Higher Prices for Newly Constructed Homes

September 25, 2013 jd

Many of the nation’s largest builders are raising their prices, even as existing-home prices are beginning to moderate.

For example, homebuilder KB Home has had average prices for its new homes soar 23 percent annually. Lennar has raised the average price on its new homes by 16 percent annually in the third quarter, now averaging $291,000. The average price of all existing homes was $258,000, according to the National Association of REALTORS®.

“The big picture is that new-build house prices fell less than existing house prices during the crash and have risen more during the recovery,” says Paul Diggle at Capital Economics.

While prices are up for new homes, both Lennar and KB Home announced this week a weaker pace for new orders. Lennar officials blamed the slowdown on rising mortgage rates and the double-digit percentage increases in home prices this year.

“We see strong, viable, fundamental demand out there, but it has cooled a little bit,” Rick Beckwitt, Lennar’s president, said during a recent earnings call. “As a result, from a pricing standpoint, we have selected some of our inventory and increased incentives associated with that inventory.”

Analyst Ivy Zelman doesn’t believe new home prices are inflated or priced at an abnormal premium over existing homes.

“In Arizona, California, Florida, and Nevada, we conclude that prices are still 15 percent lower than the 2006 peak, which excludes an adjustment for an increasing size of new homes and would be further compounded by seven years of inflation,” Zelman says.

Source: “Forget easing prices, new homes are up, up, up,” CNBC (Sept. 24, 2013) and “New-Home Orders Slower for Lennar, KB Home,” The Wall Street Journal (Sept. 24, 2013): DAILY REAL ESTATE NEWS

Real Estate

Nevada County Real Estate Trends

September 19, 2013 jd

Nevada County Stats : Reprinted with permission from Trendgraphix Inc.

September 19, 2013

Viewing the chart above, you can see that sales of homes from June 2012 to the end of August 2013 have increased. Inventory, however, has dropped from 626 homes to 495 homes

Without making your eyes bleary, here are the stats. For sale in the months of August 2013 495 homes, August 2012, 587 homes a decrease of -15.7% down. Homes sold in the month of August 2013, 124, in the month of August 2013, 107 for in increase in sales of 15.9%.

The median price in June 2012 was $260,000. In August the median price raised to $305,000 a significant increase percentage wise of 17.3%

Judging from the chart above, February was the lowest inventory with 305 and we seem to be steadily increasing our inventory This may be due to more home owners realizing that they may be above water with their mortgages and the market has come back for selling their homes.

Sales of Existing Homes at Six-Year High

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nevada county fair

Several Festivities at the Draft Horse Classic Weekend

September 13, 2013 jd

Meadowlake - Belgians — Meadowlake – Belgians

BOUNTY OF THE COUNTY” AND “CLASSIC BARBECUE COOK-OFF PART OF THE FESTIVITIES AT THE DRAFT HORSE CLASSIC WEEKEND

Bounty of the County” on Saturday, Sept. 21; “BBQ Cook-Off” on Sunday, Sept. 22

In between Draft Horse performances at the Nevada County Fairgrounds, September 19 – 22, take time to visit two tasty events happening on the grounds during the weekend – “Bounty of the County” and “Classic Barbecue Cook-Off.”
On Saturday, September 21, “Bounty of the County” takes place from 1 – 4 pm on The Green, near the Northern Mines Building. Bring your appetite to this fun and delicious event, hosted by Nevada County Grown. Bounty of the County is a pairing of fabulous local chefs with the finest produce and meats of Nevada County Grown farmers and ranchers. This is local, fresh, and delicious food at its best – and a feast for your palette. In addition to great food, there will be music, vendors, demonstrations, and children’s activities.

Tasting tickets – available at 2 tickets for $5 – will be sold at the event, and all proceeds are for the benefit of local agriculture. Additional details can be found at NevadaCountyGrown.org.

On Sunday, September 22, from 1:30 – 4 pm, watch as barbecue experts show off their cooking skills at the “Classic Barbecue Cook-Off.” Once they’re done cooking, you get to taste the treats – ribs, chicken, pulled pork tacos, sandwiches, brisket and a variety of delicious barbecue. Tasting tickets will be available at the event at 5 for $10. Come taste the treats and listen to live music by one of Nevada County’s favorite bands, The Dyin’ Breed.

In addition to these two tasty events, the Harvest Fair is bustling with activities during the weekend, including musical entertainment on the Pine Tree stage, Art at the Classic, Treat Street goodies, a clogging jamboree, a Western Trade Show, and visits to the barns.

The Draft Horse Classic and Harvest Fair runs September 19 – 22 at the Nevada County Fairgrounds. There are six performances featuring the magnificent Draft Horses – Thursday and Friday at 6:30 pm, Saturday at 10 am and 6:30 pm, and Sunday at 10 am and 4 pm.

For tickets to the Draft Horse Classic performances, or for details about the Harvest Fair activities, visit NevadaCountyFair.com or call (530) 273-6217.

2013 Draft Horse Classic at the Nevada County Fairgrounds

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Real Estate

Housing Bubbles?

September 12, 2013 jd

Photo credit: http://www.desicolours.com/

DAILY REAL ESTATE NEWS | THURSDAY, SEPTEMBER 12, 2013

The National Association of REALTORS®‘ home price affordability index dropped below a long-term trend line, once again igniting fears of a housing bubble. But some experts say the worries are being blown out of proportion.

The latest reading of the index, which reflects July data, marked the lowest level of home affordability since July 2009 and the fourth month that the index has come in below trend. The index measures the household income needed to qualify for a traditional mortgage for a median-priced single-family home.

Higher mortgage rates and home prices are causing affordability to drop. Home prices have surged 13.4 percent compared to a year ago, and mortgage rates are at their highest averages since February 2012. Wages are rising — but not as fast as home prices.

The West has posted some of the biggest drops in affordability, as home prices have climbed 18.4 percent in the region in the last year.

NAR’s affordability index peaked in January at 210.7, and it has been falling ever since. It now stands at 157.8. An index reading above 100 indicates that median income is higher than needed to qualify for a mortgage. “A score of 157.8 officially indicates that a household earning the median income has 57.8 percent more income than needed to get a mortgage on a median-priced home,” CNBC reports.

But a recent paper by three economists from Robert Morris University in Pennsylvania suggests that when the index falls below trend for at least three months, it may be an indication of the beginning of a housing bubble. The economists point to the beginning of 2004, when home affordability fell below its long-term trend. Some say that marked the beginning of the last housing bubble. Housing affordability stayed below the long-term trend until December 2008, the economists note.

Housing affordability this year dropped below the long-term trend in April and has stayed there through July, CNBC reports. But even signs of a housing bubble don’t mean home prices are doomed to crash, analysts say.

NAR experts write at the Economists’ Outlook blog that housing affordability likely could strengthen in the coming months “as prices have decreased from a month ago and most likely reached their seasonal peak for the year. Even with rates increasing, certain metro areas have healthy inventory levels, and consumers can still look to purchase before those historically low rates are a thing of the past.”

Source: “Latest Housing Affordability Data,” NAR’s Economists’ Outlook Blog (Sept. 6, 2013) and “Yep, it’s another housing bubble,” CNBC (Sept. 10, 2013)

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Real Estate

My House is Worth Money, Time for a Divorce

September 11, 2013 jd

“So many couples have been living together and biding their time,” says Leigh Sigman, an Orlando lawyer. “I know many people who have coasted for years and touched base with me periodically — until they got equity in their homes.”

During the housing market crash, home prices fell dramatically in some areas, causing the home in a marriage to become one asset that no one wanted in a divorce because of the large amount of mortgage debt it carried, says Sigman.

But some metros are seeing that as home values rise, divorce rates are too.

“I have seen many of the deals we’re doing have involved a divorce — selling a house because of it or buying because of it,” says Robert Tenaglia, a real estate professional in Orlando. “When people don’t have equity and don’t have money, it dissuades them from going through the final step.”

Many couples may need the equity from the house sale to cover the costs of starting a new life and for a down payment on a new home or an apartment deposit, Tenaglia says.

Source: “Divorce and Home Values: Till Equity Do Us Part,” RISMedia (Sept. 6, 2013)

Commercial Appraiser; FW: Another 8.3 Million Underwater Homeowners on Track to Resurface before 2015

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Real Estate

Home Owners Equity Rising Above Water

September 8, 2013 jd

Jenga Style Homes Photo courtesy of Pleated-jeans.com

In the next 15 months, 8.3 million home owners — about 18 percent of home owners who have a mortgage — are expected to gain enough equity to be in a better position to sell their homes, according to RealtyTrac’s September report on home equity.

“Steadily rising home prices are lifting all boats in this housing market and should spill over into more inventory of homes for sale in the coming months,” says Daren Blomquist, vice president at RealtyTrac. “Home owners who already have ample equity are quickly building on that equity, while the 8.3 million homeowners on the fence with little or no equity are on track to regain enough equity to sell before 2015 if home prices continue to increase at the rate of 1.33 percent per month that they have since bottoming out in March 2012.

The 8.3 million of home owners have a range of 10 percent negative equity to 10 percent positive equity, according to RealtyTrac. Home owners with low equity may face challenges in selling a home due to the cost of the sale and having a down payment on a new home. As equity rises, more home owners are in the position to sell their home without having to resort such actions as a short sale.

The report also notes that one in four home owners in foreclosure also were found to have positive equity. Home owners with equity may have a better chance at selling their homes before letting the foreclosure process run its course, Blomquist says.

But that’s “assuming they realize they have equity and don’t miss the opportunity to leverage that equity,” Blomquist says. “Even home owners deeply underwater have reason for hope, with about 150,000 each month rising past the 25 percent negative equity milestone — although it will certainly take years rather than months before most of those homeowners have enough equity to sell other than via short sale.”

Source: National Association of Realtor©

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Bits & Pieces

Grass Valley Chickens To Fly Out of Town

September 5, 2013 jd

Operation Chicken Airlift began with a phone call last month from a California egg farmer to the Animal Place sanctuary in Grass Valley.

Thousands of “laying hens” that had outlived their usefulness were about to meet their demise, the farmer said. Was the animal group interested in saving them from death by carbon monoxide?

Thus began a unique rescue effort that will send 1,200 white Leghorn chickens on a $50,000, cross-country cargo flight this evening from Northern California to upstate New York. On the East Coast, the chickens will be ferried to sanctuaries where they will live outside of cages and roam the land without the expectation of producing breakfast for the egg-loving public.

Source: Sacramento Bee

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nevada county fair

Enter Your Exhibits in the Harvest Fair at the Draft Horse Classic

September 3, 2013 jd

It’s free and all exhibitors will receive free tickets to a Draft Horse Classic performance

Entry forms are now being accepted for exhibit entries in the Harvest Fair, which takes place during the Draft Horse Classic, September 19 – 22, at the Nevada County Fairgrounds. The deadline for Nevada County residents to turn in entry forms to enter exhibits is 4 pm on Friday, September 13. It’s free to enter, and all exhibitors will receive complimentary tickets to the Friday evening performance of the Draft Horse Classic.

Entry forms are now being accepted at the Fair Office and on-line at Nevada County Fair website. There are more than 100 different categories to choose from, including fruits and vegetables, cobblers, harvest pies, scarecrows, a garden photo contest, jams, honey, cut flowers, produce characters, and birdhouses. There’s even a “Harrowingly Huge Harvest Haul” category for those extra big vegetables and fruit; and an Adult Artistic Corner for those interested in showing off arts and crafts. So many fun categories to choose from!

There’s a division for youth and teens, which includes categories like apple face dolls, decoupage, Halloween masks, painted pumpkins, wreaths, table settings, and ceramics. Plus, there’s a Special People’s division for those interested in showing off their talents at the Harvest Fair.

Exhibitors must either submit paper entry forms at the Fair office or enter online at Nevada County Fair website between now and Friday, September 13. It’s free and it’s simple!

Complete descriptions of all Harvest Fair divisions and categories are available online at Nevada County Fair website at the Fair’s Office on McCourtney Road, or by calling the Fairgrounds Office at (530) 273-6217.

The Draft Horse Classic and Harvest Fair runs September 19 – 22 at the Nevada County Fairgrounds. There are six performances featuring the beautiful Draft Horses – Thursday and Friday at 6:30 pm, Saturday at 10 am and 6:30 pm, and Sunday at 10 am and 4 pm.

In addition to the Draft Horse performances, the Harvest Fair is happening at the Fairgrounds throughout the event. Live entertainment, Art at the Classic, Treat Street goodies, a clogging jamboree, and visits to the barns make for a fun family day at the Harvest Fair. Plus, we’ve got two tasty events happening – Bounty of the County on Saturday and a Classic BBQ Cook-Off on Sunday.

For Draft Horse performance tickets or information about entering a Harvest Fair exhibit, call the Fair Office at (530) 273-6217 or visit Nevada County Fair website

Draft Horse Classic and Harvest Fair in Grass Valley

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Travel

Vernazza – the History, the Disaster and the Recovery Part 2

August 30, 2013 jd

vernazza-before-and-after-f

Before and after photos.

The Disaster:

On October 25, 2011, Vernazza was struck by torrential rains, massive flooding and mudslides that left the town buried in many meters of mud and debris, causing over 100 million euro worth of damage. Three long time residents were killed in the flooding and mudslides that occurred on October 25, 2011, their bodies were found on the shore near St. Tropez, France.

People caught in the lower levels of the town had to flee upward in apartment buildings and private houses to get away from the torrential mud and water, gas leaks also broke out in the town, making people fear from the chance of fire as well as drowning. To read many other heartbreaking and heartwarming stories by residents and tourists caught in Vernazza on that day go to: Save Vernazza

On October 26, the tourists and townspeople were forced to walk through Vernazza at the height of the second story windows, over 4 meters/13+ feet of mud and debris to be evacuated by sea. The town was in a state of emergency, although repair work began immediately.

December 3, 2011: This day’s posting on the Save Vernazza Website reads:

“The only thing ‘normal’ in Vernazza these days is the train schedule. She is a town without her people… Imagine Vernazza without a single soul in it. If she were a person I’d say she’s lonely. Feeling abandoned. And I often think of her this way. Like a living being she has a life, a soul, a vibrance, a presence like no other place I’ve been. I find myself feeling sorry for her a lot of the time. Is this strange? Somehow I don’t think I’m alone in my feelings.”

December 2012: On the day after the flood, Mayor Resasco promised that the whole town would celebrate the Feast of the Immaculate Conception in Vernazza. On the morning of December 8, with the “asado” barbeque slowly cooking over the coals in Piazza Marconi, the trains arrived from La Spezia and Levanto, filled with families, elderly couples and children. The elderly, many of whom had never previously lived anywhere else, walked around with tear-filled eyes, marveling at how much had been accomplished in such a short time and mourning what had been lost. The volunteers were filled with pride at their role in giving so much joy to this community. The day was filled with friendship, hugging, laughter, tears and sharing stories. Talk of hope filled the air, as people began to envision a renewed Vernazza.

Tomorrow: The Rebuilding

Article by Judy J. Pinegar – Published in Corriere della Valle

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Travel

Vernazza – the History, the Disaster and the Recovery Part 1

August 29, 2013 jd

History

Vernazza is one of the five towns that make up the Cinque Terre region in Italy. Vernazza is the fourth town heading north, has no car traffic and remains one of the real “fishing villages” on the Italian Riviera, with the only proper harbor of the five towns. Vernazza was recognized as a fortified town dating back to the year 1080, and is located in the province of La Spezia, Liguria, northwestern Italy, the “Italian Riviera”.

Vernazza’s name is derived from the Latin adjective verna meaning “native” and the indigenous wine, “vernaccia” (“local” or “ours). Over the next two centuries Vernazza was ruled by the Republic of Genova, and was vital in Genova’s conquest of Liguria, providing port, fleet and soldiers to the battle.

httpv://youtu.be/-vA2-9VyMcY

Video taken by John O’Dell in a tour of Italy with Judy Pinegar

The first documented presence of a church dates back to 1251, with the parish of San Pietro sited in 1267. First reference to the Church of Santa Margherita d’Antiochia of Vernazza occurs in 1318. The church was expanded and renovated over the course of the 16th and 17th centuries, and thereafter the octagonal bell tower was erected.

In the 1800s, after a long period of stagnation, Vernazza improved wine production, enlarging and creating new terraced hillsides. The result was a revitalization of Vernazza’s commerce. Also at this time the construction of the Genova-La Spezia rail line began, putting an end to Vernazza’s isolation. Partially due to this transportation system, the population of the town increased by 60% in just a few years.

In 1997, the Cinque Terre was recognized as a World Heritage Site by UNESCO and in 1999 the National Park of the Cinque Terre was born. The main source of revenue for Vernazza is tourism, but wine and olive oil are also produced.

Tomorrow: The Disaster

Article by Judy J. Pinegar – Published in Corriere della Valle
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