Portland Ranks 6th in Impressive Index
July 28, 2010 by admin
Filed under Home Resales, Pending Home Sales, Positive Real Estate, Positive Real Estate Brokerages, Real Estate Articles
- Image by Joe Dunckley via Flickr
Portland, Oregon ranks 6th of the 20 cities tracked by Case Shiller. The index reveals that a dollar invested in the Portland real estate market would be worth $1.47. That is a 47% return on each dollar invested. DC, Los Angeles, New York, San Diego, and Boston place among the top five with Washington DC’s impressive 82% return.
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San Francisco up 16.2%, SD 10.8%, LA 6%
May 27, 2010 by admin
Filed under california
The San Francisco area had the strongest quarterly performance among metropolitan regions in a closely watched home price index released Tuesday, although other areas and national numbers showed some weakening.
The S&P/Case-Shiller Home Price Index showed the San Francisco area – which it defines as the counties of San Francisco, San Mateo, Marin, Alameda and Contra Costa – up 16.2 percent in the first quarter, compared with the same quarter in 2009.
Other California areas also showed recovery, with San Diego up 10.8 percent and Los Angeles up 6 percent.
“San Francisco, San Diego and Los Angeles went way up and came way down, so to some extent this is a rebound from the bottom,” said David Blitzer, chairman of the index committee for Standard & Poor’s, which publishes the index.
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Los Angeles industrial real estate outperforms nation
April 28, 2010 by admin
Filed under california, Positive Real Estate
Image via WikipediaFrom LA Times
Industrial property landlords are suffering in most of the country – but not so much in Los Angeles, a real estate brokerage said Tuesday.
Vacancy in the U.S. increased for a 10th consecutive quarter to 10.9% in the first three months of this year, Grubb & Ellis said. Asking rents were down almost 7% from a year ago. With the economy finally starting to improve a bit, the pace of deterioration in the industrial real estate market is easing, “but not quickly,” said the brokerage in a report.
In Los Angeles, vacancy rose a smidgen from a year ago to a mere 3.4% in the first quarter, though that was a six-year high. Asking rents have been coming down for the most part since 2008.
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So Cal Home Sales Rise
November 19, 2009 by admin
Filed under Home Resales
Southern California home sales rose in October. Shrinking inventory of homes for sale and government and industry efforts to stoke demand and curtail foreclosures helped prices stabilize. Last month 22,132 new and resale houses and condos closed escrow in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was up 2.8% from 21,539 in September and also up 2.8% from 21,532 a year earlier, according to MDA DataQuick.
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Los Angeles Times Declares a Bottom
July 17, 2009 by admin
Filed under Pending Home Sales
Southern California median home sales price surged in June with sales volume reached a 30-month high. Prices increased to a new average of $265,000.
From the LA Times:
“Southern California home prices may have finally hit bottom, with median values rising last month for the first significant increase in two years, new data show.”
For the first time in 9 months fewer than half of the sales were foreclosures while the prices rose 6.4% in May.
“I think we can now say with fair degree of confidence the pace of real home price declines has slowed dramatically,” said Los Angeles economist Christopher Thornberg, who was an early predictor of the housing bubble.
“Sales in many higher-cost neighborhoods couldn’t have gotten much lower, so this recent uptick in activity should come as no surprise,” MDA DataQuick President John Walsh said. “The recession and problem mortgages are fueling more high-end distress, hence more high-end bargains.”
The percentage of homes that sold in June for more than $500,000 rose to about 20% of all homes purchased, up from 18% in May.
Additionally only 45% of the homes sold had been foreclosed upon, DataQuick said, the lowest percentage since July 2008. Foreclosures peaked at 57% of total sales in February. Escrow closed on a total of 23,262 new and resale houses and condominiums in Los Angeles, Orange, Riverside, San Bernardino, Ventura and San Diego counties last month. That was up 12% from 20,775 in May and up 29% from a year earlier.
Los Angeles County’s median home price in June was $320,000, up from $300,000 in May….In Orange County, the median price went from $410,000 in May to $418,000 in June…The median price in San Diego County rose from $295,000 in May to $314,000 in June.
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Forbes Calls L.A. 5th Best City to Buy a Home
June 26, 2009 by admin
Filed under Positive Real Estate
Los Angeles is the fifth-best American city to buy a house, Forbes magazine said in a new ranking of U.S. metro areas.
“While the majority of the nation’s housing markets are still working toward a bottom, some cities are boasting fundamentals that make them good places to buy a home now,” Forbes reported this week.
Denver is the best city to buy a home. Phoenix was ranked No. 2, followed by Boston, San Diego and Los Angeles.
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Affordability More than Doubles in California
January 27, 2009 by admin
Filed under foreclosures
Just got this off of David Hoshaw’s Newsletter. He is a Santa Clarita Valley Realtor.With a decline in home resale prices and recent drops in mortgage interest rates (around 5% today) are prompting more people to jump into a market that is dramatically more inviting for entry-level buyers.
A study conducted recently found that the percentage of households that could afford to buy an entry level home in California stood at 53 percent in the third quarter of 2008. That’s more than double for the same period from a year ago when only 24 percent of households could qualify.
The First-Time Buyer Housing Affordability Index study conducted by the California Association of Realtors found that the minimum household income needed to purchase an entry-level home at $287,760 in California in the third quarter of 2008 was $56,100, based on an adjustable interest rate of 5.91 percent and assuming a 10 percent down payment. At $56,100, the minimum qualifying income was 44 percent lower than a year earlier when households needed $100,500 to qualify for a loan on an entry-level home.
In Los Angeles County the index stood at 42 percent, up from 20 percent a year ago. The L.A. entry-level price of $332,680 requires a minimum-qualifying income of only $64,800 and comes with a monthly loan payment of $2,160. A condo can start near $100,000 and will require less income.
