July 10, 2009 by Carol VanAusdal
Santa Cruz County unit sales in June showed the largest increase since June of 2006. In addition, the available inventory is now at only 5.2 months which is the closest we have been to a sellers market in a very long time.
These statistics are still showing great affordability with the median price now at $519,000 as compared to $600,000 in June 2008.
Statistical Highlights for Single Family Homes:
* Inventory increased 1.0% from May ‘09, and down 21.8% from Jun ‘08
* Unit sales increased 37.4% from May ‘09, and 22.4% over Jun ‘08
* Days on the market decreased over May to 111, prior year 121
* Median price increased 12.2% from May ‘09 but decreased 13.5% compared to Jun ‘08
* Sales price vs. listing price ratio decreased over May ‘09 to 95.96%
* 5.2 mo’s of inventory available at the end of Jun ‘09 as compared to 19.7 in Jun ‘08
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(These statistics are believed to be accurate but not guaranteed)
All statistics for Santa Cruz County at this link.
Posted in Housing Market Updates, Santa Cruz California Real Estate, Santa Cruz Real Estate Stats | Leave a Comment »
June 18, 2009 by Carol VanAusdal
Take a look at these stats for sales in Santa Cruz County from January 1 thru the end of May, 2009. Overall there has been a 30.1% decline in value as compared to the same period in 2008. But here is what is interesting about these stats. If you notice the breakdown of the different areas you will see that depreciation ranges from as little as 7.8% to as much as 53%, depending on location, location, location!
| January 1, 2009 thru May 31, 2009 |
| Area |
# Sales |
CDOM |
Avg Dom |
Avg Price |
Depreciation |
| Bonny Doon |
7 |
710 |
101 |
$671,071 |
-20.87% |
| SanLorenzo |
68 |
7454 |
110 |
$328,679 |
-37.04% |
| Scotts Vlly |
27 |
3731 |
138 |
$619,833 |
-23.94% |
| Santa Cruz |
118 |
11827 |
100 |
$685,541 |
-13.37% |
| Capitola |
18 |
2549 |
142 |
$768,068 |
-13.45% |
| Soquel |
31 |
3567 |
115 |
$638,919 |
-22.01% |
| Aptos |
52 |
7360 |
142 |
$856,900 |
-7.80% |
| Watsonville |
206 |
22168 |
108 |
$299,849 |
-28.83% |
Posted in Housing Market Updates, Santa Cruz California Real Estate, Santa Cruz Real Estate Stats | Tagged depreciation, market stats, value decline | Leave a Comment »
June 7, 2009 by Carol VanAusdal
Santa Cruz County sales are heating up with an 8.26% increase in number of sales as compared to the same period in 2008. In addition, the inventory available is down 21.48% and the number of properties under contract is up 44%.
These statistics are still showing great affordability with the median price now at $462,500 as compared to $645,000 in May 2008.
All statistics for Santa Cruz County at this link.
Statistical Highlights for Single Family Homes:
* Inventory decreased 2.40% from Apr ‘09, and down 21.48% from May ‘08
* Unit sales increased 1.5% from Apr ‘09, and 8.26% over May ‘08
* Days on the market increased over Apr to 115, prior year 91
* Median price increased 11.44% from Apr ‘09 but decreased 28.29% compared to May ‘08
* Sales price vs. listing price ratio increased over Apr ‘09 a bit to 96.46%
* 7.1 mo’s of inventory available at the end of May as compared to 9.8 in May ‘08
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(These statistics are believed to be accurate but not guaranteed)
Posted in Housing Market Updates, Santa Cruz California Real Estate, Santa Cruz Real Estate Stats | Tagged home prices, real estate market | 1 Comment »
June 3, 2009 by Carol VanAusdal
U.S. Dept. of Housing and Urban Development (HUD) Secretary Shaun Donovan recently announced that the Federal Housing Administration (FHA) will allow home buyers to apply the administration’s new $8,000 first-time home buyer tax credit toward the purchase costs of a FHA-insured home.
The American Recovery and Reinvestment Act of 2009 offers home buyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of the announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate.
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Information reprinted from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) Newsline
Posted in Housing Market Updates, Mortgage News, home buyers | Tagged FHA, home buyers, homes, lenders, tax credit | 1 Comment »
June 3, 2009 by Carol VanAusdal
According to Bob Pryor, who runs sales and marketing at Genpac, “1 out of every 150 U.S. home loans are in foreclosure, 20 million American homeowners have mortgages that exceed the value of their homes and more than 10 million homeowners are seeking refinancing in this low interest rate environment.” This increase in mortgage activity has placed tremendous additional pressure on the mortgage industry’s already-limited resources.
In addition, the redefault rates among modified mortgages are already running at 50 to 70 percent — or more — within just six months of modification. This trend makes it clear that the challenge here isn’t just managing through the red tape often associated with the modification process.
It’s in correctly identifying those borrowers most likely to reperform and stay reperforming, while expeditiously managing through a growing volume of borrowers for whom a modification may not be the best available option.
Posted in Housing Market Updates, Mortgage News | Tagged foreclosures, loan modification | Leave a Comment »
May 21, 2009 by Carol VanAusdal
Here’s another sign that California’s foreclosures could jump in 2009: Delinquencies on dues owed to homeowner associations have risen sharply.To read the full story:
The homeowner association delinquency rate can serve as a leading indicator of sorts because homeowners usually stop paying dues before they stop paying their mortgage.
The 90-day delinquency rate on dues for the 260 homeowner associations in California managed by Merit Property Management jumped to 5.3% in March from 2.8% last June. Delinquencies first spiked to 2.6% in December 2007 from 0.8% in March 2007.
The Journal looked at how banks were beginning to ramp up foreclosures after holding off for several months. Pre-foreclosure notices in California spiked in March after a state law had suppressed foreclosures at the beginning of the year.
Delinquency rates have risen to as high as 15% in some Merit communities, says Andrew Schlegel, the company’s financial vice president. The rising number of HOA delinquencies and the boost in pre-foreclosure notices could be a harbinger of things to come. “There’s reason to believe in California there may be a second wave of foreclosures,” he says.
Posted in Housing Market Updates | Tagged foreclosure, homeowners | Leave a Comment »
May 21, 2009 by Carol VanAusdal
The percentage of households that could afford to buy an entry-level home in California stood at 69% in the first quarter of 2009, compared with 46 percent (revised) for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
C.A.R.’s First Time Buyer Housing Affordability Index (FTB-HAI) measures the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.
The minimum household income needed to purchase an entry-level home at $213,040 in California in the first quarter of 2009 was $38,090. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price.
Recent decreases in home prices and mortgage rates have brought affordability into better alignment with the income level of a typical California household, where the median household income is $61,030.
At 83%, the High Desert region was the most affordable area in the state. The San Luis Obispo County region was the least affordable in the state at 495, followed by the Orange County region at 56%.
Posted in Housing Market Updates | Tagged affordable, home prices | Leave a Comment »
