The amount of income needed to qualify for a mortgage is well below the median income in most parts of the U.S., according to NAR data. NAR found that the national median family income was $61,000 in the first quarter. If a buyer wanted to purchase a home at the national median price, he or ... [Read More]
The amount of income needed to qualify for a mortgage is well below the median income in most parts of the U.S., according to NAR data.
NAR found that the national median family income was $61,000 in the first quarter. If a buyer wanted to purchase a home at the national median price, he or she would need an annual income of $34,700 if making a 5 percent down payment. A 10 percent down payment would lower the requirement to $32,900, while a 20 percent down payment requires about $29,300.
The information on qualifying incomes to purchase a median-priced single-family home on a metropolitan area basis assumes a favorable credit rating and an interest rate of 4 percent with 25 percent of gross income set aside for principal and interest.
The NAR report also found that 32 percent of home purchases paid all-cash in first quarter 2012, and investors, who make up the bulk of cash purchasers, accounted for 22 percent of all transactions in the first quarter.
http://www2.realtoractioncenter.com/site/R?i=DFYToH2b6pFEPFlcFm8E9Q
Housing affordability in California set a new record high in first quarter 2012 rising to 56 percent, according to C.A.R.’s first quarter Housing Affordability Index. The increase can be attributed to record-low interest rates and stabilization in home prices. The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in ... [Read More]
Housing affordability in California set a new record high in first quarter 2012 rising to 56 percent, according to C.A.R.’s first quarter Housing Affordability Index. The increase can be attributed to record-low interest rates and stabilization in home prices.
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California rose to 56 percent in the first quarter of 2012, up from 55 percent in fourth-quarter 2011 and from 53 percent in first quarter 2011, according to C.A.R.’s Traditional Housing Affordability Index (HAI). The index was the highest since C.A.R. began tracking this statistic in 1988.
Home buyers needed to earn a minimum annual income of $55,688* (based on fourth quarter 2011 income data) to qualify for the purchase of a $276,040 statewide median-priced, existing single-family home in the first quarter of 2012. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $1,392, assuming a 20 percent down payment and an effective composite interest rate of 4.16 percent. The effective composite interest rate in fourth-quarter 2011 was 4.30 percent and 4.90 percent in the first quarter of 2011.
In the San Francisco Bay Area, housing affordability rose or remained stable in all counties except Contra Costa County, where affordability declined by one percentage point. At 78 percent, San Bernardino County was the most affordable, while San Francisco County was the least affordable, with only 29 percent of households able to purchase the county’s median-priced home.
http://www2.realtoractioncenter.com/site/R?i=CE1ucBz9rmSAyYpEfNj4oQ
Housing affordability in California set a new record high in first quarter 2012 rising to 56 percent, according to C.A.R.’s first quarter Housing Affordability Index. The increase can be attributed to record-low interest rates and stabilization in home prices. The percentage of home buyers who could afford to purchase a median-priced, existing single-family home ... [Read More]
Housing affordability in California set a new record high in first quarter 2012 rising to 56 percent, according to C.A.R.’s first quarter Housing Affordability Index. The increase can be attributed to record-low interest rates and stabilization in home prices.
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California rose to 56 percent in the first quarter of 2012, up from 55 percent in fourth-quarter 2011 and from 53 percent in first quarter 2011, according to C.A.R.’s Traditional Housing Affordability Index (HAI). The index was the highest since C.A.R. began tracking this statistic in 1988.
Home buyers needed to earn a minimum annual income of $55,688* (based on fourth quarter 2011 income data) to qualify for the purchase of a $276,040 statewide median-priced, existing single-family home in the first quarter of 2012. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $1,392, assuming a 20 percent down payment and an effective composite interest rate of 4.16 percent. The effective composite interest rate in fourth-quarter 2011 was 4.30 percent and 4.90 percent in the first quarter of 2011.
In the San Francisco Bay Area, housing affordability rose or remained stable in all counties except Contra Costa County, where affordability declined by one percentage point. At 78 percent, San Bernardino County was the most affordable, while San Francisco County was the least affordable, with only 29 percent of households able to purchase the county’s median-priced home.
http://www2.realtoractioncenter.com/site/R?i=CE1ucBz9rmSAyYpEfNj4oQ
Sales of new single-family houses rose 7.5 percent in March compared with a year earlier and were at a seasonally adjusted annual rate of 328,000 units, according to estimates released by the U.S. Census Bureau and the Dept. of Housing and Urban Development. Although home sales increased compared with the previous year, sales declined 7.1 ... [Read More]
Sales of new single-family houses rose 7.5 percent in March compared with a year earlier and were at a seasonally adjusted annual rate of 328,000 units, according to estimates released by the U.S. Census Bureau and the Dept. of Housing and Urban Development. Although home sales increased compared with the previous year, sales declined 7.1 percent compared with the revised February rate of 353,000 units.
The median sales price of new houses sold in March 2012 was $234,500; the average sales price was $291,200. The seasonally adjusted estimate of new houses for sale at the end of March was 144,000. This represents a supply of 5.3 months at the current sales rate.
http://www2.realtoractioncenter.com/site/R?i=RX90TPtKf_BVBjUEypjn2w
Orange County Register The median price for an existing, single-family home in California rose 1.6 percent in March compared with the year before, marking the first year-over-year increase in 16 months, the CALIFORNIA ASSOCIATION OF REALTORS® reported Monday. Making sense of the story The statewide median price of an existing, single-family detached home jumped 9.2 ... [Read More]
Orange County Register
The median price for an existing, single-family home in California rose 1.6 percent in March compared with the year before, marking the first year-over-year increase in 16 months, the CALIFORNIA ASSOCIATION OF REALTORS® reported Monday.
Making sense of the story
The statewide median price of an existing, single-family detached home jumped 9.2 percent to $291,080 in March from February’s $266,660 median price and was up 1.6 percent from a revised $286,550 recorded in March 2011. The month-to-month increase was the largest since March 2004.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 505,360 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in March were down 4.5 percent month-over-month and 2.3 percent year-to-year.
The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
“Housing inventory remains extremely tight throughout the state and at levels severely under normal market conditions,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “In areas, such as Los Angeles and Riverside counties, where the Federal Housing Finance Agency (FHFA) wants to implement the REO bulk sale pilot program, inventory is running at levels well below the long-run average. These low inventory levels demonstrate that the pilot program is not necessary in California.”
The pilot program calls for the sale of more than 600 Fannie Mae-owned foreclosed homes in Los Angeles and Riverside counties to institutional investors.
Read the full story
http://www.ocregister.com/articles/median-349624-statewide-months.html
California home sales declined in March from February’s pace, while the median home price snapped a 16-month annual price decline and posted its first year-over-year gain, C.A.R. reported Monday. The statewide median price of an existing, single-family detached home jumped 9.2 percent to $291,080 in March from February’s $266,660 median price and was up 1.6 ... [Read More]
California home sales declined in March from February’s pace, while the median home price snapped a 16-month annual price decline and posted its first year-over-year gain, C.A.R. reported Monday.
The statewide median price of an existing, single-family detached home jumped 9.2 percent to $291,080 in March from February’s $266,660 median price and was up 1.6 percent from a revised $286,550 recorded in March 2011. The month-to-month increase was the largest since March 2004.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 505,360 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. Sales in March were down 4.5 percent month-over-month and 2.3 percent year-to-year.
“Housing inventory remains extremely tight throughout the state and at levels severely under normal market conditions,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “In areas, such as Los Angeles and Riverside counties, where the Federal Housing Finance Agency (FHFA) wants to implement the REO bulk sale pilot program, inventory is running at levels well below the long-run average. These low inventory levels demonstrate that the pilot program is not necessary in California.”
The pilot program calls for the sale of more than 600 Fannie Mae-owned foreclosed homes in Los Angeles and Riverside counties to institutional investors.
http://www.car.org/newsstand/news/march2012sales
Builder confidence in the market for newly built, single-family homes declined to 25 in April, the first decline in seven months, according to the National Association of Home Builders/Wells Fargo Housing Market Index. The decline brings the index back to where it was in January, which was the highest level since 2007. The NAHB/Wells Fargo ... [Read More]
Builder confidence in the market for newly built, single-family homes declined to 25 in April, the first decline in seven months, according to the National Association of Home Builders/Wells Fargo Housing Market Index. The decline brings the index back to where it was in January, which was the highest level since 2007.
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.
Each of the index’s components registered declines in April. The component gauging current sales conditions and the component gauging sales expectations in the next six months each fell three points, to 26 and 32, respectively, while the component gauging traffic of prospective buyers fell four points to 18.
Regionally, the HMI results were somewhat mixed in April, with the West, which includes California, remaining steady at 32.
http://www.nahb.org/news_details.aspx?sectionID=122&newsID=15221
Los Angeles Business Journal California home sales declined from both the prior month and year in January, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The median price also was lower, primarily due to a sales increase in the distressed market. Making sense of the story Closed escrow sales of existing, single-family detached ... [Read More]
Los Angeles Business Journal
California home sales declined from both the prior month and year in January, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The median price also was lower, primarily due to a sales increase in the distressed market.
Making sense of the story
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 517,740 in January, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.
January’s sales were down 0.6 percent from December’s 520,940 pace and down 5.7 percent from the revised 548,760 sales pace recorded in January 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The statewide median price of an existing, single-family detached home fell to $268,280 in January, down 6.7 percent from $285,920 in December. The median price also dropped 3.9 percent from the revised $279,220 median price recorded in January 2011.
“The decline in the January median home is largely a reflection of an increase in the share of distressed home sales,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Seasonal factors in the non-distressed market also played a role in the softening of the median home price, as prices typically decline in the non-peak home buying season.”
California’s housing inventory rose in January, with the Unsold Inventory Index for existing, single-family detached homes increasing to 5.5 months in January, up from 4.1 months in December but down from the 6.8-month supply in January 2011. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Read the full story
http://www.bizjournals.com/losangeles/news/2012/02/15/california-home-prices-down.html
