Up to Date Real Estate News from the Experts in Urban Living, December 2012

Up to Date Real Estate News from the Experts in Urban Living December, 2012

California Home Prices up for 8th Straight Month…

Source: OC Register

California homes had annual price gains for the eighth month in a row in October, the California Association of Realtors said Thursday. The year-over-year increase was the largest since May 2010. The median price for an existing, single-family detached home was $341,370, up 23 percent from October 2011. The price dipped slightly from September’s $345,000, reflecting a common seasonal drop in the fall.
October marked the fourth consecutive month of double-digit annual price gains, the Realtors’ group said. Sales were up 10 percent from last October and 12.5 percent from September. They have been up six of the past seven months, the association’s data shows.

“Sales surged to the highest level since May, with demand continuing to be strong across all parts of the state,” said Don Faught, incoming association president. “Sales were particularly robust in the coastal markets, but they also rose significantly in many non-metropolitan areas, as confidence toward the housing market continued to improve. “Most counties in the Northern California region, for example, posted double-digit year-over-year sales gains in October,” Faught said.

California’s housing inventory tightened in October, at a 3.1 month supply, down from 3.7 months in September and 5.5 months in October 2011. The figure represents how long it would take to sell all existing, detached single-family homes in California at the current sales pace. In a normal market, supply is at six to seven months.

“The year-over-year price gain… has been accelerating since early 2012, as sales of higher-priced homes continue to improve,” said Leslie Appleton-Young, the association’s vice president and chief economist. “With the supply shortage, especially of lower-priced homes, expected to remain an issue in the near future, we will likely see solid year-over-year price gains through the first quarter of next year, as sales of higher-priced homes grow.”

In Orange County, the median price in October was $558,680, up 15 percent from $484,390 a year ago, but down 0.6 percent from September. Sales were up 36 percent year over year and 16.5 percent from September.

Data Quick, which measures all home sales ­ not just existing, detached, single family homes ­ reported this week that the median price for an Orange County home was $455,000, up 12 percent from October 2011. County officials recorded 3,148 homes sold, up 40.5 percent from a year ago and the highest number for an October in seven years.

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Financial Update by Maurice

We have had no overall movement on rates. We have had a few small bumps and drops, but the end of the week results have been flat now for 3 weeks. I invite to you take a look at the 15 year fixed rates and the jumbo interest only arms. They are quite low and we have had several requests for these types of loans this week.

A big deal is the re-introduction of “alt doc” loans from a great partner of ours. If you have a self-employed borrower, we can take the last 12 months bank statements and use a formula on the gross deposits for income. No tax returns needed. The minimum down payment is 30% and the minimum FICO score is 720. This a great way to get our self-employed borrowers into a great house and loan.

Based in Orange County, California, The Soussé Group is ranked number one in total sales in Irvine, California, 92612. Topped $120 million in sales in 2011, 2010, 2009, 2008, 2007 alone with 320 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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