By Gregory J. Wilcox, Staff Writer
San Fernando Valley home prices surged again in June amid plunging foreclosure activity and tight inventory, according to two reports released Monday.
Last month, the median home price in the Valley increased 29.3 percent, to $505,000 from $390,500 a year ago, said the San Fernando Valley Economic Research Center at California State University, Northridge. It was the 12th consecutive month of year-over-year price increases.
Just since May, the median is up 1.2 percent from $499,000, and June was the first time the median rose above $500,000 since May 2008, the center said.
The San Fernando Valley's
housing market roared to life in October, with sales surging 25 percent
from a year ago and the median price increasing 10 percent.
It looks like the rebound has morphed into more than a mirage, too.
Since April, sales have increased by more than 10 percent from
a year earlier every month except September, according to the San
Fernando Valley Economic Research Center at California State Univeristy,
Last month, 1,510 new and previously owned houses and
condominiums changed owners, an increase of 305 from October 2011 and
223 more than in October 2012.
Economist William W. Roberts, the center's director, said that
September was an anomaly and that the 2012 market should end on a
"I think we'll see decent numbers in November and December,"
Roberts said. "Twelve months ago the market was a bit artificial because
the government stimulus had stopped and the market wasn't going much of
anywhere. Now it's more of a traditional market."
The San Fernando Valley's housing market roared to life in October, with sales surging 25 percent from a year ago and the median price increasing 10 percent.
It looks like the rebound has morphed into more than a mirage, too.
Since April, sales have increased by more than 10 percent from a year earlier every month except September, according to the San Fernando Valley Economic Research Center at California State Univeristy, Northridge.
Last month, 1,510 new and previously owned houses and condominiums changed owners, an increase of 305 from October 2011 and 223 more than in October 2012.
Economist William W. Roberts, the center's director, said that September was an anomaly and that the 2012 market should end on a strong note.
"I think we'll see decent numbers in November and December," Roberts said. "Twelve months ago the market was a bit artificial because the government stimulus had stopped and the market wasn't going much of anywhere. Now it's more of a traditional market."
Ventura County Star
By Stephanie Hoops
Wednesday, December 12, 2012
Total foreclosure filings last month reached a low not seen in five years, with a 53.6 percent drop countywide compared with the same month a year ago, according to a mortgage research company.
A total of 671 foreclosure filings — default notices, auctions and bank repossessions — was reported last month in Ventura County, compared with 1,445 in November 2011, Irvine-based RealtyTrac Inc. reports.
The last time November filings were lower was in 2007, when there were 426 filings.
November's filings fell from 738 in October, a 9 percent decrease. Local foreclosure filings have been declining since June, but foreclosure filings in May hit the year's bottom at 640.
"Foreclosures are at very low levels relative to the stock of housing in Ventura County, which is certainly among the better-performing counties of the state," said Robert Kleinhenz, chief economist at the Los Angeles County Development Corp.
Foreclosure filings were down 36.8 percent in Colorado metro counties during November, falling to the lowest level recorded in any month since the Colorado Division of Housing began collecting totals in 2007, the agency reported Wednesday.
According to the report, foreclosure filings dropped from 2,296 in November 2011 to 1,450 in November 2012.
For the first eleven months of the year, January through November, foreclosure filings were down 6.5 percent in 2012 when compared to the same period last year.
At the same time, the report said foreclosure auction sales in Colorado's metropolitan counties were down 31.8 percent in November compared to November of last year, falling from 1,290 to 880.
Foreclosure auction sales were down 19.9 percent for the first eleven months of the year, from January through November.
By E. Scott Reckard
December 12, 2012, 10:34 a.m.
Southern California's housing market surged again last month, with the number of homes sold climbing more than 14% from a year earlier to their the highest level for any November in six years.
It was the 11th straight month of year-over-year increases, according to real estate research firm DataQuick. The median home price for the region was $321,000, up from $315,000 the two prior months and a nearly 17% increase over $275,000 in November of 2011.
Helping to boost the median home price, the number of sales rose in the trade-up middle ranges of the market and at the high end, while sales volume fell in less expensive areas.
Investors paying cash for homes remain an unusually large part of the regional housing market, DataQuick said.
More buyers feel confident about their jobs, the economy and housing prices, said John Walsh, president of the San Diego data firm.
“We’re also seeing more non-distressed sales, where people sell at a profit and buy another house, triggering more move-up activity,” Walsh said.
Ventura County's housing picture brightened more last week, with reports of increased sales and prices and fewer foreclosure filings.
October home sales jumped 35 percent from the same time last year and the median price climbed to $360,000, San Diego-based DataQuick reported Tuesday.
Meanwhile, the number of properties with foreclosure filings dropped 39 percent in October from the same time last year, according to Irvine-based RealtyTrac. There were 738 county properties with foreclosure filings in October. Of those, 217 were default notices, 367 were auction sales and 154 were bank repossessions.
Jerry Sullivan Wednesday, October 31, 2012
Warren Buffett will attach the name of his famed holding company to a newly formed residential real estate chain that will have headquarters in Irvine.
The company is expected to take shape under terms of a deal between HomeServices of America and Brookfield Asset Management in Toronto.
HomeServices is an affiliate of Buffett’s Omaha-based Berkshire Hathaway holding company. It has headquarters in Minneapolis, and operates numerous real estate offices under various brands throughout the nation.
Bookfield owns Irvine-based Prudential Real Estate as well as Real Living Real Estate chain, with headquarters in Columbus, Ohio. Prudential and Real Living combined for about $72 billion in sales last year.
The California Association of Realtors, as part of its 2012 EXPO at Anaheim Convention Center, held a public policy forum on proposed use by government to use eminent domain to seize underwater home mortgages.
San Bernardino County has created a joint powers authority to explore a proposal to hire a private venture to wrest privately-held mortgages out of investment pools, so homeowners who owe more on their property than it’s worth can refinance or modify their loans.
The closed-door forum, held Wednesday, Oct. 3, included Steven Gluckstern, chief executive of Mortgage Resolution Partners, which has proposed the concept, and Richard Dorfman, managing director of the Securities Industry and Financial Markets Association.
The private discussion, attended by more than 400 real estate professionals, lasted more than one hour.
Paul Herrera, government affairs director with the Inland Valleys Association of Realtors, said it’s possible the board of directors will vote to adopt an association position on eminent domain at the conclusion of the conference, Friday, Oct. 5, or Saturday.
Daily News Los Angeles
Written by: Brian O'Connell 10/02/12 - 11:22 AM EDT
NEW YORK (BankingMyWay) -- Despite barrels of ink spilled over the imminent tsunami in apartment rentals, Americans still want to own their own homes, and they have a lot to say about the new-look U.S. housing market.
According to the U.S. Census Bureau, 65.5% of adult Americans own their own home, a number that really hasn't wavered over the past year.
With housing prices historically soft and mortgage credit hard to get, the conventional wisdom has it that U.S. adults have had it with the housing market and are looking to rent rather than own their own abode.
As Census data show, that conventional wisdom is wrong. In fact, not only do U.S. consumers continue to pursue the American Dream, just over a quarter of them -- 28% to be exact -- prefer to rent versus own their own home, according to a separate survey of 1,000 U.S. adults from Fannie Mae.