The following Housing Market Summaries were compiled from Southland Regional and Greater Antelope Valley Associations of REALTORS.
San Fernando Valley’s moderate inventory of homes for sale unlikely to yield deep price discounts
Home sales during November in the San Fernando Valley dropped over 50 percent from a year ago as public reaction to the negative news about problems with sub-prime loans and tighter lending standards continues.
A total of 355 single-family homes and 141 condominiums changed owners in November, the Southland Regional Association of Realtors reported on Thursday, Jan. 2.
These sales numbers are reminescent of totals reported during the recession of the mid-1990's. However, unlike that recession, the inventory of homes for sale remains moderate indicating that, locally, prices will soften but not fall dramatically as some news reports imply.
The single-family sales total was 52.9 percent below a year ago yet one sale higher than the figure reported this October, which was a record low.
Condominium sales of 141 units were down 50.4 percent from November 2006, but up 10.2 percent from October. While condo sales are down dramatically from the recent boom, the November total is still well above the record low of 80 sales set in February 1993.
Indeed, while slower activity could make 2007 the worst year on record for local home resales, prices are dropping only moderately and appear unlikely to fall to levels reported during the recession of the 1990s.
The inventory of 7,505 active listings was up 23.2 percent from November 2006. At the current pace of sales, that represents a 15.1 month supply – clearly a buyers’ market, although still below the record high of 23 months set in February 1993.
However, the inventory was 50 percent below the record high of 14,976 active listings set in July 1992. During the 1990s the inventory hovered well above the 10,000 mark for multiple years, a fact that ultimately yielded a 29.2 percent drop in the median price.
The median price of single-family homes sold last month was $557,500, down $37,500 from the $595,00 median of November 2006 for a drop of 6.3 percent.
The condo median price at the end of November was $375,000, a decline of 4.1 percent from November 2006. The condo median is close to the record high of $415,000 set in February 2006.
Home sales slowdown in the Santa Clarita Valley appears to be easing
Despite ongoing national reports about slow home sales and troubles in the home loan industry, a total of 111 single-family homes and 38 condominiums sold during November throughout the Santa Clarita Valley, the Southland Regional Association of Realtors reported on Thursday, Jan. 2.
The single-family resale total was down 39.3 percent from a year ago, a decline that was below the 50 percent or higher drops reported in other Southern California communities, suggesting that local buyers recognize the opportunities that exist in today’s market.
The 38 condos that sold were down 56.8 percent from a year ago when the total was 88 sales. The November tally was the lowest condo sales total on record, beating the prior low of 42 sales set in October 2007.
The median price of single-family homes sold during November was $522,500, down 9.9 percent from a year ago. The median has been falling slowly since the record high of $643,000 was set in April of 2006. After nine years of increases in the annual median price, 2007 is likely to post a decline of about 5 percent.
The condominium median price reported during November of $316,000 was down 13.4 percent from November 2006, but increased 1.9 percent from the median reported in October. The condo record high of $397,000 was set in January 2006.
A total of 2, 341 properties were listed for sale throughout the Santa Clarita Valley at the end of November, an increase of 7.2 percent from a year ago, but down 4.2 percent from this October, which suggests that the pace of listings is slowing.
At the current rate of sales, the active inventory represents a 16-month supply – a clear indicator of a buyers’ market and well above the desired 5- to 6-month inventory that would represent a balanced market.
While statistics do not exist to prove the point, it is believed that today’s inventory is far less than the totals reported in the early 1990s when the nation and the state were going through a deep economic recession.
Fewer AV Homes listed versus November 2007
Currently there are 4783 homes actively listed in the Antelope Valley, according to the Greater Antelope Valley Association of REALTORS, and 574 pending homes, for a total of 5357 homes on the market.
This is a drop of 6% from early November figures, when the Antelope Valley had 5702 total residential listings.
Sunday, January 6, 2008
January 2008 Holidays and Special Days
Month Long Observances:
- Eye Care Month
- Hot Tea Month
- National Blood Donor Month
- National Braille Literacy Month
- National Hobby Month
- National Soup Month
- National Staying Healthy Month
- National Thank You Month
January 1st
Betsy Ross's BirthdayBorn in 1752.
Ellis Island Aniversary- Ellis Island opened on this day in 1892.
Le Jour de l'An - French New Year
New Year's Day
January 2nd
Boo Boo Bear's Birthday - Yogi the Bear's little buddy.
Drinking Straw PatentedOn this day in 1888.
Run up the Flagpole and See if Anyone Salutes Day
January 3rd
Festival Of Sleep Day
Fruitcake Toss Day
Humiliation Day
January 4th
Trivia Day
January 5th
First Woman Governor Inaugurated1925 - inauguration of Nellie Ross as Wyoming's Governor. National Bird Day
January 6th
Bean Day
Cuddle Up Day
Dia de Reyes - Celebrate in Mexico.
Epiphany
January 7th
Old Rock Day
January 8th
Bubble Bath Day
January 9th
National Apricot Day
National Static Electricity Day
January 10th
First Meeting of United Nations - In London in 1946.
Peculiar People Day
January 11th
Milk Day - Milk delivered in bottles for the first time in 1878.
Secret Pal Day
January 12th
National Pharmacist Day
Work Harder Day
January 13th
Make Your Dreams Come True Day
Poetry Break Day
Rubber Duckie's Birthday - Sesame Street Character.
January 14th
Coming-of-Age Day - Celebrated in Japan on the second Monday of January.
National Dress Up Your Pet Day
January 15th
First Super Bowl Played in 1967. Green Bay (35) defeated Kansas City (10).
January 16th
National Nothing Day
January 18th
Hat Day - Third Friday in January.
Thesaurus Day
Winnie the Pooh Day - A.A. Milne's Birthday. Born in 1882.
January 19th
Popcorn Day
January 20th
Cheese Day
Inauguration Day
Penguin Awareness Day
January 21st
Dr. Martin Luther King Jr. Day - Honoring his birthday (born in 1929). It is observed on the Third Monday in January - the 21st in 2008.
National Hugging Day
Squirrel Appreciation Day
January 22nd
National Blonde Brownie Day
January 23rd
Measure Your Feet Day
National Handwriting Day
January 24th
Compliment Day
Eskimo Pie Patented By Christian Nelson in 1922.
Gold Discovered in California At Sutter's Mill in 1848.
January 25th
Burns Night - Celebrated in Scotland.
Opposite Day
January 26th
Australia Day - The day Sydney Australia was settled in 1778. January 27th
Chocolate Cake Day
Holocaust Memorial Day - Celebrated in the UK.
January 28th
Ernie's Birthday - Sesame Street Character.
January 29th
National Puzzle Day
January 31st
Backwards Day
National Kazoo Day - Usually celebrated on the last Thursday of January.
Courtesy: About.com Family Crafts
FAQ: How to Reduce Your Property Taxes this Year!
With the widely publicized reduction in home prices this past year, many homeowners are wondering about their upcoming property tax payment and looking for ways to save money.
While it might be too late to change this current property tax cycle, with the second payment due in a couple months, you can take steps to possibly save on this upcoming cycle of property taxes.
It is true that your Los Angeles County property tax is based on the price of your home when you bought it. Although prices in the county have only fallen about 8% from their highs, many people who have bought their home in the past couple of years may have a home worth less than the purchase price. For these homes, you can file an application for a “Decline in Value Reassessment” at http://assessor.lacounty.gov/extranet/list/newsList.aspx?newsid=78. The home must have been purchased between July 1, 2005 and June 30, 2007 to qualify for this temporary reduction in the tax.
The Assessor’s Office is sponsoring community meetings to publicize the program and assist homeowners with these reassessments. The only one in the Tri-Valley area of Northern LA County I am aware of is at the Lancaster Public Library, 601 West Lancaster Blvd. (zip 93535) on Wednesday, January 30 from 10am-11:30am. For more information, you can call the Assessor’s Office at Call (213)974-3211.
Questions answered in this column were asked by my clients, past clients, or prospective buyers and sellers. The questions were answered when they were asked, and they were notified if the question is a candidate for the FAQ column. Questions are chosen based on interest to a wider audience, timeliness to the current market, and possibly other factors. Those whose questions are featured in this column get a gift card to their favorite store, restaurant, mall or movie theatre in the Tri-Valley area if they allow me to publish their name or initials and the city in which they live in this column. You can email your questions for a prompt response to changhomes@gmail.com.
While it might be too late to change this current property tax cycle, with the second payment due in a couple months, you can take steps to possibly save on this upcoming cycle of property taxes.
It is true that your Los Angeles County property tax is based on the price of your home when you bought it. Although prices in the county have only fallen about 8% from their highs, many people who have bought their home in the past couple of years may have a home worth less than the purchase price. For these homes, you can file an application for a “Decline in Value Reassessment” at http://assessor.lacounty.gov/extranet/list/newsList.aspx?newsid=78. The home must have been purchased between July 1, 2005 and June 30, 2007 to qualify for this temporary reduction in the tax.
The Assessor’s Office is sponsoring community meetings to publicize the program and assist homeowners with these reassessments. The only one in the Tri-Valley area of Northern LA County I am aware of is at the Lancaster Public Library, 601 West Lancaster Blvd. (zip 93535) on Wednesday, January 30 from 10am-11:30am. For more information, you can call the Assessor’s Office at Call (213)974-3211.
Questions answered in this column were asked by my clients, past clients, or prospective buyers and sellers. The questions were answered when they were asked, and they were notified if the question is a candidate for the FAQ column. Questions are chosen based on interest to a wider audience, timeliness to the current market, and possibly other factors. Those whose questions are featured in this column get a gift card to their favorite store, restaurant, mall or movie theatre in the Tri-Valley area if they allow me to publish their name or initials and the city in which they live in this column. You can email your questions for a prompt response to changhomes@gmail.com.
5 Simple Ways to Increase a Home's Value
Good home maintenance is key to creating and preserving a home’s value. Not to mention, it also impresses potential buyers. Here are five basic steps that every home owner ought to take — before spending money on dream bathrooms or gourmet kitchens.
1. Safety. Make sure smoke detectors and carbon monoxide detectors are installed and in good working order. Check fuel-burning appliances to make sure they are properly vented and no gas connections leak. Make sure the electrical system is adequate. Flickering lights and popping breakers are the sign of a problem. Anchor handrails and grab bars adequately.
2. Preventive maintenance. Repair any leaks in the roof, seal gaps in the siding, paint bare wood, replace damaged decking, patch cracks in concrete, and caulk around tubs and showers.
3. Conserve energy. Install a programmable thermostat, weatherstrip doors and windows, fix leaking faucets, upgrade insulation, and replace leaky windows.
4. Go green. Consider environmentally friendly materials for windows, doors, siding, decking, fencing, roofing, flooring, and insulation.
5. Improve comfort. Get rid of clutter, open up spaces, update window treatments to allow in more light, and organize closets and storage.
Source: The Associated Press, James and Morris Carey (12/29/07)
1. Safety. Make sure smoke detectors and carbon monoxide detectors are installed and in good working order. Check fuel-burning appliances to make sure they are properly vented and no gas connections leak. Make sure the electrical system is adequate. Flickering lights and popping breakers are the sign of a problem. Anchor handrails and grab bars adequately.
2. Preventive maintenance. Repair any leaks in the roof, seal gaps in the siding, paint bare wood, replace damaged decking, patch cracks in concrete, and caulk around tubs and showers.
3. Conserve energy. Install a programmable thermostat, weatherstrip doors and windows, fix leaking faucets, upgrade insulation, and replace leaky windows.
4. Go green. Consider environmentally friendly materials for windows, doors, siding, decking, fencing, roofing, flooring, and insulation.
5. Improve comfort. Get rid of clutter, open up spaces, update window treatments to allow in more light, and organize closets and storage.
Source: The Associated Press, James and Morris Carey (12/29/07)
3 signs of predatory lending
1. They target you, seeking borrowers that may need cash due to medical issues, unemployment, and debt-related problems. Elderly, Minorities, Immigrants and those with low credit scores.
2. They charge unnecessary costs, especially overpriced insurance, adding in overpriced fixtures, appliances, and even free trips.
3. They give misleading or no information about loans, using bait-and-switch tactics by offering loans that seem almost too good to be true. What they initially offer is often lost in the process, and borrowers may not even realize that the cost or loan terms are not what they originally agreed to. Borrowers have been told that the FHA insures against property defects and loan fraud, neither of which is true.
(excerpted from Mortgage Fraud and Predatory Lending: What Every Agent Should Know, by MARIE SPODEK, GRI, AND JEROME MAYNE (Dearborn))
Predatory lending is a big problem in today’s economy, but know that not all loan officers or mortgage brokers are predatory. I am committed to keeping my friends and clients away from such ... I work closely with only quality lenders, and recommend only those I am confident to hang my reputation with.
For details, please send me an email, changhomes@gmail.com ...I have a guide on avoiding predatory lending as well as referrals to experienced lenders I know and trust.
2. They charge unnecessary costs, especially overpriced insurance, adding in overpriced fixtures, appliances, and even free trips.
3. They give misleading or no information about loans, using bait-and-switch tactics by offering loans that seem almost too good to be true. What they initially offer is often lost in the process, and borrowers may not even realize that the cost or loan terms are not what they originally agreed to. Borrowers have been told that the FHA insures against property defects and loan fraud, neither of which is true.
(excerpted from Mortgage Fraud and Predatory Lending: What Every Agent Should Know, by MARIE SPODEK, GRI, AND JEROME MAYNE (Dearborn))
Predatory lending is a big problem in today’s economy, but know that not all loan officers or mortgage brokers are predatory. I am committed to keeping my friends and clients away from such ... I work closely with only quality lenders, and recommend only those I am confident to hang my reputation with.
For details, please send me an email, changhomes@gmail.com ...I have a guide on avoiding predatory lending as well as referrals to experienced lenders I know and trust.
Fast Facts in California Housing
- Calif. median home price - November 07: $488,640(Source: C.A.R.)
- Calif. highest median home price by C.A.R. region November 07: Santa Barbara So. Coast $1,075,000 (Source: C.A.R.)
- Calif. lowest median home price by C.A.R. region November 07: High Desert $262,650 (Source: C.A.R.)
- Calif. First-time Buyer Affordability Index - Third Quarter 07: 24 percent (Source: C.A.R.)
- Mortgage rates - week ending 12/27: 30-yr. fixed: 6.17%; Fees/points: 0.5% 15-yr. fixed: 5.79%; Fees/points: 0.5% 1-yr. adjustable: 5.53%; Fees/points: 0.7% (Source: Freddie Mac)
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