Severe Inventory Crunches Finally Easing..

DAILY REAL ESTATE NEWS | FRIDAY, OCTOBER 25, 2013

The inventory problem that has plagued many parts of the country over the past year is showing signs of improving, according to a new report by realtor.com®. While the number of homes listed for sale nationwide fell slightly in September, many markets also saw an increase in inventory levels as rising home prices gave sellers more incentives to list. 

Inventory levels are at their third highest level of the year. Nine of the top 30 metros saw year-over-year increases in their inventory levels. Some housing markets that experienced the largest drops in homes for sale in the past year are starting to see an increase. The following metros have seen some of the largest year-over-year increases in inventories: 

Los Angeles: +25.2% 

Sacramento, Calif.: +20.9%

Atlanta: +14.4%

Orange County, Calif.: +14.3%

Orlando: +12.5%

Phoenix: +7.7%

However, inventory levels still remain far below year ago levels in the following areas: 

Detroit: -19.6%

Boston: -16%

Denver: -15.4%

Realtor.com®’s figures cover sale listings for more than 800 MLS’ nationwide, but they do not cover new-home construction or “for sale by owner” listings. 

On Monday, the National Association of REALTORS® reported year-over-year gains in unsold home inventories for the first time in more than two-and-a-half years. NAR reported the housing inventory nationwide was 2.21 million in September, up from 1.8 percent compared to year ago levels. 

Source: “Report: Housing Inventory Fell in September,” The Wall Street Journal (Oct. 24, 2013)

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9220 Haven Ave. Suite 100

Rancho Cucamonga Ca, 91730

BRE 01435824

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Robert De La Rosa

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www.TheCaliforniaPropertyConnection.net

9220 Haven Ave. Suite 100

Rancho Cucamonga Ca, 91730

BRE 01435824

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Copyright 2013 NATIONAL ASSOCIATION OF REALTORS®

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Robert De La Rosa

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 909.271.5640 CALL NOW!!!!

www.TheCaliforniaPropertyConnection.net

9220 Haven Ave. Suite 100

Rancho Cucamonga Ca, 91730

BRE 01435824

Neighborhoods: More Walkable, More Desirable...

DAILY REAL ESTATE NEWS | FRIDAY, OCTOBER 11, 2013

City planners across the country are looking to revitalize suburban areas by making them more walkable, CNBC reports. 

Neighborhoods that boast greater walkability tend to have higher resale values in both residential and commercial properties, finds a recent study published in Real Estate Economics. In fact, a 2009 report by CEOs for Cities found that just a one-point increase in a city’s walk score could potentially increase homes’ values by $700 to $3,000. 

"There's a strong preference for being in a neighborhood where people can walk to shops, restaurants, parks," says Joe Molinaro, NAR's managing director of community and public affairs. 

In NAR’s 2011 Consumer Preference Survey, two-thirds of those surveyed cited walkability as an important factor in choosing where to live. What’s more, the study found that consumers were willing to sacrifice other items on their wish-lists in order to be located in a walkable neighborhood.

These high-density spaces that blend commercial workspaces, retail housing, and parks mostly have been in high demand in places like Boston, Chicago, New York, and San Francisco. But now other cities want to follow suit. 

For example, officials in Woodstock, Ga., a small town about 30 miles outside of Atlanta, decided to counter its suburban sprawl by redesigning its city center to include more than 30 acres of the surrounding land, 300 housing units, 80,000 square feet of commercial space, and open parks. The move helped make the city more walkable. The change has helped to contribute to a 17 percent growth in the town’s downtown property values over the past five years. 

"Walkability plays a big part in an area's economic vibrancy," says Scott Bricker, executive director of America Walks, a national nonprofit that promotes walkable communities. "The most valuable real estate around the world is in walkable places, places where people are living and working in closer proximity."

Source: NAR and “Ditch the car? Dying suburbs revived by walking,” CNBC (Oct. 9, 2013)

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Is Your Neighborhood Walkable?

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9220 Haven Ave. Suite 100

Rancho Cucamonga Ca, 91730

BRE 01435824

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Freddie Mac's Plan to Stall Impact of Shutdown

DAILY REAL ESTATE NEWS | TUESDAY, OCTOBER 08, 2013

With the government shutdown now in its second week, Freddie Mac has issued intermediate guidelines to lending institutions for approving home loans and modifications to keep the housing market from grinding to a halt.

Federal employees and contractors are not receiving paychecks during the government shutdown, but Freddie Mac is allowing lenders to approve mortgages for those borrowers — even in the absence of steady income — assuming they meet other loan requirements and plan to return to work once the government reopens.  

"Today’s bulletin is intended to give lenders the certainty to continue approving and delivering new mortgages that meet Freddie Mac guidelines to eligible borrowers, such as federal employees and contractors, during the temporary shutdown," says Dave Lowman, Freddie Mac executive vice president of single-family business. "We are also reminding servicers of our forbearance options to assist qualified home owners with Freddie Mac mortgages to minimize the shutdown’s impact on our nation’s families and communities."

Freddie Mac has mortgage relief and forbearance policies available to public- and private-sector employees who are affected by the government’s shutdown. One of the biggest hurdles for lenders is being unable to verify borrowers’ income directly from the IRS during the government freeze. But both Fannie Mae and Freddie Mac have said they would adjust policies as needed so that loans and modifications could continue to be approved. 

Source: “Freddie Mac guides lenders through government freeze,” HousingWire (Oct. 7, 2013)

Read More

NAR: What Does the Government Shutdown Mean to Housing?
Working With Your Clients During the Gov't Shutdown
Gov't Shutdown Pushes Mortgage Rates Down

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Robert De La Rosa

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 909.271.5640 CALL NOW!!!!

www.TheCaliforniaPropertyConnection.net

9220 Haven Ave. Suite 100

Rancho Cucamonga Ca, 91730

BRE 01435824