Nenita Dasalla- Single Family Residence Real Estate Sales Consultant » California

Low-ball offers decline in some housing markets

Nenita Dasalla — Tue, 01 May 2012 00:04:56 +0000

Los Angeles Times
A year ago, 1 out of 10 REALTORS® surveyed said houses were receiving low-ball offers. In the latest survey, there were hardly any. Instead, the focus ha shifted to declining inventory levels.

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http://www.latimes.com/business/realestate/la-fi-harney-20120422,0,7259627.story

California pending home sales highest level in nearly three years

Nenita Dasalla — Fri, 27 Apr 2012 02:53:09 +0000

California pending home sales posted higher for the third consecutive month in March, rising from both the previous month and year, C.A.R. reported Tuesday. Additionally, the share of distressed sales dropped for the second consecutive month, as equity sales typically increase with the start of the spring home buying season.

C.A.R.’s Pending Home Sales Index (PHSI)* rose from a revised 126.5 in February to 143.7 in March, based on signed contracts. The March 2012 index was the highest since April 2009, when the PHSI was 146.9. The index also was up from the 128.9 index recorded in March 2011, marking the eleventh consecutive month that pending sales were higher than the previous year. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
The share of equity sales – or non-distressed property sales – compared with total sales increased in March to 55.4, up from 51.1 percent in February. Equity sales made up 50.2 percent of all sales in March 2011.
Meanwhile, the total share of all distressed property types sold statewide decreased in March to 44.6 percent, down from February’s 48.9 percent and from 49.8 percent in March 2011.
The share of short sales was down again in March. Of the distressed properties sold statewide in March, 21.1 percent were short sales, down from February’s share of 23 percent but up from last March’s share of 20.1 percent.
The share of REO sales also declined in March to 23.1 percent, down from February’s 25.2 percent and down from the 29.4 percent recorded in March 2011.

http://www2.realtoractioncenter.com/site/R?i=CxnpsyB6cmaNsJ4cPX1d_g

Talking Points

Nenita Dasalla — Tue, 24 Apr 2012 02:35:24 +0000

California’s housing inventory declined in March, with the Unsold Inventory Index for existing, single-family detached homes decreasing to 4.1 months in March, down from a revised 5.4 months in February and down from the 5.4-month supply in March 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A 7-month supply is considered normal.
Interest rates edged up slightly in March. Thirty-year fixed-mortgage interest rates averaged 3.95 percent during March 2012, down from 4.84 percent in March 2011, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.77 percent in March 2012, compared with 3.22 percent in March 2011.

The median number of days it took to sell a single-family home fell to 53.1 days in March 2012 and was down from a revised 57 days for the same period a year ago.

U.S. may require banks to provide more information on mortgages

Nenita Dasalla — Mon, 16 Apr 2012 23:55:25 +0000

The Los Angeles Times
The Consumer Financial Protection Bureau is considering tough rules for home loan servicers, including more easily understood statements and warnings before interest rate changes.

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http://www.latimes.com/business/la-fi-bank-rules-20120410,0,7307695.story

Website aims to stop strategic defaulters

Nenita Dasalla — Mon, 26 Mar 2012 23:31:18 +0000

San Diego Union-Tribune
A California real estate agent has launched an awareness website that aims to stop strategic defaults, which are when underwater borrowers choose to walk away from their homes even though they are able to afford their mortgages.

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http://www.utsandiego.com/news/2012/mar/16/website-aims-stop-strategic-defaulters/