Great Time for Housing Deals
Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.
"If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?" says Christopher J. Mayer, a Columbia Business School economist.
With 15-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage and keep the house. "At this point," says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., "if they don't have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to."
Source: The Wall Street Journal, M.P. McQueen (07/24/2010)
Monday, July 26, 2010
Wednesday, July 14, 2010
National Housing News
July 14, 2010
National Home Prices Continue Gains Over 2009
U.S. home prices, including distressed sales, increased by 2.9 percent compared to the same month last year, according to CoreLogic in its monthly index.
May was the fourth straight month prices showed a year-over-year increase.
"Home price appreciation stabilized as home buyer tax credit-driven sales peaked in late spring," says Mark Fleming, chief economist for CoreLogic. "But given that the labor market and income growth remain tepid, we expect prices to moderate and possibly decline the rest of the year."
Source: CoreLogic (07/13/2010)
National Home Prices Continue Gains Over 2009
U.S. home prices, including distressed sales, increased by 2.9 percent compared to the same month last year, according to CoreLogic in its monthly index.
May was the fourth straight month prices showed a year-over-year increase.
"Home price appreciation stabilized as home buyer tax credit-driven sales peaked in late spring," says Mark Fleming, chief economist for CoreLogic. "But given that the labor market and income growth remain tepid, we expect prices to moderate and possibly decline the rest of the year."
Source: CoreLogic (07/13/2010)
Very Good News for LB and OC
June Prices in Laguna Beach Go Up
June prices in Laguna Beach went up to $1.213M and sale volume when up 10.8% as compared to the same month in 2009. Orange County prices went up 6.5% and sale volume increased 15.7% when over 3400 homes sold in June. These statistics are from DataQuick, regarded as the most accurate source, because they only look at actual recordings in OC.
Furthermore, Moody's Economy.com Chief Econmist Mark Zandi is predicting a slightly stronger demand for housing into 2011.
Do You Like to Walk?
According to www.ceosforcities.org, walking is a great way to maintain a healthy life style and a city's walkability contributes to increased home values.
The authors of the study stated that, "Homes in more walkable neighborhoods are worth more than similar homes in less-walkable neighborhoods..."
June prices in Laguna Beach went up to $1.213M and sale volume when up 10.8% as compared to the same month in 2009. Orange County prices went up 6.5% and sale volume increased 15.7% when over 3400 homes sold in June. These statistics are from DataQuick, regarded as the most accurate source, because they only look at actual recordings in OC.
Furthermore, Moody's Economy.com Chief Econmist Mark Zandi is predicting a slightly stronger demand for housing into 2011.
Do You Like to Walk?
According to www.ceosforcities.org, walking is a great way to maintain a healthy life style and a city's walkability contributes to increased home values.
The authors of the study stated that, "Homes in more walkable neighborhoods are worth more than similar homes in less-walkable neighborhoods..."
Thursday, July 1, 2010
Tax Credit Deadline Extended; Flood Insurance Program Reinstated
Date: July 1, 2010
Re: Tax Credit Deadline Extended; Flood Insurance Program Reinstated
Rick Cirelli and I would like to pass on the following announcement from NAR
We are happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for... homebuyers, and NAR worked closely with members of Congress to make it happen.
The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts. Be sure to consult with your tax consultant.
Source: National Association of Realtors (NAR), July 1, 2010
Re: Tax Credit Deadline Extended; Flood Insurance Program Reinstated
Rick Cirelli and I would like to pass on the following announcement from NAR
We are happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for... homebuyers, and NAR worked closely with members of Congress to make it happen.
The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts. Be sure to consult with your tax consultant.
Source: National Association of Realtors (NAR), July 1, 2010
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