California home sales and median price post increases in November, C.A.R. reports
LOS ANGELES (Dec. 16) – California home sales posted an increase both on a monthly and annual basis in November, marking the fifth consecutive month of year-to-year sales increases, according to figures released today from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
Closed escrow sales of existing, single-family detached homes in California rose to a seasonally adjusted 503,570 units in November, up 2.1 percent from a revised 493,140 in October, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. November home sales also were up 2.3 percent from the revised 492,040 units sold during the like period a year ago. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
“The continuing strength in home sales is encouraging and should keep us on track to match or exceed last year’s sales pace,” said C.A.R. President LeFrancis Arnold. “Despite the challenges the housing market has faced, sales are maintaining a pace that is just shy of normal levels, enabling both distressed and non-distressed properties to move and providing a tremendous opportunity for those who are looking to buy a home.”
The November statewide median price of an existing, single-family detached home sold in California was $280,960, up 1.0 percent from $278,060 in October but down 5.2 percent from the $296,480 median price recorded for November 2010.
“On a regional level, more markets registered year-to-year price gains in November than in October, despite the statewide year-over-year price decrease,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “However, price declines in such high cost areas as Contra Costa, Marin, Ventura, Orange County, Santa Barbara, and Santa Cruz may be a sign that the recent lowering of the Fannie Mae and Freddie Mac conforming loan limits may have had an impact on purchases of homes in the moderately high-priced range.
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TAHOE/TRUCKEE, Calif. — The Ritz-Carlton, Lake Tahoe has been recognized as the #10 resort on the annual Conde Nast Traveler “Best in the World” readers’ poll. The annual list, in the November issue of the publication ranks the best hotels and resorts worldwide.
The resort was also recently awarded the prestigious AAA Five Diamond designation, the travel authority’s highest rating for hotels and restaurants. This is the first year the luxury mountain resort has received this prestigious award and it is the first-ever hotel or resort in the Lake Tahoe region to achieve the AAA Five Diamond rating.
“Receiving the AAA Five Diamond award is testament to the dedication and outstanding efforts of the Ladies and Gentlemen of The Ritz-Carlton, Lake Tahoe,” said Allen Highfield, general manager for the resort. “The fact that readers of Conde Nast Traveler ranked The Ritz-Carlton, Lake Tahoe in the top 10 for mainland resorts is a huge honor, as it is from our guests.”
Little Change in California, as Nevada and Washington Foreclosure Starts Plummet
Foreclosure Starts in California were little changed this month, after a dramatic increase in August and subsequent fall in September. Other California foreclosure activity was also little changed in October. California foreclosure investors gained traction with 9.9 percent more properties sold to third parties in October, representing a record 28.8 percent of all foreclosure sales. A year ago just 16.9 percent of foreclosures were purchased by third parties.
Nevada Foreclosure Starts plummeted in reaction to the passing of AB 284, which imposed stricter requirements on filing new Notices of Default, and seems to have specifically targeted ReconTrust – the trustee that handles all Bank of America and Countrywide foreclosures – by prohibiting a trustee from being owned by the foreclosing lender, as ReconTrust is. Washington Foreclosure Starts continued their decline after being impacted by a lawsuit filed by the State Attorney General against ReconTrust in August alleging the trustee was illegally foreclosing on properties in that state.
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10 hottest vacation real-estate markets
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Check out this great article on Vacation real estate market including Truckee, CA!!!
The Foreclosure Report – May 2011
Time To Resell In May 2011 Improved for Investors
06/14/2011
Third party investors resold the homes they previously purchased at auction at a faster pace throughout our coverage area. As the most sophisticated and motivated homesellers in the marketplace, these investors provide an important indicator as to the health of the entire housing market. While the statistic is encouraging, it’s too early to tell whether it is a turning point from the otherwise recent downward trend within the housing market.
Foreclosure filing activity was down in May 2011, with fewer foreclosure filings in all states except California, where there was an increase in Notice of Trustee Sale filings. This increase may lead to more foreclosure sales in future months. Activity on the courthouse steps was mixed, with California the only state to have increases in foreclosure sales both Back to Bank and Sold to 3rd Party. After a jump in foreclosure cancellations across the board in April 2011, there was a reversal of this trend in May, with cancellations dropping significantly in California, Nevada, and Washington. Cancellations moderately declined in Arizona, and increased in Oregon.
“The slowing foreclosure process has left fewer affordable homes available for sale” says Sean O’Toole, CEO and Founder of ForeclosureRadar. “Foreclosure investors may be the only winner so far, benefiting by being able to resell homes purchased at foreclosure auction a little more quickly.”
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Home Owner Beware
I just read an article put out by CAR California Association of Realtors. There are some bad people sending out letters with statements saying your home mortgage servicing company has changed and you need to send your payments to a new address with a new name for the company. You should first receive a letter from your current mortgage service company essentially saying good bye and there is a change. You would then receive another letter from the new servicer as a welcome and introduction. If you should receive one of the erroneous letters report it immediately as they change addresses quickly. If all else fails and you are concerned pick up the phone.
Tahoe Lake Front Broker Tour
What a nice way to spend a Wednesday morning. Broker tour took me through 16 lake front properties ranging in price from $2.5M to $10,487,500. The high priced one was certainly worth the extra $500, not really. It was interesting to go from modern built lake fronts to two lake front estates with homes originally built in the 30′s. Other significant differences that effect the value of lake fronts are piers, buoys and the size of the property. The two estate properties were 1.67 and 1.7 acre. That type of property is hard to find.
The Tahoe lake front market saw a significant improvement last year and is off to a good start this year. in 2009 there were just 11 Tahoe lake front sales. That number doubled in 2010 to 22 sales. So far this year there have been 6 sales which is 50% higher than the 4 in the same period last year.
There are some great opportunities available including one of the older estates being on the market for the first time ever.
Please don’t hesitate to contact me if you have any questions. 530-412-3146.
