Generation Y is Ready to Buy!

From C.A.R. ~ One Cool Thing is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 150,000 REALTORS® statewide.

Buying a home is an exciting and complex adventure. It can also be a very time-consuming and costly one if you’re not familiar with all aspects of the process, and don’t have all the best information and resources at hand.  Buying a Home?

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The Foreclosure Fade, and What it Means for the Housing Market!

From C.A.R. ~ C.A.R. Market Matters is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide.  Source: Wall St. Journal

An important factor shaping the housing market dynamic right now is that the foreclosure crisis has faded. While foreclosures are not over, so-called “distressed” sales accounted for just 11 percent of sales in June, down from 15 percent last year, 25 percent in 2012, and 30 percent in 2011. The National Association of REALTORS® (NAR) released new data on existing U.S. home sales that show the market appears to be finding its footing.

Making sense of the story

  • Sales of previously owned homes rose 2.6 percent in June to a seasonally adjusted annual rate of 5.04 million units. That’s the third straight monthly gain and the highest level since last October.
  • While total home sales stood 2.3 percent below the June 2013 level, most of that can be attributed to the falling share of foreclosures and other distressed sales.
  • Distressed home sales fell by nearly 40 percent in June from last year, while non-distressed property sales rose 2.3 percent.
  • As foreclosures fade, it’s great news for the housing market, as it means homeowners don’t have to compete with banks to sell homes–and eventually, builders will have to ramp up construction to satisfy new demand.
  • The foreclosure fade also helps explain the eye-popping gains in sales volumes and prices that we witnessed in 2013. These bargains generated frenzied bidding wars, both from investors and owner-occupant buyers, and they’re largely history.
  • The housing market is now going to rely more heavily on traditional drivers of growth, including job and wage gains and demographics. Tighter credit standards, higher levels of student debt, and lower incomes for young adults will keep pressure on homeownership.
  • NAR Chief Economist Lawrence Yun stated, “New home construction needs to rise by at least 50 percent for a complete return to a balanced market because supply shortages – particularly in the West – are still putting upward pressure on prices.”

Read the full story

Talking Points …

  • Equity home sales posted their highest level since the housing crisis began, reaching more than 90 percent of all home sales. Meanwhile, seasonal factors, combined with shrinking affordability cooled pending home sales in June, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
  • Equity sales have been rising steadily again since the beginning of this year.  June marks a full year that equity sales have been more than 80 percent of total sales and the first time they have risen above 90 percent. Equity sales made up 79.7 percent of sales in June 2013.
  • Twenty-three of the 41 reported counties showed a month-to-month decrease in the share of distressed sales, with 17 of the counties recording in the single-digits, including Alameda, Butte, Contra Costa, Marin, San Diego, San Luis Obispo, San Mateo, and Santa Clara counties — all of which registered a share of five percent or less.

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U.S. Foreclosures Fall to Lowest Level Since July 2006

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.
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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.
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Fast Facts

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:
    Glenn, $152,500

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%

Find high ROI flips by previewing a list of upcoming REO listings. Using FORECLOSURE SEARCH, query by bank owned, and get a list of properties that are likely to be listed in the near future. Be first with an offer when listings appear, or hunt down an REO agent and try to get a deal done early.  Search Foreclosures!

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Record 57 Million Americans Living in Multi-Generational Households

From C.A.R. ~ C.A.R. Market Matters is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide. Source: Wall St. Journal

A record 57 million Americans—or 18.1 percent of the population—lived in multi-generational households in 2012, according to an analysis of Census data by the Pew Research Center. Overall, the share of Americans living in multi-generational households continues to climb, and the recession accelerated the trend.

Making sense of the story

  • The number of multi-generational households has doubled since 1980.
  • The arrangement of having multiple generations together under one roof spiked during the Great Recession of 2007-2009 and has kept growing in the post-recession period, albeit at a slower pace.
  • Young adults ages 25 to 34 have been a major component of the growth in the population living with multiple generations since 1980—and especially since 2010.
  • By 2012, roughly one-in-four of these young adults (23.6 percent) lived in multi-generational households, up from 18.7 percent in 2007 and 11 percent in 1980.
  • In recent years, younger adults have surpassed older adults who live in multi-generational households. In 2012, 22.7 percent of adults ages 85 and older lived in a multi-generational household, which is just shy of the 23.6 percent of adults aged 25 to 34 in the same situation.
  • Among young adults, men are significantly more likely than women to be living in multi-generational households.
  • Racial and ethnic minorities generally have been more likely to live in multi-generational family arrangements, and their numbers have grown with increased immigration since the 1970s. In 2012 about one-in-four Hispanics and blacks lived in a multi-generational household.

Read the full story

Talking Points …

  • Lower interest rates and stabilizing home prices combined to boost home sales in June, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). However, diminished home affordability remains a challenge for buyers, particularly in high cost areas of the state.
  • Sales in June increased 1.5 percent from a revised 389,060 in May but were down 4.8 percent from a revised 414,830 in June 2013. June marked the eighth straight month that sales were below the 400,000 level and the eleventh straight decline on a year-over-year basis.
  • The statewide median price of an existing, single-family detached home slipped 2 percent from May’s median price of $466,320 to $457,160 but was up 6.6 percent from the revised $428,700 recorded in June 2013.  The statewide median home price has increased year over year for the previous 28 months, marking more than two full years of consecutive year-over-year price increases.

  

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School or Pool?

From CAR - One Cool Thing is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 150,000 REALTORS® statewide.

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1/2 Acre Lot For Sale in East Stockton with Pole Barn!

East Stockton 1/2 Acre! Improvements include 36×22 pole barn, 420 sq ft house, 2 storage out-buildings, 56 ft mobile home and 30 ft trailer. All of the structures and buildings are in very poor condition and are not built to code. This property has potential for residential development. Asking $79,500. Contact Dave Thurman

  

1767 S Sinclair Ave, Stockton CA 95215

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REALTORS® Generally Expect Home Prices to Increase in All States!

 

From C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide.

REALTORS® generally expect home prices to increase in all states and the District of Columbia over the next 12 months, according to the May 2014 REALTORS® Confidence Index. The median expected price increase is 4.0 percent (same as in Feb-April 2014).

Expected price movements depend on local conditions relating to housing demand and supply, demographics, and job growth. The difficulty in accessing mortgage financing and modest expectations about overall economic and job prospects are factors underpinning the modest price expectation. The expected price growth was highest (red) in states with low inventory levels, strong cash sales, and strong growth sectors (e.g., technology, oil).

Broadly, the May 2014 survey of REALTORS® indicates the same level of confidence about current conditions in May as previously while registering a slight dip in confidence about the outlook for the next 6 months across all markets. REALTORS® reported continued weakness in seller traffic and a decline in buyer traffic. Low supply relative to demand, tougher lending standards, and the lackluster growth in income and savings were reported to be constraining sales.

With tight supply, home prices were generally still increasing, and many properties were on the market for less than two months. Distressed sales continued to account for a smaller portion of the market. Student debt, higher mortgage insurance rates, and the inability to pay the closing costs were reported to be causing financial difficulties for would-be buyers. In some markets, the cost of obtaining flood insurance continued to be reported as having a negative impact on potential sales.
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Fast Facts

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:
    Glenn, $152,500

Calif. Pending Home Sales Index:
May 2014: Decreased 3.4 percent from 114.1 in April to 110.1 in May.

Calif. Traditional Housing Affordability Index: First Quarter 2014: 33 percent (Source: C.A.R.)

Mortgage rates: Week ending 7/3/2014 (Source: Freddie Mac)

  • 30-yr. fixed: 4.12% fees/points: 0.5%
  • 15-yr. fixed: 3.22% fees/points: 0.5%
  • 1-yr. adjustable: 2.38% Fees/points: 0.4%

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South / East Stockton Home Sold in 5 Days by Dave Thurman

2451 E Eighth Street, Stockton CA 95205

Clean & Neat! Contemporary 2 bedroom (could be 3) 2 bath home located in Nightingale Manor of south Stockton. New (25 year) composition roof, new central heat/air and new range & oven. Combo dining/family room could be used as 3rd bedroom if necessary. Large 2-car garage, covered patio, lots of concrete and fully fenced back yard. Asking $115,000.

I sold this listing over asking price by $5000 for $120,000 in just 5 days… I can sell your Stockton home fast! Contact Dave Thurman

  

  

  

  

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HAMP Program Extended Through 2016

From ~ C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide. 

A new financing partnership between the Treasury Department and the Department of Housing and Urban Development (HUD) will support the Federal Housing Administration’s (FHA) multifamily mortgage risk-sharing program.  With the new Treasury-HUD partnership, the Federal Financing Bank (FFB) will use its authority to finance FHA-insured mortgages that support the construction and preservation of rental housing.

Additionally, the Making Home Affordable (MHA) program will be extended at least through Dec. 31, 2016, to allow the Administration to continue assisting homeowners facing foreclosure and those whose homes are underwater. To date, the MHA program has provided relief to homeowners across the country, including more than 1.3 million homeowners who have permanently modified their mortgages, saving a median of $540 a month in mortgage payments. The Treasury Department’s housing assistance programs have also become a model for the broader housing sector, setting a new standard for the mortgage industry on how to restructure loans and help homeowners. More than 5 million homeowners have been helped by private lenders who have, in many cases, used a similar framework to the one created by MHA’s Home Affordable Modification Program.
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FHFA Assists 3.2 Million Troubled Homeowners

Fannie Mae and Freddie Mac have completed nearly 3.2 million foreclosure prevention actions since the start of the conservatorships in 2008, with approximately 88,800 actions occurring in the first quarter.  These measures have helped more than 2.6 million borrowers stay in their homes, including 1.6 million who received permanent loan modifications.

These actions are detailed in the Federal Housing Finance Agency’s quarterly Foreclosure Prevention Report, which details activities by state in an online, interactive Borrower Assistance Map for Fannie Mae and Freddie Mac mortgages.

Also noted in the report:

•    Forty-two percent of all permanent loan modifications helped to reduce homeowners’ monthly payments by more than 30 percent in the first quarter.
•    Approximately 27 percent of borrowers who received permanent loan modifications in the first quarter had portions of their mortgage balance forborne.
•    Approximately 14,900 short sales and deeds-in-lieu were completed in the first quarter, bringing the total to more than 566,800 since the start of the conservatorships.
•    Third-party sales and foreclosure sales fell slightly to 47,300 while foreclosure starts decreased 25 percent in the first quarter.
•    While the total number of troubled borrowers continued to decline, 31 percent of these borrowers remained deeply delinquent at the end of the first quarter.  Florida, New York and New Jersey have the highest number of deeply delinquent loans (365+ days).
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Young Optimism!

From C.A.R. - One Cool Thing is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 150,000 REALTORS® statewide.

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