Superstorm Sandy Threatens 284k Homes in its Path

Daily Real Estate News | Tuesday, October 30, 2012

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A powerful tropical storm slamming into major cities along the East Coast stands to threaten 284,000 homes and lead to $87 billion in damages, according to estimates provided by research firm CoreLogic.

CoreLogic estimates that the highest number of properties — 119,312 of that total — will be at risk in New York City, Northern New Jersey, Long Island, and parts of Pennsylvania. In Virginia Beach, Norfolk, and Newport News, nearly 60,000 properties will likely be at risk from the powerful “superstorm,” according to CoreLogic.

"This is a large, slow-moving, persistent and dangerous storm. Its impacts are going to be far-reaching and no doubt very costly," says Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions.

Hurricane Sandy was downgraded to a tropic storm by the time it hit the Northeast Monday. It has left millions along the East Coast without power and has killed at least 16 so far. High winds and a powerful storm surge are threatening many homes in its path.

Once the storm subsides, many home owners may be left with having to face thousands of dollars in damages on their homes, despite having homeowner’s insurance.

“Increasingly, insurers in hurricane-prone states — including almost all of those in states affected by Sandy — have been adding hurricane deductibles to their homeowner's insurance policies that go into effect when named storms have sustained winds of 74 miles per hour or more, as measured by the National Weather Service,” CNNMoney reports. “Unlike regular deductibles that require you to pay a set dollar amount, typically $500 or $1,000, hurricane deductibles often require home owners to cough up 1 percent to 5 percent of their property's value.”

The result will likely leave many home owners with having to pay several thousands of dollars in out-of-pocket expenses before their homeowner’s insurance even kicks in.

Source: “CoreLogic: Hurricane Sandy Threatens Damage to 284,000 homes,” HousingWire (Oct. 29, 2012) and “Hurricane Deductible Could Cost Home Owners Thousands,” CNNMoney (Oct. 29, 2012)

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All Eyes on Sandy - 10/26 Money Pit e-Newsletter

Home Remodeling Repair & Improve Ideas & Solutions Radio & Podcasts Contact Us Community Listen 24/7 Presented by: The Welcome Mat Forecasters are carefully watching Hurricane Sandy... with most saying it has the potential to bring significant impact to the East Coast early next week. But even far inland, homeowners could experience heavy wind and rain. Learn what to do to prepare. You can do-it-yourself, but you don't have to do it alone. This Issue How to Prepare for a Major Storm Learn steps to take to protect your home from severe weather like hurricanes and tornadoes, including how to make your own storm shutters and how to reinforce your garage door. read more Andersen Patio Doors Help Bring Outside In Outdoor living spaces add tremendous value to a home, expanding square footage for entertaining and everyday enjoyment. Whether that outdoor room is built on a deck or patio, creating a seamless transition with the right patio door can extend the view, bring the outdoors in, and save energy in the process. read more Avoid Major Energy Drain from Minor Electronics We all depend on mobile devices like smart phones and laptops to save time and add convenience to our lives. But they can also drive up your electric bill if you aren’t mindful when charging them. read more Emergency Window Board Up Find out how to put plywood over your windows to ensure more storm protection. Learn what kind of wood and screws to use and get tips on marking the panels with numbers and arrows so you know where they go. read more Dry Out After a Storm After natural disasters that cause basement or crawl space floods, excess moisture and standing water can quickly contribute to the growth of mold in homes, especially in low-lying areas such as basements. read more Share This Information With A Friend! Simply forward this Email. And invite friends to register to receive this E-newsletter each week. If you would like to unsubscribe from our weekly newsletter, please refer to the unsubscribe directions at the bottom of this newsletter.

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Foreclosures fall in 62% of U.S. cities

advantagetitle posted: "By Les Christie @CNNMoney October 25, 2012 Recent data suggests the housing market is beginning to rebound. NEW YORK (CNNMoney) -- Foreclosures fell in nearly two-thirds of the nation's largest metro areas during the third quarter, according to " Foreclosures fall in 62% of U.S. cities    By Les Christie @CNNMoney October 25, 2012 Recent data suggests the housing market is beginning to rebound. NEW YORK (CNNMoney) -- Foreclosures fell in nearly two-thirds of the nation's largest metro areas during the third quarter, according to RealtyTrac Thursday. With 62% of the nation's 212 largest markets seeing foreclosure activity shrink during the latest quarter, the ongoing decline is yet another sign that the housing market is starting to stabilize. During September, foreclosure activity in 58% of the major metro markets had even dropped below September 2007 levels. The numbers indicate that "most of the nation's housing markets are past the worst of the foreclosure problem," Daren Blomquist, RealtyTrac's vice president said in the report. Major cities like San Francisco, Detroit, Los Angeles, Phoenix and San Diego saw foreclosures fall by double-digit percentages of 26% or more. Stockton, Calif., which saw a 21% decline in foreclosures, still managed to claim the nation's highest foreclosure rate, however. "That foreclosures there are still the highest in the country speaks to how severe the problem was," said Blomquist. Other California cities in the top 10, Riverside, Vallejo, Modesto,Merced, Bakersfield and Sacramento, all posted year-over-year declines of between 22% and 34%. Yet, there are still some trouble spots, particularly in Florida. In Miami, which had the 10th highest foreclosure rate, filings rose 11%. InJacksonville, foreclosures were up 32%, Palm Bay saw a 64% increase,Tampa was up 43% and Orlando notched a 15% jump. Blomquist attributed Florida's problems to the after effects of the robo-signing scandal. Florida is a "judicial state," where foreclosures get processed through the courts. Lenders hesitated to bring foreclosure cases before a judge until they were confident their paperwork would stand up to the stepped-up scrutiny that followed the scandal. But now that new rules have been put in place through the $25 billion mortgage settlement, they are playing catch-up. Of the metro areas with the 20 highest foreclosure rates, all are still in California, Arizona, Nevada and Florida, with two notable exceptions.Chicago saw a 34% jump from a year-ago, and had the ninth highest foreclosure rate. Atlanta had the 15th highest rate. The good news there: Foreclosures fell 20% year-over-year. In Las Vegas, filings fell dramatically -- 71% -- because of state legislation passed last year that requires lenders to file affidavits vouching for their paperwork and their foreclosure action against a borrower, Blomquist said. Many lenders now bypass the foreclosure process entirely in Nevada, working with troubled borrowers to arrange short sales even before filing notices of default. That's not all good news, however. "[For cities like Las Vegas,] it's a shift in the way the distress is handled rather than the distress evaporating," said Blomquist.

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Analyst: Rising rent a boost for homebuying

advantagetitle posted: "October 25th, 2012,  by Jon Lansner OC Register Veteran Southern California real estate analyst G.U. Krueger adds his commentary on the housing market to this blog in a spot we call “Thursday Morning Quarterback.” Here’s his latest installme" Analyst: Rising rent a boost for homebuying    October 25th, 2012,  by Jon Lansner OC Register Veteran Southern California real estate analyst G.U. Krueger adds his commentary on the housing market to this blog in a spot we call “Thursday Morning Quarterback.” Here’s his latest installment. … RealFacts’ third-quarter reports shows rents are rising throughout the nation. And not just in the major job centers like San Jose, San Francisco, and Denver — but also in smaller attractive metros like Boulder, Colo., Durham, N.C., and Jacksonville Fla.Apartment owners are enjoying the economic recovery — and their bid to cash in, raising rents, may be a plus for the ownership segment of housing. But what about California? According to RealFacts, Orange County rents for all asset classes averaged $1,628, which made it the fifth most expensive apartment market in California following San Jose ($1,980), San Francisco ($1,858), Los Angeles ($1,757), and Santa Cruz ($1,664). Rents rose annually by 10.5% in San Jose, 9.5% in San Francisco, and 4.7% in Orange County. Apartment rents becoming expensive is creating a significant gap between the rents consumers are expecting and reality. According to a recent survey by Apartments.com, people searching for apartments have unrealistically low rent expectations, particularly in many of the “hip” cities that young adults seem to like. In Brooklyn, for example, consumer expectations are 50% below actual rents; in Los Angeles 36%; and in San Francisco 35%. Sounds like especially young adults might be experiencing sticker shock. But what does it all mean? It is a good economic sign that the apartment market is still going strong. That may benefit the housing market in the years ahead. The financial competitiveness of apartment living has been sheltered until recently by low price-gain expectations for ownership housing. But this has changed recently, which is increasing the attractiveness of owning a home for many consumers. Finally, especially young adults — those echo boomers in search of an active urban lifestyle -– may be somewhat surprised by expensive and rising rents as they enter the market. As they search for a place to live, they are likely to develop more realistic rent expectations — and turn a more favorable eye to homeownership. Chart below compares third-quarter RealFacts data for major California markets — and recent job growth: Metros Q3 asking rent Annual rent growth Q3 vacancy rate Annual job growth 9/12 San Jose $1,980 10.5% 4.7% 2.5% San Francisco-Oakland $1,858 9.5% 3.9% 3.1% Los Angeles $1,757 4.7% 4.8% 1.6% Santa Cruz $1,664 3.0% 4.0% 2.9% Orange County $1,628 4.7% 5.4% 1.7% Ventura County $1,456 3.7% 4.2% 0.5% San Diego County $1,456 3.8% 4.9% 2.1% Inland Empire $1,107 1.7% 6.3% 1.4% Sacramento $963 0.9% 5.9% 2.0% Bakersfield $913 7.4% 2.7% 1.6%

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Report: Housing ‘spooked’ by low supply

advantagetitle posted: "October 29th, 2012,  by Jon Lansner OC Register The latest Orange County home inventory report from Steve Thomas and ReportsOnHousing.com — data as of October 25 includes these thoughts … With homes appreciating again, inventories much lower, a" Report: Housing ‘spooked’ by low supply    October 29th, 2012,  by Jon Lansner OC Register The latest Orange County home inventory report from Steve Thomas and ReportsOnHousing.com — data as of October 25 includes these thoughts … With homes appreciating again, inventories much lower, and demand much higher, there is nothing to worry about, right? Wrong. The number one spooky feature of today’s market is the absurdly low inventory. Everybody has heard that inventories are low, but the depth of those lows is only understood by active buyers and sellers today. There are only 4,043 homes on the market after shedding an additional 4% in the past two weeks. The most recent prior record low inventory was established in March 2005, with 4,912 homes. That is 21% more than today! Thomas’ signature housing measurement is his “market time” benchmark. It tracks how many months it theoretically takes to sell all the inventory in the local MLS for-sale listings at the current pace of pending deals being made. By this Thomas logic, as of October 25 — we see … Market time of 1.29 months for Orange County buyers to gobble up all homes for sale at the current pace vs. 1.29 months two weeks ago vs. 3.46 months a year ago vs. 4.28 months two years ago. Of the 8 Orange County pricing slices Thomas tracks, 4 had faster market time vs. 2 weeks ago; and 8 improved over a year ago. Orange County homes listed for under a million bucks have a market time of 0.99 months vs. 4.41 months for homes listed for more than $1 million. So, basically, it is 4.5 times harder to sell a million-dollar-plus residence! And just so you know, the million-dollar market represents 31% of all homes listed and 9% of all homes that entered into escrow in the past 30 days. Here’s the recent data for listings; deals pending; market time in months; latest vs. 2 weeks earllier, a year ago and 2 years ago. Color coding for market time is red (slowed by 5%-plus in year); green (sped up by 5%-plus in year); and yellow (in between!) Note: k=thousand; m=million … Slice Listings Deals Market Time (months) 2 week ago 1 yr. ago 2 yr. ago $0-$250k 470 532 0.88 0.84 2.71 3.06 $250k-$500k 970 1,394 0.70 0.72 2.49 3.39 $500k-$750k 846 690 1.23 1.18 4.12 4.49 $750k-$1m 553 266 2.08 2.16 5.89 6.11 $1m-$1.5m 397 153 2.59 3.01 6.31 6.82 $1.5m-$2m 261 71 3.68 4.66 9.18 16.67 $2m-4m 352 45 7.82 6.78 17.96 16.47 $4m+ 233 13 17.92 12.05 47.33 81.75 All O.C. 4,043 3,145 1.29 1.29 3.46 4.28

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Rising Home Prices!

Rising Home Prices Lift Up 1.3 Million Homeowners.pdf Download this file

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Happy Monday! / Pictures to make you grin

I told you NOT to give me that last beer… Who used the last roll of toliet paper again?? What does it take to get a walk around here? Yep, I peed Bring me a margarita with a little umbrela in it, darling. If you want something done right around here… When I said my ears were cold I had no idea you'd take it so seriously Cat headband. Comes in 3 colors. When I said I wanted a little brother, I meant a DOG... Do I look like a chew toy to you?? This ISN'T in my job description!! This isn't in MY job description either for pete's sake!! And then, snort, snort, the bartender says to the horse..... Wait, wait… Who the hell is writing these job descriptions??? So this is where you live, eh? Who says "three's a crowd"?? Give me some sugar, hotlips! Pig in a blanket I sho does luv you! Air flossing! Darn it Gladys, you blinked again....RE-TAKE please!!

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