February sales and price report

February sales and price report      
           
For release:
March 15, 2012

California home sales post higher in February; inventory remains low

LOS ANGELES (March 15) – Recent improvements in the overall economy, combined with extremely low interest rates lifted California home sales from both the prior month and year in February, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The median price dipped from January but is beginning to show signs of stabilization.

“While the median home price dipped in February, the year-over-year decline was the smallest recorded since December 2010,” said C.A.R. President LeFrancis Arnold. “This may be a signal of a possible stabilization in home prices, which should bode well for prospective buyers who have been on the sidelines waiting for prices to level out and may entice them to jump into the market.”
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 528,010 in February, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. February’s sales were up 2.1 percent from January’s revised pace of 517,120 and up 5.5 percent from the revised 500,480 sales pace recorded in February 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“February sales posted a stronger than usual performance with sales in major metropolitan areas such as Los Angeles, Orange County, San Diego, and San Francisco all logging double-digit gains from the previous year,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Recent encouraging signs in the GDP, employment picture, and consumer confidence suggest that a growing economy is in the making. All this, combined with continued-low mortgage rates, lays out a good foundation for the housing market to continue to grow as we enter the spring home buying season.”

The statewide median price of an existing, single-family detached home dipped 0.6 percent to $266,660 in February from January’s $268,280 median price. The median price was down 1.7 percent from the revised $271,370 median price recorded in February 2011.
Other key facts of C.A.R.’s February 2012 resale housing report include:
• California’s housing inventory declined in February, with the Unsold Inventory Index for existing, single-family detached homes decreasing to 5.3 months in February, down from a revised 5.7 months in January and down from the 7.5-month supply in February 2011. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
• Interest rates fell to record lows again in February. Thirty-year fixed-mortgage interest rates averaged 3.89 percent during February 2012, down from 4.95 percent in February 2011, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.78 percent in February 2012, compared with 3.35 percent in February 2011.
• The median number of days it took to sell a single-family home fell to 58.9 days in February 2012 and was down from a revised 64.7 days for the same period a year ago.
• View Unsold Inventory by price range.

Information provided by CAR.

New Homeowner Program: Buy a Home With No Money Down!

New Homeowner Program: Buy a Home With No Money Down!

WHITTIER, CA – In the past 30 days, 159 buyers have contacted Delgado Realty about buying a home!!!  "These are first time buyers who want to take advantage of the record low interest rates, 2003 home prices and for a limited time first time home buyer programs that enable these buyers to buy a home with a mortgage payment that is cheaper than rent.”  Our team currently has 210 buyers in our Buyers in Waiting program, which this number is expected to top 300 by year end!

I meet people all the time who are more than qualified right now to buy the home they dream of, but continue to slave away, paying their landlord's mortgage.  Says David Delgado of Delgado Realty. "People wrongly focus on the down payment as the stumbling block which prevents them from even considering - a home purchase.  By challenging this old thinking and working with area lenders, I have perfected the ultimate first time buyer program", says Delgado, "I've mastered helping people become homeowners that they previously thought was years away."

Delgado Realty conducts a Tour of Bank Foreclosures for first time buyers every weekend! These tours feature some of the best real estate deals in Whittier, both on and off the MLS.  Each tour includes a sampling of foreclosures, short sales, and other types of distress sales. This is a great opportunity to view some of the fantastic buying opportunities that are currently available in our local market.  At the rate these properties are selling, we don’t expect these great deals to last much longer!

According to the California Association of Realtors (C.A.R.'s)® First-time Buyer Housing Affordability Index (FTB-HAI) is at an all time high. The index is expressed as a percentage and it is used as measuring stick of how affordable for a first time buyer to enter into the housing market.  To give you an example, in Los Angeles County Quarter 1 2007 the FTB-HAI was at a all time low at 29% while the median home prices were at $478,525 vs 4th Quarter 2011 FTB-HAI is at 67%! This is a result of record low interest rates, low to no money down payment programs and the home prices at or near the levels in 2003.  This is a ripe formula for a mortgage payment that is cheaper than paying rent!

To receive a free special report entitled, "How to Buy a Home With Zero Down" which reveals how this new and innovative program can get you into this housing market immediately and with absolutely no down payment, call 1-800-270-9096 #1025 recorded message) or contact David Delgado at 562-252-7889 or visit www.DavidDelgadoRealty.com