Home Prices greatest median home price increases in October 2009 Up 49%

The following has been cut and paste from the California Association of Realtors website. It shows the greatest median home price increases from last year. Since when did we experience a 49% increase in home values or even 16% in home values in 1 year? National standard is 7-9%, but not here in California! As you will see below we are experience double digit home value gains in 1 year. Is this a good time to buy? Are we at the bottom of the market and on our way back to recovery? I think the prices have dropped so low that they can't go any lower! Well I guess if interest rates shot up! For free reports on how to beat out other buyers to hot new bank foreclosures visit our website at www.DavidDelgadoRealty.com  and click on our VIP buyer program.

Statewide, the cities with the greatest median home price increases in October 2009 compared with the same period a year ago were: Palo Alto, 49.1 percent; Atascadero, 33.3 percent; Cupertino, 24.2 percent; San Rafael, 24 percent; Emeryville, 22.2 percent, Livermore, 20.5 percent; Culver City, 19.4 percent; Pleasant Hill, 17 percent; La Habra, 16.2 percent, and Novato, 15.4 percent.

What To Do When Buying A Home

Buying a home takes planning and planning can save you thousands of dollars and not just on the home you buy, more importantly, the financing you will get. Think about, if you can save $100 per month off your mortgage what kind of savings this will impact will have over the next 60 months or 120 months. If you plan on staying in the home for at least 5-10 years it can be costly if you rush the financing, so plan ahead! A loan officer in most cases are paid by commissions and the additional hours they have to work on your loan may be the difference by the loan officer charging you more points and fees or higher interest rates if you are unprepared. The first step you need to do is pull your credit report which can be done free of charge with your lender and review for any inaccuracies. If you have a FICO score less than 720 then there is room for improvement. Review the credit report early on with your lender can save you money in the long run, so if you are thinking about buying a home in 6 months this is the first step I would do. To apply online and to review your credit report visit http://www.californiahousingassociation.com/gold_mortgageapp.asp Next we will cover what questions to ask your loan officer.

Buyers Short Sales Beware

Short sales have been a big buzz lately and so have bank foreclosures. Which one is a better buy? Before buying a property I encourage you to understand the complexity of the process when buying one of these bargain deals. Or at least make sure you are working with an experience agent that can foresee any potential issues that may arise when buying a distress sale. Buying a home that is being sold as short sale can have immediate issues. One quick question I would ask your real estate agent does the listing agent have a full approval from the lender(s) to sell the property (short payoff)? The lenders that have interest in the property will issue an approval that should be forwarded to the buyers agents. 2ND thing I would do is review the terms of the short sale. Reviewing the terms of the short sale agreement will provide the terms and details of the transaction. For more information on buying bank foreclosures, short sales, and the hottest deals visit www.DavidDelgadoRealty.com or call David at 562-252-7889
Happy home hunting,
David Delgado, President/CEO
dre 01385731

Inventory Homes for Sale In Whittier

As we approach year end and now that the senate has approved the extension for first time home buyer tax credit, we have been experiencing a market correction in the housing industry. Homes for sale in Whittier and the surrounding area have continued to receive multiple offers on properties as most first time buyers try to beat the rush for their $8000 tax credit. For more information regarding the $8000 tax credit visit my website at www.DavidDelgadoRealty.com and on the website you can get information on how you can qualify for the tax credit. Whittier homes are selling fast as the bank foreclosure inventory has dried up but don't worry there has been a steady supply of homes entering the market, but just make sure when you decide to work with an agent that he or she has the experience working in today's market. One question I would ask the potential agent is what is their ratio on number of offers submitted vs accepted. Should you have any questions you may visit my website on our buyer guarantee programs. That's where if you are not satisfied with your home that you buy from us, we'll buy it back. Certain restrictions apply.

August sales and price report

LOS ANGELES (Sept. 25) – Home sales increased 9 percent in August in California compared with the same period a year ago, while the median price of an existing home declined 16.9 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.“First-time buyers continue to be the driving force in home sales throughout the state,” said C.A.R. President James Liptak.

“The federal tax credit, which has helped more than 1.4 million people become first-time homeowners nationally, is set to expire Nov. 30. The tax credit is a proven economic stimulus that clearly is working, and should be extended through 2010 and expanded to include all home buyers,”

Liptak said.Closed escrow sales of existing, single-family detached homes in California totaled 526,970 in August at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 9 percent from the revised 483,400 sales pace recorded in August 2008.

Sales in August 2009 decreased 5.1 percent compared with the previous month.The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the August pace throughout the year.

It is adjusted to account for seasonal factors that typically influence home sales.The median price of an existing, single-family detached home in California during August 2009 was $292,960, a 16.9 percent decrease from the revised $352,730 median for August 2008, C.A.R. reported. The August 2009 median price rose 2.6 percent compared with July’s $285,480 median price.“The statewide median price rose for the sixth consecutive month in August,” said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young.

“Recent price gains are consistent with the low inventory levels of the past few months. Levels of distressed properties remain high, but have declined compared with earlier in the year, and are one reason why inventory levels are running below the state’s long-run average of 7.2 months.“Sales have exceeded 500,000 homes for 12 consecutive months, and now are 38 percent higher on a year-to-date basis compared with 2008,” said Appleton-Young.

“Sales continue to be boosted by the large number of distressed properties on the market, along with favorable interest rates.”Highlights of C.A.R.’s resale housing figures for August 2009:. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in August 2009 was 4.3 months, compared with 7 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate..

Thirty-year fixed-mortgage interest rates averaged 5.19 percent during August 2009, compared with 6.48 percent in August 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.72 percent in August 2009, compared with 5.26 percent in August 2008.. The median number of days it took to sell a single-family home was 35.2 days in August 2009, compared with 47.6 days (revised) for the same period a year ago.Regional MLS sales and price information are contained in the tables that accompany this press release.

Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

New US home sales rise 0.7% in August

While it was the fifth straight increase and the strongest report in 11 months, sales were 4.3 percent lower than the same month last year. Sales have risen 30 percent from the bottom in January, but are off about 70 percent from the peak of four years ago.The report was the second straight disappointing sign for the U.S. housing market, which is struggling to emerge from the most severe bust in generations.

On Thursday, the National Association of Realtors said sales of previously occupied homes, which make up the bulk of the market, dipped 2.7 percent last month.Builders continue to make severe cuts in prices to attract buyers.

The median sales price of $195,200 was off 11.7 percent from $221,000 a year earlier, and 9.5 percent below July's level of $215,600. That was the largest monthly drop on records dating to 1963.There were 262,000 new homes for sale at the end of August, down more than 3 percent from July and the lowest in nearly 17 years. At the current sales pace, that represents 7.3 months of supply -- the smallest amount since early 2007.

The decline means builders have scaled back construction to the point where supply and demand are coming into balance.Buyers, meanwhile, are rushing to take advantage of a federal tax credit that covers 10 percent of the home price, or up to $8,000 for first-time owners. Home sales must be completed by the end of November for buyers to qualify. Builders and real estate agents are pressing Congress for that credit to be extended.Sales varied dramatically around the country.

The best performance was in the West, where sales rose more than 12 percent, and the worst was in the Northeast, where sales sank more than 16 percent.

They were unchanged in the South, and down nearly 6 percent in the Midwest.Meanwhile, major builder KB Home posted a smaller third-quarter loss of $66 million on Friday as it reduced costs and said new home orders increased. Still, the results missed analysts' expectations.
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Copyright © 2009, The Los Angeles Times

July Sales and Price Report

July sales and price report

Existing, single-family home sales increased 12 percent in July to a seasonally adjusted rate of 553,910 on an annualized basis.· The statewide median price of an existing single-family home increased 3.9 percent in July to$285,480, compared with June 2009.·

C.A.R.’s Unsold Inventory Index fell to 3.9 months in July, compared with 6.9 months in July 2008.

LOS ANGELES (Aug. 25) – Home sales increased 12 percent in July in California compared with the same period a year ago, while the median price of an existing home declined 19.6 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers,” said C.A.R. President James Liptak.

“Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered.“Because the tax credit has helped so many first-time buyers become homeowners, it is critical that Congress extends the credit beyond the Dec. 1 deadline, and includes all buyers, not just first-timers.”

Closed escrow sales of existing, single-family detached homes in California totaled 553,910 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide.

Statewide home resale activity increased 12 percent from the revised 494,390 sales pace recorded in July 2008. Sales in July 2009 increased 8.1 percent compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during July 2009 was $285,480, a 19.6 percent decrease from the revised $355,000 median for July 2008, C.A.R. reported.

The July 2009 median price rose 3.9 percent compared with June’s $274,740 median price.“July marked the fifth consecutive month of month-to-month increases in the median price,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.

“This was the largest increase on record for the month of July based on statistics dating back to 1979. The yearly decline in July also was the smallest in the past 19 months.“Favorable home prices in the low end of the market continue to propel sales of homes priced less than $500,000,” said Appleton-Young.

“This price segment now accounts for 74 percent of the market share compared with just 43 percent prior to the start of the credit crunch. The high-end segment continues to experience elevated inventories and declines in the median price as financing for jumbo loans and unrealistic sellers challenge the market.”

Highlights of C.A.R.’s resale housing figures for July 2009:. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in July 2009 was 3.9 months, compared with 6.9 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate..

Thirty-year fixed-mortgage interest rates averaged 5.22 percent during July 2009, compared with 6.43 percent in July 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.82 percent in July 2009, compared with 5.24 percent in July 2008.. The median number of days it took to sell a single-family home was 39.9 days in July 2009, compared with 47.8 days (revised) for the same period a year ago.

Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations.

June 2009 Real Estate Sales Report Up 20%

June sales and price report

For release:Monday, July 27, 2009C.A.R. reports June home sales increased 20.1 percent, median home price declined 26.4 percent

Quick Facts:· Existing, single-family home sales increased 20.1 percent in June to a seasonally adjusted rate of 514,110 on an annualized basis.· The statewide median price of an existing single-family home increased 4.2 percent in June to $274,740, compared with May 2009.· C.A.R.’s Unsold Inventory Index fell to 4.1 months in June, compared with 7.6 months in June 2008.

LOS ANGELES (July 27) – Home sales increased 20.1 percent in June in California compared with the same period a year ago, while the median price of an existing home declined 26.4 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“Many first-time buyers, especially those who were previously priced out of certain areas, are realizing that tax credits from both the state and federal governments, increased affordability, and low interest rates are creating a prime time to purchase a home,” said C.A.R. President James Liptak.

“June marked the 10th consecutive month of positive sales gains, and the fourth month of rising median home prices.“The statewide median price for existing condos increased for the third consecutive month in June, while sales climbed 27 percent compared with last year," Liptak said.

"Both of these trends are indicative of increased interest in condos on the part of first-time and other buyers.”Closed escrow sales of existing, single-family detached homes in California totaled 514,110 in June at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 20.1 percent from the revised 427,910 sales pace recorded in June 2008.

Sales in June 2009 decreased 6 percent compared with the previous month.The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during June 2009 was $274,740, a 26.4 percent decrease from the revised $373,100 median for June 2008, C.A.R. reported. The June 2009 median price rose 4.2 percent compared with May’s $263,600 median price.“Shrinking inventory in the lower end of the market is impacting prices, as many distressed properties are receiving multiple bids,” said C.A.R. Chief Economist Leslie Appleton-Young.

“The year-to-year price declines are diminishing, and are at the lowest level since March 2008.