David White South Bay Vision newsletter

 

MAY 2013 FEATURED PROPERTIES In this edition, you will see that our local sales figures remain strong. According to Mark Schniepp, California Economic Forecast, the existing housing market is rallying, with home prices up more than 10 percent year over year. New housing starts are at their highest level in 6 years with builder confidence its highest level in 7 years. Already, the GDP report for the first quarter came in at 2.5 percent, a modest showing but substantially higher than the fraction of growth recorded in the final quarter of 2012. Should your plans include real estate purchase and sales, please call or email with questions - and as always, thanks for your referrals!      David White Office: 310-546-7611 ext. 398 Cell: 310-916-1533 DRE # 01357398 Email Me My Website   California's Housing Market Surges in April By Alejandro Lazo May 15, 2013 California's housing market surged last month as prices jumped from Southern California to the San Francisco Bay Area. The state's median home price in April ticked up 3.5% from the previous month and soared 22.7% from the same month a year ago. The median hit $324,000 in April, which is the highest for any month since June 2008, real estate firm DataQuick reported. Full Article...       Current Evidence on the U.S. Economy by Mark Schneipp, Director California Economic Forecast May 2013 Financial markets are some of the best indicators portending the direction of the U.S. economy this year.  With most of the broad indices now at record levels, economic growth should accelerate during the remainder of the year.   Domestically we have not observed growing weakness in any of the economic indicators over the last 6 month, or longer, except in the government sectors, federal, state, and local.  Significant improvement in the  health of the private sector combine with moderate consumer spending growth are offsetting austerity required at all levels of government.  Here's a summary of the latest indicator movements: The labor markets are adding jobs and the pace appears to be increasing Consumer spending has slowed but not as much as predicted The stock market is at record levels Manufacturing is growing again Consumer sentiment is rising The existing housing market is rallying, with home prices up more than 10 percent YOY New housing starts are at their highest level in 6 years Builder optimism is at its highest level in 7 years Commercial real estate is improving, with vacancy rates tightening and lease rates stabilizing Inflation remains contained, running under 2.0 percent year-over-year   Full Article...       Freddie Mac: Financial Assets Can Be Used as Qualifying Income by Krista Franks Brock May 13, 2013 Freddie Mac is hoping to spread information about a rule that allows people to leverage financial assets such as retirement accounts as qualifying income when applying for mortgage loans. Individual Retirement Accounts (IRAs), 401(k)s, distributions from retirement accounts, and funds acquired from the sale of a business can all contribute to a potential borrower's qualifying income, according to Freddie Mac. The rule is especially helpful for "qualifying retiring Baby Boomers and other savvy homebuyers who have limited incomes, but substantial financial assets," according to Boyle and Watkins. Full Article...          March Pending Home Sales Hit Highest Level in Nearly 3 Years By Jim Puzzanghera April 29, 2013 WASHINGTON - New contracts signed for home sales rose 1.5% last month to the highest level in nearly three years, though limited supply is causing the market to level off, the National Assn. of Realtors said Monday. The trade group's Pending Home Sales Index rose to 105.7 in March, up from the previous month's 104.1 and exceeding analysts' expectations. Compared to a year earlier, the index was up 7% last month, marking the 23rd straight month of year-over-year increases.  The last time the closely watched reading was as high was in April 2010 as people scrambled to sign contracts before the expiration of a special home-buyers tax credit. Full Article...          California Home Sales and Prices Spring Higher in April; Median Price Posts Five-Year High LOS ANGELES (May 15) - Fueled by high demand and tight inventory, California home sales and prices both experienced strong increases in April, with the median price surpassing the $400,000-mark for the first time in five years, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported. "California's housing market maintained its momentum in April, getting the spring home-buying season off to a good start," said C.A.R. President Don Faught.  "Southern California regions such as Los Angeles, Orange County, and San Diego led the way in both month-to-month and year-over-year sales increases, while sales in the Bay Area region as a whole posted a healthy monthly gain but dipped slightly from last year." Full Article...       Equity Sales Hit Five-Year High; Pending Home Sales Post Monthly Gain as the Housing Market Enters the Spring Buying Season LOS ANGELES (April 22) - The share of equity sales rose to their highest level in five years, while March California pending home sales climbed from the previous month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. Full Article...       California's Median Home Price Posts Highest Level in Nearly Five years as Intense Competition Increases LOS ANGELES (April 15) - Strong sales in higher-cost coastal regions and heated market conditions drove California's median home price to its highest level in March since May 2008, while inventory shortages continued to stifle home sales, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported. Full Article...     Current Home Loan Rates 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 5/14/13       Median Home Sale Figures: May '11 - Apr '12 vs May '12 - Apr '13   Note: This is a full year's worth of statistics, comparing the time period of May, 2011 - April, 2012 with May, 2012 - April, 2013. High demand for moderately-priced homes coupled with fewer distressed sales in those communities continues to push median home prices in North & South Redondo and El Segundo higher. Manhattan Beach median prices for single family homes and Hermosa Beach condo sales have increased although median prices for Manhattan condos / townhomes and Hermosa single family sales have decreased.   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.          Housing Market Update for South Bay Cities February 2012 through April 2013 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.      El Segundo Click below for detailed charts:   Single Family - Median Price - For Sale/Sold/Pended - Avg. Price for Sale & Sold - Months of Inventory   Condos and Town Homes - Median Price - For Sale/Sold/Pended - Avg. Price for Sale & Sold - Months of Inventory  Hermosa Beach Click below for detailed charts:   Single Family - Median Price - For Sale/Sold/Pended - Avg. Price for Sale & Sold - Months of Inventory   Condos and Town Homes - Median Price - For Sale/Sold/Pended - Avg. Price for Sale & Sold - Months of Inventory       Manhattan Beach Click below for detailed charts:   Single Family - Median Price  - For Sale/Sold/Pended  - Avg. Price for Sale & Sold  - Months of Inventory    Condos and Town Homes - Median Price  - For Sale/Sold/Pended  - Avg. Price for Sale & Sold  - Months of Inventory    Palos Verdes Estates Click below for detailed charts:   Single Family - Median Price  - For Sale/Sold/Pended  - Avg. Price for Sale & Sold  - Months of Inventory    Condos and Town Homes - Median Price  - For Sale/Sold/Pended  - Avg. Price for Sale & Sold  - Months of Inventory        Ranchos Palos Verdes Click below for detailed charts:   Single Family - Median Price - For Sale/Sold/Pended - Avg. Price for Sale & Sold - Months of Inventory   Condos and Town Homes - Median Price - For Sale/Sold/Pended - Avg. Price for Sale & Sold - Months of Inventory    Redondo Beach Click below for detailed charts:   Single Family - Median Price - For Sale/Sold/Pended - Avg. Price for Sale & Sold - Months of Inventory   Condos and Town Homes - Median Price - For Sale/Sold/Pended - Avg. Price for Sale & Sold - Months of Inventory       Rolling Hills Click below for detailed charts:   Single Family - Median Price  - For Sale/Sold/Pended  - Avg. Price for Sale & Sold  - Months of Inventory    Note: No condos for Rolling Hills   Rolling Hills Estates Click below for detailed charts:   Single Family - Median Price  - For Sale/Sold/Pended  - Avg. Price for Sale & Sold  - Months of Inventory    Condos and Town Homes - Median Price  - For Sale/Sold/Pended  - Avg. Price for Sale & Sold  - Months of Inventory        Torrance Click below for detailed charts:   Single Family - Median Price  - For Sale/Sold/Pended  - Avg. Price for Sale & Sold  - Months of Inventory    Condos and Town Homes - Median Price  - For Sale/Sold/Pended  - Avg. Price for Sale & Sold  - Months of Inventory      Source: Trendgraphix March 2013 IN THIS ISSUE California's Housing Market Surges in April Current Evidence on the U.S. Economy Freddie Mac: Financial Assets Can Be Used as Qualifying Income March Pending Home Sales Hit Highest Level in Nearly 3 Years California Home Sales and Prices Spring Higher in April; Median Price Posts Five-Year High Equity Sales Hit Five-Year High; Pending Home Sales Post Monthly Gain as the Housing Market Enters the Spring Buying Season California's Median Home Price Posts Highest Level in Nearly Five years as Intense Competition Increases Current Home Loan Rates Median Home Sale Figures Housing Market Update for South Bay Cities   QUICK LINKS  SBBI Featured Properties   SBBI Open Houses   Entire MLS   Local Schools   City Halls / Local Chamber    COMMUNITY NEWS & EVENTS Hyperion S.A.F.E. Collection Center   Partners in Education - MBEF   LAX Master Plan   El Segundo  Farmers Market is every Thursday from 3-7 pm Main Street between Holly and Pine Avenues   ESHS Graduation June 13th / 6pm Football stadium   On-line Permit Center (OPC) The Permit Center will allow customers to pull roofing, electrical, mechanical, and plumbing permits. Permit status and inspections as well as plan check status will also be available.   Hermosa Beach Weekly Farmer's Market   Proposed Oil Production Project    The 10 Best New Complete Streets Policies In The U.S. Cities across the country are making plans to cater to bikers and pedestrians (along with cars) as they design and manage their transportation infrastructure. These 10 cities are the ones doing it best. Hermosa Beach was named #2 in the nation.    Fiesta Hermosa Memorial Weekend May 25, 26, 27 10 am - 6pm / Free Admission   Manhattan Beach Weekly Farmer's Market Tuesdays 12 noon - 4pm 13th St. between Morning Side and Valley Dr.   Styrofoam Now Recyclable in Manhattan Beach   MBEF Wine Auction June 15th 4:30 pm Manhattan Country Club     MCHS Graduation and Grad Nite June 20th / 5pm Waller Stadium    Enforcement of Strand and Bike Path Violations / Citations are now being issued   Palos Verdes Weekly Farmer's Market Sundays 9am - 1pm Peninsula Shopping Center   Redondo Beach Weekly Farmer's Market    RUHS Graduation June 14th / 2pm Sea Hawk Bowl    Pier Revitalization   ABOUT SOUTH BAY BROKERS     Copyright © 2013 South Bay Brokers. All Rights Reserved.

 

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