Posted on

Real Estate News 9.3.14

1.House Hunters Head for the Hills After Labor Day
“Labor Day marks the end of summer – and the end of the traditional house-hunting season. Based on properties viewed on the Trulia website for the full years of 2011-2013, home search activity jumps in March, stays high through summer, and then falls below the annual average in September and stays that way until the new year begins. Nationally, home searches for September and October combined are 6% below the annual average.”

2.US Home Prices Rose at Slower Pace in July
“U.S. home prices rose in July but at a slower rate compared with earlier this year. The moderating price increases could help support sales.”

3.Mortgage Applications Increase in Latest MBA Weekly Survey
“Mortgage applications increased 0.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 29, 2014.  ”

4.Housing Woes Worse in L.A. Than New York, San Francisco
“Jeanette Cross took out a payday loan to cover her May rent of $1,600 in South Los Angeles. She skipped car and insurance payments to keep a roof over her head. ”

5.Home prices just hit a 70-month high. Now for the bad news
“Home prices have soared over the past year, but the news isn’t all good on the home front.”

6.What slowdown? Phoenix, Valley cities considering a number of real estate projects
“Despite a sluggish real estate market, local city councils and planning boards have a number of major developments projects on their post-Labor Day agendas.”

7.Underwater in Southern California and trend reversals: 10 percent of SoCal homeowners remain underwater despite recent increase in home prices.
“You would think that the recent rise in home prices across Southern California would be enough to bring most homeowners into a positive equity position.”

8.Job creation rate at six-year high
“Overall job creation in the U.S. was steady in August, according to a new survey by Gallup Inc.”

9.Napa County home foreclosures continue to drop
“The number of Napa County homes facing foreclosure has fallen dramatically in 2014, especially compared to the great recession years.”

TonyAlvarez.com

 

 

 

 

 

 

 

 

Posted on

Real Estate News 9.1.14

1.Obama: ‘Revving’ economy calls for higher wages
“President Barack Obama renewed his push for Congress to raise the minimum wage Monday in a buoyant accounting of the economy’s “revving” performance, delivered on behalf of Democrats opening their fall campaigns for the midterm congressional elections.”

2.Has L.A.’s economy come back?
“Among those who know Los Angeles’ economy best, there is one point of agreement: The city is slowly recovering from the 2007 collapse. It was seven years ago that a national housing and financial crisis triggered the worst economic downturn of this generation, and it hit L.A. hard. Unemployment soared to more than 13%; today, it is at roughly 8.7%. That is still high by historical standards, but things are steadily improving.”

3.Enter in the fall housing market: Shopping in Santa Monica with a $900,000 budget. Expectations running high before the fall season hits.
“You can smell the end of the summer real estate season as some drunk sellers are pulling properties off the market since they are unable to obtain their ridiculous prices. Funny how expectations work.”

4.A grim Labor Day for many Californians
“Although California’s job market has continued to improve during the past year, the current economic expansion has not been strong enough to begin reversing decades of wage stagnation and diminished economic opportunity for many California workers, according to a new report from the California Budget Project, which describes itself as a nonpartisan policy research organization.”

TonyAlvarez.com