From C.A.R. ~ C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide.
U.S. properties with foreclosure filings — default notices, scheduled auctions, and bank repossessions — fell 19 percent in the first half of 2014 from the previous six months and were down 23 percent from the first half of 2013, RealtyTrac reported. One in 214 homes had at least one foreclosure filing in the first six months of the year.
The report also includes new foreclosure activity data from June, when a total of 107,194 U.S. properties had a foreclosure filing, down 2 percent from the previous month and down 16 percent from a year ago to the lowest level since July 2006, before the housing price bubble burst. Total foreclosure activity in June was the lowest since the housing bubble burst in August 2006 in 10 states, including Texas, Georgia, Colorado, Tennessee, Arizona, and Nevada.
BUILDER CONFIDENCE IMPROVES IN JULY
Builder confidence in the market for newly-built single-family homes reached an important milestone in July, rising four points to a reading of 53 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any reading over 50 indicates that more builders view sales conditions as good than poor.
“This is the first time that builder confidence has been above 50 since January and an important sign that it is strengthening as pent-up demand brings more buyers into the marketplace,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del.
Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair,” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average,” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
Calif. median home price: May 2014:
- California: $465,960
- Calif. highest median home price by region/county May 2014: San Mateo, $1.13 million
- Calif. lowest median home price by region/county May 2014:
Calif. Pending Home Sales Index:
June 2014: Decreased 2.8 percent from 110.1 in May to 107 in June.
Calif. Traditional Housing Affordability Index: First Quarter 2014: 33 percent (Source: C.A.R.)
Mortgage rates: Week ending 7/17/2014 (Source: Freddie Mac)
- 30-yr. fixed: 4.13% fees/points: 0.6%
- 15-yr. fixed: 3.23% fees/points: 0.5%
- 1-yr. adjustable: 2.39% Fees/points: 0.4%
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Dave Thurman Real Estate