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.

  

Dave Thurman Real Estate

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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

Dave Thurman Real Estate

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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%

Dave Thurman Real Estate

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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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Dave Thurman Real Estate

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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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Where is the U.S. Housing Market Headed?

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

Signs point to a housing market that may slowly be gaining some balance and entering more normal territory as a variety of recent housing reports paint an improving picture.

Making sense of the story

  • While there was buzz about a potential bubble, Home prices aren’t going up as fast as they were a year ago.
  • Furthermore, according to the Commerce Department, sales of new homes, which have struggled to increase from relatively low levels of a year ago, posted huge gains in May.
  • A key takeaway is that in May, sales of new homes were at their highest levels in six years with a figure of 504,000 sales at a seasonally adjusted annual rate.
  • Also, new home sales are now running 1 percent ahead of last year’s January-through-May level, as the spring-selling season made up for difficult winter conditions in much of the country.
  • However, sales have also been deterred by the fact that builders have been slow to ramp up production. While inventories are still very low, they are up 16 percent from last year.
  • Overall, home prices aren’t rising as briskly as they were last year. And as for the large yearly increases over the past year, they have reflected continued declines in the share of homes selling out of foreclosure.
  • As more supply comes to market, prices are likely to cool down further. It will be a positive sign for the recovery if builders are able to sell more homes and if more traditional owner-occupant buyers dominate the market rather than investors.

Read the full story

Talking Points …

  • Higher home values continued to fuel more equity home sales, which have made up more than 80 percent of all home sales for the past 11 consecutive months.  Meanwhile, pending home sales fell in May as investors pulled out of the market due to higher home prices, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
  • The share of equity sales – or non-distressed property sales – rose further in May, rising to 89.2 percent, up from 88.4 percent in April.  Equity sales have been rising steadily again since the beginning of this year.  May marks the 11th straight month that equity sales have been more than 80 percent of total sales.
  • Twenty-seven of the 41 reported counties showed a month-to-month decrease in the share of distressed sales, with 11 of the counties recording in the single-digits, including Alameda, Marin, San Diego, San Luis Obispo, San Mateo, and Santa Clara counties — all of which registered a share of five percent or less.

 

Why Use a REALTOR® When Selling a Home?

A real estate agent can help you understand everything you need to know about the home selling process.

Not all real estate licensees are the same; only those who are members of the NATIONAL ASSOCIATION OF REALTORS® (NAR) are properly called REALTORS®. They proudly display the REALTOR “®” trademark on their business cards and other marketing and sales literature.

REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict Code of Ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reported that 84% of home buyers would use the same REALTOR® again.

Real estate transactions are one of the biggest financial dealings of most people’s lifetime. Transactions today usually exceed $250,000. If you had a $250,000 income tax problem, would you attempt to deal with it without the help of a certified professional accountant? If you had a $250,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be wise to work with a professional REALTOR® when you are selling a home.

Dave Thurman Real Estate

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National Existing-Home Sales Heat Up in May!

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

Existing-home sales rose strongly in May and inventory gains continued to help moderate price growth, according to NAR. All four regions of the country experienced sales gains compared to a month earlier.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 4.9 percent to a seasonally adjusted annual rate of 4.89 million in May from an upwardly-revised 4.66 million in April, but remain 5 percent below the 5.15 million-unit level in May 2013. The 4.9 percent month-over-month gain in May was the highest monthly rise since August 2011 (5.5 percent).

Lawrence Yun, NAR chief economist, said current sales activity is rebounding after the lackluster first quarter. “Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” he said. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”
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Equity Home Sales Near 90 Percent Of All Home Sales

Higher home values continued to fuel more equity home sales, which have made up more than 80 percent of all home sales for the past 11 consecutive months.  Meanwhile, pending home sales fell in May as investors pulled out of the market due to higher home prices, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Distressed housing market data:

•    The share of equity sales – or non-distressed property sales – rose further in May, rising to 89.2 percent, up from 88.4 percent in April.  Equity sales have been rising steadily again since the beginning of this year.  May marks the 11th straight month that equity sales have been more than 80 percent of total sales. Equity sales made up 78 percent of sales in May 2013.

•    The combined share of all distressed property sales continued to decline in May, primarily due to a drop in REO sales. The share of distressed property sales was down from 11.6 percent in April to 10.8 percent in May.  Distressed sales continued to be down by more than 50 percent from a year ago, when the share was 22 percent.

Pending home sales data:

•    California pending home sales fell in May, with the Pending Home Sales Index (PHSI)* dropping 3.4 percent from a revised 114.1 in April to 110.1 in May, based on signed contracts.

•    Pending sales were down 10.6 percent from the revised 123.2 index recorded in May 2013.  The year-over-year decline in the PHSI was the first double-digit decline in three months.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

More info

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 6/12/2014 (Source: Freddie Mac)

  • 30-yr. fixed: 4.17% fees/points: 0.6%
  • 15-yr. fixed: 3.30% fees/points: 0.5%
  • 1-yr. adjustable: 2.41% Fees/points: 0.4%

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Stockton CA Home Sold!

Just Sold! I sold this property in a few days after starting my marketing plan. When you decide to sell your home in the Stockton, Manteca and Lodi areas, please contact me. And let’s get started!

2554-2558 S Monroe Street, Stockton CA 95206

Dave Thurman Real Estate

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