Green Dot, a provider of prepaid financial services, has agreed to move from Monrovia to east Pasadena in a deal brokers say is the biggest office lease of the year in the Tri-Cities market.
Green Dot leased all 141,540 square feet at 3465 Foothill Blvd. from landlord Wells REIT II, a private real estate investment trust, brokerage CBRE Group Inc. said.
The value of the 10-year lease was not disclosed, but real estate experts familiar with prices in the Pasadena-Glendale-Burbank market valued it at about $45 million.
“This single lease transaction will lower the vacancy rate in Pasadena by a full percentage point, so it’s very significant for the Tri-Cities market,” said Todd Doney of CBRE, who represented the tenant.
Green Dot will consolidate multiple offices in Monrovia into its new headquarters on Foothill between Sierra Madre Villa Avenue and Rosemead Boulevard.
-- Roger Vincent
Photo: Green Dot leased all 141,540 square feet at 3465 Foothill Blvd. Credit: CBRE Group Inc.
from: http://latimesblogs.latimes.com/money_co/2011/12/green-dot-to-move-headquarters-to-pasadena.html
California Foreclosure Activity Back Up
October 18, 2011
La Jolla, CA.--After dropping to a three-year low in the second quarter of this year, the number of California homeowners being pulled into the foreclosure process snapped back to prior levels over the last three months, a real estate information service reported.
A total of 71,275 Notices of Default (NoDs) were recorded at county recorders offices during the third quarter. That was up 25.9 percent from 56,633 for the prior three months, and down 14.4 percent from 83,261 in third-quarter 2010, according to San Diego-based DataQuick.
Last quarter's 71,275 NoDs, which mark the first step in the formal foreclosure process, jumped back to levels seen earlier this year and late last year. Lenders filed 68,239 NoDs during first-quarter 2011 and 69,799 in fourth-quarter 2010. NoDs peaked in first-quarter 2009 at 135,431.
"Figuring out what's actually going on when it comes to foreclosures can be a logistical nightmare. In each case there are at least six or seven different legal entities contending with each other, each with a different agenda and timeline: The original lender, the homeowner, the current owner or owners of the loan, the servicing institution, the outfit doing the actual foreclosing, and the county recorder's office," said John Walsh, DataQuick president.
"The way it looks right now, it's reasonable to expect default filings to run at a somewhat higher level than we saw earlier this year," he said. "Obviously, some lenders and loan servicers have begun to plow through their backlogs of delinquent loans more aggressively."
Most of the loans going into default are still from the 2005-2007 period: the median origination quarter for defaulted loans is still third-quarter 2006. That has been the case for almost three years, indicating that weak underwriting standards peaked then.
The most active beneficiaries in the formal foreclosure process last quarter were Bank of America (14,325), Bank of New York (11,052), and Wells Fargo (9,740).
The most active trustees, companies doing the actual foreclosing, last quarter were ReconTrust Co (mostly for Bank of America and Bank of New York), Quality Loan Service Corp (Bank of America), California Reconveyance Co (JP Morgan Chase), Cal-Western Reconveyance Corp (Wells Fargo) and NDEx West (Wells Fargo).
Defaults by price segment show that distress is not spread evenly, with lower-cost neighborhoods bearing the brunt. Last quarter, zip codes with year-to-date median sale prices below $200,000 collectively saw 11.0 default notices filed per 1,000 homes. That compares with 8.1 NoDs filed per 1,000 homes for all zip codes statewide, and just 2.8 NoD filings per 1,000 homes in zips with medians above $800,000.
Also, the state's relatively large 25.9 percent, quarter-to-quarter rise in NoDs was just over double the magnitude of the increase for the group of zips with $800,000-plus medians. Combined, those pricier areas saw NoD filings rise 12.1 percent from the prior quarter.
On primary mortgages, California homeowners were a median eight months behind on their payments when the lender filed the Notice of Default. The borrowers owed a median $19,198 on a median $331,333 mortgage. The median amount borrowers owed at the time the NoD was filed rose about 17 percent from the prior quarter and 27.0 percent from a year earlier. The gains likely stem from some lenders working faster last quarter to get caught up on their backlogs of long-delinquent loans.
On home equity loans and lines of credit in default, borrowers owed a median $4,576 on a median $70,055 credit line. The amount of the credit line that was actually in use cannot be determined from public records.
San Diego-based DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
Although 71,275 default notices were filed last quarter, they involved 70,554 homes because some borrowers were in default on multiple loans (e.g. a primary mortgage and a line of credit).
Of the state's larger counties, mortgages were least likely to go into default in Marin, San Francisco and San Mateo counties. The probability was highest in Sacramento, Madera and Stanislaus counties.
Trustees Deeds recorded (TDs), or the actual loss of a home to foreclosure, totaled 38,895 during the third quarter. That was down 8.4 percent from 42,465 for the prior quarter, and down 14.3 percent from 45,377 for third-quarter 2010. The all-time peak was 79,511 in third-quarter 2008. The state's all-time low was 637 in the second quarter of 2005, DataQuick reported.
There are 8.7 million houses and condos in the state.
Foreclosure resales accounted for 34.2 percent of all California resale activity last quarter. It was 35.6 percent the prior quarter, and a year ago it was 35.5 percent. It peaked at 57.8 percent in the first quarter of 2009. Foreclosure resales varied significantly by county last quarter, from 92 percent in San Francisco County to 61.2 percent in Yuba County.
Short sales -- transactions where the sale price fell short of what was owed on the property -- made up an estimated 17.8 percent of statewide resale activity last quarter. That was up slightly from an estimated 17.4 percent the prior quarter and 17.3 percent a year ago. Two years ago, in third quarter 2009, short sales made up an estimated 14.4 percent of resales.
On average, homes foreclosed on last quarter took 9.9 months to wind their way through the formal foreclosure process, beginning with an NoD. That's about even with 10 months in the prior quarter but up from 8.7 months a year earlier.
At formal foreclosure auctions held statewide last quarter, an estimated 29.7 percent of the foreclosed properties were bought by investors or others who don't appear to be lender or government entities. That was up from an estimated 28.3 percent the previous quarter and up from 22.7 percent a year earlier, DataQuick reported.
Notices of Default (first step in foreclosure process)
houses and condos
County/Region 2010Q3 2011Q3 Yr/Yr%
Los Angeles 16,189 14,367 -11.3%
Orange 4,938 4,817 -2.5%
San Diego 5,869 5,048 -14.0%
Riverside 8,982 6,923 -22.9%
San Bernardino 7,429 5,504 -25.9%
Ventura 1,643 1,535 -6.6%
Imperial 411 360 -12.4%
SoCal 45,461 38,554 -15.2%
San Francisco 483 472 -2.3%
Alameda 2,685 2,654 -1.2%
Contra Costa 3,243 3,022 -6.8%
Santa Clara 2,244 2,176 -3.0%
San Mateo 869 908 4.5%
Marin 313 295 -5.8%
Solano 1,677 1,406 -16.2%
Sonoma 954 896 -6.1%
Napa 222 263 18.5%
Bay Area 12,690 12,092 -4.7%
Santa Cruz 292 310 6.2%
Santa Barbara 616 590 -4.2%
San Luis Obispo 482 418 -13.3%
Monterey 717 643 -10.3%
Coast 2,107 1,961 -6.9%
Sacramento 5,251 4,351 -17.1%
San Joaquin 2,451 1,933 -21.1%
Placer 1,200 998 -16.8%
Kern 2,654 1,989 -25.1%
Fresno 2,414 2,031 -15.9%
Madera 467 368 -21.2%
Merced 919 619 -32.6%
Tulare 1,064 868 -18.4%
Yolo 429 301 -29.8%
El Dorado 504 459 -8.9%
Stanislaus 1,960 1,491 -23.9%
Kings 308 245 -20.5%
San Benito 129 141 9.3%
Yuba 282 219 -22.3%
Colusa 60 39 -35.0%
Sutter 282 244 -13.5%
Central Valley 20,374 16,296 -20.0%
Mountains* 869 742 -14.6%
North Calif* 1,760 1,630 -7.4%
Statewide* 83,261 71,275 -14.4%
includes additional counties
Trustees Deeds Recorded (signal homes were lost to foreclosure)
houses and condos
County/Region 2010Q3 2011Q3 Yr/Yr%
Los Angeles 7,049 6453 -8.5%
Orange 2006 1898 -5.4%
San Diego 3132 2460 -21.5%
Riverside 5428 4229 -22.1%
San Bernardino 4353 3419 -21.5%
Ventura 705 669 -5.1%
Imperial 307 234 -23.8%
SoCal 22,980 19,362 -15.7%
San Francisco 180 162 -10.0%
Alameda 1,404 1,357 -3.3%
Contra Costa 1,909 1,708 -10.5%
Santa Clara 1,036 915 -11.7%
San Mateo 375 352 -6.1%
Marin 138 131 -5.1%
Solano 1,045 910 -12.9%
Sonoma 539 493 -8.5%
Napa 131 114 -13.0%
Bay Area 6,757 6,142 -9.1%
Santa Cruz 156 174 11.5%
Santa Barbara 292 290 -0.7%
San Luis Obispo 253 246 -2.8%
Monterey 474 368 -22.4%
Coast 1,175 1,078 -8.3%
Sacramento 3,114 2,867 -7.9%
San Joaquin 1,606 1,252 -22.0%
Placer 627 533 -15.0%
Kern 1,752 1,264 -27.9%
Fresno 1,637 1,468 -10.3%
Madera 284 279 -1.8%
Merced 639 446 -30.2%
Tulare 727 613 -15.7%
Yolo 228 233 2.2%
El Dorado 300 277 -7.7%
Stanislaus 1,375 1,003 -27.1%
Kings 174 144 -17.2%
San Benito 80 69 -13.8%
Yuba 189 147 -22.2%
Colusa 39 29 -25.6%
Sutter 163 134 -17.8%
Central Valley 12,934 10,758 -16.8%
Mountains* 498 477 -4.2%
North Calif* 1,033 1,078 4.4%
Statewide* 45,377 38,895 -14.3%
* includes additional counties
Source: DataQuick; DQNews.com
Media calls: Andrew LePage (916) 456-7157
Copyright 2011 DataQuick. All rights reserved.
Source :
http://dqnews.com/Articles/2011/News/California/CA-Foreclosures/RRFor111018.aspx
La Jolla, CA.--After dropping to a three-year low in the second quarter of this year, the number of California homeowners being pulled into the foreclosure process snapped back to prior levels over the last three months, a real estate information service reported.
A total of 71,275 Notices of Default (NoDs) were recorded at county recorders offices during the third quarter. That was up 25.9 percent from 56,633 for the prior three months, and down 14.4 percent from 83,261 in third-quarter 2010, according to San Diego-based DataQuick.
Last quarter's 71,275 NoDs, which mark the first step in the formal foreclosure process, jumped back to levels seen earlier this year and late last year. Lenders filed 68,239 NoDs during first-quarter 2011 and 69,799 in fourth-quarter 2010. NoDs peaked in first-quarter 2009 at 135,431.
"Figuring out what's actually going on when it comes to foreclosures can be a logistical nightmare. In each case there are at least six or seven different legal entities contending with each other, each with a different agenda and timeline: The original lender, the homeowner, the current owner or owners of the loan, the servicing institution, the outfit doing the actual foreclosing, and the county recorder's office," said John Walsh, DataQuick president.
"The way it looks right now, it's reasonable to expect default filings to run at a somewhat higher level than we saw earlier this year," he said. "Obviously, some lenders and loan servicers have begun to plow through their backlogs of delinquent loans more aggressively."
Most of the loans going into default are still from the 2005-2007 period: the median origination quarter for defaulted loans is still third-quarter 2006. That has been the case for almost three years, indicating that weak underwriting standards peaked then.
The most active beneficiaries in the formal foreclosure process last quarter were Bank of America (14,325), Bank of New York (11,052), and Wells Fargo (9,740).
The most active trustees, companies doing the actual foreclosing, last quarter were ReconTrust Co (mostly for Bank of America and Bank of New York), Quality Loan Service Corp (Bank of America), California Reconveyance Co (JP Morgan Chase), Cal-Western Reconveyance Corp (Wells Fargo) and NDEx West (Wells Fargo).
Defaults by price segment show that distress is not spread evenly, with lower-cost neighborhoods bearing the brunt. Last quarter, zip codes with year-to-date median sale prices below $200,000 collectively saw 11.0 default notices filed per 1,000 homes. That compares with 8.1 NoDs filed per 1,000 homes for all zip codes statewide, and just 2.8 NoD filings per 1,000 homes in zips with medians above $800,000.
Also, the state's relatively large 25.9 percent, quarter-to-quarter rise in NoDs was just over double the magnitude of the increase for the group of zips with $800,000-plus medians. Combined, those pricier areas saw NoD filings rise 12.1 percent from the prior quarter.
On primary mortgages, California homeowners were a median eight months behind on their payments when the lender filed the Notice of Default. The borrowers owed a median $19,198 on a median $331,333 mortgage. The median amount borrowers owed at the time the NoD was filed rose about 17 percent from the prior quarter and 27.0 percent from a year earlier. The gains likely stem from some lenders working faster last quarter to get caught up on their backlogs of long-delinquent loans.
On home equity loans and lines of credit in default, borrowers owed a median $4,576 on a median $70,055 credit line. The amount of the credit line that was actually in use cannot be determined from public records.
San Diego-based DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
Although 71,275 default notices were filed last quarter, they involved 70,554 homes because some borrowers were in default on multiple loans (e.g. a primary mortgage and a line of credit).
Of the state's larger counties, mortgages were least likely to go into default in Marin, San Francisco and San Mateo counties. The probability was highest in Sacramento, Madera and Stanislaus counties.
Trustees Deeds recorded (TDs), or the actual loss of a home to foreclosure, totaled 38,895 during the third quarter. That was down 8.4 percent from 42,465 for the prior quarter, and down 14.3 percent from 45,377 for third-quarter 2010. The all-time peak was 79,511 in third-quarter 2008. The state's all-time low was 637 in the second quarter of 2005, DataQuick reported.
There are 8.7 million houses and condos in the state.
Foreclosure resales accounted for 34.2 percent of all California resale activity last quarter. It was 35.6 percent the prior quarter, and a year ago it was 35.5 percent. It peaked at 57.8 percent in the first quarter of 2009. Foreclosure resales varied significantly by county last quarter, from 92 percent in San Francisco County to 61.2 percent in Yuba County.
Short sales -- transactions where the sale price fell short of what was owed on the property -- made up an estimated 17.8 percent of statewide resale activity last quarter. That was up slightly from an estimated 17.4 percent the prior quarter and 17.3 percent a year ago. Two years ago, in third quarter 2009, short sales made up an estimated 14.4 percent of resales.
On average, homes foreclosed on last quarter took 9.9 months to wind their way through the formal foreclosure process, beginning with an NoD. That's about even with 10 months in the prior quarter but up from 8.7 months a year earlier.
At formal foreclosure auctions held statewide last quarter, an estimated 29.7 percent of the foreclosed properties were bought by investors or others who don't appear to be lender or government entities. That was up from an estimated 28.3 percent the previous quarter and up from 22.7 percent a year earlier, DataQuick reported.
Notices of Default (first step in foreclosure process)
houses and condos
County/Region 2010Q3 2011Q3 Yr/Yr%
Los Angeles 16,189 14,367 -11.3%
Orange 4,938 4,817 -2.5%
San Diego 5,869 5,048 -14.0%
Riverside 8,982 6,923 -22.9%
San Bernardino 7,429 5,504 -25.9%
Ventura 1,643 1,535 -6.6%
Imperial 411 360 -12.4%
SoCal 45,461 38,554 -15.2%
San Francisco 483 472 -2.3%
Alameda 2,685 2,654 -1.2%
Contra Costa 3,243 3,022 -6.8%
Santa Clara 2,244 2,176 -3.0%
San Mateo 869 908 4.5%
Marin 313 295 -5.8%
Solano 1,677 1,406 -16.2%
Sonoma 954 896 -6.1%
Napa 222 263 18.5%
Bay Area 12,690 12,092 -4.7%
Santa Cruz 292 310 6.2%
Santa Barbara 616 590 -4.2%
San Luis Obispo 482 418 -13.3%
Monterey 717 643 -10.3%
Coast 2,107 1,961 -6.9%
Sacramento 5,251 4,351 -17.1%
San Joaquin 2,451 1,933 -21.1%
Placer 1,200 998 -16.8%
Kern 2,654 1,989 -25.1%
Fresno 2,414 2,031 -15.9%
Madera 467 368 -21.2%
Merced 919 619 -32.6%
Tulare 1,064 868 -18.4%
Yolo 429 301 -29.8%
El Dorado 504 459 -8.9%
Stanislaus 1,960 1,491 -23.9%
Kings 308 245 -20.5%
San Benito 129 141 9.3%
Yuba 282 219 -22.3%
Colusa 60 39 -35.0%
Sutter 282 244 -13.5%
Central Valley 20,374 16,296 -20.0%
Mountains* 869 742 -14.6%
North Calif* 1,760 1,630 -7.4%
Statewide* 83,261 71,275 -14.4%
includes additional counties
Trustees Deeds Recorded (signal homes were lost to foreclosure)
houses and condos
County/Region 2010Q3 2011Q3 Yr/Yr%
Los Angeles 7,049 6453 -8.5%
Orange 2006 1898 -5.4%
San Diego 3132 2460 -21.5%
Riverside 5428 4229 -22.1%
San Bernardino 4353 3419 -21.5%
Ventura 705 669 -5.1%
Imperial 307 234 -23.8%
SoCal 22,980 19,362 -15.7%
San Francisco 180 162 -10.0%
Alameda 1,404 1,357 -3.3%
Contra Costa 1,909 1,708 -10.5%
Santa Clara 1,036 915 -11.7%
San Mateo 375 352 -6.1%
Marin 138 131 -5.1%
Solano 1,045 910 -12.9%
Sonoma 539 493 -8.5%
Napa 131 114 -13.0%
Bay Area 6,757 6,142 -9.1%
Santa Cruz 156 174 11.5%
Santa Barbara 292 290 -0.7%
San Luis Obispo 253 246 -2.8%
Monterey 474 368 -22.4%
Coast 1,175 1,078 -8.3%
Sacramento 3,114 2,867 -7.9%
San Joaquin 1,606 1,252 -22.0%
Placer 627 533 -15.0%
Kern 1,752 1,264 -27.9%
Fresno 1,637 1,468 -10.3%
Madera 284 279 -1.8%
Merced 639 446 -30.2%
Tulare 727 613 -15.7%
Yolo 228 233 2.2%
El Dorado 300 277 -7.7%
Stanislaus 1,375 1,003 -27.1%
Kings 174 144 -17.2%
San Benito 80 69 -13.8%
Yuba 189 147 -22.2%
Colusa 39 29 -25.6%
Sutter 163 134 -17.8%
Central Valley 12,934 10,758 -16.8%
Mountains* 498 477 -4.2%
North Calif* 1,033 1,078 4.4%
Statewide* 45,377 38,895 -14.3%
* includes additional counties
Source: DataQuick; DQNews.com
Media calls: Andrew LePage (916) 456-7157
Copyright 2011 DataQuick. All rights reserved.
Source :
http://dqnews.com/Articles/2011/News/California/CA-Foreclosures/RRFor111018.aspx
Southland November Home Sales Rise; Median Price Still Below Year Ago
December 13, 2011
La Jolla, CA---The number of homes sold in Southern California rose modestly last month from both October and a year earlier as investors and first-time buyers targeted homes priced below $400,000. Sales above $500,000 fell nearly 16 percent from a year earlier amid a troubled market for larger home loans, a real estate information service reported.
A total of 16,884 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November. That was up 0.3 percent from 16,829 in October and up 4.2 percent from 16,208 in November 2010, according to San Diego-based DataQuick.
More often than not, sales have dropped between October and November. On average, they have fallen 8.4 percent between those two months since 1988, when DataQuick's statistics begin. On a year-over-year basis, Southland sales have increased for the past four months.
November sales have varied from a low of 13,173 in 2007 to a high of 31,987 in 1988. Last month’s sales were 22.7 percent lower than the November average of 21,832 transactions since 1988.
While November sales of existing (not new) houses and condos combined rose 5.8 percent from a year earlier, sales of newly built homes fell 15.2 percent to the lowest level on record for a November.
“’Tis still the season to go bargain hunting – or at least that’s what the November home sales data suggest. The portion of homes sold to investors continued to hover near an all-time high. Lower prices and amazingly low mortgage rates tempted those with the confidence to buy and the ability to qualify for a loan, or to pay cash,” said John Walsh, DataQuick president.
“But these sales levels remain subpar, with new-home sales stuck at record lows. Part of it is the economy and would-be buyers’ uncertainty – about jobs, home prices and a potential surge in foreclosed properties hitting the market. Part of it’s the folks who can’t move up because they’re upside down with their mortgages. And many who want to buy more expensive homes struggle with the financing.”
When viewed by price segment, sales trends varied considerably. The number of homes that sold for less than $400,000 last month rose 6.1 percent from a year earlier, while transactions above $500,000 fell 15.7 percent. Above $800,000, sales fell 17.6 percent year-over-year. November sales fell 22.8 percent from a year earlier in the $600,000-$750,000 range, which in coastal counties was impacted by the recent lowering of conforming loan limits.
Last month the median price paid for all new and resale Southland houses and condos sold was $275,000, up 1.9 percent from $270,000 in October but down 4.2 percent from $287,000 in November 2010.
The regional median has declined year-over-year for the past nine months – since March. San Bernardino County’s 2.3 percent year-over-year gain in its median sale price in November marked the first time since January this year that any Southland County posted an annual gain in its overall median.
Last month’s Southland median was 11.3 percent higher than the median’s low point in the current real estate cycle – $247,000 in April 2009 – but was 45.5 percent lower than the peak $505,000 median in mid 2007. The peak-to-trough drop was due to a decline in home values and a shift in sales toward lower-cost homes, especially inland foreclosures.
Distressed property sales accounted for 51.3 percent of the Southland resale market last month, down from 52.3 percent in October and down from 53.4 percent a year earlier. Nearly one out of three homes resold last month was a foreclosure, while roughly one in five was a “short sale.”
Foreclosure resales – properties foreclosed on in the prior 12 months – made up 31.7 percent of the Southland resale market in November, down from 32.8 percent in October and down from 35.2 percent a year earlier. Last month’s figure was the lowest since it was 28.6 percent in January 2008.
Short sales, where the sale price fell short of what was owed on the property, made up an estimated 19.6 percent of Southland resales last month. That was up from 19.5 percent in October and 18.2 percent a year ago. Two years ago the estimate was 16.8 percent. Last month’s figure was the highest since February this year, when it was 19.7 percent.
Credit conditions showed no signs of improvement last month, when the level of both adjustable-rate mortgages, or “ARMs,” and larger “jumbo” home loans were at a low point for this year.
Last month ARMs accounted for 6.1 percent of all Southland home purchase loans, down from 6.9 percent in October but up from 5.6 percent a year ago. Last month’s figure was the lowest since November 2010. Over the past 10 years, a monthly average of 37.0 percent of purchase loans were ARMs.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 14.6 percent of last month’s purchase lending. That tied October for the lowest level since January 2010, and was down from 17.9 percent a year ago. In the current housing cycle, jumbos fell in early 2009 to a low of 9.3 percent of the purchase market. Before the credit crunch hit in August 2007, jumbos accounted for about 40 percent of purchase loans.
Beyond the overall credit crunch, lower conforming loan limits that took effect Oct. 1 continued to impact the housing market last month. Lawmakers recently restored the higher limits, which vary by county, for FHA loans but not for mortgages guaranteed by Fannie Mae and Freddie Mac.
In Los Angeles and Orange counties, where the conforming loan limit was lowered from $729,750 to $625,500, the number of homes sold with purchase loans in that range totaled 58 in November, down 44.2 percent from October and down 84.1 percent from a year earlier. In October, sales with purchase loans in that range fell 71 percent from September and 71.5 percent from a year earlier.
The impact of restoring the higher loan limits for FHA loans isn’t clear. So far this year, about 14 percent of Los Angeles and Orange County purchase loans between $625,500 and $729,750 were FHA insured. Also unclear is the extent to which the private mortgage market will fill the void created by the lower conforming loan limits.
Last month 17.8 percent of all home sales were for $500,000 or more – the lowest portion since May 2009, when it was 17.4 percent. November’s share of $500,000-plus sales was down a hair from 17.9 percent in October and down from 21.1 percent a year earlier. The low point for $500,000-plus sales in this cycle was in January 2009, when only 13.8 percent of sales crossed that price threshold. Over the past 10 years, a monthly average of 27.9 percent of homes sold for $500,000 or more.
In the lower price ranges, many first-time buyers and others continued to rely on government-insured FHA loans, which allow a relatively low down payment. FHA loans accounted for 32.1 percent of purchase mortgages in November, up from 31.9 percent in October but down from 36.2 percent a year ago.
Absentee buyers, mainly investors and vacation-home buyers, purchased a near-record 24.8 percent of the Southland homes sold in November, paying a median $200,000. Last month’s absentee level was down from 25.4 percent of sales in October but up from 23.5 percent in November 2010. The absentee share of the market peaked this February at 26.4 percent. Over the last 10 years, absentee buyers purchased a monthly average of 16.8 percent of all homes sold.
Paying a median $205,000, cash buyers purchased 28.9 percent of all Southland homes sold in November, down from 30.0 percent in October and 29.1 percent a year ago. Cash purchases hit a high of 32.3 percent of sales this February, while the 10-year monthly average is 15.0 percent. Cash purchases are where there was no indication in the public record that a corresponding purchase loan was recorded.
DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
The typical monthly mortgage payment that Southland buyers committed themselves to paying was $1,049 last month, up from $1,040 in October but down from $1,175 in November 2010. Adjusted for inflation, current payments are 54.8 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 63.0 percent below the current cycle’s peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last few years. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.
Sales Volume Median Price
All homes 10-Nov 11-Nov %Chng 10-Nov 11-Nov %Chng
Los Angeles 5,540 5,859 5.80% $325,000 $308,000 -5.20%
Orange 2,257 2,297 1.80% $435,000 $400,000 -8.00%
Riverside 2,977 2,971 -0.20% $195,000 $195,000 0.00%
San Bernardino 2,271 2,378 4.70% $152,000 $155,500 2.30%
San Diego 2,566 2,754 7.30% $335,000 $315,000 -6.00%
Ventura 597 625 4.70% $375,000 $349,550 -6.80%
SoCal 16,208 16,884 4.20% $287,000 $275,000 -4.20%
Source: DQNews.com Media calls: Andrew LePage (916) 456-7157
Copyright 2011 DataQuick. All rights reserved.
Source :
http://dqnews.com/Articles/2011/News/California/Southern-CA/RRSCA111213.aspx
La Jolla, CA---The number of homes sold in Southern California rose modestly last month from both October and a year earlier as investors and first-time buyers targeted homes priced below $400,000. Sales above $500,000 fell nearly 16 percent from a year earlier amid a troubled market for larger home loans, a real estate information service reported.
A total of 16,884 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November. That was up 0.3 percent from 16,829 in October and up 4.2 percent from 16,208 in November 2010, according to San Diego-based DataQuick.
More often than not, sales have dropped between October and November. On average, they have fallen 8.4 percent between those two months since 1988, when DataQuick's statistics begin. On a year-over-year basis, Southland sales have increased for the past four months.
November sales have varied from a low of 13,173 in 2007 to a high of 31,987 in 1988. Last month’s sales were 22.7 percent lower than the November average of 21,832 transactions since 1988.
While November sales of existing (not new) houses and condos combined rose 5.8 percent from a year earlier, sales of newly built homes fell 15.2 percent to the lowest level on record for a November.
“’Tis still the season to go bargain hunting – or at least that’s what the November home sales data suggest. The portion of homes sold to investors continued to hover near an all-time high. Lower prices and amazingly low mortgage rates tempted those with the confidence to buy and the ability to qualify for a loan, or to pay cash,” said John Walsh, DataQuick president.
“But these sales levels remain subpar, with new-home sales stuck at record lows. Part of it is the economy and would-be buyers’ uncertainty – about jobs, home prices and a potential surge in foreclosed properties hitting the market. Part of it’s the folks who can’t move up because they’re upside down with their mortgages. And many who want to buy more expensive homes struggle with the financing.”
When viewed by price segment, sales trends varied considerably. The number of homes that sold for less than $400,000 last month rose 6.1 percent from a year earlier, while transactions above $500,000 fell 15.7 percent. Above $800,000, sales fell 17.6 percent year-over-year. November sales fell 22.8 percent from a year earlier in the $600,000-$750,000 range, which in coastal counties was impacted by the recent lowering of conforming loan limits.
Last month the median price paid for all new and resale Southland houses and condos sold was $275,000, up 1.9 percent from $270,000 in October but down 4.2 percent from $287,000 in November 2010.
The regional median has declined year-over-year for the past nine months – since March. San Bernardino County’s 2.3 percent year-over-year gain in its median sale price in November marked the first time since January this year that any Southland County posted an annual gain in its overall median.
Last month’s Southland median was 11.3 percent higher than the median’s low point in the current real estate cycle – $247,000 in April 2009 – but was 45.5 percent lower than the peak $505,000 median in mid 2007. The peak-to-trough drop was due to a decline in home values and a shift in sales toward lower-cost homes, especially inland foreclosures.
Distressed property sales accounted for 51.3 percent of the Southland resale market last month, down from 52.3 percent in October and down from 53.4 percent a year earlier. Nearly one out of three homes resold last month was a foreclosure, while roughly one in five was a “short sale.”
Foreclosure resales – properties foreclosed on in the prior 12 months – made up 31.7 percent of the Southland resale market in November, down from 32.8 percent in October and down from 35.2 percent a year earlier. Last month’s figure was the lowest since it was 28.6 percent in January 2008.
Short sales, where the sale price fell short of what was owed on the property, made up an estimated 19.6 percent of Southland resales last month. That was up from 19.5 percent in October and 18.2 percent a year ago. Two years ago the estimate was 16.8 percent. Last month’s figure was the highest since February this year, when it was 19.7 percent.
Credit conditions showed no signs of improvement last month, when the level of both adjustable-rate mortgages, or “ARMs,” and larger “jumbo” home loans were at a low point for this year.
Last month ARMs accounted for 6.1 percent of all Southland home purchase loans, down from 6.9 percent in October but up from 5.6 percent a year ago. Last month’s figure was the lowest since November 2010. Over the past 10 years, a monthly average of 37.0 percent of purchase loans were ARMs.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 14.6 percent of last month’s purchase lending. That tied October for the lowest level since January 2010, and was down from 17.9 percent a year ago. In the current housing cycle, jumbos fell in early 2009 to a low of 9.3 percent of the purchase market. Before the credit crunch hit in August 2007, jumbos accounted for about 40 percent of purchase loans.
Beyond the overall credit crunch, lower conforming loan limits that took effect Oct. 1 continued to impact the housing market last month. Lawmakers recently restored the higher limits, which vary by county, for FHA loans but not for mortgages guaranteed by Fannie Mae and Freddie Mac.
In Los Angeles and Orange counties, where the conforming loan limit was lowered from $729,750 to $625,500, the number of homes sold with purchase loans in that range totaled 58 in November, down 44.2 percent from October and down 84.1 percent from a year earlier. In October, sales with purchase loans in that range fell 71 percent from September and 71.5 percent from a year earlier.
The impact of restoring the higher loan limits for FHA loans isn’t clear. So far this year, about 14 percent of Los Angeles and Orange County purchase loans between $625,500 and $729,750 were FHA insured. Also unclear is the extent to which the private mortgage market will fill the void created by the lower conforming loan limits.
Last month 17.8 percent of all home sales were for $500,000 or more – the lowest portion since May 2009, when it was 17.4 percent. November’s share of $500,000-plus sales was down a hair from 17.9 percent in October and down from 21.1 percent a year earlier. The low point for $500,000-plus sales in this cycle was in January 2009, when only 13.8 percent of sales crossed that price threshold. Over the past 10 years, a monthly average of 27.9 percent of homes sold for $500,000 or more.
In the lower price ranges, many first-time buyers and others continued to rely on government-insured FHA loans, which allow a relatively low down payment. FHA loans accounted for 32.1 percent of purchase mortgages in November, up from 31.9 percent in October but down from 36.2 percent a year ago.
Absentee buyers, mainly investors and vacation-home buyers, purchased a near-record 24.8 percent of the Southland homes sold in November, paying a median $200,000. Last month’s absentee level was down from 25.4 percent of sales in October but up from 23.5 percent in November 2010. The absentee share of the market peaked this February at 26.4 percent. Over the last 10 years, absentee buyers purchased a monthly average of 16.8 percent of all homes sold.
Paying a median $205,000, cash buyers purchased 28.9 percent of all Southland homes sold in November, down from 30.0 percent in October and 29.1 percent a year ago. Cash purchases hit a high of 32.3 percent of sales this February, while the 10-year monthly average is 15.0 percent. Cash purchases are where there was no indication in the public record that a corresponding purchase loan was recorded.
DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
The typical monthly mortgage payment that Southland buyers committed themselves to paying was $1,049 last month, up from $1,040 in October but down from $1,175 in November 2010. Adjusted for inflation, current payments are 54.8 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 63.0 percent below the current cycle’s peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last few years. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.
Sales Volume Median Price
All homes 10-Nov 11-Nov %Chng 10-Nov 11-Nov %Chng
Los Angeles 5,540 5,859 5.80% $325,000 $308,000 -5.20%
Orange 2,257 2,297 1.80% $435,000 $400,000 -8.00%
Riverside 2,977 2,971 -0.20% $195,000 $195,000 0.00%
San Bernardino 2,271 2,378 4.70% $152,000 $155,500 2.30%
San Diego 2,566 2,754 7.30% $335,000 $315,000 -6.00%
Ventura 597 625 4.70% $375,000 $349,550 -6.80%
SoCal 16,208 16,884 4.20% $287,000 $275,000 -4.20%
Source: DQNews.com Media calls: Andrew LePage (916) 456-7157
Copyright 2011 DataQuick. All rights reserved.
Source :
http://dqnews.com/Articles/2011/News/California/Southern-CA/RRSCA111213.aspx
Bay Area Home Prices Low, Sales Creep Up
December 14, 2011
La Jolla, CA.----Bay Area home sales were ahead of 2010 for the fifth month in a row in November, despite limited mortgage availability and sluggish high-end sales. The median sale price fell again on a year-over-year basis, partly because of the slowdown in sales above the mid point for prices, a real estate information service reported.
A total of 6,317 new and resale houses and condos sold in the nine-county Bay Area last month. That was down 2.0 percent from 6,444 in October, and up 3.4 percent from 6,111 in November 2010, according to San Diego-based DataQuick.
The October-to-November sales decline was smaller than normal. On average, Bay Area sales between those two months have fallen 7.7 percent. November sales have varied from 5,127 in 2007 to 11,906 in 2004. The average since 1988, when DataQuick’s statistics begin, is 7,897.
“These days, buyers and sellers have to contend with two sets of problems, which sometimes play into each other and sometimes conflict with each other. The first is the lousy economy and the opportunities it presents, for better or worse. The second is the dysfunctional mortgage finance system. Interest rates may be at record lows, but the types of mortgages that are available have been drastically reduced and qualifying is a true grind,” said John Walsh, DataQuick president.
“This creates uncertainty. Many potential buyers and sellers appear to be in a frame of mind that says, ‘when in doubt, don’t,’” he said.
The median price paid for all new and resale houses and condos sold in the Bay Area last month was $363,500. That was up 3.9 percent from $350,000 in October, and down 4.3 percent from $380,000 in November 2010. The median has declined on a year-over-year basis for the last 14 months.
The low point of the current real estate cycle was $290,000 in March 2009. The peak was $665,000 in June/July 2007. Around half of the median’s peak-to-trough drop was the result of a decline in home values, while the other half reflected a shift in the sales mix.
Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up 47.8 percent of the resale market. That was up from 45.2 percent in October and 46.7 percent a year ago.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 26.5 percent of resales in November. That was up from 25.3 percent in October, and down from 28.6 percent a year ago. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is about 10 percent.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 21.3 percent of Bay Area resales last month. That was up from 19.9 percent in October and 18.1 percent a year earlier. Two years ago the estimate was 16.5 percent.
Last month 31.0 percent of Bay Area sales were for $500,000 or more, down from a revised 31.3 percent in October, and down from 37.2 percent in November 2010. The low for the current cycle was January 2009, when just 22.7 percent of sales crossed the $500,000 threshold. Over the past 10 years, a monthly average of 47.8 percent of homes sold for $500,000-plus.
Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 22.3 percent of all Bay Area home purchase mortgages in November. That was up from 21.2 in October and down from 23.9 percent a year earlier.
One indicator of mortgage availability that had seen improvement earlier this year dropped again in November, when 11.6 percent of the Bay Area’s home purchase loans were adjustable-rate mortgages, down from a revised 12.9 percent in October, and up from 9.9 percent in November last year. Over the last decade, ARMs have accounted for 51.0 percent of all purchase loans. ARMs hit a low of 3.0 percent of purchase loans in January 2009.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 29.7 percent of last month’s purchase lending, up from a revised 27.9 percent in October, and down from 33.4 percent a year ago. Jumbo usage dropped to 17.1 percent in January 2009. Before the credit crunch struck in August 2007, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.
Last month absentee buyers – mostly investors – purchased 22.6 percent of all Bay Area homes sold, up from 22.3 percent in October and 19.1 percent a year ago. The peak was 23.4 percent in February this year, while the monthly average since 2000 is 13.9 percent. Absentee buyers paid a median $240,000 in November, down from $243,500 in October and the same as a year earlier.
Buyers who appear to have paid all cash – meaning no corresponding purchase loan was found in the public record – accounted for 27.9 percent of sales in November, down from 28.5 percent in October but up from 25.2 percent a year ago. The record was 30.5 percent last February, while the monthly average going back to 1988 is 12.1 percent. Cash buyers paid a median $240,000 in November, down from $248,000 in October and down from $250,000 a year earlier.
San Diego-based DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of late data availability, sales were estimated in Alameda, San Francisco and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,387, up from $1,348 in October, and down from $1,504 a year ago. Adjusted for inflation, last month’s payment was 49.8 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 62.9 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last three years. Financing with multiple mortgages is low, down payment sizes are stable, DataQuick reported.
Sales Volume Median Price
All homes Nov-10 Nov-11 %Chng Nov-10 Nov-11 %Chng
Alameda 1,271 1,334 5.0% $363,500 $340,000 -6.5%
Contra Costa 1,238 1,225 -1.1% $260,000 $255,000 -1.9%
Marin 208 239 14.9% $650,000 $629,000 -3.2%
Napa 104 99 -4.8% $300,500 $297,000 -1.2%
Santa Clara 1,417 1,478 4.3% $459,000 $452,000 -1.5%
San Francisco 410 422 2.9% $680,000 $644,500 -5.2%
San Mateo 497 513 3.2% $600,000 $542,500 -9.6%
Solano 551 522 -5.3% $207,000 $190,000 -8.2%
Sonoma 415 485 16.9% $315,000 $285,000 -9.5%
Bay Area 6,111 6,317 3.4% $380,000 $363,500 -4.3%
Source: DataQuick, www.DQNews.com
Media calls: Andrew LePage (916) 456-7157
Copyright 2011 DataQuick. All rights reserved.
http://dqnews.com/Articles/2011/News/California/Bay-Area/RRBay111214.aspx
La Jolla, CA.----Bay Area home sales were ahead of 2010 for the fifth month in a row in November, despite limited mortgage availability and sluggish high-end sales. The median sale price fell again on a year-over-year basis, partly because of the slowdown in sales above the mid point for prices, a real estate information service reported.
A total of 6,317 new and resale houses and condos sold in the nine-county Bay Area last month. That was down 2.0 percent from 6,444 in October, and up 3.4 percent from 6,111 in November 2010, according to San Diego-based DataQuick.
The October-to-November sales decline was smaller than normal. On average, Bay Area sales between those two months have fallen 7.7 percent. November sales have varied from 5,127 in 2007 to 11,906 in 2004. The average since 1988, when DataQuick’s statistics begin, is 7,897.
“These days, buyers and sellers have to contend with two sets of problems, which sometimes play into each other and sometimes conflict with each other. The first is the lousy economy and the opportunities it presents, for better or worse. The second is the dysfunctional mortgage finance system. Interest rates may be at record lows, but the types of mortgages that are available have been drastically reduced and qualifying is a true grind,” said John Walsh, DataQuick president.
“This creates uncertainty. Many potential buyers and sellers appear to be in a frame of mind that says, ‘when in doubt, don’t,’” he said.
The median price paid for all new and resale houses and condos sold in the Bay Area last month was $363,500. That was up 3.9 percent from $350,000 in October, and down 4.3 percent from $380,000 in November 2010. The median has declined on a year-over-year basis for the last 14 months.
The low point of the current real estate cycle was $290,000 in March 2009. The peak was $665,000 in June/July 2007. Around half of the median’s peak-to-trough drop was the result of a decline in home values, while the other half reflected a shift in the sales mix.
Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up 47.8 percent of the resale market. That was up from 45.2 percent in October and 46.7 percent a year ago.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 26.5 percent of resales in November. That was up from 25.3 percent in October, and down from 28.6 percent a year ago. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is about 10 percent.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 21.3 percent of Bay Area resales last month. That was up from 19.9 percent in October and 18.1 percent a year earlier. Two years ago the estimate was 16.5 percent.
Last month 31.0 percent of Bay Area sales were for $500,000 or more, down from a revised 31.3 percent in October, and down from 37.2 percent in November 2010. The low for the current cycle was January 2009, when just 22.7 percent of sales crossed the $500,000 threshold. Over the past 10 years, a monthly average of 47.8 percent of homes sold for $500,000-plus.
Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 22.3 percent of all Bay Area home purchase mortgages in November. That was up from 21.2 in October and down from 23.9 percent a year earlier.
One indicator of mortgage availability that had seen improvement earlier this year dropped again in November, when 11.6 percent of the Bay Area’s home purchase loans were adjustable-rate mortgages, down from a revised 12.9 percent in October, and up from 9.9 percent in November last year. Over the last decade, ARMs have accounted for 51.0 percent of all purchase loans. ARMs hit a low of 3.0 percent of purchase loans in January 2009.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 29.7 percent of last month’s purchase lending, up from a revised 27.9 percent in October, and down from 33.4 percent a year ago. Jumbo usage dropped to 17.1 percent in January 2009. Before the credit crunch struck in August 2007, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.
Last month absentee buyers – mostly investors – purchased 22.6 percent of all Bay Area homes sold, up from 22.3 percent in October and 19.1 percent a year ago. The peak was 23.4 percent in February this year, while the monthly average since 2000 is 13.9 percent. Absentee buyers paid a median $240,000 in November, down from $243,500 in October and the same as a year earlier.
Buyers who appear to have paid all cash – meaning no corresponding purchase loan was found in the public record – accounted for 27.9 percent of sales in November, down from 28.5 percent in October but up from 25.2 percent a year ago. The record was 30.5 percent last February, while the monthly average going back to 1988 is 12.1 percent. Cash buyers paid a median $240,000 in November, down from $248,000 in October and down from $250,000 a year earlier.
San Diego-based DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of late data availability, sales were estimated in Alameda, San Francisco and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,387, up from $1,348 in October, and down from $1,504 a year ago. Adjusted for inflation, last month’s payment was 49.8 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 62.9 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last three years. Financing with multiple mortgages is low, down payment sizes are stable, DataQuick reported.
Sales Volume Median Price
All homes Nov-10 Nov-11 %Chng Nov-10 Nov-11 %Chng
Alameda 1,271 1,334 5.0% $363,500 $340,000 -6.5%
Contra Costa 1,238 1,225 -1.1% $260,000 $255,000 -1.9%
Marin 208 239 14.9% $650,000 $629,000 -3.2%
Napa 104 99 -4.8% $300,500 $297,000 -1.2%
Santa Clara 1,417 1,478 4.3% $459,000 $452,000 -1.5%
San Francisco 410 422 2.9% $680,000 $644,500 -5.2%
San Mateo 497 513 3.2% $600,000 $542,500 -9.6%
Solano 551 522 -5.3% $207,000 $190,000 -8.2%
Sonoma 415 485 16.9% $315,000 $285,000 -9.5%
Bay Area 6,111 6,317 3.4% $380,000 $363,500 -4.3%
Source: DataQuick, www.DQNews.com
Media calls: Andrew LePage (916) 456-7157
Copyright 2011 DataQuick. All rights reserved.
http://dqnews.com/Articles/2011/News/California/Bay-Area/RRBay111214.aspx
California November Home Sales
December 14, 2011
An estimated 32,669 new and resale houses and condos were sold statewide last month. That was down 4.2 percent from 34,087 in October, and up 4.0 percent from 31,403 for November 2010. California sales for the month of November have varied from a low of 25,578 in 2007 to a high of 60,326 in 2004, while the average is 39,682. DataQuick's statistics go back to 1988.
The median price paid for a home last month was $244,000, up 1.7 percent from $240,000 in October, and down 4.3 percent from $255,000 for November a year ago. The median has decreased on a year-over-year basis for the last 14 months. The median’s low point for the current cycle was $221,000 in April 2009, while the peak was $484,000 in early 2007.
Distressed property sales – the combination of foreclosure resales and “short sales” – continued to make up more than half of California’s resale market.
Of the existing homes sold last month, 33.5 percent were properties that had been foreclosed on during the past year. That was down from 34.0 percent in October and down from 37.6 percent in November a year ago. The all-time high for foreclosure resales was in February 2009 at 58.5 percent.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 20.1 percent of resales last month. That was up from 19.4 percent in October and 17.6 percent a year earlier. Two years ago short sales made up an estimated 16.4 percent of the resale market.
The typical mortgage payment that home buyers committed themselves to paying last month was $931. That was up from $924 in October, which was the lowest since at least 1988. Last month’s figure was down from $1,010 for November 2010. Adjusted for inflation it was 58.5 percent below the spring 1989 peak of the prior real estate cycle. It was 66.4 percent below the current cycle's peak in June 2006.
DataQuick Information Systems monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
Indicators of market distress continue to move in different directions. Foreclosure activity is high, but not increasing. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying is flat at a high level, DataQuick reported.
Media calls: Andrew LePage (916)456-7157 or alepage@dqnews.com
Source: DataQuick; DQNews.com
Copyright DataQuick. All rights reserved.
An estimated 32,669 new and resale houses and condos were sold statewide last month. That was down 4.2 percent from 34,087 in October, and up 4.0 percent from 31,403 for November 2010. California sales for the month of November have varied from a low of 25,578 in 2007 to a high of 60,326 in 2004, while the average is 39,682. DataQuick's statistics go back to 1988.
The median price paid for a home last month was $244,000, up 1.7 percent from $240,000 in October, and down 4.3 percent from $255,000 for November a year ago. The median has decreased on a year-over-year basis for the last 14 months. The median’s low point for the current cycle was $221,000 in April 2009, while the peak was $484,000 in early 2007.
Distressed property sales – the combination of foreclosure resales and “short sales” – continued to make up more than half of California’s resale market.
Of the existing homes sold last month, 33.5 percent were properties that had been foreclosed on during the past year. That was down from 34.0 percent in October and down from 37.6 percent in November a year ago. The all-time high for foreclosure resales was in February 2009 at 58.5 percent.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 20.1 percent of resales last month. That was up from 19.4 percent in October and 17.6 percent a year earlier. Two years ago short sales made up an estimated 16.4 percent of the resale market.
The typical mortgage payment that home buyers committed themselves to paying last month was $931. That was up from $924 in October, which was the lowest since at least 1988. Last month’s figure was down from $1,010 for November 2010. Adjusted for inflation it was 58.5 percent below the spring 1989 peak of the prior real estate cycle. It was 66.4 percent below the current cycle's peak in June 2006.
DataQuick Information Systems monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
Indicators of market distress continue to move in different directions. Foreclosure activity is high, but not increasing. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying is flat at a high level, DataQuick reported.
Media calls: Andrew LePage (916)456-7157 or alepage@dqnews.com
Source: DataQuick; DQNews.com
Copyright DataQuick. All rights reserved.
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