Wednesday, March 26, 2008

Southern California Homebuyers Fair

April 12 and 13, 2008 at the Los Angeles Convention Center

For information: Southern California Homebuyers Fair
Nationwide New Home Sales Slow

With numbers that exceed expectations, the Commerce Department reports that February sales of new single family homes were slower than last year. More signs of trouble in the housing market.

Read more here: Reuters

Monday, March 24, 2008

Existing Home Sales UP, prices DOWN

The National Association of Realtors reports that "Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.9 percent to a seasonally adjusted annual rate (1) of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007."

"The national median existing-home price ... for all housing types was $195,900 in February, down 8.2 percent from a year earlier when the median was $213,500. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively fewer sales in higher priced markets."

To read more: National Association of Realtors

Sunday, March 16, 2008

Federal Reserve lowers rate

Today (Sunday) "...the Federal Reserve Board unanimously approved a request by the Federal Reserve Bank of New York to decrease the primary credit rate from 3-1/2 percent to 3-1/4 percent, effective immediately. This step lowers the spread of the primary credit rate over the Federal Open Market Committee’s target federal funds rate to 1/4 percentage point. The Board also approved an increase in the maximum maturity of primary credit loans to 90 days from 30 days."

To read more: Federal Reserve press release

Friday, March 14, 2008

National Commercial Real Estate Market

The National Association of Realtors (NAR) reports that "Commercial real estate market fundamentals are fairly stable, although investment is waning following a record year in 2007."

To read more: Commercial real estate

Thursday, March 13, 2008

Southern California Home Sales Slow - Median Price Drops

DataQuick reports that "Southern California home sales limped along last month at the slowest pace ever for a February, the result of a market crippled by uncertainty and credit constraints. The median sale price dropped by a record 17.6 percent from a year ago."

What's the trend? Read what DataQuick says: "Last month's sales total was the second-lowest for any month in DataQuick's statistics, which go back to 1988. The prior month's total of 9,983 was the lowest ever. Since September, sales each month have been a record low for that particular month."

The entire store is here: DQNews.com

Tuesday, March 11, 2008

New Conforming Loan Limits Announced

The Office of Federal Housing Enterprise Oversight (OFHEO) has announced the "temporary jumbo conforming loan limits".

To read the press release: OFHEO

Friday, March 07, 2008

Mortgage Rates Drop

Bankrate.com reports that for the week ending March 6, their survey of national mortgage interest rates shows that "The benchmark 30-year fixed-rate mortgage fell 9 basis points, to 6.32 percent ... One year ago, the mortgage index was 6.19 percent; four weeks ago, it was 5.78 percent."

But note - "The rate on the 30-year fixed made a startling jump Wednesday. It went up a quarter of a percentage point or more in the afternoon -- after Bankrate's research department had gathered the bulk of the day's rate information."

To read more: Bankrate.com

Thursday, March 06, 2008

California New Home Construction Slows Down

The California Building Industry Association (CBIA) reports that "According to housing permit data supplied by the Construction Industry Research Board, total housing starts in California, as measured by building permits issued, dropped 53 percent in January when compared to the same month a year ago to 4,700 units. Production of single-family homes fell 62 percent while construction of multifamily units decreased 34 percent when compared to January of 2007."

To read more: CBIA