httpv://youtu.be/HDgXMmC7goE
I’m posting this video in remembrance of my dog Angel, who after almost 13 years with me, pasted away last March.
See my blog My Angel Passed Away.
John J. O’Dell
Monthly Archives: June 2013
Pending Home Sales at Strongest Pace Since 2006
Pending home sales rose in May to the highest level since late 2006, implying a possible spark as mortgage interest rates began to rise, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 6.7 percent to 112.3 in May from a downwardly revised 105.2 in April, and is 12.1 percent above May 2012 when it was 100.2. Contract activity is at its strongest pace since December 2006, when it reached 112.8. Also, pending sales have been above year-ago levels for the past 25 months.
Lawrence Yun, NAR chief economist, said there may be a fence-jumping effect. “Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher,” he said. “This implies a continuation of double-digit price increases from a year earlier, with a strong push from pent-up demand.”
Regionally, the index went unchaged in the Northeast, but is 14.3 percent above a year ago. In the Midwest, it jumped 10.2 percent to 115.5 in May and is 22.2 percent higher than May 2012. Pending home sales in the South rose 2.8 percent and 16 percent in the West.
Source: NAR
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Bizarre Mortgage Requests Delay Borrowers
Underwriters are being extra vigilant in verifying every detail of a mortgage application, and some of their requests for information, borrowers say, are downright odd.
For example, one borrower says an underwriter demanded a letter from his doctor that an illness he had would never come back. Another borrower says that an underwriter told her she needed to get verification from her employer on her employment status when she listed “homemaker” as her occupation.
A borrower said an underwriter asked him for a letter of explanation on a $6 deposit he made (the borrower earned $10,000 a month at the time).
“I don’t know whether to laugh or cry,” says Karen Deis, who operates MortgageCurrentcy.com, and who collected dozens of anecdotes on her Facebook page about bizarre underwriting requests. “People are scared. All you hear about are buybacks, audits, and people losing their jobs” because they didn’t verify this or confirm that.
Banks are requiring more documentation when approving a mortgage, and some of the extra requests have caught borrowers off-guard. For example, Deis says one borrower said that an underwriter demanded a letter from her explaining why she changed her name after she got married. A single father who had custody of his child said he was asked for a letter saying he did not have to pay child support. Another borrower who had been out of school for years said he was asked to produce his high school transcript.
Despite some of the extra documentation requests, recent surveys are showing that banks lately are easing up slightly on their underwriting standards.
However, “even though there has been some loosening, what they’re asking of people is not changing,” says Jonathan Corr, Ellie Mae president. “It’s still pretty comprehensive, and we’re going to continue to hear stories like this.”
Source: “Underwriting requests are getting weirder,” The Chicago Tribune (June 21, 2013)
: Daily Real Estate News.
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Large Number of Foreclose Homes Are Vacant
Is anyone home? Apparently not in a large share of foreclosed homes. Twenty percent of foreclosures nationwide are abandoned by their owners and left vacant, according to RealtyTrac.
It’s important to move vacant foreclosures quickly so that they don’t negatively impact surrounding real estate values, says Daren Blomquist, vice president of RealtyTrac. Bank of America, GMAC, Chase, Wells Fargo and Citi hold the highest number of vacant foreclosures.
Twenty-nine percent of the vacant foreclosed homes are priced below $50,000; 25 percent are between $50,000 to $100,000; and 12 percent are in the $1 million-plus range, according to RealtyTrac.
The states with some of the highest percentages of vacant foreclosures are:
- Indiana: 32%
- Oregon: 28%
- Nevada: 28%
- Washington: 27%
- Georgia: 27%
Still, “even if all these homes flooded the market simultaneously, they would likely not cause the once-feared double dip in prices given supply constraints from non-distressed sellers and stronger demand,” Blomquist says.
Source: “RealtyTrac: 20% of Foreclosures Remain Vacant After Owner Departs,” HousingWire (June 20, 2013)
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Home Ownership Makes Happier, Healthier Families, Survey Shows
Owning a home can make families healthier, happier, and more financially secure, according to new research by Canada Mortgage and Housing Corp. on the benefits of home ownership. Researchers worked with Habitat for Humanity families to evaluate how their lives changed after moving into their homes.
Eighty-nine percent of the Canadian families surveyed said their lives improved since they moved into their homes. Eighty-six percent said they’re happier since owning a home.
The survey also found home ownership led to an improvement in children’s school performance. The families reported that the children had increased confidence, improved behavior, higher grades, and enjoyed school more after becoming home owners.
What’s more, more than 75 percent of families surveyed say their health had improved since becoming home owners. They reported fewer illnesses caused by colds, flu, allergies, and stress, according to the study.
Canada’s home ownership rate — at about 70 percent — is one of the highest in the world.
The study’s release coincided with the National Association of REALTORS(R) recent release of a new publication, “Social Benefits of Homeownership and Stable Housing.”
“There is evidence from numerous studies that attest to the benefits [of home ownership] accruing to many segments of society,” according to Canadian researchers. “Home ownership boosts the educational performance of children, induces higher participation in civic and volunteering activity, improves health care outcomes, lowers crime rates and lessens welfare dependency.”
Source: “Owning a Home Makes Families Happier, Healthier,” Realty Times (June 18, 2013)
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Home Bidding Wars Are Back!
The bidding wars are back. Seemingly overnight, many of the nation’s major housing markets have gone from stagnant to sizzling, with for-sale listings drawing offers from a large number of house hunters.
The competition has been most intense in California, where 9 out of 10 homes sold in San Francisco, Sacramento and cities in Southern California drew competing bids during the month. And at least two-third of listings in Boston, Washington D.C., Seattle and New York generated bidding wars.
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Where the Real Estate Market Is Really Hot
Median list prices in May edged up 2.10 percent month-over-month, as housing inventories also were on the rise, creating a greater balance between supply and demand, according to realtor.com’s latest Real Estate Health Report.
The nationwide median list price was $199,000 for May, and up 4.79 percent year-over-year.
“We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what’s slowly happening in the larger real estate market,” says Steve Berkowitz, chief executive officer of Move. “Overall, we’re seeing seller confidence beginning to respond to consumer demand. Nationally, there are more homes going on the market for a shorter amount of time. And this is happening in our hot markets on a much larger scale.”
California housing markets are seeing some of the highest median price gains. The following 10 markets have seen the highest year-over-year list price gains:
1. Sacramento, Calif.: up 42.45%
- Median list price: $284,900
2. Oakland, Calif.: up 38.27%
- Median list price: $495,000
3. Detroit, Mich.: up 31.73%
- Median list price: $125,000
4. San Jose, Calif.: up 30.58%
- Median list price: $679,000
5. Los Angeles-Long Beach, Calif.: up 27.80%
- Median list price: $428,000
6. Fresno, Calif.: up 27.48%
- Median list price: $219,900
7. Phoenix-Mesa, Ariz.: up 27.03%
- Median list price: $235,000
8. Stockton-Lodi, Calif.: up 25.63%
- Median list price: $199,750
9. Reno, Nev.: up 24.23%
- Median list price: $235,900
10. Santa Barbara-Santa Maria-Lompoc, Calif.: up 24%
- Median list price: $775,000
Source: realtor.com®
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Inventories, Asking Prices Get a Boost
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Women Need To Be Listened To
httpv://vimeo.com/66753575
“Don’t try to fix it. I just need you to listen.” Every man has heard these words. And they are the law of the land. No matter what, a woman wants you to listen.
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Foreclosure Activity Back on the Rise
Foreclosure filings—which include default notices, scheduled auctions, and bank repossessions—increased 2 percent in May, rising from a 75-month low in April, according to the latest foreclosure report from RealtyTrac. Still, foreclosure filings are down 28 percent from a year ago.
The May increase was largely attributed to an 11 percent increase in bank repossessions. Foreclosure starts also ticked up 4 percent in May over last month, with 26 states posting increases, according to the report.
“Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years,” says Daren Blomquist, vice president at RealtyTrac. “Places like Nevada, where foreclosure starts increased to a 20-month high, and Maryland, where overall foreclosure activity increased to a 33-month high. Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures.”
The top foreclosure rates in the country were in Florida, Nevada, and Ohio. Florida saw a 20 percent increase in foreclosure activity in May, accelerating it to the highest foreclosure rate in the country for the month. One in every 302 Florida households received a foreclosure filing in May—nearly triple the national average.
After 27 months of decreases, Nevada foreclosure activity rose in May, with one in every 305 households receiving a foreclosure filing. The increase was driven by an 81 percent year-over-year increase in foreclosure starts, which reached a 20-month high in May, RealtyTrac reports.
Ohio posted the third-highest foreclosure rate in the country, where one in every 584 households received a foreclosure filing during May. Still, that’s a 27 percent decrease from a 31-month high the state reached in April.
Source: RealtyTrac
Nevada County Fair Competition Handbook Now Available
Book includes all the information you need to enter exhibits in this year’s Fair
The Nevada County Fair’s Competition Handbook, which includes all the information you need to enter exhibits in this year’s Fair, is now available. If you can make it, bake it, grow it or show it, there is a category for you – and it can be found in the Competition Handbook!
Why not showcase a talent, a project, a cooking skill, or a special collection. Try one of the traditional categories like baking cookies or entering a prized photo; or one of the specialty contests designed specifically for this year’s Fair theme of “Under the Big Top,” like creating a circus train car out of a shoe box. Or, enter one of the specialty food contests for adults – held each day of the Fair. There are also lots of special contests like the Squash Mobile Races, Rain Gutter Regatta, and the Idol Competition. The Competition Handbook is filled with hundreds of categories for children and adults.
Copies of the free handbook are available at the Fairgrounds’ Office, Chamber of Commerce offices, county libraries, Raley’s, or on-line at www.NevadaCountyFair.com.
It’s easy to enter! Look through the book, pick your favorite categories, and follow the simple steps for completing the entry forms. You can even enter on-line at www.NevadaCountyFair.com. This year, there won’t be any entry fees for most categories (yes, it’s free!), you can enter on-line or at the Fair office, and there will be some great prizes! The deadline for submitting paper entry forms and on-line entries is July 19 at 4 pm.
This year’s Competition Handbook also contains information about discounted Fair tickets available now through August 6, discount days at the Fair, and nightly arena events.
The 2013 Nevada County Fair is August 7 – 11. For more information, visit www.NevadaCountyFair.com or call (530) 273-6217. You can also follow the Fairgrounds on Facebook at “Nevada County Fairgrounds.”
Wendy Oaks
Publicist, Nevada County Fairgrounds
(530) 273-6217
Website: www.NevadaCountyFair.com
Facebook: Nevada County Fairgrounds
Nevada County Fair August 7 – 11, 2013
Draft Horse Classic September 19 – 22, 2013
Halloween at the Fairgrounds October 26, 2013
Country Christmas Faire November 29 – December 1, 2013
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John J. O’Dell Realtor® GRI
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DRE#00669941
