Bolstered by favorable interest rates and low house prices, housing affordability remained near its highest level nationwide for the sixth consecutive quarter since the series was first compiled nearly two decades ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today.
The HOI indicated that 72.3 percent of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400. The index for the second quarter was slightly more affordable than the previous quarter and almost equaled the record-high 72.5 percent set during the first quarter of 2009.
Until 2009, the HOI rarely topped 67 percent and never reached 70 percent.
“Homeownership is within reach of more households than it has been for almost a generation,” said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. “Interest rates continue to hover at historic low levels, the economy is beginning to rebound and with house prices starting to stabilize, conditions are beginning to draw home buyers back into the market, which is a positive step on the path to recovery.”
Syracuse, N.Y., was the most affordable major housing market in the country, edging out Indianapolis-Carmel, Ind., which had held the top ranking for nearly five years. In Syracuse, 97.2 percent of all homes sold were affordable to households earning the area’s median family income of $64,300.
Also near the top of the list of the most affordable major metro housing markets were Detroit-Livonia-Dearborn, Mich.; Youngstown-Warren-Boardman, Ohio-Pa.; and Buffalo-Niagara Falls, N.Y.
Among smaller housing markets, the most affordable was Springfield, Ohio, where 96.6 percent of homes sold during the second quarter of 2010 were affordable to families earning a median-income of $56,800. Other smaller housing markets near the top of the index included Mansfield, Ohio; Bay City, Mich.; Monroe, Mich.; and Lansing-East Lansing, Mich., respectively.
New York-White Plains-Wayne, N.Y.-N.J., continued to lead the nation as its least affordable major housing market during the second quarter of 2010. There, 19.9 percent of all homes sold during the quarter were affordable to those earning the New York area’s median income of $65,600. This was the ninth consecutive quarter that the New York metropolitan division has occupied this position.
The other major metro areas near the bottom of the affordability scale included San Francisco-San Mateo-Redwood City; Santa Ana-Anaheim-Irvine, Calif.; Los Angeles-Long Beach-Glendale, Calif.; and Honolulu, all metro areas that have lingered among the bottom rankings for several quarters.
San Luis Obispo-Paso Robles, Calif., was the least affordable of the smaller metro housing markets in the country during the second quarter. Others near the bottom included Santa Cruz-Watsonville, Calif.; Ocean City, N.J; Santa Barbara-Santa Maria-Goleta, Calif.; and Napa, Calif.
Posts Tagged ‘Encinitas Homes For sale’
Housing Remains Highly Affordable for Sixth Consecutive Quarter
Thursday, September 16th, 2010Real Estate Market Offers Bright Spots
Monday, September 6th, 2010The end of the tax credit hit with full force in July.
Realtors’ association economist Lawrence Yun acknowledged the downturn, but also offered perspective. “Since May, after the April 30 deadline, contract signings have been notably lower,” he said, “and a pause period for home sales is likely to last through September.” Still, Yun said, annual sales are expected to reach five million in 2010 because of the healthy activity in the first half of the year. “To place that in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years.”
In July, the nation’s median price rose 0.7% over July 2009, to $182,600. The median is the middle value; half the homes sold for more, half for less.
Yun insisted that record-low mortgage interest rates, now averaging 4.5% would encourage the wary to get back into the hunt.
In fact, rate-conscious buyers are active in the market these days. They waited for rates to dip, more eager to save thousands over the life of their mortgages than to snag a one-time tax credit available only to qualified buyers. Buying a house is a long-term investment, and finding the right property and great loan over 30 years may be more important than $8,000 up front
San Diego County Home Prices Up For 12 Straight Months
Tuesday, July 6th, 2010San Diego County Home Prices Up For 12 Straight Months according to last Wednesdays San Diego Union Tribune coverage in the Business section, only San Francisco’s market rose more. This is in keeping with history of price points over the years. San Francisco always seems to lead the way in prices. This being our observation over many years and not addressed in the article.
California will continue bumping along and doing fine while the rest of the nation will have its’ ups and downs. The rest of the country is not a direct indicator of our prices. That is something I have learned over the years and this article certainly takes nothing away from that feeling or conclusion. If you would like to see results in your particular zip codes of interest, email them to me at rob@robdennyhomes.com. I’ll get you a comparison going back 12 months or more!
Seven Things All Borrowers Should Know About FHA Loans
Monday, July 5th, 2010
Seven Things All Borrowers Should Know About FHA Loans as talked about by FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).
1. FHA loans are not only for lower-income borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans, but borrowers do need to substantiate income and assets by submitting proper documentation.
2. FHA loans are not only for first-time buyers. Many people believe FHA loans are available only to first-time home buyers, but this is not the case.
3. FHA loans are not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county.
4. FHA loans are not affiliated with the section 8 housing program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.
5. FHA loans are often more affordable than conventional loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5%.
6. FHA-approved condo developments are more desirable to buyers. With 87% of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.
Due to the general unwillingness of today’s lenders to extend credit with respect to conventional loans, many borrowers find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.
Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers. Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply.
7. FHA loans are assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) may be transferred to the new buyer subject to qualification.
Will you use FHA financing to purchase your home? Do you have more questions about FHA? Contact Rob Denny today at rob@robdennyhomes.com or visit my website www.robdennyhomes.com.
Happy 4th Of July!
Sunday, July 4th, 2010Happy 4th Of July! There’s nothing like to celebrating the day of our Independence with family and friends. Here’s some facts about the 4th from the US Census Bureau -
1. Thirty places nationwide have “liberty” in their name.
2. Eleven places have “independence” in their name.
3. Five places adopted the name “freedom.”
4. There is one place named “patriot” — Patriot, Indiana.
5. There are five places called America.
6. There’s a 1-in-6 chance the beef on your backyard grill came from Texas. The Lone Star State is the leader in the production of cattle and calves.
7. The Lettuce in your salad or on your hamburger probably was grown in California, which accounts for nearly three-quarters of USA lettuce production.
8. The value of fireworks imported from China is $128.8 million, representing the bulk of all U.S. fireworks imports ($135.6 million).
9. “The British are coming! The British are coming!” These days, this cry applies to tourists rather than “redcoats.” Nearly 5 million tourists from the UK visited the United States in a recent year, more than from any other country except Japan.
10. The dollar volume of trade last year between the United States and the United Kingdom was $74 billion, making the U.K. our sixth-leading trading partner today.
Have a Happy, fun and safe 4th of July!
Any Good News Regarding Short Sales?
Thursday, June 17th, 2010Any Good News Regarding Short Sales? Just a year ago, when pre-foreclosure and foreclosure properties were entering the market in unimaginable numbers, many real estate agents were estimating six to 10 months at best to complete a short sale. Now, some are beginning to see closings in as few as 10 weeks. That’s good news for sellers, the housing market and the U.S. economy.
The improvement is a product of a few key developments creating momentum in the lending industry. First, banks are starting to adjust to the market and becoming more proactive in creating systems and solutions for homeowners in distress. Second, and arguably more important, the U.S. Treasury has enhanced the guidelines and incentives for banks that are committed to improving the loan modification and short sale processes.
The Home Affordable Foreclosure Alternatives (HAFA) program, announced in November 2009 and fully implemented April 5, is the government’s answer to the problem. It’s a supplement to the February 2009 Home Affordable Modification Program (HAMP) that outlines a separate set of criteria for short sales or deeds-in-lieu to address the group of homeowners who are facing foreclosure because loan modification hasn’t worked out.
HAFA provides that missing next step for homeowners who are not approved for modifications. Now, they can pursue a short sale in a more timely and orderly manner. Here are some of the ways the HAFA program is already improving the process (For more details on the program, you can visit realtor.org and search “HAFA”):
-Standardizes paperwork and timelines?-Requires lender response on an offer within 10 days?-Allows for preapproval on pricing of a short sale?-Eliminates deficiency judgments on first mortgages?-Offers $3,000 in relocation assistance?-Pays servicers $1,500 toward administrative costs
In today’s real estate market there are many, many ways to buy and sell residential real estate. Contact me at rob@robdennyhomes.com so we can discuss the best solution for you or search over 20,000 homes for sale at http://robdennyhomes.com.
Summer Time Is Fun Time In San Diego
Wednesday, June 16th, 2010Summer’s here! Make sure you get out and enjoy some of the things our great city has too offer. Here’s a few things to get out an do this summer:
Del Mar Fair
Nothing more fun than going with the family or friends to the San Diego Fair running until July 5. People come from all over Southern California and Arizona to enjoy this great event. Rides, food, games, livestock and celebrity entertainment make for a great family outing. There is something for everyone. Make sure if you are new to Carlsbad, Encinitas, or Solana Beach that you enjoy this really fun event. Visiting the beach at Oceanside or Cardiff, then include this on your schedule as well. Let’s hope you are lucky enough to win a goldfish, a monstrous stuffed animal or to eat a deep fried Twinkie. Can life get any better? This is don’t miss fun! See you there.
Encinitas Classic Car Nights
The streets of Downtown Encinitas will be rockin’ and rollin’ when Encinitas Classic Car Nights come to Downtown Encinitas June through September.The third Thursday of each summer month from 5:30 to 7:30 pm, hot rods, foreign automobiles, classic cars and Woodies will line South Coast Highway 101 from “D” Street to “J” Street. Classic cars will be parked along Hwy 101 and on side streets. Come to Downtown Encinitas for the unbeatable combination of historic cars, historic Hwy 101 and experience a national award winning MainStreet. Live music will play in front of Encinitas Smog at 682 S. Coast Hwy 101.This will bring back memories. This event is easily accessible to all of Southern California. If you live in Cardiff, Del Mar, Solana Beach or Oceanside shame on you if you miss this fun event!
Balboa Park
Have you been to enjoy Balboa Park lately? Easily one of San Diego’s finest attractions and elements of pride. This beautiful Park is located 25 minutes from anywhere in Carlsbad, Encinitas, Oceanside and the other fine coastal communities.The park is loaded with interesting offerings. To list them all here would take a morning of typing on this blog and I’d would rather be at the park. This is a must see adventure. There is something for all interests. Museums, art and jewelry exhibits, model railroad action that is really impressive and more. The architecture and the park itself is something to behold. Treat your family and yourself to a great day. Visit Balboa Park.
Free Summer Concert Series
Cities throughout the County offer a free summer concert series including Carlsbad, Encinitas and Del Mar. Simply click on this link http://www.signonsandiego.com/feature/free-summer-concerts/
If you like what you’ve read, sign up for my monthly newsletter. It includes updated local real estate market news, events (like above), exercise routines, recipes. Email me – rob@robdennyhomes.com to start receiving this free newsletter. Check the latest real estate charts and over 20,000 listings in San Diego County at http://robdennyhomes.com
Summer Kick-off party
Tuesday, June 1st, 2010Summer is around the corner which means it’s time for the annual Fiesta Del Sol’s two-day street and music festival held at Fletcher Cove in Solana Beach. This years event takes place June 5th and 6th. The Fiesta is celebrating its 31st year!
This well-attended events main highlights are: continuous live music and entertainment into the evening, Arts and Crafts, Merchant Booths, Children’s Activities, International Food Court, Beer and Wine Garden and Sponsor VIP Section.
2010 Music Lineup
Sat • June 5
7:45 Aggrolites Fusion of reggae, soul and grit. Read more…
6:15 Balkan Beat Box Funked up beats, compelling rhymes. Read more…
5:15 World Anthem A blend of soul, reggae and r&b. Read more…
4:15 Sol e Mar is a world-class World/Beat Fusion dance band. Read more…
3:00 Rolling the Stones ”The Real Deal.” Read more…
2:00 Lukas Nelson and Promise of the Real Read more…
1:00 Hoi Polloi Good-time rock-reggae-funk-soul band. Read more…
Noon Tower 7
Sun • June 6
7:15 B?Side Players Latin flavored, future funk. Read more..
6:15 Stranger Unique blend of soulful reggae roots, rock, jazz. Read more..
5:15 Timmy Curran Unique guitar and vocal stylings. Read more…
4:00 Dick Dale invented surf music in the 1950s. Read more…
3:00 Candye Kane Candye’s shows are the stuff of legend. Read more…
2:00 Atomic Groove One of Belly Up’s hottest bands! Read more…
1:00 The New Archaic
Noon Ryan West
Community Performers
On Saturday and Sunday from 9am to noon the Fiesta Stage will feature performances by Boys and Girls Clubs Youth Arts Academy and Rock Band, Hammond Dance Students, Scripps Performance Dance Studio, Chase Morrin and the Latin Connection and Martial Arts. Lineup subject to change.
All ages are welcome each day from 9 a.m. to 5 p.m. Entertainment is FREE. FREE parking is available both days. Fletcher Cover is located directly across from the Solana Beach Train Station.
Data for you…a wealth of knowledge
Friday, May 28th, 2010If you are thinking of buying or selling real estate in North San Diego County then you might like to really educate yourself on the market? Why wouldn’t you? Coastal North San Diego County encompasses the communities of: Oceanside, Carlsbad, Encinitas, Cardiff, Solana Beach, Del Mar, Carmel Valley and Rancho Santa Fe. These delightful towns have charm and lots to do.
Real Estates New Problem – Not Enough Homes
Monday, May 24th, 2010Can it be possible? Despite the housing bust and high foreclosure rates, in some areas we don’t have enough homes to sell. There is currently an eight-month supply of homes on the market — meaning that, at the current sales pace, it would take eight months to run through the backlog.That’s still a lot compared to the six-month supply that is expected in a normal market, but it is much better than it was. In March, there were nearly 2% fewer homes on the market than there were a year ago, and 21.7% fewer than the record of 4.6 million in July 2008.
In California, almost all cities have a short supply of single-family homes.That’s especially true in the lower-priced categories, according to Leslie Appleton-Young, chief economist for the California Association of Realtors.The supply of homes that sell for less than $300,000 is at 3.2 months statewide, down from an already low 3.3 month supply 12 months ago.Inventory of moderately priced homes, those between $300,000 and 500,000, fell to 4.2 months in March, down from 4.5 months in March 2009.There are plenty of more expensive homes in California, but this inventory is going quick: inventory for million-dollar-plus homes has dropped from 21.6 months to 10.9 months.
What is your price range for purchasing a home in Carlsbad, Encinitas, Cardiff, Rancho Santa Fe and any other community from Old Town to Oceanside?
Call or email me today cell 858-504-0449, RobDennyHomes@gmail.com!
RELAX… I’ll handle the details.