Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
0Activity
0 of .
Results for:
No results containing your search query
P. 1
July August Szc

July August Szc

Ratings: (0)|Views: 121|Likes:
Published by Susan Strouse

More info:

Published by: Susan Strouse on Jul 17, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

07/17/2012

pdf

text

original

 
local market trends
The Real Estate Report
S
ANTA
C
RUZ
C
OUNTY
 
Strouse Realty Group
Town and Country Real Estate
(831) 338-6481Susan@StrouseRealtyGroup.comhttp://www.StrouseRealtyGroup.comDRE #01228878
Susan Strouse, B.S., M.A.
Susan Strouse, B.S., M.A. | Susan@StrouseRealtyGroup.com | (831) 338-6481
Lastly, the National Mortgage Settlement that thestates’ attorney generals signed with the five major banks will be extended to home loans that are notcurrently covered.The next step will be for Governor Brown to signthe bills.Kudos to Attorney General Kamala Harris for shepherding these bills through the state senateand assembly.
J
UNE
M
ARKET
S
TATISTICS
 
Sales of single-family, re-sale homes were off 8%year-over-year.Unlike the rest of the Bay Area, home inventorywas up 14.2% from last June. That’s six months ina row inventory has been higher than the year before.The median price for homes fell 7.3% year-over-year. This after five months of year-over-year gains.Pending home sales, another good indicator of market movement, were up 37.8% year-over-year.State lawmakers passed a groundbreaking set of foreclosure relief bills Monday that supporters saywill help hundreds of thousands of strugglingCalifornians stay in their homes.The legislation, the first of its kind in the nation,stops a practice by mortgage lenders that criticscall one of the most egregious: "dual tracking,"where a lender pursues foreclosure proceedings ona homeowner even though the homeowner isseeking a modification on the terms of the loan. A second part of the legislation requires banks toprovide a single point of contact to borrowers atrisk of default: someone who is responsible for helping them avoid foreclosure.In addition, the legislation imposes a $7,500 civilpenalty on banks that approve documents thathave not been verified for accuracy.For renters of property that has been foreclosedon, the new laws will require the purchasers of foreclosures to honor existing leases, and to give atleast 90 days notice to move if there is no lease.
California Homeowner Bill of Rights Passes Legislature
S
ALES
 
MOMENTUM
for homes dropped two points to +10.3.
P
RICING
 
MOMENTUM
had been on the up-swing the past five months,turned down in June, losing one point to –3.9.
W
E
 
CALCULATE
momentum by using a 12-month moving averageto eliminate seasonality. By comparing this year’s12-month moving average to last year’s, we get apercentage showing market momentum.
C
ONDO
S
TATISTICS
The median price for condos gained 8.2% year-over-year. Inventory problems affected sales whichwere down 9.1% from last June.This is an extraordinarily tough market for buyers.It’s important to be calm and realistic. If you don’tknow what to do or where to begin, give me a calland let’s discuss your situation and your options.
J
ULY
/A
UGUST
2012
Inside This Issue
>
L
OCAL
M
 ARKET
T
RENDS
.....................
1
 
>
M
ORTGAGE
R
 ATE
O
UTLOOK
...............
2
 
>
H
OME
S
TATISTICS
..............................
2
 
>
F
ORECLOSURE
S
TATS
........................
3
 
>
C
ONDO
S
TATISTICS
............................
3
 
>
SFR P
ENDING
 
VS
. S
 ALES
C
HART
........
4
 
 
Jun 12 May 12 Jun 11
Median Price:498,500$ 517,500$ 537,500$  Average Price:536,763$ 565,915$ 615,608$ Units Sold:160216174Pending Sales:339337246Inventory:507525444Sale/List Price Ratio:98.6%98.8%96.0%Days on Market:716173Days of Inventory:927374
Trends at a Glance
(Single-family Homes)
-60.0-40.0-20.00.020.040.060.007MMJSN08MMJSN09MMJSN10MMJSN11MMJSN12MM
Santa Cruz County Homes:
Sales MomentumSalesPendingMedian
© 2012 rereport.com
 
The Real Estate Report
Page 2
Mortgage Rate Outlook 
Susan Strouse, B.S., M.A.Susan@StrouseRealtyGroup.com(831) 338-6481
The chart above shows the Nationalmonthly average for 30-year fixedrate mortgages as compiled byHSH.com. The average includes mort-gages of all sizes, including conforming,"expanded conforming," and jumbo.
Jun 8, 2012
--
HSH.com's broad-market mortgage track-er -- our weekly Fixed-Rate Mortgage Indicator (FRMI) -- found the overall average rate for 30-year fixed-rate mortgages was unchanged, holding at arecord low of 3.98% for a third consecutive week.The FRMI's 15-year companion was also unchangedthis week at 3.27%. Important to homebuyers andlow-equity-stake refinancers, already-low FHA-backed 30-year mortgages also held firm at 3.66%,while the overall average rate for 5/1 Hybrid ARMsfinished at 2.89%, a decline of a just 0.01%.We've noted on a number of occasions that low andeven record low interest rates are great, but beingreliably available is most key to the recovery of thehousing market. That rates can be relied upon to beattractive enough to entice a borrower in at the begin-ning of a transaction is of little use to them shouldthey no longer be available to complete it. This ismore important to would be home buyers, as thatprocess can take many months to come to fruition.We are starting to see some of the benefits of dura-bly low rates, though. New Home Sales rose by 7.6%in May, climbing to a 369,000 annualized rate of sale.While still well below boom-year peaks, and evenwhat would be considered normal, they are also wellabove the absolute dismal bottoms we saw duringthe bust. Better still, the homes being built are beingsnapped up, so inventory levels remain quite lean,with just 145,000 units built and ready for sale, abouta 4.7 month supply at the present rate of absorption.To meet demand, builders will need to keep building,which is an important support for the economy.So the first half of 2012 has come and gone. We arestill in a glass-half-full at best kind of economy, argu-ably no better nor worse than we started the year.Federal Reserve programs are still in play, financialmarkets are still in various forms of flux, unemploy-ment is about the same, give or take a little, andthere's no easy or clear path ahead. We remain on astumbling economic path and seem likely to remainhere for some time to come yet.Each day that interest rates remain low presents anopportunity for a household to recast its balancesheet with a mortgage refinance, or for someone toget a chance to buy a home. Each decline in gasolineor natural gas prices frees up billions of spendabledollars which can be used to support the economygoing forward. The situation at present couldn't becharacterized as great, not by any means, but it stillbeats the alternative.
3.0%4.0%5.0%6.0%7.0%8.0%01-0604-0607-0610-0601-0704-0707-0710-0701-0804-0807-0810-0801-0904-0907-0910-0901-1004-1007-1010-1001-1104-1107-1110-1101-1204-12
30-Year Fixed Mortgage Rates
020406080100120140160180200$100$200$300$400$500$600$700$800$900$1,00007MMJSN08MMJSN09MMJSN10MMJSN11MMJSN12MM
   S   i  n  g   l  e  -   f  a  m   i   l  y   H  o  m  e   S  a   l  e  s   M  e   d   i  a  n   &   A  v  e  r  a  g  e   P  r   i  c  e  s
Santa Cruz County Homes
-Prices & Sales
(3-month moving average—prices in $000's)
CitiesMedianAverageSalesPendInvenDOISP/LPMedAveSales Pend2Inven
ounty,,.-.-.-... Aptos380,000470,00051330174116.5%-24.5%-9.1%-61.5%-7.1%-11.8%Capitola598,000764,00058148195.8%-14.6%-23.5%0.0%-11.1%-26.3%Rio del Mar660,000821,5321424459398.3%69.2%98.0%366.7%41.2%-31.8%Seacliff515,000498,250431611697.9%6.2%-23.5%-20.0%-50.0%33.3%San Lorenzo Vly320,000361,0151973659996.1%16.4%9.8%-20.8%32.7%-36.3%Soquel537,250555,88010181852100.7%10.7%0.8%25.0%0.0%-59.1%Scotts Valley659,000646,64314356713998.8%-14.3%-19.7%-17.6%6.1%-1.5%Santa Cruz505,000568,93647731076698.3%-19.5%-16.8%-16.1%-7.6%-33.5%East County361,500397,60014387114797.8%1.8%-35.4%7.7%15.2%-11.3%West County--00000.0%n/an/an/an/an/aWatsonville292,500282,1721833121999.7%-3.1%-7.8%38.5%-40.0%-62.5%
Santa Cruz County - June 2012
Single-Family Homes% Change from Year Before
PricesPrices
 
Table Definitions _______________ 
Median Price
The price at which 50% of priceswere higher and 50%were lower.
Average Price
Add all prices and divide by thenumber of sales.
SP/LP
Sales price to list price ratio or theprice paid for the property divided bythe asking price.
DOI
Days of Inventory, or how manydays it would take to sell all theproperty for sale at the current rateof sales.
Pend
Property under contract to sell thathasn’t closed escrow.
Inven
Number of properties actively forsale as of the last day of the month.
Page 3
Susan Strouse, B.S., M.A.Susan@StrouseRealtyGroup.com(831) 338-6481
In May, notices of default, the first step in the foreclo-sure process, in Santa Cruz County fell 33.3% from theyear before. Notices were down 33.9% from April.Notices of sale, which set the date and time of an auc-tion, and serve as the homeowner's final notice beforesale, were down 56.5% year-over-year, and were down40% from April. After the filing of a Notice of Trustee Sale, there areonly three possible outcomes. First, the sale can becancelled for reasons that include a successful loanmodification or short sale, a filing error, or a legal re-quirement to re-file the notice after extended postpone-ments. Alternatively, if the property is taken to sale, the bankwill place the opening bid. If a third party, typically aninvestor, bids more than the bank's opening bid, theproperty will be sold to the third party; if not, it will goback to the bank and become part of that bank's REOinventory.
F
ORECLOSURE
 
STATISTICS
 
In April, cancellations were up 7.4% from April, butdown 32.6% year-over-year.Properties going back to the bank decreased 12.9% inMay from April. Year-over-year, properties going backto the back dropped 47.1%.The total number of properties that have had a notice of default filed decreased by 19.5% in April compared to April 2011. They were up 3.6% from April.The total number of properties scheduled for sale de-clined 7.3% from April, and, were down 13.7% year-over-year.The total number of homes owned by the banks wasdown 6% from April, and down 15.1% year-over-year.Banks now own approximately 422 properties in SantaCruz County.
05101520253035404550$100$200$300$400$500$600$70007MMJSN08MMJSN09MMJSN10MMJSN11MMJSN12MM
   C  o  n   d  o   S  a   l  e  s   M  e   d   i  a  n   &   A  v  e  r  a  g  e   P  r   i  c  e  s
Santa Cruz County Condos
-Prices & Sales
(3-month moving average—prices in $000's)
-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%07FMAMJJASOND08FMAMJJASOND09FMAMJJASOND10FMAMJJASOND11FMAMJJASOND12FMAMJ
Santa Cruz County Homes:
Year-Over-Year Median Price Change
© 2012 rereport.com
CitiesMedianAverageSalesPendInvenDOISP/LPMedAveSales Pend2Inven
County296,000315,109407018213299.4%8.2%10.5%-9.1%25.0%-31.6% Aptos340,000340,00010411697.4%-14.8%-14.8%0.0%n/a0.0%aptoa,,.....-.Rio del Mar--00000.0%n/an/an/an/an/aScotts Valley297,000351,2205752997.2%9.2%29.2%400.0%-41.7%-50.0%Santa Cruz313,000312,494152460116100.9%9.2%-2.8%7.1%33.3%-18.9%Watsonville235,000211,47051452999.5%66.1%17.2%-44.4%-39.1%-70.6%
Santa Cruz County - June 2012
Condos/Townhomes% Change from Year Before
PricesPrices

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->