Up to Date Real Estate News from the Experts in Urban Living

Up to Date Real Estate News from the Experts in Urban Living June, 2013

SoCal Home Prices Jump 16.6% in Last 12 Months…

Source: OC Register

Home prices in Los Angeles and Orange counties shot up 16.6% in the 12 months ending in March 2013, according to the latest S&P/Case-Shiller Home Price Index.

That’s the fourth index for March showing double-digit price increases in the region. Earlier, the Core-Logic Home Price Index showed Orange County home prices increased 17.2% in March. Indexes by Data-Quick and the California Association of Realtors both showed 27% home-price gains.

It also was the region’s ninth consecutive month of year-over-year price gains in the Case-Shiller index, and the 13th showing home prices rising one month to the next. Prices also were up 10.9% in a combined Case-Shiller index of 20 leading U.S. metro areas.

The news help sparked a rally on Wall Street, which saw the Dow Jones Industrial Average surge 106 points Tuesday, a gain of 0.7% to 15,409.

All 20 cities posted year-over-year growth for a third straight month, and 12 of the 20 had double-digit gains. It also was the biggest percentage gain nationwide since April 2006.

Phoenix again had the largest annual increase at 22.5%, followed by San Francisco with 22.2% and Las Vegas with 20.6%. The L.A.-O.C. area had the sixth-highest gain among the 20 U.S. metro areas. March’s increase for the Los-Angeles-Orange County area was the biggest year-over-year percentage gain since April 2006, and was significantly above the average 5% annual appreciation rate for the past 27 years.

A rally took hold in the long-depressed housing market in mid-2012 after a sharp decline in foreclosures and underwater homes on the market, cutting overall listings to lows not seen in nearly a decade.

Demand also took off, sparking bidding wars among buyers. The combination of low inventory, fewer low-priced homes on the market and rising demand drove up prices. “Home prices continued to climb,” says David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “Other housing market data reported in recent weeks confirm these strong trends: housing starts and permits, sales of new home and existing homes continue to trend higher.”

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Financial Update by Maurice

Interest rates were on a tear this week with an upward push. Mr. Bernanke’s comments last week sent our treasury markets into a tailspin. While we thought this might be a short blip, it has held on and rates are higher across the board. To put it in perspective, rates have gone up .375% and in some cases a .5% on fixed rate products. The 10 year treasury closed at 2.12 today versus 1.68% about 3 weeks ago. Yeow.

Many economists see this as a sign of the beginning of an interest rate increase. While we may have a few days that the rates drop, it is a definite reminder that these rates are at record lows and we must take advantage of them while they are here.

To be clear, these rates are still at historic lows and anyone locking now will still look back in 5 years and belly laugh with happiness at the rates they have. You can be sure of that!

As these interest rates rise, it is more important than ever to let us know the day a contract is entered so we can lock right away. To refresh you on our float down policy, at the time of loan documents, we will look at the current rates. If the rate is lower by a .25% or more, we can execute a float down for the borrower. It is always prudent to lock at application on a purchase. Of course, some clients want to float and watch.

A good saying I heard the other day is “The best ways to persuade people is with your ears – by listening to them.” – Dean Rusk

Based in Orange County, California, The Soussé Group is ranked number one in total sales in Irvine, California, 92612. Topped $140 million in sales in 2012, 2011, 2010, 2009, 2008, 2007 alone with 438 completed transactions and have successfully risen to the top 50 along the 25,000 agents in Orange County.
Kerry and Maurice Soussé
Realtor / Broker
The Soussé Group
HÔM Real Estate Group
1200 Newport Center Drive, Suite 100
Newport Beach, CA 92660
Direct Line: (714) 412-9014
Direct Line: (714) 412-8512
Direct Fax : (949) 640-7606
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