April pending home sales

April pending home sales    For release:   May 22, 2012

For full report, click here: http://www.car.org/newsstand/newsreleases/2012releases/aprilphsi

California pending home sales down after robust March; tight housing supply persists

LOS ANGELES (May 22) – After posting a strong performance in March, California pending home sales slipped in April, but were higher than a year earlier for the twelfth consecutive month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. Additionally, the share of equity sales posted its highest level in nearly four years.

Pending home sales:

C.A.R.’s Pending Home Sales Index (PHSI)* declined from a revised 138.9 in March to 128.0 in April, based on signed contracts. The index was up from the revised 114.4 index recorded in April 2011, marking the twelfth consecutive month that pending sales were higher than the previous year. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

“Inventory constraints could be a contributing factor to lower pending sales,” said C.A.R. President LeFrancis Arnold. “The tight inventory we’ve been experiencing in the distressed market over the past several months is now spreading to equity properties, essentially affecting the supply conditions of both the distressed and non-distressed markets.”

Distressed housing market data:

• The share of equity sales – or non-distressed property sales – compared with total sales increased to its highest level since July 2008 rising to 58 percent in April, up from 54.5 percent in March. Equity sales made up 52.3 percent of all sales in April 2011.

• Conversely, the total share of all distressed property types sold statewide decreased in April to 42.0 percent, down from March’s 45.5 percent and from 47.7 percent in April 2011.

• The share of short sales continued to decline in April. Of the distressed properties sold statewide in April, 19.4 percent were short sales, down from March’s share of 21 percent and only slightly higher than last April’s share of 19.1 percent.

• The share of REO sales hit the lowest level in four years, declining in April to 22.3 percent, down from March’s 24.1 percent and down from the 28.3 percent recorded in April 2011.

Share of Distressed Sales to Total Sales
(Single-family)

Type of Sale	April 2011	March 2012	April 2012
Equity Sales	52.3%	54.5%	58.0%
Total Distressed Sales	47.7%	45.5%	42.0%
REOs	28.3%	24.1%	22.3%
Short Sales	19.1%	21.0%	19.4%
Other Distressed Sales (Not Specified)	0.4%	0.4%	0.4%
All Sales	100.0%	100.0%	100.0%

Single-family Distressed Home Sales by Select Counties
(Percent of total sales)

County	April 2011	March 2012	April 2012
Fresno	62%	60%	62%
Kern	68%	53%	54%
Los Angeles	47%	48%	44%
Madera	56%	68%	67%
Marin	28%	29%	29%
Merced	61%	56%	58%
Monterey	56%	49%	55%
Napa	51%	53%	41%
Orange	37%	38%	33%
Riverside	66%	59%	56%
Sacramento	67%	59%	61%
San Benito	67%	61%	56%
San Bernardino	70%	63%	57%
San Diego	27%	26%	23%
San Luis Obispo	43%	39%	44%
San Mateo	26%	27%	24%
Santa Clara	35%	32%	27%
Santa Cruz	45%	42%	49%
Solano

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Memorial Day Safety - 5/25 Money Pit e-Newsletter

Home Remodeling Repair & Improve Ideas & Solutions Radio & Podcasts Contact Us Community Presented by: The Welcome Mat Memorial Day weekend is a time to relax with family and friends, and kickoff the start to a great summer season. Make it even better by taking steps to make your summertime gatherings safe as well as fun. We've got tips on how to avoid accidents and injuries when grilling and chilling by the pool this weekend. You can do-it-yourself, but you don't have to do it alone. This Issue Don't Cut Corners on Grill Safety Napkin bibs and finger foods slathered in sauce -- a backyard barbecue is not the most formal affair. But even with the relaxed mood, problems can flare up. Here are five dangerous mistakes to avoid when you fire up the grill this Memorial Day weekend. read more Pool Safety Tips for Children For much of the country, Memorial Day marks the start of outdoor summer fun. Unfortunately, this holiday also marks the riskiest time of year for pool drownings. Drowning is the leading cause of death to young children and can occur quickly, often without splashing or screams. Good pool safety practices can prevent pool drownings. read more Get Professional Painting Results with ScotchBlue Painter's Tape Painting is the most cost-effective way to refresh and add value to your home. And whether you're a seasoned or novice do-it-yourselfer, you can count on professional painting results when you include 3M's ScotchBlue Painter's Tape in your project plans. read more Therma-Tru Classic-Craft Craftsman Sidelites Complete a Grand Entry in Style Capturing the ongoing popularity of the Craftsman style, Therma-Tru's new 12- and 14-inch Classic-Craft Craftsman Sidelites allow homeowners to create complete entryway systems with a custom, classic look. read more Tom's Blog: New Doors for My Money Pit “My house has been an ongoing project I’ve been working on for most of my adult life. It’s 126 years old and was built by my great grandfather. Back then, most doors didn’t even have a lock, let alone any concern for energy efficiency. Today, I consider it an honor and a duty to keep my home in good condition and eventually pass it down to my children. About a year ago, I decided it was time to replace the three entry doors.” 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. You are currently subscribed to moneypit_e-newsletter as: dabeisner@yahoo.com To unsubscribe: click here or write to Squeaky Door Productions, Inc., 57 S. Main Street #133, Neptune, New Jersey 07753

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Existing-home sales and prices rise, point toward recovery: NAR

Existing-home sales and prices rise, point toward recovery: NAR                                       By Jessica Huseman May 22, 2012 • www.housingwire.com Existing-home sales rose in April, and home prices continued to rise, according to the National Association of Realtors. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.4% to a seasonally adjusted annual rate of 4.62 million in April from a downwardly revised 4.47 million in March. This is 10% higher than the 4.2 million-unit level from April of last year. Lawrence Yun, NAR's chief economist, said the numbers point to a housing recovery under way. "It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices," he said. Total housing inventory at the end of April rose 9.5% to 2.54 million existing homes, a seasonal increase that represents a 6.6-month supply at the current sales pace, up from a 6.2-month supply in March. Listed inventory is 20.6% below a year ago when there was a 9.1-month supply. "A diminishing share of foreclosed property sales is helping home values. Moreover, an acute shortage of inventory in certain markets is leading to multiple biddings and escalating price conditions," Yun said. Yun said those areas include the Washington, D.C.; Miami; Naples, Fla.; North Dakota; Phoenix; Orange County, Calif.; and Seattle, in the majority of which he says "stronger price increases" can be expected. He said the general downtrend in listed and shadow inventory has caused a shift from the buyers' market to one that is more balanced, and in some areas is even pushing into a seller's market. The national median existing-home price for all housing types jumped 10.1% to $177,400 in April from April of last year, and the March price showed an upwardly revised 3.1% annual improvement. Yun said this is the first time there has been back-to-back, year-over-year increases since June and July of 2010, and even then gains were less than 1%. For this year, he said the country can can expect a "modest overall price gain of 1 to 2%, with stronger improvement in 2013." Distressed homes accounted for 28% of April sales. Of those, 17% were foreclosures and 11% were short sales. This is down slightly from 29% in March and down 9% from April of last year's 37%. Foreclosures sold for an average discount of 21% below market value in April and short sales were discounted at an average of 14%. Just last week, the 30-year fixed rate dropped to a record weekly lowof 3.91% since records began in 1971, according to Freddie Mac. It was the third week in a row where the record was broken. First-time buyers rose to 35% of purchasers in April, up 2% from March's numbers and 1% year-over-year. All-cash sales dropped to 29% of transactions in April, down from March's 32% and year-over-year from April 2011's 31%. Investors account for the majority of cash sales, and their buying slowed in April to 20% of homes down 1% from March and unchanged from April 2011's 21%. Single-family home sales rose 3% to a seasonally adjusted annual rate of 4.09 million in April, up from 3.97 million in March. The numbers are 9.9% higher than the 3.72 million-unit rate one year ago. Existing condo and co-op sales were up 6% to a seasonally adjusted annual rate of 530,000 in April — beating March's numbers by 30,000 sales. April's numbers are 10.4% above April of last year's numbers. Regionally, existing-home sales in the Northeast gained 5.1% to an annual level of 620,000 in April and are 19.2% higher than a year ago. The median price in the Northeast was $256,600, up 8.8% from April 2011. In the Midwest, existing-home sales increased 1% in April to 1.03 million. That is 14.4% higher than April 2011. The median price in the Midwest was $141,400, up 7.4% from a year ago. Existing-home sales in the South rose 3.5% to an annual level of 1.79 million in April and are 6.5% higher year-over-year. The median price in the South was $153,400, up 8% from last year. Existing-home sales in the West increased 4.4% to an annual pace of 1.18 million in April and are 7.3% above April 2011. The median price in the West was $221,700, an impressive increase of 15.9 percent from a year ago.

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FHA may loosen limits on condo mortgages

FHA may loosen limits on condo mortgages                     The revisions could remove at least some of the obstacles that have dissuaded condo homeowner association boards from seeking approval or recertification of their buildings for FHA loans. May 20, 2012|By Kenneth R. Harney LA Times WASHINGTON — Thousands of condominium owners and buyers around the country could soon be in line for some welcome news on mortgage financing: Though officials are mum on specifics, the Federal Housing Administration is readying changes to its controversial condominium rules that have rendered large numbers of units ineligible for the agency's low-down-payment insured mortgages. The revisions could remove at least some of the obstacles that have dissuaded condominium homeowner association boards from seeking FHA approval or recertification of their buildings for FHA loans in the last 18 months. Under the agency's regulations, individual condo units in a building cannot be sold to buyers using FHA-insured mortgages unless the property as a whole has been approved for financing. According to condominium experts, realty agents, lenders and builders, the FHA's rules have become overly strict and have cut buyers from their best source of low-cost mortgage money, thereby frustrating the real estate recovery that the Obama administration says it advocates. Christopher L. Gardner, managing member of FHA Pros, a national consulting firm based in Northridge that assists condo boards in obtaining FHA approvals, said barely 25% of all condo projects that are potentially eligible for FHA financing are now approved. That is despite the fact, Gardner said, that FHA financing is the No. 1 mortgage choice for half of all condo buyers and is crucial to many first-time and minority purchasers. Moe Veissi, president of the National Assn. of Realtors and a broker in Miami, said the FHA's strict rules "have had an enormous impact on individuals" across the country, especially residents of condo projects who find they are unable to sell their units because their condo board has not sought or obtained approval from the FHA as a result of objections to the agency's strict criteria. This in turn depresses the prices that unit owners can obtain and ultimately harms their equity holdings and financial futures, Veissi said. FHA officials defend their requirements as prudent and necessary to avoid insurance fund losses but have expressed a willingness to reconsider some of the issues that have upset condo owners and the real estate industry. Among the biggest areas of criticism of the FHA's rules are its limitations on: •Non-owner occupancy. The agency requires that no more than 50% of the units in a project or building be non-owner-occupied. This rule alone has made large numbers of condominiums in hard-hit markets ineligible for FHA financing, where investors have purchased units for cash to turn into rentals. •Delinquent condo association fee payments. The FHA refuses to approve a project where more than 15% of the units are 30 days or more behind on payments of condo fees to the association. Given the state of the economy, this has been a problem for thousands of associations, even in relatively prosperous markets. Steve Stamets, a loan officer with Apex Home Loans in Rockville, Md., said some sellers and buyers have been so frustrated by the rule that they have offered to pay the amount of delinquent fees needed to bring the overall project into compliance "just to get the deal done. This is a ridiculous situation," Stamets said. "When somebody calls up now and says they want to buy a condo with an FHA loan, I cringe." •Nonresidential space usage. The FHA has set a cap of 25% of the total floor space in a project for commercial use. Critics say this is too low and unrealistic for condo projects in urban areas, where retail and office revenues can be important to overall financial feasibility. The agency has imposed a long list of other requirements on insurance and reserves, plus a highly controversial rule that associations interpret as creating harsh legal liabilities for condo board officers if applications for FHA approvals contain inaccuracies. Andrew Fortin, vice president for government and public affairs at Dallas-based Associa, one of the country's largest homeowner association management firms, said many boards, facing the prospect of severe penalties, have refused to apply solely because of this personal liability burden. The FHA is expected to clarify the personal liability language and make other modifications in its forthcoming rules. Whether the changes will be enough to persuade homeowner boards to apply for approvals in large numbers is uncertain, but industry experts say they — and residential unit owners — are likely to welcome whatever loosening of the current restrictions FHA can offer.

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Great Quote!

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Romney-Obama Rap Debate

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Bird Helps Answer Question About Donald Trump's Hair

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Leaked Taco Bell Auditions

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Avoid Lead Exposure - 5/18 Money Pit e-Newsletter

Home Remodeling Repair & Improve Ideas & Solutions Radio & Podcasts Contact Us Community Presented by: The Welcome Mat For the first time in 20 years, the CDC has lowered the threshold for lead poisoning in young children. A child is now considered poisoned if she or he has 5 micrograms of lead per deciliter of blood rather than 10 micrograms, the old standard. If you live in a home that was built before 1978, when lead paint was banned, we have the information you need to keep your family safe. You can do-it-yourself, but you don't have to do it alone. This Issue Lead Paint on Windows: Keep Children Safe Lead paint is dangerous, especially to children. Paint chips aren't the only threat -- you can raise contaminated dust just by opening or shutting an old window. Find out how to protect your family by replacing your home's windows if it was built before 1978, the year lead paint was banned. read more How to Avoid Lead Exposure When Renovating Old Homes Lead poisoning poses a risk for millions of homeowners, particularly those with homes built prior to 1978, the year lead paint was banned. If you live in an older home where lead paint may have been used, find out how to protect yourself by hiring an EPA-certified contractor for renovation projects. read more Lutron Maestro Occupancy Sensing Switch Knows When to Turn Lights On and Off Lutron continues to lead the way in lighting advancements with the new Maestro occupancy sensing switch, a product that makes it easy to remember to turn off the light when you leave a room, because it does it for you! read more Great Gift Ideas for Father's Day Check out The Money Pit's guide to the best Father's Day gifts for the home improvement-loving Dad in your life! Whatever his DIY comfort level, we've got a great selection of time-saving tools, money-saving tech, and more. read more ON THE AIR: Innovative New Home Improvement Products Learn the latest trends in the home improvement industry as The Money Pit broadcasts from the 2012 National Hardware Show. Find out about trends such as getting your home phone service for free and making the most of your outdoor space. 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. You are currently subscribed to moneypit_e-newsletter as: dabeisner@yahoo.com To unsubscribe: click here or write to Squeaky Door Productions, Inc., 57 S. Main Street #133, Neptune, New Jersey 07753

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Corporate Sector Dawgs

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