The San Fernando Valley (Los Angeles) single family housing inventory is up in all price ranges year over year. The $450,000 to $600,000 price range jumped from a historic low of 285 properties in July 2013 to 487 July 2014. That price range incorporates the median sales price of around $500,ooo. The inventory has been increasing as there are fewer institutional buyers, and more traditional sellers have a positive equity position getting them out of short sales. The upside, traditional buyers...Continue Reading!
Ron Henderson of Multi Real Estate Services, and Steve Peterson of Security 1 Lending will be giving a presentation on the Good, Bad and Ugly of Homeowner Associations. Topics will include what buyers and owners need to know, how an association's financial position can effect financing and values, and tricks of the trade. Outwest Marketing Group open to real estate professionals and affiliated industries supplying information and networking. Friday August 22 8:30am - 9:30am. CoCos Bakery & Restaurant 22200 Sherman Way Canoga Park,...Continue Reading!
The San Fernando Valley real estate market continues it's transformation from being an overheated market seller's market, to one of neutrality between buyers and sellers. The supply and demand has changed substantially over the past 10 months. The active inventory has increased substantially, and the quantity of sales have dropped off (see charts). The approx 3 month inventory to sales ratio is still lower than the historic average of 5-6 months, but enough where property appreciation has flattened, and many...Continue Reading!
1031 Exchanges are great strategies to defer Capital Gains taxes while using the gains to expand a real estate portfolio. If you own investment real estate, or plan on owning investment real estate, you must understand this IRS code or you'll be cheating yourself. Lets take this scenario: What if a couple had a long term rental that has a lot of equity. They don't want to live in that particular property (for whatever reason), and they don't want to sell...Continue Reading!
"Show me the money!" Ron Henderson from AmerFund Lending Group will discuss the general market overview, the effect of the CFPB & Dodd Frank Financial Regulations on mortgages, and the changing roles of banks, small lenders and private money. There will be plenty of time for Q & A. Learn what is the best source of funding for you. Real Estate for Girls Investment group Du Par's 12036 Ventura Blvd, Studio City, CA Wednesday August 6 7pm (6:30pm networking) If you...Continue Reading!
The homeownership rate fell to 64.8 percent in the second quarter. It marks the lowest ownership rate in nearly 20 years. After peaking at 69 percent in 2004, the ownership rate has been steadily falling, at first from the aftermath effects of housing market bubble-crash to the ongoing tight mortgage availability conditions now. The falling homeownership in recent years is partly due to the struggles of first-time buyers. Lower wages and larger student debts among recent college graduates have limited the...Continue Reading!
As banks are scaling back on making FHA and other types of first time buyer loans, they're issuing a record number of million dollar plus loans. “These high-net-worth borrowers do act differently than first-time buyers, who borrow because they have to,” says Erin Gorman, managing director at Bank of New York Mellon Corp., whose bank recently provided a mortgage of more than $6 million to a client to buy a second property in Colorado. “High-net-worth borrowers don’t have to borrow. They...Continue Reading!
After several years of appreciating values, California's median home prices dropped slightly month over month. As I've been conveying for the past year, the market has been changing from a sellers market to one of neutrality. Existing Home Sales are up a slight 1.5% month over month, but down almost 5% from the overheated market of last year. Median Home Price dropped 2% month over month, but still up 6.6% year over year. The slowing of price appreciation has been going on since...Continue Reading!
Foreclosure activity in June was down 16 percent from a year prior, marking the lowest level since July 2006 — before the housing bubble burst — according to RealtyTrac's Midyear 2014 U.S. Foreclosure Market Report. The report showed a much-improved picture: Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, were down 19 percent in the first half of 2014 compared to the previous six months and 23 percent from year-ago levels. Ten states in June reached their lowest...Continue Reading!