La Jolla, CA. – January 16, 2012 – (RealEstateRama) — The pace at which the Bay Area housing market is making up for lost ground quickened at the end of 2012 as sales increased year-over-year for the 18th month in a row and the median price rose at its fastest rate in more than 25 years. The market remained constrained by a tight supply of homes for sale and a fussy home loan environment, a real estate information service reported.

The median price paid for a home in the nine-county Bay Area was $442,750 in December. That was up 1.1 percent from $438,000 in November and up 32.0 percent from $335,500 in December a year ago. Last month’s median was the highest since August 2008 when it was $447,000, according to San Diego-based DataQuick.

The 32.0 percent year-over-year increase in the median is the highest in DataQuick’s statistics, which go back to 1988. At least half that increase is due to a change in market mix, with sales shifting away from low-cost distress homes toward more mid-market and move-up homes.

The median reached a high of $665,000 in June/July 2007 and then fell to a low of $290,000 in March 2009. On a year-over-year basis it dropped more than 30 percent each month from August 2008 through May 2009. At the median’s current rate of increase, sometime this spring it will have recovered about half of its loss since its summer 2007 peak.

“Prices are in the midst of bouncing off bottom right now, and nobody really knows what the trajectory of this bounce will be beyond this point. So far, supply has been a bottleneck, but as prices go up, more homes will be put up for sale,” said John Walsh, DataQuick president.

“Another bottleneck these days is that mortgage lenders are swamped. Not only by home buyers, but by homeowners who want to refinance. Rising home prices also mean higher appraisals, and tens of thousands of homeowners who couldn’t refinance half a year ago, now can,” Walsh said.

The number of new and resale houses and condos sold last month in the Bay Area was 7,832. That was up 7.3 percent from 7,296 in November, and up 4.5 percent from 7,494 for December 2011.

While last month’s sales count was the highest for any December since 8,372 were sold in 2006, it was still 9.0 percent below the 8,611 average for all Decembers since 1988. December sales have ranged from 5,065 in 2007 to 12,349 in 2003.

The number of homes sold for less than $500,000 decreased 12.6 percent year-over-year, while the number that sold for more than $500,000 shot up 61.2 percent, DataQuick reported.

Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up 34.2 percent of the resale market. That was down from 35.5 percent in November and down from 52.4 percent a year ago.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 11.8 percent of resales in December, down from a revised 12.5 percent in November, and down from 27.8 percent a year ago. Last month was the lowest since 10.1 percent in November 2007. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 17 years is about 10 percent.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 22.4 percent of Bay Area resales last month. That was down from an estimated 23.0 percent in November and down from 24.6 percent a year earlier.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 40.2 percent of last month’s purchase lending, down from a revised 40.3 percent in November, and up from 26.5 percent a year ago. Jumbo usage dropped to 17.1 percent in January 2009. Before the credit crunch struck in August 2007, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.

Adjustable-rate mortgages (ARMs), an important indicator of mortgage availability, accounted for 11.1 percent of the Bay Area’s home purchase loans. That was down from a revised 12.0 percent in November, and down from 11.6 percent in December last year. Since 2000, ARMs have accounted for 48.7 percent of all purchase loans. ARMs hit a low of 3.0 percent of loans in January 2009.

Government-insured FHA home purchase loans, a popular choice among first-time buyers, accounted for 18.9 percent of all Bay Area home purchase mortgages in December, up from 17.0 percent in November and down from 22.9 percent a year earlier. In recent months the FHA level has the been the lowest since summer 2008, reflecting both tougher qualifying standards and the difficulties first-time buyers have competing with investors and other cash buyers.

The most active lenders to Bay Area home buyers last month were Wells Fargo with 15.5 percent of the market, RPM Mortgage with 4.2 percent and Stearns Lending with 3.4 percent.

Last month absentee buyers – mostly investors – purchased 25.8 percent of all Bay Area homes, an all-time high (absentee statistics go back to January 1999). Last month’s absentee level was up from 24.9 percent in November, and up from 23.8 percent a year ago. Absentee buyers paid a median $315,000 in December, up 34.0 percent from $235,000 a year earlier.

Buyers who appear to have paid all cash – meaning no corresponding purchase loan was found in the public record – accounted for 29.3 percent of sales in December. That was unchanged from November, and up from 27.3 percent a year ago. The monthly average going back to 1988 is 12.5 percent. Cash buyers paid a median $312,500 in December, up 36.2 percent from $229,500 a year earlier.

San Diego-based DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of late data availability, sales were estimated in Alameda, San Mateo and San Francisco counties.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,561. That was up from $1,544 in November, and up from $1,336 a year ago. Adjusted for inflation, last month’s payment was 44.9 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 59.3 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to decline. Foreclosure activity remains high by historical standards but well below peak levels reached three years ago. Financing with multiple mortgages is low, down payment sizes are stable, DataQuick reported.

(chart)

All Homes           #Sold     #Sold     Pct.     $Median      Median      Pct.

Dec-11    Dec-12     Chng      Dec-11      Dec-12      Chng

Alameda             1,584     1,623     2.5%    $328,000    $410,000     25.0%

Contra Costa        1,534     1,530    -0.3%    $259,000    $333,500     28.8%

Marin                 280       291     3.9%    $517,818    $660,750     27.6%

Napa                  132       129    -2.3%    $317,500    $350,000     10.2%

Santa Clara         1,611     1,822    13.1%    $440,000    $544,500     23.8%

San Francisco         499       646    29.5%    $594,500    $720,000     21.1%

San Mateo             602       626     4.0%    $500,000    $600,000     20.0%

Solano                714       610   -14.6%    $182,250    $218,000     19.6%

Sonoma                538       555     3.2%    $279,500    $345,000     23.4%

Bay Area            7,494     7,832     4.5%    $335,500    $442,750     32.0%

Source: DataQuick, DQNews.com

edia calls: Andrew LePage (916)456-7157

Comments

No comments yet.

Leave a comment

Related posts:

• Bay Area May Home Sales, Median Price Inch Up From April; Fall below 2010
  La Jolla, CA. – June 15, 2011 – (RealEstateRama) — The Bay Area housing market in May posted modest month-to-month gains in sales and median prices, but those same measures fell sharply from year-ago levels, which had been pumped up artificially by homebuyer tax credits. Move-up buying and new-home sales were especially weak last month, while the share of…

• Bay Area June Home Sales Surge, Median Price Edges Up to 2011 High
  La Jolla, CA. – July 15, 2011 – (RealEstateRama) — Bay Area home sales rose sharply last month from May to the highest level for any month since June 2010, when outgoing homebuyer tax credits gave housing demand a final boost. The median price rose slightly from May but remained below the year-ago level for the ninth consecutive month amid…

• Southland Closes 2012 With Higher Sales and Prices
  La Jolla, CA – January 15, 2012 – (RealEstateRama) — Southern California’s housing market ended 2012 with the highest December home sales in three years, the result of robust investment activity, a record level of cash buyers and more sales gains in move-up markets. The median sale price jumped nearly 20 percent from a year ago, pushed higher by greater…

• December Existing-Home Sales Show Uptrend
  Washington, DC – January 20, 2012 – (RealEstateRama) — Existing-home sales continued on an uptrend in December, rising for three consecutive months and remaining above a year ago, according to the National Association of Realtors®….

• Pending Home Sales Continue Recovery, Gradual Improvement Seen in 2011
  Washington, DC – December 30, 2010 – (RealEstateRama) –Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the National Association of Realtors®…

Recent Posts

• • Real property taxes are due soon
  • Maine Ranked in Top Ten States for Affordability of Homeowners and Personal Auto Insurance
  • $3.1 Million – Majestic Properties Sells Beachfront Multi-Family Building in Surfside
  • Citywide Count of Homeless Persons on January 24, 2013
  • Roundtable, Housing Policy Council React to CFPB’s Final Rule on Mortgage Servicing

Popular Posts

• • Canyon Gate Real Estate Services’ Vice President Kim Corcoran Named to APCM Board of Directors
  • Governor Haley to sign South Carolina REALTORS® Point of Sale bill Monday
  • The NH Department of Revenue Administration’s Annual Low and Moderate Income Homeowner’s Property Tax Relief
  • The NH Department of Revenue Administration’s Annual Low and Moderate Income Homeowner’s Property Tax Relief
  • South Carolina REALTORS® Release August Market Numbers
  • South Carolina REALTORS® UnConference a Success
  • South Carolina REALTORS® UnConference a Success
  • The NH Department of Revenue Administration’s Annual Low and Moderate Income Homeowner’s Property Tax Relief
  • South Carolina REALTORS® UnConference a Success
  • Canyon Gate Real Estate Services’ Vice President Kim Corcoran Named to APCM Board of Directors

Article source: http://www.realestaterama.com/2013/01/16/rate-of-recovery-for-bay-area-real-estate-speeds-up-ID018152.html

The Federal Reserve recently published a positive outlook for the San Francisco metropolitan-area housing market. Among other things, it predicted strong demand for homes into 2013. That’s good news for sellers.

Here’s more good news for homeowners in the area. Foreclosure filings are receding — and fast.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Brandon Cornett – See the Full Story at the Home Buying Institute

Click here for gay realtors, mortgage lenders, and other real estate professionals in the San Francisco Bay Area.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Article source: http://www.gayapolis.com/news/artdisplay-realestate.php?artid=19568

Fremont, CA (PRWEB) July 16, 2012

Residents in Fremont and the San Francisco East Bay Area now have more options for Mortgage financing. Arcus Lending, a California Direct Mortgage Lender, recently opened a branch in Fremont, CA.

“Opening a branch office in Fremont is a strategic move for our company to better serve the needs of the clients living in the San Francisco East Bay Area”, Shashank Shekhar, Arcus Lending CEO stated. “By reaching into the East Bay we can further optimize the systems we have in place to offer great mortgage rates and legendary service for our clients ”.

The branch opening was kicked off with an exclusive event for Realtors based in the San Francisco East and South Bay. Noted real estate speaker and coach Rick DeLuca delivered great insights on “thriving in today’s real estate market”. “Arcus Lending’s core value of building relationships with clients is at the heart of their success and the services they offer to the realtor community are rare indeed”, DeLuca said.

Now also a Fremont Mortgage Company, Arcus Lending offers mortgage loans for residential properties and specializes in diverse loan programs such as FHA, VA, Homepath, HARP, Jumbo and Conforming mortgages. Arcus Lending is able to shop for the best mortgage rates for their clients and close loans quickly.

Arcus Lending, in business since 2008, prides itself on providing exceptional client service. This is reflected in more than 30 five star rating on Yelp and Google Places. In fact, Arcus Lending is one of the few mortgage lenders in the area which was awarded the “we are a favorite place on Google” sticker. Arcus Lending has built a solid business in California by educating and empowering its clients to take the right decisions when it comes to mortgage financing.

Mr. Shekhar leads the team at Arcus Lending. Shashank is widely regarded as “California’s #1 Mortgage Expert”. He is the author of the widely acclaimed book – “First Time Home Buying 101″ and he writes one of the top mortgage blogs in the country – “Lending Expert Blog”. He is a sought after industry speaker and has been featured on several national media.

Arcus Lending

39656 Mission Blvd

Fremont CA-94539

(510) 896-8150

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/7/prweb9695168.htm

Article source: http://www.sfgate.com/business/prweb/article/Fremont-Mortgage-News-Arcus-Lending-Opens-a-New-3709177.php

Fremont, CA (PRWEB) July 16, 2012

Residents in Fremont and the San Francisco East Bay Area now have more options for Mortgage financing. Arcus Lending, a California Direct Mortgage Lender, recently opened a branch in Fremont, CA.

“Opening a branch office in Fremont is a strategic move for our company to better serve the needs of the clients living in the San Francisco East Bay Area”, Shashank Shekhar, Arcus Lending CEO stated. “By reaching into the East Bay we can further optimize the systems we have in place to offer great mortgage rates and legendary service for our clients ”.

The branch opening was kicked off with an exclusive event for Realtors based in the San Francisco East and South Bay. Noted real estate speaker and coach Rick DeLuca delivered great insights on “thriving in today’s real estate market”. “Arcus Lending’s core value of building relationships with clients is at the heart of their success and the services they offer to the realtor community are rare indeed”, DeLuca said.

Now also a Fremont Mortgage Company, Arcus Lending offers mortgage loans for residential properties and specializes in diverse loan programs such as FHA, VA, Homepath, HARP, Jumbo and Conforming mortgages. Arcus Lending is able to shop for the best mortgage rates for their clients and close loans quickly.

Arcus Lending, in business since 2008, prides itself on providing exceptional client service. This is reflected in more than 30 five star rating on Yelp and Google Places. In fact, Arcus Lending is one of the few mortgage lenders in the area which was awarded the “we are a favorite place on Google” sticker. Arcus Lending has built a solid business in California by educating and empowering its clients to take the right decisions when it comes to mortgage financing.

Mr. Shekhar leads the team at Arcus Lending. Shashank is widely regarded as “California’s #1 Mortgage Expert”. He is the author of the widely acclaimed book – “First Time Home Buying 101″ and he writes one of the top mortgage blogs in the country – “Lending Expert Blog”. He is a sought after industry speaker and has been featured on several national media.

Arcus Lending

39656 Mission Blvd

Fremont CA-94539

(510) 896-8150

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/7/prweb9695168.htm

Article source: http://www.virtual-strategy.com/2012/07/16/fremont-mortgage-news-arcus-lending-opens-new-office-fremont-ca

The median paid in the nine-county region declined to $350,000 from $383,000 in October 2010, according to the San Diego-based research firm. Prices dropped 4.1 percent from $365,000 in September. The decrease was largely due to the expiration of so-called conforming loan limits on Oct. 1, DataQuick President John Walsh said in a statement.

“This may well be a short-term pause while the market recalibrates changes in loan thresholds,” he said.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Full Story from Business Week

Click here for gay realtors, mortgage lenders, and other real estate professionals in the San Francisco Bay Area.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com 

Article source: http://www.gayapolis.com/news/artdisplay-realestate.php?artid=12238

Nearly a quarter (24.6 percent) of homes in the nine-county area were underwater in the three months ended in September, Zillow said. That compares with 22.8 percent in the preceding quarter.

Several reasons underlie the declines: the end of the spring/summer peak home-buying season, continued malaise after last year’s expiration of home buyer tax credits, lack of consumer confidence.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Full Story from SFGate

Click here for gay realtors, mortgage lenders, and other real estate professionals in the San Francisco Bay Area.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com 

Article source: http://www.gayapolis.com/news/artdisplay-realestate.php?artid=12047

The last time the spread between Bay Area median prices and Sacramento median prices grew so big was a decade ago, just before tens of thousands of Bay Area transplants arrived in Sacramento, turning a healthy housing market into a bona fide boom.

Since then, that wave of transplants has slowed to a drip, with barely more residents relocating from the Bay Area to Sacramento than heading in the other direction.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Full Story from the Sacramento Bee

Click here for gay realtors, mortgage lenders, and other real estate professionals in Sacramento.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com 

Article source: http://www.gayapolis.com/news/artdisplay-realestate.php?artid=11946