More info @ http://www.corelogic.com/blog/authors/andrew-lepage/2017/02/socal-caps-2016-with-steady-home-price-growth-and-modest-sales-gain.aspx?WT.mc_id=crlg_131016_lSe1H#.WK9bnvkrJNA
2016 Southern California housing market
As Figure 2 shows, all six counties were far more overvalued – from 40 to 83 percent – during the last housing boom. Among the other major differences between today’s market and the run-up to the last housing bust: Flipping, a measure of speculation that shows the share of homes sold twice within nine months, has trended lower. …
Looking ahead, the housing market’s performance will depend on a variety of factors including mortgage rates, job and income growth and decisions made in Washington D.C. relative to taxes, trade, regulations and infrastructure spending. Southern California continued to experience year-over-year job growth in December 2016 (Figure 3), although the gain was lower than a year earlier. Riverside County’s 2.9 percent year-over-year increase in non-farm employment in December 2016 ranked 9th among the nation’s top 100 metro areas by population, according to the Bureau of Labor Statistics.
Other 2016 Southern California housing market highlights:
Full-year 2016 home sales totaled 244,313, up 2.1 percent from 2015. Resales in 2016 increased 1.2 percent, while new-home sales rose nearly 14 percent to the highest level since 2008.
The December 2016 inventory of homes for sale was 10.6 percent lower than a year earlier.
A record 25,645 homes sold for $1 million or more in 2016, up 10.0 percent from 2015, while a record 6,517 sold for $2 million or more, up 8.4 percent.
Reflecting a sharp rise in mortgage rates late in 2016, the typical mortgage payment (explained in Figure 4) buyers committed to in December 2016 was $1,839, up 9.9 percent year over year. Adjusted for inflation, the December payment was 36.7 percent below the peak in July 2007.
Distressed sales – REO and short sales – accounted for 5.8 percent of 2016 sales, down from 7.7 percent in 2015 and the lowest since 2006. The peak was 54.6 percent in 2009.
Absentee buyers – investors and vacation-home buyers – purchased 20.9 percent of all homes sold in 2016 – the lowest since 2009 and down from a 30-year high of 28.4 percent in 2013.http://www.corelogic.com/blog/authors/andrew-lepage/2017/02/socal-caps-2016-with-steady-home-price-growth-and-modest-sales-gain.aspx?WT.mc_id=crlg_131016_lSe1H#.WK9bnvkrJNA Positive Real Estate News – http://www.facebook.com/pages/p/166701730035514
February 23, 2017 at 02:36PM
The national foreclosure inventory – the number of loans in the foreclosure process – fell 29.5 percent year over year in December 2016, according to the latest
More info @ http://www.corelogic.com/blog/authors/molly-boesel/2017/02/foreclosure-report-highlights-december-2016.aspx?WT.mc_id=crlg_131016_lSe1H#.WK44mfkrJNA
“The national foreclosure inventory – the number of loans in the foreclosure process – fell 29.5 percent year over year in December 2016, according to the latest CoreLogic Foreclosure Report. The foreclosure inventory has fallen on a year-over-year basis every month since November 2011 (Figure 1), and in December 2016 it was 78.9 percent below the January 2011 peak.
The foreclosure rate – the share of all loans in the foreclosure process – fell to 0.8 percent in December 2016, down from 1.2 percent in December 2015. The foreclosure rate is back to 2007 levels, and is just slightly above the pre-housing-crisis average foreclosure rate of 0.6 percent between 2000 and 2006.” Positive Real Estate News – http://www.facebook.com/pages/p/166701730035514
February 22, 2017 at 06:56PM
Does It Make More Sense to Rent or Buy a Home in L.A.?
Here’s how many years you should stay in a purchased home in L.A. (if you want to do better than you would as a renter), according to Zillow.
More info @ http://www.laweekly.com/news/does-it-make-more-sense-to-rent-or-buy-a-home-in-la-7884886
http://www.laweekly.com/news/does-it-make-more-sense-to-rent-or-buy-a-home-in-la-7884886 Positive Real Estate News – http://www.facebook.com/pages/p/166701730035514
February 04, 2017 at 01:09PM
America’s Most Expensive House … Times Two
Near Los Angeles, the most expensive house in the nation is on the market for $250 million, but one is rising nearby that may cost half a billion.
More info @ https://www.nytimes.com/2017/02/03/business/americas-most-expensive-house-times-two.html
https://www.nytimes.com/2017/02/03/business/americas-most-expensive-house-times-two.html Positive Real Estate News – http://www.facebook.com/pages/p/166701730035514
February 03, 2017 at 09:21PM
Southern California rent rise fastest in 9 years
The cost of renting in Southern California rose last year at the fastest pace in nine years, according to the Consumer Price Index.
More info @ http://www.ocregister.com/articles/percent-742717-last-year.html
Great news for investors
http://www.ocregister.com/articles/percent-742717-last-year.html Positive Real Estate News – http://www.facebook.com/pages/p/166701730035514
February 01, 2017 at 11:47AM