezed by Higher Rents, Tight Credit,” Reuters News (July 5, 2012) and “U.S. Apartment Rents Rise at Highest Rate Since ’07,” Reuters News (July 5, 2012)


New home sales rise in May


Sales of new single-family houses rose 7.6 percent  in May 2012 to a seasonally adjusted annual rate of 369,000 units, according to estimates released jointly by the U.S. Census Bureau and the Dept. of Housing and Urban Development. On a year-over-year basis, new home sales rose 19.8 percent.
The median sales price of new houses sold in May 2012 was $234,500; the average sales price was $273,900. The seasonally adjusted estimate of new houses for sale at the end of May was 145,000, representing a 4.7-month supply at the current sales rate.


CAN YOU OWN REAL ESTATE AND HAVE MEDICAL?


http://joecramos.com/videos.aspx


SEARCH FOR HOME HERE


SEARCH FOR HOME HERE

http://www.searchpoint.net/search.asp?org_id=CARETS&agent_public_id=PRENEBAC_socal&_sponsor_office_id=PB15555_SOCAL


April Existing-Home Sales, Prices Up


ImageDaily Real Estate News | Tuesday, May 22, 2012

<!–


–>

Existing-home sales rose in April and remain above a year ago, while home prices continued to rise, according to the National Association of REALTORS®. The improvements in sales and prices were broad based across all regions.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.4 percent to a seasonally adjusted annual rate of 4.62 million in April from a downwardly revised 4.47 million in March, and are 10.0 percent higher than the 4.20 million-unit level in April 2011.

Lawrence Yun, NAR chief economist, said the housing recovery is underway. “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,” he said. “The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.”

Supply and Demand

Total housing inventory at the end of April rose 9.5 percent to 2.54 million existing homes available for sale, a seasonal increase which represents a 6.6-month supply at the current sales pace, up from a 6.2-month supply in March. Listed inventory is 20.6 percent below a year ago when there was a 9.1-month supply; the record for unsold inventory was 4.04 million in July 2007.

“A diminishing share of foreclosed property sales is helping home values. Moreover, an acute shortage of inventory in certain markets is leading to multiple biddings and escalating price conditions,” Yun said.He notes some areas with tight supply include the Washington, D.C., area; Miami; Naples, Fla.; North Dakota; Phoenix; Orange County, Calif.; and Seattle. “We expect stronger price increases in most of these areas.”

The national median existing-home price for all housing types jumped 10.1 percent to $177,400 in April from a year ago; the March price showed an upwardly revised 3.1 percent annual improvement. “This is the first time we’ve had back-to-back price increases from a year earlier since June and July of 2010 when the gains were less than one percent,” Yun said. “For the year we’re looking for a modest overall price gain of 1.0 to 2.0 percent, with stronger improvement in 2013.”

Distressed homes — foreclosures and short sales sold at deep discounts – accounted for 28 percent of April sales (17 percent were foreclosures and 11 percent were short sales), down from 29 percent in March and 37 percent in April 2011. Foreclosures sold for an average discount of 21 percent below market value in April, while short sales were discounted 14 percent.

NAR President Moe Veissisaid home buyers should look into financing in the early stages of their search process. “With the tight lending environment it’s a good idea to consult with a REALTOR® about mortgages and program options in your area, and tips for boosting your credit score well in advance of making an offer on a home,” he said. “It helps to go into the process knowing what it takes to succeed.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage declined to 3.91 percent in April from 3.95 percent in March; the rate was 4.84 percent in April 2011. Last week the 30-year fixed rate dropped to a record weekly low of 3.79 percent; recordkeeping began in 1971.

First-time buyers rose to 35 percent of purchasers in April from 33 percent in March; they were 36 percent in April 2011.

All-cash sales fell to 29 percent of transactions in April from 32 percent in March; they were 31 percent in April 2011. Investors, who account for the bulk of cash sales, purchased 20 percent of homes in April, compared with 21 percent in March and 20 percent in April 2011.

Single-family home sales rose 3.0 percent to a seasonally adjusted annual rate of 4.09 million in April from 3.97 million in March, and are 9.9 percent higher than the 3.72 million-unit pace a year ago. The median existing single-family home price was $178,000 in April, up 10.4 percent from April 2011.

Existing condominium and co-op sales increased 6.0 percent to a seasonally adjusted annual rate of 530,000 in April from 500,000 in March, and are 10.4 percent above the 480,000-unit level in April 2011. The median existing condo price was $172,900 inApril, which is 8.1 percent above a year ago.

Performance by Region

Existing-home sales in the Northeast rose 5.1 percent to an annual level of 620,000 in April and are 19.2 percent higher than a year ago. The median price in the Northeast was $256,600, up 8.8 percent from April 2011.

Existing-home sales in the Midwest increased 1.0 percent in April to a pace of 1.03 million and are 14.4 percent above April 2011. The median price in the Midwest was $141,400, up 7.4 percent from a year ago.

In the South, existing-home sales rose 3.5 percent to an annual level of 1.79 million in April andare 6.5 percent higher than a year ago. The median price in the South was $153,400, up 8.0 percent from April 2011.

Existing-home sales in the West increased 4.4 percent to an annual pace of 1.18 million in April and are 7.3 percent above April 2011. The median price in the West was $221,700, a surge of 15.9 percent from a year ago.

Source: NAR


APRIL 2012 REAL ESTATE NEWS LETTER


http://renee.housingtrendsenewsletter.com/

 

CLICK ON LINK