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You will see,
from reading the Wells Fargo Economic report in this newsletter, that
the report highlights housing rebounded well in 2012 and it is showing
median price increases today at 6.3%.
January this year
was the best for home sales in six years per the LA Economic
Development Corporation. Conditions should improve further in
2013, as more traditional buyers come back into the market.
Per the LAEDC
there are three reasons why home prices are moving higher:
1) the economy is growing and adding jobs, 2) inventories are low and
3) interest rates are extremely low. These factors will keep home
prices moving up in 2013.
Should your plans include real estate purchase and sales, please call
or email with questions - and as always, thanks for your referrals!
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David White
Office: 310-546-7611 ext. 398
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Is 2013 a Good Year to Buy a Home?
Considering Buying a home?
by Mark Schneipp, Director California Economic Forecast
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If you didn't buy
in 2011 (or 2012) and are still without ownership housing or still
looking for that trade-up home, the waiting period is over.
- Prices have hit bottom and are rising
again
- Homes are affordable again
- Mortgage rates are at their lowest levels
- Home ownership is still attractive
- Demand is rising again and should only
increase this year and next
Read on for the
reasons you need to buy this year or about the two upsides to
postponing until next year. Full
Article...
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Capital Economics Revises Home Price
Forecast Upward
By Krista Franks Brock
March 8, 2013
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Strong demand and
tight inventory have brought existing home sales back to
"normal" levels, and further gains are possible, according to
the latest market report from Capital Economics. Additionally, market
conditions may prompt lenders to "loosen the purse strings
slightly" and lend a little more freely. Full
Article...
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Wells Fargo January 2013 Housing Chart Book: The Housing
Recovery Continues to Take Shape
By Mark Vitner, Senior Economist / Anika R. Khan, Senior
Economist / Sara Silverman, Economic Analyst
February 11, 2013
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The housing
recovery finally asserted itself in 2012, with nearly every key metric
posting measurable improvement from prior years. Sales and prices both
rebounded solidly this past year, and new home construction steadily
gained momentum over the course of the year. Progress has also been
made dealing with the imbalances left over from the housing boom. The
share of delinquent loans has decreased, as has the distressed share of
existing home sales and the proportion of mortgages in a negative
equity position. Conditions should improve further in 2013, as more
traditional buyers come back into the market. While a sustainable,
self-reinforcing recovery now appears to be in place, important
questions remain as to how large a role investor purchases have played
in stabilizing home prices; how much credit availability has truly
improved; and, what the government's role in mortgage finance will
ultimately be. Full
Article...
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SoCal's Housing Market Opens 2013 with Sales and Price
Gains
By Kimberly Ritter-Martinez, source dqnews.com
February 20, 2013
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Home sales in
Southern California rose in January to 16,058 units (new and resale
houses and condos), increasing by 10.6% compared with January 2012.
This was the best January for home sales in six years. Orange County
pulled ahead of the pack last month, with homes sales shooting up by
29.9%, while San Diego followed as a distant second at 15.2%. The median
price jumped by 23.5% to $321,000. The median price in the six-county
region has now increased on a year-over-year basis for 10 consecutive
months. Full
Article...
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Fourth Quarter 2012 GDP Revision
By Kimberly Ritter-Martinez
March 4, 2013
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The Bureau of
Economic Analysis released its second estimate for fourth quarter 2012
GDP growth. The revised figures show the economy expanded at a rate of
0.1% last quarter instead of contracting by the same amount as
originally announced.
Consumer and business spending continue to provide the best view of the
underlying strength of the economy. GDP growth during the first quarter
of this year is still expected to come in around 2.0%; this estimate
includes the 0.3 percentage point that the sequester is expected to
shave off first quarter growth. Full
Article...
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S&P/Case-Shiller Home Price Indices
By Kimberly Ritter-Martinez
March 4, 2013
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There are three
reasons why home prices are moving higher: 1) the economy is growing
and adding jobs, 2) inventories are low and 3) interest rates are
extremely low. These factors will keep home prices moving up in
2013.
This is more good
news for housing. The two composite indexes (seasonally adjusted) have
increased for eleven months in a row. In addition to increasing
household wealth and lifting more than 1.4 million homeowners out from
under upside down mortgages, rising prices are boosting property tax
receipts for state and local governments and making it profitable to
build new homes, a big plus for construction workers, furniture makers
and home furnishings retail stores. Rising home prices will play a big
role in boosting economic growth this year. Full
Article...
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Multiple Offers Increased as the Market Became More
Competitive
By Oscar Wei, Senior Research Analyst
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To be competitive
in a housing market with tight inventory and a restrictive lending
environment, many buyers who wanted to have an edge over other buyers
opted to make an "All Cash" offer for their home purchase.
Since an "All Cash" transaction does not have to go through
lengthy lending approval process, the escrow process is faster and is
less likely to fall through, making the offer more attractive and more
assured.
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15-year Mortgage Rate Vs 30-year Mortgage Rate
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A 30-year
mortgage financing loan has always been the most popular for consumers
purchasing a house, but another loan is starting to increase its
popularity. The 15-year mortgage loan, as a result of the
record-low interest rates that are available nationwide, are increasing
in popularity amongst buyers.
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C.A.R. reports 4th quarter 2012 housing affordability
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LOS ANGELES (Feb.
25) - Higher home prices offset lower interest rates to reduce housing
affordability in California during the fourth quarter of 2012, the
CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
The percentage of home buyers who could afford to purchase a
median-priced, existing single-family home in California decreased to
48 percent in the fourth quarter of 2012, down from 49 percent in
third-quarter 2012 and from 55 percent in fourth-quarter 2011,
according to C.A.R.'s Traditional Housing Affordability Index (HAI). Full
Article...
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Current Home Loan Rates
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Click
here for the latest 30 year fixed, 30 year FHA loans,
5/1, 7/1, and 10/1 ARMs. If you would like to be connected with a
lender who will provide details on qualifying for a loan that will meet
your needs, don't hesitate to call.
Source: Grant
Norris, RPM Mortgage 3/12/13
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Median Home Sale Figures:
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Mar
'11 - Feb '12 vs
Mar
'12 - Feb '13
Note: This is a
full year's worth of statistics, comparing the time period of March,
2011 - February, 2012 with March, 2012 - February, 2013. High demand
for moderately-priced homes coupled with fewer distressed sales in
those communities has pushed median home prices in North & South
Redondo and El Segundo higher.
Manhattan and Hermosa are lagging, although their data is showing
increasing strength as well. It could be the inordinate number of
high-end homes in those two cities that are selling off-market (median
sales data consists strictly of MLS-reported sales). Expectation
is that the next batch of data will show positive median sales numbers
across the board.
Click
here to see the percentage gain or loss for the median
sales price of single family, condos or townhomes in our local beach
cities. Also included, the percent change in sales price year over year
and the number of annual sales in each category 2011 vs 2012.
*Data pulled from
MLS does not reflect off MLS sales.
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Housing
Market Update for
South
Bay Cities
December 2011
through February 2013
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Statistics for
the nine cities listed below have five data sets representing:
(1) Single Family Residences
(2) Condos and
Townhouses
Each data set will address:
1) Median sold (closed) vs list price comparison
2) Number of closed sales per month
3) Number of properties for sale (available) per month
4) Number of properties under contract (in escrow) per month
5) Listing status comparison by month comparing the number
available listings vs listings under contract vs closed listings.
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El Segundo
Click below for detailed charts:
Single Family
Condos and Town Homes
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Hermosa Beach
Click below for detailed charts:
Single Family
Condos and Town Homes
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Manhattan Beach
Click below for detailed charts:
Single Family
Condos and Town Homes
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Palos Verdes Estates
Click below for detailed charts:
Single Family
Condos and Town Homes
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Ranchos Palos Verdes
Click below for detailed charts:
Single Family
Condos and Town Homes
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Redondo Beach
Click below for detailed charts:
Single Family
Condos and Town Homes
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Rolling Hills
Click below for detailed charts:
Single Family
Note: No condos for Rolling Hills
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Rolling Hills Estates
Click below for detailed charts:
Single Family
Condos and Town Homes
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Torrance
Click below for detailed charts:
Single Family
Condos and Town Homes
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Source:
Trendgraphix March 2013
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El
Segundo
Farmers
Market is every Thursday from 3-7 pm
Main Street between Holly and Pine Avenues
April 15th - 19th
Residences with
City-provided trash service may dispose of large items on
their regularly scheduled collection days
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Manhattan
Beach
Weekly
Farmer's Market
Tuesdays 12noon - 4pm
13th St. between Morning Side and Valley Dr.
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Palos
Verdes
Weekly
Farmer's Market
Sundays 9am - 1pm
Peninsula Shopping Center
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Copyright © 2013 South Bay Brokers. All Rights Reserved.
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