Phoenix-proper, nearby Scottsdale and Chandler, Ariz. were the nation's hottest markets in 2008 for prospective homebuyers, according to a recent survey of most-searched ZIP codes in 35 U.S. markets served by popular online search and brokerage site ZipRealty . Overall, five of the top-ten most searched neighborhoods were in Phoenix and the surrounding areas.
In a volatile year for the housing market, ZipRealty's data analysts surveyed the most searched homebuyer markets across its extensive database and identified those most popular to consumers. In addition to Phoenix, others in the top-ten included: Irvine and Huntington Beach, Calif. (both in Orange County), Summerlin and Henderson (both suburbs of Las Vegas), and Atlanta-proper. See below for full list.
Most Searched ZIP Codes in ZipRealty's 35 Markets
1. Phoenix - Phoenix
2. Phoenix - Scottsdale
3. Phoenix - Chandler
4. Orange County - Irvine
5. Las Vegas - Summerlin
6. Phoenix - Mesa
7. Orlando - Orlando
8. Phoenix - Gilbert
9. Atlanta - Atlanta
10. Las Vegas - Henderson - Green Valley
ZipRealty also identified the most popular areas among the site's top ten metro markets. For San Francisco Bay Area, the bedroom community of Fremont topped the list, while in Los Angeles, Santa Monica was most popular. Newton grabbed the top spot in Boston, and Irvine again made the list for Orange County. Here is the full list:
Most Popular Community Searches in Top Ten Metropolitan Areas
1. San Francisco - Fremont
2. Los Angeles - Santa Monica
3. Boston - Newton
4. Orange County - Irvine
5. San Diego - Chula Vista
6. Miami - Fort Lauderdale
7. Seattle - Bellevue
8. Dallas - Dallas
9. Chicago - Naperville
10. New York - Manhattan
"Even with the slowdown in home sales, it's important to remember how many people are still looking, and this survey provides a snapshot as to where they were looking in 2008," explained CEO Pat Lashinsky. "As we move in to 2009, ZipRealty will continue to provide the most accurate information and tools to help home buyers and sellers, and make the process as transparent and easy as possible."
Sometimes it seems to me one of the biggest roles an agent has to is help folks understand the business of real estate. These days though the questions are coming from all over the place. No longer are they just about the schools or mortgages but rather foreclosures and short sales.
The LA Times has a nice piece explaining tenant rights when the landlord fails to pay the bills...
always remember, renters are often the next buyers...
Advice for renters if landlord faces foreclosure
You're paying your bills, but your landlord isn't. And you're the one holding the eviction notice.
This is becoming an all-too-familiar scenario for thousands of renters nationwide who have become the unintended victims of foreclosures. Banks are booting good tenants onto the streets with little to no notice after seizing a property from a delinquent owner, ignoring tenant leases.
In the most troubling cases, families are forced into shelters for temporary housing because they have little savings to cover moving costs, first month's rent and a security deposit at another apartment.
Fannie Mae has pledged to change that with its new renter policy starting this month. The plan will allow renters living in foreclosed properties to sign new leases with Fannie while the property is up for sale, or give the tenants money to move. Fannie has yet to establish the length of the leases, and the amount of move-out assistance will vary by state and property.
Freddie Mac said it would unveil a similar program in a few weeks.
But how does a renter know if his landlord has a mortgage held by Fannie Mae or Freddie Mac? Worse yet, what about renters of landlords who don't?
Fannie Mae plans to reach out to tenants, spokesman Brian Faith said.
"Most tenants don't normally know the details of their landlord's mortgage arrangements, but we'll be contacting the tenants in foreclosed properties we own to make them aware of the option to stay in their home through a lease with Fannie Mae," he said.
The details of Freddie Mac's tenant plan are still unavailable.
The pair own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debt. Fannie estimates about 4,000 tenants live in the company's foreclosed properties and would be eligible for the plan.
Unfortunately, that's just a fraction of renters facing the consequences of a landlord's foreclosure. Renters in large complexes are probably safe because multifamily loan delinquencies are still very low. But 15 million renters, or about 40% of all renters, live in single-family homes, many of which are owned by mom-and-pop investor landlords. This is where the risk lies.
What should you do if you receive a foreclosure or eviction notice?
For those of you in line to refinance your mortgage or in the process of getting a new one, I can offer you this one piece of advice, start now.
About a month ago I started the refi process and was updated yesterday that it might be awhile...
I can promise you there’s nothing special about my refi... Credit scores in the 800’s, no debt and my LTV is 50 percent...
According to the mortgage folks there’s no one to do the paperwork... After the last big round of layoffs so many folks were let go, when the time came crank things up again they had no one in the office anymore...
So rather then come out an admit to it, the mortgage people just keep coming up with more paperwork for me to fill out...
I’ve also heard the appraisal is only good as long as the appraiser is in the house... It’s a joke...
Love to hear what others are dealing with in the mortgage runaround... And if you’re in the mortgage business, what’s your side of the story...
A couple great surveys out today... Call it Yahoo’s best & worst of lists...
America's most and least favorite cities to habitat in is New York, taking number one in both categories... I understand how it happens, but always a credibility killer for me....
Most favorite cities...
1. New York
2. San Diego
3. San Francisco - described this way
Rank: 3
Workers who would like to move there: 9%
Median household income: $68,023
Median home value: $766,985
Annual home price change: -5.5%
San Francisco is one of the most beautiful cities in the world (it's also one of the most expensive). It's a progressive city with a vibrant economy, a vibrant arts and cultural scene, and a busy seaport. The University of California, San Francisco is one of the nation's top medical colleges. The city has become a biotech and technology center like neighboring Silicon Valley. The city's top attributes, according to the survey, were the environment (climate, parks, natural features, etc.), entertainment options, residents' background, talents and perspectives, and professional/personal opportunities. For the complete list click here...
If you click on the link above, Yahoo will offer a few other real estate related lists as well... It's worth click
Just walking past the fax machine when I found a fax from a mortgage company offering stated income home loans for folks with 350 FICO scores.... sure rates started at 9.99 percent, but I think this is how the housing/bad economy problem got started...
If you're interested, give the good people at PacShores Mortgage Inc. a call...
I'm going to suggest you DON'T Google them, the Phishing tool in my Firefox browser would NOT allow me to click on their site... see photo above
Reports out today say San Francisco office vacancies are the highest since dot-com crash. I have no reason to doubt any of the repoorts, but looking back we all know we'll survive this one too...
SAN FRANCISCO-The Downtown San Francisco office market posted its worst occupancy losses in more than seven years, according to a year-end report by CB Richard Ellis. Negative net absorption in the Downtown market in the fourth quarter totaled 1.4 million square feet--its highest level since the dot-com crash--and total availability grew by 1.7 million square feet, pushing the Financial District’s direct vacancy rate up 240 basis points to 12.6% and the overall availability rate, which includes sublease space, to 16.2%. Citywide direct vacancy jumped 220 basis points to 12.6%, matching the Financial District, while overall availability jumped 210 basis points to 18.3%.
The rapid increase in the availability rate--up nearly 65% from 11.1% in 2Q '07--has owners lowering their asking rates, which is pushing negotiated rates down even further. Owners of CBD class A properties dropped their asking rates by 7.7% during the quarter to $43.03, the steepest quarterly decline in more than five years, according to CBRE. “The delta between asking and signing rates appears to have widened further as owners trade lower rents for the stability of longer-term occupancy,” states the report.
Indeed, a late December report by Colliers International based on 93 fourth quarter deals in the Financial District found that the weighted average class A office rent had fallen 26.4% to $41.34 per square foot per year, down from $56.17 in the third quarter and $53.14 in the fourth quarter of 2007.
Harold "Hal" A. Ellis Jr., a founder of real estate services firm Grubb & Ellis Co. and one of the best known figures in U.S. real estate, died Monday of metastatic melanoma at his home in Piedmont, Calif. He was 77.
Ellis built a small Oakland brokerage into a powerhouse whose circular yellow and black signs dot thousands of stores, offices, factories and other commercial properties for sale or lease across the country.
He lost control of Grubb & Ellis, now headquartered in Santa Ana, in 1992 but went on to found two more real estate companies. At his death he was the chairman of Ellis Partners, a San Francisco investment and development firm working on a $400-million expansion of Jack London Square in Oakland that will add a hotel, stores and restaurants to the historic waterfront site
He was also chairman and chief executive of CataList Homes Inc., a Hermosa Beach-based residential real estate brokerage he helped launch in 2001. The company challenged traditional brokers by putting local housing price data online that had previously been for brokers only and charged lower commission fees.
"Hal has always been thinking of the next big thing," said Michael Davin, president of CataList. "He wanted to use technology to advance an old-school business."
Ellis was born in Portland, Ore., on Aug. 4, 1931, the youngest of Harold and Bertha Ellis' four children. The family moved to Oakland two years later.
Ellis went on to attend UC Berkeley, playing football under coach Lynn "Pappy" Waldorf in 1951 and 1952. He served as president of the Phi Delta Theta fraternity and went on to earn a graduate degree in business from Stanford University.
Here’s a gorgeous studio just listed not too long ago in SF. It’s right along the Embarcadero, which is great for morning or evening walks. The Financial District is a brief walk away and it’s super close to all the great shopping downtown has to offer. This is a great pad for bachelor’s or bachelorette’s. And, if you’re not a great chef, there’s plenty of yummy eateries around. Just listed at 400k!
Let me begin by saying what I’m reporting here will probably in the end turn out to be more rumor than fact, but here’s how it goes..
The information comes from a group of over excited agents with a dislike for Pacific Union...
The story goes like this... The manager of Pacific Union’s Marin operations, Steve Dickason (no longer on the Pacific Union website) has called it quits. Dickason was Pacific Union’s Marin County manager and is reported to have left Pacific Union for greener pastures along with Craig Silvestri, Pacific Union’s sales manager for central Marin. The rumored greener pastures in this case would be the reported opening of an Alain Pinel office in Marin.
The Alain Pinel website does say they’re opening three new offices in Marin, but makes no mention of locations.... The only descriptions given are central, northern and southern Marin.
Along with the rumors comes the report of the pending death of Pacific Union. This has been described as the final straw for the long time brokerage. Keep in mind all this is just rumors flying through the mill, but some of the facts are lining up.
The rumors are flying fast and furious, so if you know anything, please feel free to leave what you know in the comments section. No need to leave your name.
Just about everyone I’ve spoken to, or exchanged emails with tells me this is Pacific Union’s swan song.
While not everyone agrees that Pacific Union is on life support YET, the signs are there.
I’ve been told by reliable sources that both Pacific Union and Alain Pinel are holding meetings today to explain what the companies see as their futures.
While clearly Pinel will be offering a happier version of the future, Pacific Union now finds itself in damage control mode...
Pacific Union agents attending today’s meetings will be asking what the future holds for them and what the new management structure will be.
Those i’ve spoke with tell me the most likely candidate to head up Pacific Union’s operations in Marin will be the current manager of operations in Mill Valley. Multiple sources I’ve spoken to tell me his limited experience makes him a poor candidate for the job.
A source who attended a gathering of agents last night told me the fear at Pacific Union was that when Steve Dickason got FIRED, yes multiple sources are now telling me he didn’t walk away, but was in fact fired, that he would take the best agents with him.
To be very honest, the flight from Pacific Union started just days ago when top producer Marilyn Rich left for the boutique firm Morgan Lane. Rich was a top 5 producer annually for the now fading Pacific Union.
Sources tell me Dickason’s firing was over budget cuts. Corporate was asking for a million dollars in savings and Dickason refused... Dickason, is described as the best manager in the Bay Area, with some even calling him a legend.
The Pinal meetings which I’ve been told will take place on the Marin side of the bridge is to let potential agents know what Pinal now has to offer agents willing to jump ship.
One agent said to me you would have to be, “crazy” to stick with Pacific Union.
If you have any news or updates, feel free to drop me a note or post what you know in the comments section.
Sources are now telling me Lindy Emrich, a top ten producer in Marin announced this morning at the Marin Assocation of Realtors she'll be leaving Pacific Union to join Steve Dickason at Alain Pinel... I'm expecting more details this afternoon about this and other potential defections... as always feel free to leave your thoughts in the comments section... all comments can be made anonymously
I'm now hearing the Pacific Union agents will be meeting with management this afternoon at Spinnaker Restaurant in Sausalito... I'm expecting reports back shortly there after... I'll update as I hear more...
And as always, feel free to leave any thoughts you have in the comments section
Sources are now telling me former Pacific Union super star Sheila Levine is under consideration to replace legendary manager Steve Dickason. Levine who recently retired from Pacific Union was described by one agent as, “addicted [to real estate]. It’s in her blood... She still tours.”
An agent I spoke with said bringing Levine back would be, “The smartest thing they [Pacific Union] could do to stem the flood of agents defecting.”
Another source confirms that Dickason was in fact fired, but not for refusing to cut budget rather for a minor infraction. They described the infraction as a negative five on a scale of one to ten. “But that’s how corporate works” they said.
I’ve been told the Dickason firing comes on the heels of Pacific Unions decision to also let go of their Sonoma County manager.
So the question that begs to be answered, why all the blood letting?
One source with connection deep within Pacific Union tells me they fear the real estate brokerage might be once again be for sale and this is an effort by the current management “to shore up the books.”
The Pacific Union death watch continues...
At this point all fingers point towards managements decision to fire Steve Dickason... I've heard nothing but praise for Dickason...
The latest tip just arrived in the form of an email...
Here's what they had to say...
"What I heard is Steve Dickason was told to reduce spending by 1 million, but he refused as he knew it would strip his agents of the services they needed to run their businesses. After his refusal to cut spending, Avram focused on pushing Steve out – Avram and his corporate cronies found that Steve was paying his daughter and son-in-law (who worked for the company) in a way that didn’t fit the exact specifications of corporate policy – Steve was doing nothing shady, just not perfectly following the corporate pay policies – Avram used this as an excuse to let Steve go – Loyalty, which is very rare in this industry, proved strong enough to make Avram’s decision a complete misstep – Everyone is leaving P/U for Alain Pinel..."
As always, feel free to leave you thoughts or tips in the comment section...
According to folks in the know, an estimated 50 agents will make the jump to Alain Pinel. I don’t know for sure they’re all Pacific Union agents, but the number seems solid.
Offices from what I’ve been told will be set up in Larkspur Landing... Only temporary space for now...
I just got a call from a Frank Howard Allen agent who tells me for years Alain Pinel and Frank Howard Allen had an arrangement where they would trade Marin referrals for East Bay referrals and East Bay referals for Marin referals.
The agent tells me the word came down that FHA management was not happy with the idea that their one time trading partner would sudden come into Marin and start poaching their clients directly...
I'm not sure much could be done... One broker suggested, or hinted that if there was something in writing they might be able to after Alain Pinel for breach of contract...
This is the first time I'm hearing any of this, so if anyone knows more, please feel free to leave thoughts in the comments section...
Just heard through a second party that the deal isn't done yet... Plenty of Pacific Union agents still sitting on the fence... Word is yesterday's meeting made believers out of some, but is it enough to put an end to the death watch? Has Pacific Union's management stopped the bleeding?
One source tells me fifty agents have committed to Alain Pinel, another tells me it might be as high as 100... for now a lot of rumors, waiting to hear back from several tipsters.
I just learned one of the biggest names at Pacific Union is changing shops... I've been told I'll have to wait 48 hours before I can release their name, but this one is going to hurt...
The departing star said the firing of Steve Dickason was the final straw... They also told me they expect the entire Greenbrae office of Pacific Union will follow Dickason.
A sigh of relief.... After hearing the pitch from Alain Pinel Tuesday afternoon, Nan Allen announced she was, "unimpressed" and staying with Pacific Union...
If you need further proof of Alain Pinel's arrival in Marin, agents reported to me the first Alain Pinel business cards in the wild... Agents touring in Marin today saw temporary cards with the names of new agents handwritten on the front...
I have been promised by a number of folks today several big announcements in connection with the Pacific Union death watch...
As the news rolls in, I'll post it here first... if you have any tips or suggestions, feel free to drop me a note... i can be reached at: alainunion@yahoo.com
Just off the phone with a very optimistic and upbeat Craig Silvestri. As the new face of Alain Pinel Real Estate here in Marin he could not be more excited about what's going on.
Silvestri said the whole process very much feels like a start-up. He has a lot to do over the next few days including finding temporary office space for new agents.
As of this morning, somewhere between 50-55 agents have made the switch to his firm, the bulk of them coming from Pacific Union. But Silverstri said that number is changing by the hour.
So where will everyone be working? Silverstri said other than the new office in Novato, he expects to open offices in Larkspur and Mill Valley.
Just got an email update from a new Alain Pinel agent...
Here's what they had to say...
"As one of the 50 agents to leave Pacific Union I'm happy with the speed at which Alain Pinel Real Estate is moving to secure new locations and train us on their technology. Overall, spirits are good."
I like your blog. I especially like the snoopy drawing. Did you do that yourself?
Not all the Pacific Union agents are going to Alain Pinel. I have interviewed 3 of them within the last few days who are considering moving to my brokerage and have more that have told me they are "waiting until the dust settles." then they will start looking at options.
My brokerage, Bradley Real Estate has grown from 12 Marin agents to 280 agents in 7 years. Most of that growth has happened in the last 3 years. We opened 4 offices in a little over a year. Most of our agents have moved from Frank Howard Allen, Coldwell Banker, Pacific Union, Prudential and other brokerages.
We have 8 offices in Marin. We also are gaining market share rapidly. I will forward you another email with some interesting stats for current dollar volume in escrow in Marin.
Just for the record since we don't know each other yet.. I am 37 and I was born in Marin County. I started selling real estate when I was 22.
I am about to head into my sales meeting, so I will check back later. Thank you!
This just in from Noe Valley. A 2 bed, 1 bath condo- perfect for married couples and small families. The condo includes a private deck – perfect for warm SF evenings. And there’s a fireplace that comes in handy when it’s cold outside and all you want to do is cozy up with a good book. Also, the open kitchen is covered with granite counters and furnished with cherry wood cabinets, great for entertaining guests and loved ones. There’s an open house this weekend so come by and have a look!
I clearly need to spend sometime digging around the latest round of housing data, but the folks at Reuters News Service were fast to find this bit of good news... Granted prices are down, but sales are up... and as well all know, until the excess inventory is off the market, things aren't going anywhere...
LOS ANGELES (Reuters) - December home sales in Southern California jumped 50.5 percent from the year earlier, but the median price fell 34.6 percent to $278,000 as shoppers snapped up foreclosed properties, MDA DataQuick said on Monday.
The area's median price, which reflects the midpoint of sale prices, hit $505,000 in mid-2007, DataQuick said.
A total of 19,926 new and resale homes and condominiums sold last month in the six-county region that is the most heavily populated area in the state of California.
The area, including such cities as Los Angeles, San Diego and Riverside, recorded 13,240 sales during December 2007.
The median price paid for homes sold in Southern California hit $278,000 in December, down from $425,000 in December 2007.
DataQuick said the drop in the median price "overstates the decline in home values" since more affordable homes in the foreclosure-hit inland markets accounted for a large portion of sales.
I'll be the first to admit it, I've Googled myself... Not in public of course....
So where can buyers, sellers and agents go to find specific details about themselves.... Homethinking . The site offers to search by town the names of agents who have sold there and the successes they've had in that particular town or city. I remember when the site first come on the pickings were pretty slim, but from looking at the website's traffic, it might be worth seeing where you stand with users. On an average month 65,000 potential clients will hit the site.
For those of you out there who rent and have been wondering about the joys of supply and demand, it appears your time has arrived... According to sfgate.com, the price of rent is finally catching up with the lack of demand....
Bay Area apartment rents fall 1st time in years
The charging bull that long characterized the rental market is finally out of breath.
Bay Area rents succumbed to growing economic pressures during the fourth quarter, dipping for the first time in years and upending the balance of power between tenants and landlords, according to a report by Novato research firm RealFacts Inc.
Apartment prices have climbed inexorably since 2004, stubbornly defying the broader residential real estate downturn that began three years ago. In fact, as the housing market tanked, it sent foreclosed owners back to apartment living and eliminated financing options for would-be buyers, pushing up rental rates quarter after quarter.
During the last three months of 2008, however, the streak ended. In the San Francisco metropolitan area (Alameda, Contra Costa, Marin, San Francisco and San Mateo counties), the average rent stood at $1,624, down 0.8 percent from the prior quarter, as occupancy fell 0.7 percent to 95.4 percent.
This is the way things are suppose to work... I know the prices of homes has come down, but the number of homes sold is going up, way up.... Up nearly 20 percent from November... And traditionally December is not the best month for home sales... Sure prices are down, but this what has to happen first before things can get better... I say to you, "this is all good news"
Remember homes are selling... isn't this what we were all waiting for?
San Francisco December home sales jump as prices fall
SAN FRANCISCO (Reuters) - San Francisco area home sales in December rose 19.7 percent from November and 36.0 percent from a year earlier as bargain hunters took advantage of falling home prices during a persistent national housing slump, MDA DataQuick said in a report released on Wednesday.
The real estate research firm said the nine-county region's median home price fell to $330,000, down 5.7 percent from November and 43.8 percent from a year earlier, to its lowest since March 2000 and off 50.4 percent from its mid-2007 peak of $665,000.
A total of 6,889 new and resale houses and condominiums were sold in the region in December, below the monthly average since 1988 of 8,807 but above record low levels of late 2007 and the first half of last year, MDA DataQuick said.
"Bargain hunting" dominated the San Francisco region's housing market last month, with purchases of foreclosure properties accounting for more than half of all resales for the first time, according to MDA DataQuick.
$749,000
This rare 3 bedroom / 2 bath, charming knock-out remodeled home is situated in a great location in Lower Bret Harte Village. Amazing use of space, care, and attention to detail has been the focus of this great remodel. This has that sought-after Pottery Barn look that everyone is looking for.
For additional information contact:
Connie Irwin
Morgan Lane Marin
415-235-6263
http://.connieirwin.com
It's going to be a way of life for a while... record home sales, huge price slumps and record low mortgage rates... but honestly it's a start...
Jan. 26 (Bloomberg) -- Sales of previously owned homes in the U.S. unexpectedly rose from a record low, propelled by the biggest slump in prices since the Great Depression as foreclosures surged.
Purchases rose 6.5 percent to an annual rate of 4.74 million from 4.45 million in November that was less than previously estimated, the National Association of Realtors said today in Washington. The median price dropped 15 percent from a year ago, the biggest decline since records began in 1968 and probably the biggest in seven decades, according to the group.
“You have to put it in the context of an even steeper decline for the previous month,” said David Sloan, a senior economist at 4Cast Inc. in New York, who had the highest projection in the Bloomberg News survey. “The net trend is still negative. It does seem that some cheap prices are attracting buyers. I don’t think it’s a clear sign of a revival in the housing market. The housing market is very weak.”
The housing slump at the center of the global credit crisis and economic downturn is likely to persist well into 2009, hurting companies such as Home Depot Inc. President Barack Obama has pledged to stem foreclosures and boost job creation to break the longest recession in a quarter century.
The index of leading economic indicators unexpectedly increased in December as the money supply expanded, a report from the Conference Board, a New York-based research group, showed today. The 0.3 percent increase was the first gain in six months and masked signs of a worsening recession. The index points to the direction of the economy over the next three to six months.
A few more agents have decided to change offices as a result of the changes at Pacific Union...
They include: Fiona Rogers, Lida Burval, Robert Craig, Jennifer Lee and Lydia Treadway
The monthly announcement from the good folks at Standard & Poor’s brings no surprises... According the to S&P/Case-Shiller Home Price Indices home prices continue their slide here in the Bay Area, down nearly 31 percent over the past 12 months... Down a mere 3 percent from October to November...
Leading the slide is Las Vegas at 31.6 percent over the past 12 months... Clearly not a lot of good news here, but reality is prices are now back to 2002 levels... Allowing all those out there who were so fond of saying, “I wish I had bought five years ago,” the chance to do so...
LOS ANGELES (Jan. 27) – Home sales increased 84.9 percent in December in California compared with the same period a year ago, while the median price of an existing home fell 41.5 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“Sales continue to be strong, exceeding 500,000 units for the fourth consecutive month, and year-to-date sales are nearly 27 percent above last year,” said C.A.R. President James Liptak. “California home buyers benefited during the last half of 2008 from the high-cost loan limit of $729,750, which fell to $625,500 as of Jan. 1. The restoration of the high cost loan limit to the previous level would not only help a housing market still struggling to turn around, but also make financing more affordable for home buyers.”
Closed escrow sales of existing, single-family detached homes in California totaled 544,580 in December at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 84.9 percent from the revised 294,520 sales pace recorded in December 2007. Sales in December 2008 increased 5.9 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2008 would be if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during December 2008 was $281,100, a 41.5 percent decrease from the revised $480,820 median for December 2007, C.A.R. reported. The December 2008 median price fell 2 percent compared with November’s revised $286,850 median price.
“Median prices continued to decline in December, and based on preliminary calculations, the statewide annual median price declined 38 percent for all of 2008 compared with 2007,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “While the month-to-month decrease in December was considerably smaller than in recent months, it remains too early to determine if prices are beginning to stabilize. Many distressed sales still must work their way through the system.
“The decline in home prices has brought the cost of housing more in line with household income, improving affordability across the state,” she said. “This should be especially helpful for first-time buyers who can qualify for a home loan.”
Highlights of C.A.R.’s resale housing figures for December 2008:
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in December 2008 was 5.6 months, compared with 13.4 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Thirty-year fixed-mortgage interest rates averaged 5.29 percent during December 2008, compared with 6.10 percent in December 2007, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.97 percent in December 2008, compared with 5.50 percent in December 2007.
The median number of days it took to sell a single-family home was 46.1 days in December 2008, compared with 66.7 days (revised) for the same period a year ago.
I found this note in my email last night, and in keeping with tradition I'm printing it in it's entirety... Larry Knapp, the President of Alain Pinel Realtors wanted to add a few words to the ongoing Pacific Union story...
Dear San Francisco Real Estate Blog (I added that),
I’ve been watching your blog with interest from the sidelines. I see that sometimes people write directly to the blog and other times you put in a word. As far as I know no one has been sending you the names of the people who have joined Alain Pinel Realtors from Pacific Union. At this writing we have about 70 agents who have joined us in our Central Marin and Novato offices. That’s not too bad considering we haven’t even had an office for these people to work from until this coming Friday. These folks, of course, have been featured in the newspaper these past couple of weeks.
But what I think is worthy of note is what’s happening in Sonoma . Not sure if you’re aware but Nicki Naylor and several of the key people in that office have joined us. Nicki, who was the #1 agent in Pacific Union in 2008, came on board on Friday. While our initial plans did not focus on Sonoma we’ve had such a great reception in Marin that we’ve decided to expand in to Sonoma as well, and with Nicki and the other agents joining we’re off to a good start.
Please feel free to contact me if you ever have any questions or want any clarifications on things you are hearing.
It's a short story with a an audio link to the story... bottom line, in the past six month, 19,000 agents gave up their licenses...
SAN FRANCISCO (KCBS) -- The bursting bubble that is the California real estate market is taking the careers of thousands of realtors and mortgage brokers with it. Unemployment in that field is way up, and so is the number of complaints against shady companies.
In just six months, 19,000 Californians have let their real estate licenses lapse, according to Tom Pool at the state Department of Real Estate.
"The number of licensees is dropping rather significantly and I think that's really a product of the market," said Pool.
That includes mortgage brokers, realtors, and property managers. Pool also says there are more and more consumer complaints against mortgage companies. Instead of about a dozen open investigations, his agency has almost 300 right now, mostly against loan modification firms.
"Companies are jumping into the business and collecting advance fees, but not providing any services for the fee that was collected," said Pool.
Of course, with state budget cuts, the Department of Real Estate doesn't have enough investigators.
"So what we've done internally is shift more of those available resources from subdivisions such as licensing, into enforcement," said Pool.
As if you didn't already know this was coming, but homes sales aren't going so well... shocked I know...
here's how the folks at Bloomberg news saw it...
By Bob Willis
Jan. 29 (Bloomberg) -- Sales of new homes in the U.S. fell in December to the lowest level on record, creating an unprecedented glut of unsold properties that casts doubt on any recovery in the industry this year.
Purchases dropped to an annual pace of 331,000, lower than all 70 forecasts in a Bloomberg News survey, Commerce Department figures showed in Washington. Other reports today said orders for durable goods slumped for a fifth month and a record number of Americans were collecting jobless benefits.
The collapse in demand for homes means builders are still constructing a surplus of properties, and signals more pressure on prices. The intensifying crisis will make it harder for President Barack Obama to arrest the industry’s decline with proposed tax breaks and steps to slow mortgage foreclosures.
“Builders are slashing production, but it’s difficult for them to keep up with sales that are falling so fast,” said Nigel Gault, chief U.S. economist at IHS Global Insight, in Lexington, Massachusetts, who at 345,000 had the lowest estimate of economists surveyed. “New homes are getting cheaper, but you can’t get credit so you can’t buy.”
The Standard & Poor’s Homebuilder Composite Index was down 4.5 percent to 199.63 at 11:08 a.m. New York time. Treasuries fell, with yields on 10-year notes climbing to 2.68 percent from 2.66 percent yesterday.
Unadjusted for seasonal patterns, only 23,000 Americans bought new homes last month, with just 2,000 purchases in the Northeast region.
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