BLOG
Mortgage Rates Trends
California home sales up slightly in March
Apr 16 2013 3:05PM
Homes for sale in Brentwood might have been selling quicker in March, as home sales in California increased slightly.
According to the California Association of Realtors, sales of single-family homes were up 0.1 percent to a seasonally adjusted annual rate of 417,520 transactions. Meanwhile, the statewide median price hit $378,960, a 13.7 percent increase from the previous month.
"No doubt the dearth of home listings is driving the upsurge in the median price, as is an increase in sales in the higher-priced segments," said CAR vice president and chief economist Leslie Appleton-Young. "Sales of homes priced $500,000 and higher are up more than 34 percent from last year, and have been on a rising trend since early 2012."
With mortgage rates edging closer to all-time lows in the week ending April 11, home sales in the Golden State could pick up in the coming months. According to Freddie Mac's latest Primary Mortgage Market Survey, both 15- and 30-year mortgage rates were well below averages seen a year ago at this time.
As conditions continue to improve, real estate in Brentwood could begin to fly off the market with buyers entering the market.
Courtesy of TheMLS
National Economy on the Rise
California Employment Expected to Improve
Los Angeles, CA - LOS ANGELES, March 13, 2013-- In its first quarterly report of 2013, the UCLA Anderson Forecast’s outlook for the United States says that the country’s Gross Domestic Product is poised to surpass the 2% annual growth rate of the past four years and reach 3% by 2014.
Home prices on the rise in California
Mar 5 2013 9:52AM
After a year of sizable improvements to home prices nationwide, homeowners with properties for sale in Los Angeles County may be more confident in their ability to earn a profitable amount when unloading their property. The latest report from the California Association of Realtors found that higher home prices have made the market less affordable, but this indicates healthier conditions.
CAR said that the percentage of buyers who could afford to purchase a median-priced existing home in the Golden State decreased to 48 percent in the final quarter of 2012, down slightly from the previous quarter when 49 percent could afford a property. This figure is also down from the fourth quarter of 2011, when 55 percent of residents could purchase a home comfortably.
Despite the slight decline in affordability, the report noted that some markets in Southern California, including Los Angeles County, Napa, Ventura and Santa Cruz saw improvements on a quarter-over-quarter basis, but real estate in Santa Barbara, San Francisco and Monterey counties saw notable gains in home prices.
The state's median price was $353,190, considerably higher than the national median. This required homebuyers to earn a minimum income of $66,940 each year to qualify for a mortgage in the last quarter of the year.
From theMLS.com
Housing markets improving nationwide, California remains strong
Housing markets improving nationwide, California remains strong
Mar 26 2013
Many of those considering purchasing homes for sale in Los Angeles County may know that keeping tabs on housing market conditions is important when making this big investment. Most recently, the National Association of Home Builders/First American Improving Markets Index offered insight on which metros nationwide have seen improvements in employment, home prices and housing permits for six consecutive months.
The IMI for March improved to include 274 cities, with every state represented as well as the District of Columbia. In total, 34 markets were added to the list, however 19 were dropped. California gained additional representation with Santa Barbara's appearance on the March report. Other metros added in March were considered diverse, including Colorado Springs, Bloomington and Birmingham. As of now, over 75 percent of the 361 metros that are recorded by the NAHB report are considered improving, a large improvement from this time last year.
"This is the second consecutive month in which every state is represented by at least one metro on the improving list," observed Rick Judson, NAHB chairman "The expanding housing recovery is energizing communities nationwide by generating jobs and local tax revenues - and it could be an even more potent force for economic growth if credit for building and buying homes was more readily available."
Mortgage rates dip, affordable buying options abound
Feb 28 2013 6:02PM
Mortgage rates, for the most part, have been relatively stable throughout the start of 2013, with minor gains and loses over the first two months. Freddie Mac's latest Primary Mortgage Market Survey revealed that average rates dropped across the board, as affordability prevails for those considering purchasing homes for sale in Los Angeles County.
According to the report, the average rate for 30-year fixed-rate mortgages slipped to 3.51 percent after increasing to 3.56 percent last week. When compared to this time last year, the average is notably lower than the 3.9 percent rate recorded a week earlier. In addition, the average rate for 15-year FRMs fell to 2.76 percent from 2.77 percent after not moving for two consecutive weeks. This time a year ago, the average rate was 3.17 percent, and FRMs are expected to continue as a popular option for those buying in 2013.
However, the average rate for 15-year adjustable-rate mortgage did fall from the previous week, though from 2.77 percent to 2.76 percent.
"Mortgage rates eased somewhat as the consumer price index in February held steady for the second month in a row," said Frank Nothaft, vice president and chief economist of Freddie Mac. "House price indicators, however, showed gains in 2012."
Those hoping to take advantage of affordable mortgage rates are urged to work with local real estate agents and get pre-approved to ensure they get the lowest possible deal when buying.
From TheMLS.com