Real Estate Information Archive

Blog

Displaying blog entries 1-6 of 6

Lakewood Properties Still In Demand!

by The Apples Team

Reports from local real-estate agent groups in some of the markets that were the first to rebound, including San Diego, Phoenix and Las Vegas, show year-over-year declines in March home sales. Nationwide, pending home sales have fallen by 11% from the year before.

Lakewood Homes - Slight Rate Increase

by The Apples Team

Despite soft housing news, mortgage rates experienced a moderate increase ahead of next week’s economic policy update from the Federal Open Market Committee.

According to Freddie Mac’s latest Primary Mortgage Market Survey, the average 30-year fixed mortgage rate came up to 4.33 percent (0.6 point) for the week ending April 24, up from 4.27 percent in the previous week. Last year, the 30-year fixed-rate mortgage (FRM) averaged 3.40 percent, almost a full point lower.

The 15-year FRM this week averaged 3.39 percent (0.6 point), moving up from 3.33 percent.

Meanwhile, the average rates for 5- and 1-year adjustable-rate mortgages (ARMs) were unchanged at 3.03 percent (0.5 point) and 2.44 percent (0.5 point), respectively.

Bankrate.com recorded similar upticks in its own national survey, with the 30-year fixed shifting up 5 basis points to 4.43 percent and the 15-year fixed sliding up to 3.54 percent. Unlike Freddie Mac, Bankrate observed a slight increase in the 5/1 ARM, which was up to 3.34 percent.

DSNEWS

Lakewood Homes - Are they becoming Unaffordable

by The Apples Team

Home values in 60 of the 300 major metropolitan markets surveyed by Zillow have already exceeded or are expected to exceed their prerecession peaks in the next year, including in Dallas, Houston, Denver, Pittsburgh, San Antonio, San Jose, Calif., and Austin, Texas. Nationally, however, prices are still 13.5 percent below their 2007 peak. Still, many major markets in California are already considered unaffordable, with people paying a greater share of their monthly incomes on mortgage payments than historical norms

Lakewood - Homes Sales Stuck At 6 Year Low

by The Apples Team

Southern California home sales quickened slightly in March compared to February but are far below average, according to a new report issued by DataQuick. The company reported that home sales were at the lowest levels for a March in six years.

A total of 17,638 new and resale houses and condos were sold in the areas of Los Angeles, Riverside, San Diego, Ventura, San Bernardino, and Orange counties last month. March's figure was up 25.7 percent from February, when approximately 14,000 homes were sold. March's home sales figures declined from March 2013 by 14.3 percent, and have fallen for six consecutive months on a year-over-year basis.

"Southland home buying got off to a very slow start this year, with last month's sales coming in at the second-lowest level for a March in nearly two decades. We see multiple reasons for this: The inventory of homes for sale remains thin in many markets. Investor purchases have fallen. The jump in home prices and mortgage rates over the past year has priced some people out of the market, while other would-be buyers struggle with credit hurdles," said Andrew LePage, a DataQuick analyst.

Median prices rose 15.8 percent in March from the previous year; however, last month's gain represented the lowest increase since September 2012.

Gains in home prices were also relative to the overall expense of a home.

"Home prices continue to rise at different rates depending on price segment. In March, the lowest-cost third of the region's housing stock saw a 21.0 percent year-over-year increase in the median price paid per square foot for resale houses. The annual gain was 15.9 percent for the middle third of the market and 14.3 percent for the top, most-expensive third," the report said.

Foreclosure sales accounted for 6.4 percent of home sales in March, a drop from 6.7 percent in February, and a 13.8 percent decline year-over-year. Foreclosure sales were the lowest they have been since early 2007.

Short sales made up 7.7 percent of sales last month, falling from 9.3 percent in February and down 18.7 percent from the previous year.

"The most active lenders to Southern California home buyers last month were Wells Fargo with 7.1 percent of the total home purchase loan market, Bank of America with 3.0 percent and IMortgage with 2.4 percent," the report found.

Lakewood Real Estate News

by The Apples Team

Over one year ago we saw investors flood the market in record numbers – a practice which brought both good and bad elements to the RE community. On one side, these investors played a major role in driving up home prices, and helping spur the recovery which was well received. On the other end, these investors pushed many would-be homeowners out of the market by starting large bidding wars and offering cash up front. Lately though, this practice appears  to have come to a halt – an indicator that prices have hit the ceiling – leaving the market open to those who have previously been forced out by investor activity

Lakewood - The Water Crisis

by The Apples Team

~~

Displaying blog entries 1-6 of 6

Contact Information

Apples Team
Berkshire Hathaway HomeServices California Properties
11409 E. Carson Street
Lakewood CA 90715
562-884-1863 / 562-221-2794
562-900-6761
Fax: 562-809-0841

Angie BRE# 01292393, Kathy BRE# 00853237, Cathy BRE# 01255708

 Berkshire Hathaway HomeServices California Properties - A member of the franchise system of BHH Affiliates, LLC