CA Home Prices Increase for 6th Straight Month
1. An estimated 37,481 new and resale houses and condos were sold statewide last month. That was up 0.5 percent from 37,295 in March, and down 1.3 percent from 37,967 for April 2009 (see chart above).
2. The median price paid for a home last month was $255,000, unchanged from March, and up 15.4 percent from $221,000 for April a year ago (see chart above). The year-over-year increase was the sixth in a row, following 27 months of year-over-year decline. The median peaked at $484,000 in early 2007.
3. Of the existing homes sold last month, 38.1 percent were properties that had been foreclosed on during the past year. That was down from a revised 40.3 percent in March and down from 54.6 percent in April a year ago. The all-time high was in February 2009 at 58.8 percent.
MP: The sixth monthly year-over-year increase in California home prices in April starting last November (following 27 monthly declines) suggests that home prices in California bottomed in late 2009, and have been gradually moving up. This home price recovery in California is consistent with the MacroMarkets prediction that "the onset of price recovery in U.S. single family real estate is widely expected by 2011, and home prices will increase by more than 12.4% between 2010 and the end of 2014."
11 Comments:
Isn't there some kind of tax credit that expires at the end of May?
Oh yeah, everything is looking up! Just peachy!
WASHINGTON, D.C. (May 19, 2010) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 14, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3.1 percent compared with the previous week.
The Refinance Index increased 14.5 percent from the previous week and the seasonally adjusted Purchase Index decreased 27.1 percent from one week earlier. This is the lowest Purchase Index observed in the survey since May of 1997. The unadjusted Purchase Index decreased 27.0 percent compared with the previous week and was 24.1 percent lower than the same week one year ago.
The Mortgage Bankers Association (MBA)
Economic woes, such as unemployment or reduced income, are the main catalysts for foreclosures this year. Initially, lax lending standards were the culprit. But homeowners with good credit who took out conventional, fixed-rate loans are now the fastest growing group of foreclosures.
Those borrowers made up nearly 37 percent of new foreclosures in the first quarter of the year, up from 29 percent a year earlier.
MSNBC
That's not surprising. With a record number (% wise) of graduates now living with their parents, who's going to buy the starter homes?
In the days leading up to the dramatic late-night vote on President Barack Obama’s health plan, Speaker Nancy Pelosi said, “We have to pass the bill so that you can find out what is in it …” Now that ObamaCare has passed, it is slowly dawning on people what the new law means for the country ...
... residents will begin paying ObamaCare taxes this year, while most benefits don’t start until 2014. The law includes some 19 new taxes.
Tax on Home Sales. Imposes a 3.8 percent tax on home sales and other real estate transactions. Middle-income people must pay the full tax even if they are “rich” for only one day – the day they sell their house and buy a new one.
The Spokesman
President Obama had said people could keep their coverage if they want, yet the Congressional Budget Office estimates that under ObamaCare 8 million to 9 million people will lose their employer-provided coverage.
That's going to be 8 or 9 million a year.
China’s new rich set trend buying luxury homes in California with cash - As China’s economy rises, a group of China’s new rich with abundant cash funds appeared in Southern California, mostly businessmen, taking advantage of the housing market downturn bought a lot of foreclosures, short sales or not yet listed houses with cash.China’s new rich like to live in cities with good school district, housing price with the potential of increase and more Chinese dominated areas, such as Diamond Bar the Country communities, Walnut, Arcadia, San Marino, Irvine and other places. The even richer tend to live in the white communities. In coastal Orange County, Newport Beach and Newport Coast are the most popular. Industry rumors said, many mainland China’s corrupted officials and illegal immigrants are mixed in this group of the new rich, began to shift into these luxury residential areas and bought multi-million dollar homes with cash to avoid being noticed.
http://www.chinahush.com/2010/05/17/chinas-new-rich-set-trend-buying-luxury-homes-in-california-with-cash/
anon thanks for those three links you posted...
Good stuff!
Anyone else think Mark needs to be kidnapped from DC to Texas for reeducation?
From CNN/Money: Foreclosures plateau - finally. Repossessions soar
May 13, 2010: 1:50 PM ET
The foreclosure plague may have finally reached its peak in April 2010 -- but don't expect delinquency statistics to plummet anytime soon.
The total number of foreclosure filings -- notices of default, auction notices and bank repossessions -- fell by 9% from March to April, and 2% compared with April 2009, according to data released Thursday by RealtyTrac, the online marketer of foreclosed properties...
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