Tuesday, December 7, 2010
Monday, November 29, 2010
Wednesday, November 24, 2010
ZIPFORMS November 2010 Form Releases
The member review and comment period for the November 2010 forms revisions ended at 12:00 p.m. (noon) on Friday, September 17th, 2010.
Click here for a Quick Summary Guide on the forms to be released in November 2010
Below, you will find the list of forms that are slated for release for November 2010. PLEASE NOTE: this list is subject to change, and we will notify Associations with any changes or additions.
New Form
• Short Sale Information Advisory (SSIA)
Revised Forms
• Buyer Representation Agreement – Exclusive (BRE)
• Counter Offer (CO)
• Lead Based Paint and Lead Based Paint Hazards Disclosure, Acknowledgement and Addendum for Pre-1978 Housing Sales, Leases or Rentals (FLD)
• Homeowner Association Information Request (HOA)
• MHTDS Manufactured Home and Mobilehome Transfer Disclosure Statement (MHTDS)
• New Construction Residential Purchase Agreement and Joint Escrow Instructions (NCPA)
• Residential Listing Agreement- Exclusive (RLA)
• REO Advisory (REO)
• REO Advisory - Listing (REOL)
• Statewide Buyer and Seller Advisory (SBSA)
• Seller Property Questionnaire (SPQ)
• Seller’s Advisory (SA)
• Short Sale Addendum (SSA)
• Real Estate Transfer Disclosure Statement (TDS)
• Water Heater and Smoke Detector Statement of Compliance (WHSD)
Forms will be available from your local AOR and through C.A.R. the week of November 22nd.
zipForm® 6 will be updated the week of November 22nd.
Permission to Reproduce/Sample Forms
Those interested in reproducing the C.A.R. Sample Forms for in-house agent education or for creating a class for profit will need to complete the ‘Permission to Reproduce’ form. Please click here for this form and for details on the permissions to reproduce process.
Important Notes: The November 2010 Forms will not be available until the week of November 22nd when the forms are released. These forms still undergo minor edits/changes up until the print date and for this reason, sample forms are not made available until the form is released. We appreciate your cooperation as this will ensure that you have the latest/proper form to conduct your training.
If you have any further questions, please contact Cecilia Matias at ceciliam@car.org
ZipForm® 6 will be updated the week of November 22nd .
Revised 11/11/10
Click here for a Quick Summary Guide on the forms to be released in November 2010
Below, you will find the list of forms that are slated for release for November 2010. PLEASE NOTE: this list is subject to change, and we will notify Associations with any changes or additions.
New Form
• Short Sale Information Advisory (SSIA)
Revised Forms
• Buyer Representation Agreement – Exclusive (BRE)
• Counter Offer (CO)
• Lead Based Paint and Lead Based Paint Hazards Disclosure, Acknowledgement and Addendum for Pre-1978 Housing Sales, Leases or Rentals (FLD)
• Homeowner Association Information Request (HOA)
• MHTDS Manufactured Home and Mobilehome Transfer Disclosure Statement (MHTDS)
• New Construction Residential Purchase Agreement and Joint Escrow Instructions (NCPA)
• Residential Listing Agreement- Exclusive (RLA)
• REO Advisory (REO)
• REO Advisory - Listing (REOL)
• Statewide Buyer and Seller Advisory (SBSA)
• Seller Property Questionnaire (SPQ)
• Seller’s Advisory (SA)
• Short Sale Addendum (SSA)
• Real Estate Transfer Disclosure Statement (TDS)
• Water Heater and Smoke Detector Statement of Compliance (WHSD)
Forms will be available from your local AOR and through C.A.R. the week of November 22nd.
zipForm® 6 will be updated the week of November 22nd.
Permission to Reproduce/Sample Forms
Those interested in reproducing the C.A.R. Sample Forms for in-house agent education or for creating a class for profit will need to complete the ‘Permission to Reproduce’ form. Please click here for this form and for details on the permissions to reproduce process.
Important Notes: The November 2010 Forms will not be available until the week of November 22nd when the forms are released. These forms still undergo minor edits/changes up until the print date and for this reason, sample forms are not made available until the form is released. We appreciate your cooperation as this will ensure that you have the latest/proper form to conduct your training.
If you have any further questions, please contact Cecilia Matias at ceciliam@car.org
ZipForm® 6 will be updated the week of November 22nd .
Revised 11/11/10
Tuesday, November 9, 2010
NEW: Sign Post Installation Services
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Start placing orders at GoPostUp.com or Trinaddie.com
Start placing orders at GoPostUp.com or Trinaddie.com
Friday, September 24, 2010
Bay Area Home Sales Drop to 1992 Level; Median Price Slips Again
Bay Area Home Sales Drop to 1992 Level; Median Price Slips Again
September 16, 2010
La Jolla, CA.----Bay Area home sales fell less sharply last month than in July but still dropped to an 18-year low as potential buyers fretted about job security or took their time to assess the changing market. The median sale price remained higher than a year earlier but dipped month-to-month again, a real estate information service reported.
A total of 6,698 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 1.1 percent from 6,773 in July and down 10.9 percent from 7,518 in August 2009, according to MDA DataQuick of San Diego.
In August, sales pulled out of the steep descent seen in July, when the market lost most of the boost that had been provided by federal home buyer tax credits. July sales fell 19.1 percent from June and fell 22.8 percent from a year earlier. The now-expired credits spurred many buyers to purchase homes sooner than they otherwise would have, creating a market lull in their wake.
Last month’s sales were the lowest for any August since 1992, when 6,688 homes sold, and were 31.3 percent lower than the average August sales of 9,743 since 1988, when DataQuick’s statistics begin. August sales have ranged from a low of 6,688 in 1992 to a high of 13,940 in 2004.
“Often we’re asked if a report like this is ‘bad news.’ The answer is that it depends on your perspective. Some will find the August sales level disheartening, though at least the declines weren’t as steep as in July. But spectacularly low mortgage rates and today’s lower prices present new opportunities for home shoppers who got discouraged in the past,” said John Walsh, MDA DataQuick president.
“The magnitude of the sales slowdown suggests that, among other things, many would-be buyers are holding off for further price cuts, which would be most likely where an inventory spike meets slackening demand. The trick is to keep one eye on mortgage rates. If they jump, it could erase the benefit of a modest price drop.”
Last month the median paid for all new and resale houses and condos combined in the Bay Area was $385,000, down 4.2 percent from $402,000 in July but up 6.9 percent from $360,000 in August 2009.
Last month was the second in a row to post a month-to-month decline in the median, which so far this year has peaked at $410,000 in May and June. On a year-over-year basis, the Bay Area median has risen for 11 straight months, though before July those increases had been in the double digits – ranging from 10.6 percent to 31.0 percent – since last November.
August’s median stood 42.1 percent below the $665,000 peak in June/July 2007. The post-housing-boom low was $290,000 in March 2009. The median’s peak-to-trough plunge was caused by a decline in home values as well as a huge shift in sales toward lower-cost homes, especially inland foreclosures.
Last month foreclosure resales – homes that had been foreclosed on in the prior 12 months – inched up to 26.7 percent of the Bay Area’s resale market. That was up from 25.3 percent in July but down from 34.3 percent in August 2009. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is about 8 percent.
Government-insured FHA loans, a popular choice among first-time buyers, accounted for 24.2 percent of all home purchase loans in August, up from 23.3 percent in July but down slightly from 24.8 percent in August 2009.
Last month 37.0 percent of all sales were for $500,000 or more, down from 40.6 percent in July but up from 35.9 percent a year ago. The low point for $500,000-plus sales was January 2009, when 22.7 percent of sales crossed that threshold. Over the past decade, a monthly average of 45.2 percent of homes sold for $500,000 or more.
Viewed differently, sales of existing single-family houses in zip codes representing the top one-third of the market, based on historical prices, accounted for 34.5 percent of all sales in August, down from 35.8 percent in July but up from 29.9 percent a year ago. Those higher-end areas’ contribution to regional sales had dropped as low as 18.0 percent in January 2009, while the peak was 44.7 percent in July 2007. The 10-year average contribution is 33.3 percent.
High-end sales continue to be hampered by the credit crunch that struck three years ago, making adjustable-rate mortgages (ARMs) and “jumbo” loans more difficult to obtain.
In August, 9.3 percent of all home purchase loans were ARMs, down from 10.4 percent in July but up from 6.6 percent a year ago. The Bay Area’s average monthly ARM rate over the last decade is nearly 50 percent. ARMs hit a low of 3.0 percent in January 2009.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 33.6 percent of last month’s purchase lending, down from 36.4 percent in July but up from 28.8 percent in August 2009 and a post-housing-boom low of 17.1 percent in January 2009. Before the August 2007 credit crunch, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.
Last month absentee buyers – mostly investors – purchased 17.8 percent of all Bay Area homes sold, paying a median $240,000, which was down from $265,000 in July but up from $237,000 a year ago. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 25.7 percent of sales in August, paying a median $250,000, which was down from $268,500 in July but up from $233,000 a year ago.
Home flipping had been trending higher over the past year but eased last month. In August, 2.2 percent of the homes that sold on the open market had been bought and re-sold within a six-month period. That was down from a Bay Area flipping rate of 2.6 percent in July but up from 1.6 percent a year earlier. Last month’s flipping rates varied from 1.3 percent in San Francisco to 3.5 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,548, down from $1,641 the previous month, and down from $1,580 a year ago. Adjusted for inflation, last month’s payment was 41.8 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 57.0 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying remains above average, MDA DataQuick reported.
Sales Volume Median Price
All homes Aug-09 Aug-10 %Chng Aug-09 Aug-10 %Chng
Alameda 1538 1351 -12.20% $340,000 $360,000 5.90%
Contra Costa 1,587 1,397 -12.00% $261,500 $278,000 6.30%
Marin 235 205 -12.80% $713,000 $649,000 -9.00%
Napa 120 121 0.80% $350,000 $354,000 1.10%
Santa Clara 1,736 1,556 -10.40% $451,000 $480,250 6.50%
San Francisco 514 451 -12.30% $635,000 $652,500 2.80%
San Mateo 606 591 -2.50% $559,000 $610,000 9.10%
Solano 677 542 -19.90% $200,500 $202,500 1.00%
Sonoma 505 484 -4.20% $315,000 $332,000 5.40%
Bay Area 7,518 6,698 -10.90% $360,000 $385,000 6.90%
September 16, 2010
La Jolla, CA.----Bay Area home sales fell less sharply last month than in July but still dropped to an 18-year low as potential buyers fretted about job security or took their time to assess the changing market. The median sale price remained higher than a year earlier but dipped month-to-month again, a real estate information service reported.
A total of 6,698 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 1.1 percent from 6,773 in July and down 10.9 percent from 7,518 in August 2009, according to MDA DataQuick of San Diego.
In August, sales pulled out of the steep descent seen in July, when the market lost most of the boost that had been provided by federal home buyer tax credits. July sales fell 19.1 percent from June and fell 22.8 percent from a year earlier. The now-expired credits spurred many buyers to purchase homes sooner than they otherwise would have, creating a market lull in their wake.
Last month’s sales were the lowest for any August since 1992, when 6,688 homes sold, and were 31.3 percent lower than the average August sales of 9,743 since 1988, when DataQuick’s statistics begin. August sales have ranged from a low of 6,688 in 1992 to a high of 13,940 in 2004.
“Often we’re asked if a report like this is ‘bad news.’ The answer is that it depends on your perspective. Some will find the August sales level disheartening, though at least the declines weren’t as steep as in July. But spectacularly low mortgage rates and today’s lower prices present new opportunities for home shoppers who got discouraged in the past,” said John Walsh, MDA DataQuick president.
“The magnitude of the sales slowdown suggests that, among other things, many would-be buyers are holding off for further price cuts, which would be most likely where an inventory spike meets slackening demand. The trick is to keep one eye on mortgage rates. If they jump, it could erase the benefit of a modest price drop.”
Last month the median paid for all new and resale houses and condos combined in the Bay Area was $385,000, down 4.2 percent from $402,000 in July but up 6.9 percent from $360,000 in August 2009.
Last month was the second in a row to post a month-to-month decline in the median, which so far this year has peaked at $410,000 in May and June. On a year-over-year basis, the Bay Area median has risen for 11 straight months, though before July those increases had been in the double digits – ranging from 10.6 percent to 31.0 percent – since last November.
August’s median stood 42.1 percent below the $665,000 peak in June/July 2007. The post-housing-boom low was $290,000 in March 2009. The median’s peak-to-trough plunge was caused by a decline in home values as well as a huge shift in sales toward lower-cost homes, especially inland foreclosures.
Last month foreclosure resales – homes that had been foreclosed on in the prior 12 months – inched up to 26.7 percent of the Bay Area’s resale market. That was up from 25.3 percent in July but down from 34.3 percent in August 2009. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is about 8 percent.
Government-insured FHA loans, a popular choice among first-time buyers, accounted for 24.2 percent of all home purchase loans in August, up from 23.3 percent in July but down slightly from 24.8 percent in August 2009.
Last month 37.0 percent of all sales were for $500,000 or more, down from 40.6 percent in July but up from 35.9 percent a year ago. The low point for $500,000-plus sales was January 2009, when 22.7 percent of sales crossed that threshold. Over the past decade, a monthly average of 45.2 percent of homes sold for $500,000 or more.
Viewed differently, sales of existing single-family houses in zip codes representing the top one-third of the market, based on historical prices, accounted for 34.5 percent of all sales in August, down from 35.8 percent in July but up from 29.9 percent a year ago. Those higher-end areas’ contribution to regional sales had dropped as low as 18.0 percent in January 2009, while the peak was 44.7 percent in July 2007. The 10-year average contribution is 33.3 percent.
High-end sales continue to be hampered by the credit crunch that struck three years ago, making adjustable-rate mortgages (ARMs) and “jumbo” loans more difficult to obtain.
In August, 9.3 percent of all home purchase loans were ARMs, down from 10.4 percent in July but up from 6.6 percent a year ago. The Bay Area’s average monthly ARM rate over the last decade is nearly 50 percent. ARMs hit a low of 3.0 percent in January 2009.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 33.6 percent of last month’s purchase lending, down from 36.4 percent in July but up from 28.8 percent in August 2009 and a post-housing-boom low of 17.1 percent in January 2009. Before the August 2007 credit crunch, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.
Last month absentee buyers – mostly investors – purchased 17.8 percent of all Bay Area homes sold, paying a median $240,000, which was down from $265,000 in July but up from $237,000 a year ago. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 25.7 percent of sales in August, paying a median $250,000, which was down from $268,500 in July but up from $233,000 a year ago.
Home flipping had been trending higher over the past year but eased last month. In August, 2.2 percent of the homes that sold on the open market had been bought and re-sold within a six-month period. That was down from a Bay Area flipping rate of 2.6 percent in July but up from 1.6 percent a year earlier. Last month’s flipping rates varied from 1.3 percent in San Francisco to 3.5 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,548, down from $1,641 the previous month, and down from $1,580 a year ago. Adjusted for inflation, last month’s payment was 41.8 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 57.0 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying remains above average, MDA DataQuick reported.
Sales Volume Median Price
All homes Aug-09 Aug-10 %Chng Aug-09 Aug-10 %Chng
Alameda 1538 1351 -12.20% $340,000 $360,000 5.90%
Contra Costa 1,587 1,397 -12.00% $261,500 $278,000 6.30%
Marin 235 205 -12.80% $713,000 $649,000 -9.00%
Napa 120 121 0.80% $350,000 $354,000 1.10%
Santa Clara 1,736 1,556 -10.40% $451,000 $480,250 6.50%
San Francisco 514 451 -12.30% $635,000 $652,500 2.80%
San Mateo 606 591 -2.50% $559,000 $610,000 9.10%
Solano 677 542 -19.90% $200,500 $202,500 1.00%
Sonoma 505 484 -4.20% $315,000 $332,000 5.40%
Bay Area 7,518 6,698 -10.90% $360,000 $385,000 6.90%
Tuesday, August 24, 2010
Monday, August 23, 2010
Tuesday, August 3, 2010
Saturday, July 24, 2010
Bay Area June Home Sales Send Mixed Signals
July 15, 2010
La Jolla, CA.----The number of Bay Area homes sold last month inched up from May but fell short of a year ago as the impact of the federal home buyer tax credits began to fade. The median sale price remained 16.5 percent higher than last year, thanks largely to fewer foreclosures re-selling and more high-end activity, a real estate information service reported.
Last month a total of 8,373 homes closed escrows in the nine-county Bay Area, up 1.3 percent from 8,264 in May but down 3.1 percent from 8,644 in June 2009, according to MDA DataQuick of San Diego.
On average, Bay Area sales have risen 3.9 percent between May and June since 1988, when DataQuick’s statistics begin. Last month’s sales were the third-lowest for a June – behind 2008 and 2007 – since June 1995, when 7,780 sold. Last month’s sales were 17.9 percent lower than the average June sales tally – 10,198 – since 1988.
“The next few months should be very interesting: We’re about to see how well the housing market can fly on its own. The tax credits no doubt stole some demand from the rest of this year, and soon we’ll have a better sense of just how much,” said John Walsh, MDA DataQuick President.
“The Bay Area market is getting a boost from super-low mortgage rates and a slightly friendlier lending environment for high-end borrowers,” he added. “But, barring new government stimulus, the housing market will be relying very heavily on improvements in the economy. A lot will depend on how many people find jobs, or stop worrying about losing the one they have.”
Last month the median paid for all new and resale houses and condos combined was $410,000, the same as in May and up 16.5 percent from $352,000 in June 2009.
The median has risen on a year-over-year basis for nine straight months, though in June it was still 38.3 percent below the $665,000 peak in June/July 2007. The post-boom low was $290,000 in March 2009. The median’s peak-to-trough plunge was caused by a decline in home values as well as a huge shift in sales toward lower-cost homes, especially inland foreclosures.
Last month foreclosure resales – homes that had been foreclosed on in the prior 12 months – fell to 26.7 percent of the Bay Area’s resale market. That was the lowest since April 2008 and was down from 26.8 percent in May and 36.7 percent in June 2009. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is 7.9 percent.
Last month 39.2 percent of all Bay Area home sales were over $500,000, down slightly from 40.2 percent in May but up from 34.5 percent last year. Sales over $800,000 rose to 17.2 percent of June sales, up from 15.4 percent in May and 13.9 percent a year ago. Viewed a different way, sales of existing single-family houses in zip codes representing the top one-third of the market, based on their historical prices, accounted for 35.5 percent of all sales in June, about the same as in May but up from 31.3 percent a year ago.
The portion of sales occurring at the bottom of the price ladder also increased last month. Total sales under $300,000 were 34.2 percent of all transactions, up from 31.4 percent in May but down from 39.5 percent a year ago, when low-cost inland foreclosures were more plentiful. Some mid-priced markets slowed last month: Sales between $400,000 and $700,000 were 28.8 percent of all deals, down from 31.6 percent in May but up from 27.2 percent a year earlier.
Sales in higher-cost areas could be stronger if jumbo and adjustable-rate mortgages (ARMs) were easier to obtain.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 33.3 percent of last month’s purchase lending, down from 35.0 percent in May but up from 28.8 percent in June 2009 and a post-housing-boom low of 17.1 percent in January 2009. Before the August 2007 credit crunch, however, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.
In June, 11.9 percent of all home purchase loans were ARMs, down from 13.2 percent in May but up from 4.9 percent a year ago. The average monthly ARM rate over the last decade is nearly 50 percent. ARMs hit a low of 3.0 percent in January 2009.
Last month federally-insured FHA loans continued to fuel much of the first-time buyer activity and some move-up purchases. The low-down-payment loans made up 25.8 percent of Bay Area purchase lending last month, up from 24.4 percent in May and up from 23.9 percent a year ago, and 10.7 percent two years ago.
Last month absentee buyers – mostly investors – purchased 16.3 percent of all Bay Area homes sold, paying a median $255,000, which is up from a median of $209,000 a year ago. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 21.5 percent of sales in June, paying a median $258,250, which is up from a median $208,250 a year ago.
Home flipping has trended higher over the last year. Last month 2.2 percent of the homes that sold on the open market had been flipped, meaning bought and re-sold within a six-month period. That was up from a Bay Area flipping rate of 2.1 percent in May and up from 1.3 percent a year earlier. Last month’s flipping rates varied from 0.9 percent in San Francisco to 3.3 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,709 last month, down from $1,739 the previous month, and up from $1,585 a year ago. Adjusted for inflation, last month’s payment was 35.9 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 52.6 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying remains above average, MDA DataQuick reported.
Sales Volume Median Price
All homes Jun-09 Jun-10 %Chng Jun-09 Jun-10 %Chng
Alameda 1753 1664 -5.10% $335,000 $400,000 19.40%
Contra Costa 1,817 1,729 -4.80% $250,000 $283,500 13.40%
Marin 271 289 6.60% $710,000 $698,000 -1.70%
Napa 108 143 32.40% $355,000 $367,500 3.50%
Santa Clara 2,090 1,929 -7.70% $445,000 $527,500 18.50%
San Francisco 561 573 2.10% $635,000 $663,500 4.50%
San Mateo 622 696 11.90% $565,500 $600,000 6.10%
Solano 851 763 -10.30% $185,000 $210,000 13.50%
Sonoma 571 587 2.80% $300,000 $322,000 7.30%
Bay Area 8,644 8,373 -3.10% $352,000 $410,000 16.50%
La Jolla, CA.----The number of Bay Area homes sold last month inched up from May but fell short of a year ago as the impact of the federal home buyer tax credits began to fade. The median sale price remained 16.5 percent higher than last year, thanks largely to fewer foreclosures re-selling and more high-end activity, a real estate information service reported.
Last month a total of 8,373 homes closed escrows in the nine-county Bay Area, up 1.3 percent from 8,264 in May but down 3.1 percent from 8,644 in June 2009, according to MDA DataQuick of San Diego.
On average, Bay Area sales have risen 3.9 percent between May and June since 1988, when DataQuick’s statistics begin. Last month’s sales were the third-lowest for a June – behind 2008 and 2007 – since June 1995, when 7,780 sold. Last month’s sales were 17.9 percent lower than the average June sales tally – 10,198 – since 1988.
“The next few months should be very interesting: We’re about to see how well the housing market can fly on its own. The tax credits no doubt stole some demand from the rest of this year, and soon we’ll have a better sense of just how much,” said John Walsh, MDA DataQuick President.
“The Bay Area market is getting a boost from super-low mortgage rates and a slightly friendlier lending environment for high-end borrowers,” he added. “But, barring new government stimulus, the housing market will be relying very heavily on improvements in the economy. A lot will depend on how many people find jobs, or stop worrying about losing the one they have.”
Last month the median paid for all new and resale houses and condos combined was $410,000, the same as in May and up 16.5 percent from $352,000 in June 2009.
The median has risen on a year-over-year basis for nine straight months, though in June it was still 38.3 percent below the $665,000 peak in June/July 2007. The post-boom low was $290,000 in March 2009. The median’s peak-to-trough plunge was caused by a decline in home values as well as a huge shift in sales toward lower-cost homes, especially inland foreclosures.
Last month foreclosure resales – homes that had been foreclosed on in the prior 12 months – fell to 26.7 percent of the Bay Area’s resale market. That was the lowest since April 2008 and was down from 26.8 percent in May and 36.7 percent in June 2009. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is 7.9 percent.
Last month 39.2 percent of all Bay Area home sales were over $500,000, down slightly from 40.2 percent in May but up from 34.5 percent last year. Sales over $800,000 rose to 17.2 percent of June sales, up from 15.4 percent in May and 13.9 percent a year ago. Viewed a different way, sales of existing single-family houses in zip codes representing the top one-third of the market, based on their historical prices, accounted for 35.5 percent of all sales in June, about the same as in May but up from 31.3 percent a year ago.
The portion of sales occurring at the bottom of the price ladder also increased last month. Total sales under $300,000 were 34.2 percent of all transactions, up from 31.4 percent in May but down from 39.5 percent a year ago, when low-cost inland foreclosures were more plentiful. Some mid-priced markets slowed last month: Sales between $400,000 and $700,000 were 28.8 percent of all deals, down from 31.6 percent in May but up from 27.2 percent a year earlier.
Sales in higher-cost areas could be stronger if jumbo and adjustable-rate mortgages (ARMs) were easier to obtain.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 33.3 percent of last month’s purchase lending, down from 35.0 percent in May but up from 28.8 percent in June 2009 and a post-housing-boom low of 17.1 percent in January 2009. Before the August 2007 credit crunch, however, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.
In June, 11.9 percent of all home purchase loans were ARMs, down from 13.2 percent in May but up from 4.9 percent a year ago. The average monthly ARM rate over the last decade is nearly 50 percent. ARMs hit a low of 3.0 percent in January 2009.
Last month federally-insured FHA loans continued to fuel much of the first-time buyer activity and some move-up purchases. The low-down-payment loans made up 25.8 percent of Bay Area purchase lending last month, up from 24.4 percent in May and up from 23.9 percent a year ago, and 10.7 percent two years ago.
Last month absentee buyers – mostly investors – purchased 16.3 percent of all Bay Area homes sold, paying a median $255,000, which is up from a median of $209,000 a year ago. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 21.5 percent of sales in June, paying a median $258,250, which is up from a median $208,250 a year ago.
Home flipping has trended higher over the last year. Last month 2.2 percent of the homes that sold on the open market had been flipped, meaning bought and re-sold within a six-month period. That was up from a Bay Area flipping rate of 2.1 percent in May and up from 1.3 percent a year earlier. Last month’s flipping rates varied from 0.9 percent in San Francisco to 3.3 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,709 last month, down from $1,739 the previous month, and up from $1,585 a year ago. Adjusted for inflation, last month’s payment was 35.9 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 52.6 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying remains above average, MDA DataQuick reported.
Sales Volume Median Price
All homes Jun-09 Jun-10 %Chng Jun-09 Jun-10 %Chng
Alameda 1753 1664 -5.10% $335,000 $400,000 19.40%
Contra Costa 1,817 1,729 -4.80% $250,000 $283,500 13.40%
Marin 271 289 6.60% $710,000 $698,000 -1.70%
Napa 108 143 32.40% $355,000 $367,500 3.50%
Santa Clara 2,090 1,929 -7.70% $445,000 $527,500 18.50%
San Francisco 561 573 2.10% $635,000 $663,500 4.50%
San Mateo 622 696 11.90% $565,500 $600,000 6.10%
Solano 851 763 -10.30% $185,000 $210,000 13.50%
Sonoma 571 587 2.80% $300,000 $322,000 7.30%
Bay Area 8,644 8,373 -3.10% $352,000 $410,000 16.50%
Tuesday, July 6, 2010
Friday, July 2, 2010
Happy Fourth of July!
We will be closed Monday, July 5th in observation of Independence Day. We will be back in business Tuesday, July 6th, 2010.
We wish you all a happy and safe holiday weekend!
We wish you all a happy and safe holiday weekend!
Thursday, July 1, 2010
Home Buyers Get Tax Credit Closing and Flood Insurance Extensions Without Lapse in Coverage; Bills Now Headed for the President
Washington, July 01, 2010
The National Association of Realtors® today commended Congress for timely passage of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both bills, strongly supported by NAR, had cleared the House earlier and were passed by the Senate last night. They now head to the president for his signature.
The tax credit closing deadline and the NFIP reauthorization were extended to September 30. NAR worked closely with congressional leaders on both sides of the aisle to enact these important pieces of legislation. Extending the tax credit closing and flood insurance deadlines will help provide additional stability to real estate markets across the nation, NAR said.
“What a great way to begin celebrating our nation’s most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who would have been shut out of the homes of their dreams through no fault of their own,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz.
“We know that up to 180,000 home buyers eligible for the tax credit are rejoicing this morning. And we all thank both houses of Congress for their work to ensure passage of both bills,” Golder said. She singled out Senate Majority Leader Harry Reid (D-Nev.), Senate Minority Leader Mitch McConnell (R-Ky.), Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.), Senator Johnny Isakson (R-Ga.), House Majority Leader Steny Hoyer (D-Md.), Congresswoman Shelley Berkley (D-Nev.) and Congressman Joe Courtney (D-Conn.) for their efforts to extend the tax credit closing deadline.
The passage of H.R. 5623, the Homebuyer Assistance and Improvement Act, applies the homebuyer tax credit closing deadline extension only to homebuyers who have ratified contracts in place as of April 30, 2010, but could not close before June 30. The legislation is designed to create a seamless extension of the new closing deadline for eligible transactions to September 30. There will be no gap between June 30 and the date the president signs the bill into law.
For more information on the extension, visit www.realtor.org/government_affairs.
Senate passage of the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), reauthorizes extension the NFIP until September 30, allowing currently stalled transactions to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010, to the date of enactment of the extension. Any new policy applications or renewals that were signed and submitted during the lapsed period will be effective from the date of application. In the case of waiting periods, the waiting period will start from the date of application.
“We know that thousands of property owners seeking flood insurance policies will now be able to close transactions. NAR appreciates the extraordinary efforts in both houses of Congress to end the lapse in flood insurance,” Golder said. She singled out Senate Majority Leader Reid, Senate Minority Leader McConnell, Senate Banking Committee Chairman Dodd, Senator David Vitter (R-La.), House Financial Services Committee Chairman Barney Frank (D-Mass.) and Congresswoman Maxine Waters (D-Calif.) for their efforts on NFIP reauthorization.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.
The National Association of Realtors® today commended Congress for timely passage of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both bills, strongly supported by NAR, had cleared the House earlier and were passed by the Senate last night. They now head to the president for his signature.
The tax credit closing deadline and the NFIP reauthorization were extended to September 30. NAR worked closely with congressional leaders on both sides of the aisle to enact these important pieces of legislation. Extending the tax credit closing and flood insurance deadlines will help provide additional stability to real estate markets across the nation, NAR said.
“What a great way to begin celebrating our nation’s most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who would have been shut out of the homes of their dreams through no fault of their own,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz.
“We know that up to 180,000 home buyers eligible for the tax credit are rejoicing this morning. And we all thank both houses of Congress for their work to ensure passage of both bills,” Golder said. She singled out Senate Majority Leader Harry Reid (D-Nev.), Senate Minority Leader Mitch McConnell (R-Ky.), Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.), Senator Johnny Isakson (R-Ga.), House Majority Leader Steny Hoyer (D-Md.), Congresswoman Shelley Berkley (D-Nev.) and Congressman Joe Courtney (D-Conn.) for their efforts to extend the tax credit closing deadline.
The passage of H.R. 5623, the Homebuyer Assistance and Improvement Act, applies the homebuyer tax credit closing deadline extension only to homebuyers who have ratified contracts in place as of April 30, 2010, but could not close before June 30. The legislation is designed to create a seamless extension of the new closing deadline for eligible transactions to September 30. There will be no gap between June 30 and the date the president signs the bill into law.
For more information on the extension, visit www.realtor.org/government_affairs.
Senate passage of the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), reauthorizes extension the NFIP until September 30, allowing currently stalled transactions to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010, to the date of enactment of the extension. Any new policy applications or renewals that were signed and submitted during the lapsed period will be effective from the date of application. In the case of waiting periods, the waiting period will start from the date of application.
“We know that thousands of property owners seeking flood insurance policies will now be able to close transactions. NAR appreciates the extraordinary efforts in both houses of Congress to end the lapse in flood insurance,” Golder said. She singled out Senate Majority Leader Reid, Senate Minority Leader McConnell, Senate Banking Committee Chairman Dodd, Senator David Vitter (R-La.), House Financial Services Committee Chairman Barney Frank (D-Mass.) and Congresswoman Maxine Waters (D-Calif.) for their efforts on NFIP reauthorization.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.
Saturday, June 26, 2010
Bay Area $500K-Plus Home Sales Jump; Median Price Tops $400K
Bay Area $500K-Plus Home Sales Jump; Median Price Tops $400K
June 17, 2010
La Jolla, CA.----Sales rose across the Bay Area last month in many mid- to high-end neighborhoods, helping to push the median sale price over $400,000 for the first time in 21 months. But as tax credits, low mortgage rates and an ample supply of homes for sale fueled the $500,000-plus market, sales fell in many affordable inland areas where investors and first-time buyers faced a dwindling inventory of low-cost foreclosures, a real estate information service reported.
Last month a total of 8,264 homes closed escrows in the nine-county Bay Area, up 18.0 percent from 7,003 in April and up 11.0 percent from 7,447 in May 2009, according to MDA DataQuick of San Diego.
On average, Bay Area sales have risen 6.9 percent between April and May since 1988, when DataQuick’s statistics begin. Last month’s sales tally was the highest for a May since 9,935 homes sold in May 2006, but it was 16.0 percent below the May average of 9,842 sales since 1988.
Last month sales over $500,000 rose 33.8 percent from May 2009, when the high-end was just starting to emerge from a deep slump. Conversely, May sales of homes priced below $300,000 fell nearly 22.7 percent below the year-ago level. Last spring, sub-$300,000 sales were unusually high thanks to robust sales of low-cost inland foreclosures.
“For now, at least, we’re seeing a more normal mix of sales across the region and across price categories, thanks in large part to the state and federal tax credits coupled with incredibly low mortgage rates. It also appears that high-end financing is gradually loosening up,” said John Walsh, MDA DataQuick president.
“In the second half of the year, there’s obviously going to be less wind in the market’s sails, given the fading tax credits,” he said. “A healthier job market and low mortgage rates will be key to driving demand. Price stability would be threatened if lenders suddenly pushed much larger numbers of distressed properties onto the market.”
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – fell to 27.3 percent of the Bay Area’s resale market last month. That was the lowest since April 2008 and was down from 29.5 percent in April and 40.5 percent in May 2009. Foreclosure resales peaked at 52.0 percent in February 2009.
The continued decline in sales of low-cost inland foreclosures helps explain how the Bay Area’s median sale price could rise more than 20 percent in a year. Last month the median paid for all new and resale houses and condos combined jumped to $410,000, up 10.8 percent from $370,000 in April and up 20.1 percent from $341,500 in May 2009.
The median has risen on a year-over-year basis for eight straight months, though in May it was still 38.3 percent below the $665,000 peak in June/July 2007.
The May median’s 20.1 percent annual gain reflects several factors, including the decline in foreclosure resales, price stability and modest price pressure in some areas, and the shift toward more high-end sales. Activity has picked up in the higher-cost areas in part because distress has increased over the last year and sellers have become more motivated and realistic.
Last month 40.7 percent of the homes sold in the Bay Area were priced $500,000 or above, up from 36.9 percent in April and up from 31.3 percent a year ago. The May figure was the highest since $500,000-plus transactions were 44.7 percent of all sales in August 2008.
Viewed another way, zip codes in the top one-third of the Bay Area market, based on their historical prices, accounted for 35.3 percent of existing single-family house sales last month – the highest in two years. Last month’s level was up from 31.6 percent in April and 27.2 percent a year ago. Over the past decade, the top third of the market averaged 32.1 percent of total regional sales, while the low point was 17.9 percent of sales in January 2009 and the high point was 43.5 percent in June 2007, just before the credit crisis began.
Today’s high-end sales could be stronger if jumbo and adjustable-rate mortgages (ARMs) were easier to obtain.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 35.1 percent of last month’s purchase lending, up from 31.5 percent in April and 25.8 percent in May 2009. Last month’s figure was the highest since it was 38.7 percent in December 2007. However, before the August 2007 credit crunch hit, jumbos accounted for nearly 60 percent of the market.
In May, 13.1 percent of all home purchase loans were ARMs, up from 11.1 percent in April and up from 3.5 percent a year ago. May’s ARM level was the highest since September 2008, but was still well below the monthly average ARM rate of nearly 50 percent over the last decade.
Meantime, federally-insured FHA loans continue to drive many first-time buyer purchases and some move-up activity. The low-down-payment loans made up 24.6 percent of Bay Area purchase lending last month, down from 25.4 percent in April but up from 23.9 percent a year ago and 8.1 percent two years ago.
Last month absentee buyers – mostly investors – purchased 14.6 percent of all Bay Area homes sold, paying a median $270,000. That’s down from 18.2 percent in April and 17.6 percent a year ago, when the median paid was $220,000. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 21.2 percent of sales in May, paying a median $275,000, which is up from a median $210,000 a year ago. The cash rate was 23.5 percent of sales in April this year and 26.2 percent in May 2009.
Home flipping has trended higher over the last year but eased in May. Last month 2.1 percent of the homes that sold on the open market had been flipped, meaning bought and re-sold within a six-month period. That was down from a Bay Area flipping rate of 2.6 percent in April and up from 1.1 percent a year earlier. Last month’s flipping rates varied from 1.2 percent in San Francisco to 2.9 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,739 last month, up from $1,607 the previous month, and up from $1,443 a year ago. Adjusted for inflation, last month’s payment was 34.7 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 51.7 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying remains slightly above average, MDA DataQuick reported.
Sales Volume Median Price
All homes May-09 May-10 %Chng May-09 May-10 %Chng
Alameda 1477 1596 8.10% $330,000 $390,000 18.20%
Contra Costa 1,694 1,704 0.60% $234,500 $293,750 25.30%
Marin 220 264 20.00% $620,000 $675,500 9.00%
Napa 121 127 5.00% $370,000 $350,000 -5.40%
Santa Clara 1,688 2,164 28.20% $445,000 $525,000 18.00%
San Francisco 498 616 23.70% $634,000 $636,500 0.40%
San Mateo 516 640 24.00% $550,000 $605,000 10.00%
Solano 706 652 -7.60% $189,500 $219,000 15.60%
Sonoma 527 501 -4.90% $302,000 $335,000 10.90%
Bay Area 7,447 8,264 11.00% $341,500 $410,000 20.10%
Source: MDA DataQuick Information Systems, www.DQNews.com
Media calls: Andrew LePage (916) 456-7157 or John Karevoll (909) 867-9534
Copyright 2010 DataQuick Information Systems. All rights reserved.
June 17, 2010
La Jolla, CA.----Sales rose across the Bay Area last month in many mid- to high-end neighborhoods, helping to push the median sale price over $400,000 for the first time in 21 months. But as tax credits, low mortgage rates and an ample supply of homes for sale fueled the $500,000-plus market, sales fell in many affordable inland areas where investors and first-time buyers faced a dwindling inventory of low-cost foreclosures, a real estate information service reported.
Last month a total of 8,264 homes closed escrows in the nine-county Bay Area, up 18.0 percent from 7,003 in April and up 11.0 percent from 7,447 in May 2009, according to MDA DataQuick of San Diego.
On average, Bay Area sales have risen 6.9 percent between April and May since 1988, when DataQuick’s statistics begin. Last month’s sales tally was the highest for a May since 9,935 homes sold in May 2006, but it was 16.0 percent below the May average of 9,842 sales since 1988.
Last month sales over $500,000 rose 33.8 percent from May 2009, when the high-end was just starting to emerge from a deep slump. Conversely, May sales of homes priced below $300,000 fell nearly 22.7 percent below the year-ago level. Last spring, sub-$300,000 sales were unusually high thanks to robust sales of low-cost inland foreclosures.
“For now, at least, we’re seeing a more normal mix of sales across the region and across price categories, thanks in large part to the state and federal tax credits coupled with incredibly low mortgage rates. It also appears that high-end financing is gradually loosening up,” said John Walsh, MDA DataQuick president.
“In the second half of the year, there’s obviously going to be less wind in the market’s sails, given the fading tax credits,” he said. “A healthier job market and low mortgage rates will be key to driving demand. Price stability would be threatened if lenders suddenly pushed much larger numbers of distressed properties onto the market.”
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – fell to 27.3 percent of the Bay Area’s resale market last month. That was the lowest since April 2008 and was down from 29.5 percent in April and 40.5 percent in May 2009. Foreclosure resales peaked at 52.0 percent in February 2009.
The continued decline in sales of low-cost inland foreclosures helps explain how the Bay Area’s median sale price could rise more than 20 percent in a year. Last month the median paid for all new and resale houses and condos combined jumped to $410,000, up 10.8 percent from $370,000 in April and up 20.1 percent from $341,500 in May 2009.
The median has risen on a year-over-year basis for eight straight months, though in May it was still 38.3 percent below the $665,000 peak in June/July 2007.
The May median’s 20.1 percent annual gain reflects several factors, including the decline in foreclosure resales, price stability and modest price pressure in some areas, and the shift toward more high-end sales. Activity has picked up in the higher-cost areas in part because distress has increased over the last year and sellers have become more motivated and realistic.
Last month 40.7 percent of the homes sold in the Bay Area were priced $500,000 or above, up from 36.9 percent in April and up from 31.3 percent a year ago. The May figure was the highest since $500,000-plus transactions were 44.7 percent of all sales in August 2008.
Viewed another way, zip codes in the top one-third of the Bay Area market, based on their historical prices, accounted for 35.3 percent of existing single-family house sales last month – the highest in two years. Last month’s level was up from 31.6 percent in April and 27.2 percent a year ago. Over the past decade, the top third of the market averaged 32.1 percent of total regional sales, while the low point was 17.9 percent of sales in January 2009 and the high point was 43.5 percent in June 2007, just before the credit crisis began.
Today’s high-end sales could be stronger if jumbo and adjustable-rate mortgages (ARMs) were easier to obtain.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 35.1 percent of last month’s purchase lending, up from 31.5 percent in April and 25.8 percent in May 2009. Last month’s figure was the highest since it was 38.7 percent in December 2007. However, before the August 2007 credit crunch hit, jumbos accounted for nearly 60 percent of the market.
In May, 13.1 percent of all home purchase loans were ARMs, up from 11.1 percent in April and up from 3.5 percent a year ago. May’s ARM level was the highest since September 2008, but was still well below the monthly average ARM rate of nearly 50 percent over the last decade.
Meantime, federally-insured FHA loans continue to drive many first-time buyer purchases and some move-up activity. The low-down-payment loans made up 24.6 percent of Bay Area purchase lending last month, down from 25.4 percent in April but up from 23.9 percent a year ago and 8.1 percent two years ago.
Last month absentee buyers – mostly investors – purchased 14.6 percent of all Bay Area homes sold, paying a median $270,000. That’s down from 18.2 percent in April and 17.6 percent a year ago, when the median paid was $220,000. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 21.2 percent of sales in May, paying a median $275,000, which is up from a median $210,000 a year ago. The cash rate was 23.5 percent of sales in April this year and 26.2 percent in May 2009.
Home flipping has trended higher over the last year but eased in May. Last month 2.1 percent of the homes that sold on the open market had been flipped, meaning bought and re-sold within a six-month period. That was down from a Bay Area flipping rate of 2.6 percent in April and up from 1.1 percent a year earlier. Last month’s flipping rates varied from 1.2 percent in San Francisco to 2.9 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,739 last month, up from $1,607 the previous month, and up from $1,443 a year ago. Adjusted for inflation, last month’s payment was 34.7 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 51.7 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying remains slightly above average, MDA DataQuick reported.
Sales Volume Median Price
All homes May-09 May-10 %Chng May-09 May-10 %Chng
Alameda 1477 1596 8.10% $330,000 $390,000 18.20%
Contra Costa 1,694 1,704 0.60% $234,500 $293,750 25.30%
Marin 220 264 20.00% $620,000 $675,500 9.00%
Napa 121 127 5.00% $370,000 $350,000 -5.40%
Santa Clara 1,688 2,164 28.20% $445,000 $525,000 18.00%
San Francisco 498 616 23.70% $634,000 $636,500 0.40%
San Mateo 516 640 24.00% $550,000 $605,000 10.00%
Solano 706 652 -7.60% $189,500 $219,000 15.60%
Sonoma 527 501 -4.90% $302,000 $335,000 10.90%
Bay Area 7,447 8,264 11.00% $341,500 $410,000 20.10%
Source: MDA DataQuick Information Systems, www.DQNews.com
Media calls: Andrew LePage (916) 456-7157 or John Karevoll (909) 867-9534
Copyright 2010 DataQuick Information Systems. All rights reserved.
Monday, June 14, 2010
Friday, June 4, 2010
Friday, May 28, 2010
Memorial Day Weekend
We will be closed Monday 5/31 in observance of Memorial Day. We will be back to work on Tuesday 6/1. Have a wonderful and safe weekend!
Friday, May 21, 2010
Mixed results for Bay Area April home sales
May 20, 2010
La Jolla, CA.----Bay Area home sales fell slightly below the year-ago level and remained well below average last month as increased high-end activity couldn’t offset sales declines in the lower-cost areas and in the new-home market. The continued shift toward a greater portion of sales occurring in higher-cost coastal communities helped the region’s median sale price rise nearly 22 percent from last year, but the median fell from March, a real estate information service reported.
Last month a total of 7,003 homes closed escrows in the nine-county Bay Area, up 0.2 percent from 6,992 in March but down 1.9 percent from 7,139 in April 2009, according to MDA DataQuick of San Diego.
On average, Bay Area sales have risen 4.2 percent between March and April each year since 1988, when DataQuick’s statistics begin. Last month’s sales tally was 24.5 percent below the April average of 9,278 sales since 1988, and was the second-lowest for an April since 1995.
The 368 newly built homes that closed escrow in April marked the lowest new-home total for that month since April 1993, when 342 sold.
Some of April’s sales activity might have been delayed until at least May as buyers decided to take advantage of new state tax credits that became effective May 1. The credits are for first-time buyers and those purchasing a new home.
“It’s not clear how many April sales might have been pushed into May or June by tax credits. The bigger picture is that the housing market will gradually be decoupled from government stimulus and be on its own again. For months we’ve seen growing signs of a recovery taking hold. But plenty of challenges remain like high unemployment, the possibility of many more distressed properties hitting the market in a rising interest rate environment, and a dysfunctional jumbo loan market, which is a big deal in the Bay Area,” said John Walsh, MDA DataQuick president.
Buyers paid a median $370,000 for all new and resale houses and condos that sold last month, down 2.6 percent from $380,000 in March but up 21.7 percent from $304,000 in April 2009.
The median has risen on a year-over-year basis for seven straight months. But in April it was still 44.4 percent below the $665,000 peak of June and July 2007.
The April median’s nearly 22 percent increase over a year ago is largely a reflection of the changes that have occurred in buying patterns across the region. A year ago many more homes being sold were inland foreclosures – homes that were often in less-than-stellar condition, and which had highly motivated sellers. Also a year ago, sales in many high-end communities were extremely sluggish. This spring the re-selling of foreclosures has waned and high-end activity is much stronger, in part because prices have come down, there’s more inventory in some areas and it appears high-end financing has loosened a bit.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – made up 29.5 percent of the Bay Area’s resale market last month. That was the lowest since May 2008 and was down from 31.3 percent in March and 46.4 percent in April 2009. Foreclosure resales peaked at 52.0 percent in February 2009.
As less-expensive foreclosures have waned the past year, activity in many mid-to high-priced neighborhoods has picked up, helping to explain the recent double-digit annual gains in the median sale price. Last month 35.1 percent of the homes sold in the Bay Area were priced $500,000 or above, up from 27.0 percent a year ago. However, $500,000-plus sales still lag their decade-long monthly average of 46.1 percent of all sales.
Viewed a different way, zip codes in the top one-third of the Bay Area market, based on their historical prices, accounted for 31.5 percent of existing single-family house sales last month, compared with 22.9 percent a year ago. The number of houses resold in the top one-third of the market in April was 23.3 percent higher than a year ago, while house resales in the bottom one-third of the market (the least expensive zip codes) fell 26.6 percent.
High-end sales would be stronger, and the region’s overall recovery more robust, if jumbo and adjustable-rate financing were easier to obtain.
Mortgages above the old conforming loan limit of $417,000 made up nearly 60 percent of all Bay Area home purchase loans before the credit crunch hit in August 2007. Last month $417,000-plus loans made up 31.6 percent.
Use of adjustable-rate mortgages (ARMs) remains far below historically normal levels, too. ARMs made up just 11.1 percent of Bay Area purchase loans last month. While that’s the highest since ARMs were 13.7 percent of purchase loans in September 2008, it’s a fraction of the monthly ARM average of nearly 50 percent since 2000.
Meanwhile, federally-insured FHA loans have kept the entry-level market humming. The low-down-payment loans, which are popular with first-time buyers and some move-up buyers, made up 25.6 percent of Bay Area purchase loans last month. That was down from 25.8 percent a year ago but up from 14.4 percent two years ago.
Last month absentee buyers – mostly investors – purchased 18.2 percent of all Bay Area homes sold, paying a median $249,500. That’s up from 17.0 percent in March and up from 17.3 percent a year ago. The monthly absentee buyer average over the past decade is 13.0 percent. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 25.5 percent of sales in April, paying a median $260,000.
Home flipping has trended higher of late. Last month 2.6 percent of the homes that sold had previously been sold between three weeks and six months prior. That was up from a Bay Area flipping rate of 2.3 percent in March and 1.6 percent a year earlier. Last month’s flipping rates varied from 1.4 percent in San Francisco to 3.7 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,607 last month, down from $1,626 the previous month, and up from $1,277 a year ago. Adjusted for inflation, current payments are 39.5 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 55.3 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average, MDA DataQuick reported.
Sales Volume Median Price
All homes Apr-09 Apr-10 %Chng Apr-09 Apr-10 %Chng
Alameda 1457 1319 -9.50% $289,197 $350,000 21.00%
Contra Costa 1,699 1,635 -3.80% $225,000 $273,000 21.30%
Marin 174 245 40.80% $585,000 $659,000 12.60%
Napa 99 104 5.10% $315,000 $335,000 6.30%
Santa Clara 1,606 1,656 3.10% $405,000 $489,000 20.70%
San Francisco 402 428 6.50% $628,500 $692,500 10.20%
San Mateo 444 556 25.20% $520,000 $580,000 11.50%
Solano 717 591 -17.60% $180,000 $202,000 12.20%
Sonoma 541 469 -13.30% $290,000 $318,000 9.70%
Bay Area 7,139 7,003 -1.90% $304,000 $370,000 21.70%
Source: MDA DataQuick Information Systems, www.DQNews.com
Media calls: Andrew LePage (916) 456-7157 or John Karevoll (909) 867-9534
Copyright 2010 DataQuick Information Systems. All rights reserved.
La Jolla, CA.----Bay Area home sales fell slightly below the year-ago level and remained well below average last month as increased high-end activity couldn’t offset sales declines in the lower-cost areas and in the new-home market. The continued shift toward a greater portion of sales occurring in higher-cost coastal communities helped the region’s median sale price rise nearly 22 percent from last year, but the median fell from March, a real estate information service reported.
Last month a total of 7,003 homes closed escrows in the nine-county Bay Area, up 0.2 percent from 6,992 in March but down 1.9 percent from 7,139 in April 2009, according to MDA DataQuick of San Diego.
On average, Bay Area sales have risen 4.2 percent between March and April each year since 1988, when DataQuick’s statistics begin. Last month’s sales tally was 24.5 percent below the April average of 9,278 sales since 1988, and was the second-lowest for an April since 1995.
The 368 newly built homes that closed escrow in April marked the lowest new-home total for that month since April 1993, when 342 sold.
Some of April’s sales activity might have been delayed until at least May as buyers decided to take advantage of new state tax credits that became effective May 1. The credits are for first-time buyers and those purchasing a new home.
“It’s not clear how many April sales might have been pushed into May or June by tax credits. The bigger picture is that the housing market will gradually be decoupled from government stimulus and be on its own again. For months we’ve seen growing signs of a recovery taking hold. But plenty of challenges remain like high unemployment, the possibility of many more distressed properties hitting the market in a rising interest rate environment, and a dysfunctional jumbo loan market, which is a big deal in the Bay Area,” said John Walsh, MDA DataQuick president.
Buyers paid a median $370,000 for all new and resale houses and condos that sold last month, down 2.6 percent from $380,000 in March but up 21.7 percent from $304,000 in April 2009.
The median has risen on a year-over-year basis for seven straight months. But in April it was still 44.4 percent below the $665,000 peak of June and July 2007.
The April median’s nearly 22 percent increase over a year ago is largely a reflection of the changes that have occurred in buying patterns across the region. A year ago many more homes being sold were inland foreclosures – homes that were often in less-than-stellar condition, and which had highly motivated sellers. Also a year ago, sales in many high-end communities were extremely sluggish. This spring the re-selling of foreclosures has waned and high-end activity is much stronger, in part because prices have come down, there’s more inventory in some areas and it appears high-end financing has loosened a bit.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – made up 29.5 percent of the Bay Area’s resale market last month. That was the lowest since May 2008 and was down from 31.3 percent in March and 46.4 percent in April 2009. Foreclosure resales peaked at 52.0 percent in February 2009.
As less-expensive foreclosures have waned the past year, activity in many mid-to high-priced neighborhoods has picked up, helping to explain the recent double-digit annual gains in the median sale price. Last month 35.1 percent of the homes sold in the Bay Area were priced $500,000 or above, up from 27.0 percent a year ago. However, $500,000-plus sales still lag their decade-long monthly average of 46.1 percent of all sales.
Viewed a different way, zip codes in the top one-third of the Bay Area market, based on their historical prices, accounted for 31.5 percent of existing single-family house sales last month, compared with 22.9 percent a year ago. The number of houses resold in the top one-third of the market in April was 23.3 percent higher than a year ago, while house resales in the bottom one-third of the market (the least expensive zip codes) fell 26.6 percent.
High-end sales would be stronger, and the region’s overall recovery more robust, if jumbo and adjustable-rate financing were easier to obtain.
Mortgages above the old conforming loan limit of $417,000 made up nearly 60 percent of all Bay Area home purchase loans before the credit crunch hit in August 2007. Last month $417,000-plus loans made up 31.6 percent.
Use of adjustable-rate mortgages (ARMs) remains far below historically normal levels, too. ARMs made up just 11.1 percent of Bay Area purchase loans last month. While that’s the highest since ARMs were 13.7 percent of purchase loans in September 2008, it’s a fraction of the monthly ARM average of nearly 50 percent since 2000.
Meanwhile, federally-insured FHA loans have kept the entry-level market humming. The low-down-payment loans, which are popular with first-time buyers and some move-up buyers, made up 25.6 percent of Bay Area purchase loans last month. That was down from 25.8 percent a year ago but up from 14.4 percent two years ago.
Last month absentee buyers – mostly investors – purchased 18.2 percent of all Bay Area homes sold, paying a median $249,500. That’s up from 17.0 percent in March and up from 17.3 percent a year ago. The monthly absentee buyer average over the past decade is 13.0 percent. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 25.5 percent of sales in April, paying a median $260,000.
Home flipping has trended higher of late. Last month 2.6 percent of the homes that sold had previously been sold between three weeks and six months prior. That was up from a Bay Area flipping rate of 2.3 percent in March and 1.6 percent a year earlier. Last month’s flipping rates varied from 1.4 percent in San Francisco to 3.7 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,607 last month, down from $1,626 the previous month, and up from $1,277 a year ago. Adjusted for inflation, current payments are 39.5 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 55.3 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average, MDA DataQuick reported.
Sales Volume Median Price
All homes Apr-09 Apr-10 %Chng Apr-09 Apr-10 %Chng
Alameda 1457 1319 -9.50% $289,197 $350,000 21.00%
Contra Costa 1,699 1,635 -3.80% $225,000 $273,000 21.30%
Marin 174 245 40.80% $585,000 $659,000 12.60%
Napa 99 104 5.10% $315,000 $335,000 6.30%
Santa Clara 1,606 1,656 3.10% $405,000 $489,000 20.70%
San Francisco 402 428 6.50% $628,500 $692,500 10.20%
San Mateo 444 556 25.20% $520,000 $580,000 11.50%
Solano 717 591 -17.60% $180,000 $202,000 12.20%
Sonoma 541 469 -13.30% $290,000 $318,000 9.70%
Bay Area 7,139 7,003 -1.90% $304,000 $370,000 21.70%
Source: MDA DataQuick Information Systems, www.DQNews.com
Media calls: Andrew LePage (916) 456-7157 or John Karevoll (909) 867-9534
Copyright 2010 DataQuick Information Systems. All rights reserved.
Thursday, April 15, 2010
Thursday, April 8, 2010
Federal Housing Administration to Accept DocuSign for Real Estate Contracts Nationwide
Buyers, Sellers, Agents and Lenders Will Save Significant Time and Money on Mortgage Document Approvals with DocuSign eSignature Services
SEATTLE – April 8, 2010 - DocuSign®, the leader in on-demand electronic signature solutions, today announced that e-signed third-party documents, including real estate contracts, are now being accepted by the Federal Housing Administration (FHA). DocuSign spearheaded an industry-wide effort to move the FHA to formally recognize e-signed third-party documents. The April 8, 2010 dated FHA mortgagee letter is the first in what is expected to be a series of responses to this initiative. With this policy statement from the nation's largest mortgage insurer, real estate professionals can use DocuSign to get real estate contracts, addenda and other documents signed electronically, and their buyers can apply for FHA insurance with confidence. The FHA mortgagee letter can be found at http://nhl.gov/offices/adm/hudclips/letters/mortgagee/files/10-14ml.pdf.
"We commend FHA's action today. By clarifying its position on electronic signatures, the process of buying, selling and financing of homes across the country will be greatly improved," said Ken Moyle, chief legal officer at DocuSign. "Buyers, sellers and agents can use DocuSign's online process to eliminate the time, expense and environmental impact of printing, delivering and signing large stacks of paper documents, and mortgage lenders can take comfort in knowing that DocuSign's e-signature process is designed for legal compliance in all 50 states and is fully evidenced by a comprehensive audit trail."
Real estate agents can quickly access the DocuSign e-signing service from any laptop with Internet access, drag and drop familiar yellow StickEtabs® onto the contract and send the envelope. The recipient immediately receives an email notification that can be accessed through a computer or any Web-enabled mobile device, including Apple® iPhone®, RIM® BlackBerry®, Google® AndroidTM, Windows Mobile®, adopts an e-signature and signs the document. Once completed, an email notification is sent to all parties with a link to the final executed document. The result is a legally binding, fully ESIGN-compliant document supported by a comprehensive audit trail.
As on-demand software-as-a-service (SaaS), DocuSign requires no additional software or hardware purchases and no downtime for training. DocuSign eSignature service offers users one of the easiest, most simple to use and safest electronic signature experiences available today. For more information on DocuSign, visit www.docusign.com
SEATTLE – April 8, 2010 - DocuSign®, the leader in on-demand electronic signature solutions, today announced that e-signed third-party documents, including real estate contracts, are now being accepted by the Federal Housing Administration (FHA). DocuSign spearheaded an industry-wide effort to move the FHA to formally recognize e-signed third-party documents. The April 8, 2010 dated FHA mortgagee letter is the first in what is expected to be a series of responses to this initiative. With this policy statement from the nation's largest mortgage insurer, real estate professionals can use DocuSign to get real estate contracts, addenda and other documents signed electronically, and their buyers can apply for FHA insurance with confidence. The FHA mortgagee letter can be found at http://nhl.gov/offices/adm/hudclips/letters/mortgagee/files/10-14ml.pdf.
"We commend FHA's action today. By clarifying its position on electronic signatures, the process of buying, selling and financing of homes across the country will be greatly improved," said Ken Moyle, chief legal officer at DocuSign. "Buyers, sellers and agents can use DocuSign's online process to eliminate the time, expense and environmental impact of printing, delivering and signing large stacks of paper documents, and mortgage lenders can take comfort in knowing that DocuSign's e-signature process is designed for legal compliance in all 50 states and is fully evidenced by a comprehensive audit trail."
Real estate agents can quickly access the DocuSign e-signing service from any laptop with Internet access, drag and drop familiar yellow StickEtabs® onto the contract and send the envelope. The recipient immediately receives an email notification that can be accessed through a computer or any Web-enabled mobile device, including Apple® iPhone®, RIM® BlackBerry®, Google® AndroidTM, Windows Mobile®, adopts an e-signature and signs the document. Once completed, an email notification is sent to all parties with a link to the final executed document. The result is a legally binding, fully ESIGN-compliant document supported by a comprehensive audit trail.
As on-demand software-as-a-service (SaaS), DocuSign requires no additional software or hardware purchases and no downtime for training. DocuSign eSignature service offers users one of the easiest, most simple to use and safest electronic signature experiences available today. For more information on DocuSign, visit www.docusign.com
Wednesday, April 7, 2010
Time is running out on the federal tax credits...
Time is running out on the federal tax credits for first-time and repeat buyers. First-time buyers who enter a binding contract by April 30 and close escrow before July 1—and meet the income limits—are eligible for the full $8,000 credit (maximum, or 10 percent of the sales price, whichever is less) on their federal tax returns. The first-time home buyer credit applies to homes purchased for $800,000 or less, and does not require repayment if buyers live in the residence for three or more years.
Existing homeowners may be eligible for a tax credit (10 percent of the purchase price, not to exceed $6,500). To be eligible for this credit, homeowners must have lived in their current home for five consecutive years out of the last eight years and must enter a contract to purchase a new or existing home by April 30, 2010. Existing homeowners do not need to sell their current home to qualify for this credit, but must close escrow before by June 30, 2010
Existing homeowners may be eligible for a tax credit (10 percent of the purchase price, not to exceed $6,500). To be eligible for this credit, homeowners must have lived in their current home for five consecutive years out of the last eight years and must enter a contract to purchase a new or existing home by April 30, 2010. Existing homeowners do not need to sell their current home to qualify for this credit, but must close escrow before by June 30, 2010
Monday, March 29, 2010
Bay Area home sales down slightly from last year, median sale price rises
March 18, 2010
La Jolla, CA.----Bay Area home sales were subpar again in February, dipping below the year-ago level for the second straight month as some potential buyers worried about job security, some couldn’t get financing and others found a thin inventory of homes for sale. The median price paid rose year-over-year for the fifth consecutive month, mainly because fewer low-cost foreclosures have sold and more higher-end homes have turned over this year compared with last, a real estate information service reported.
A total of 4,987 new and resale houses and condos closed escrow in the nine-county Bay Area last month. That was up 2.8 percent from 4,853 in January and down 0.9 percent from 5,032 in February 2009, according to MDA DataQuick of San Diego.
Last month’s sales fell 22.2 percent short of the February average of 6,413 sales since 1988, when DataQuick’s statistics begin.
February’s sales were the second-lowest for that month since 1995, behind the record-low 3,989 homes sold in February 2008. January and February this year are the only two months since August 2008 in which sales have fallen year-over-year.
“The sales and price data remain choppy, with more ups and downs and inconsistencies than we’d typically see. It’s partly the season – January and February are often atypical and don’t serve as good barometers. But it’s more than that. The market remains fundamentally off kilter. There’s still relatively little lending going on in the upper price ranges, and little adjustable-rate financing, which had been vital to the Bay Area. Investor and cash-only deals remain well above normal, as does the level of sales involving distressed property,” said John Walsh, MDA DataQuick president.
“Despite the widening stability seen in the housing market in recent months, the outlook remains murky,” he said. “Whether prices will firm, or remain firm, will depend largely on three factors: The market’s response as the government reduces its housing stimulus, the economy’s ability to gain traction, and the decisions that lenders and borrowers will make in countless distress cases. The key question is how much more distressed inventory is coming, and when.”
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – rose to 36.6 percent of all homes resold last month, marking the fourth consecutive month in which foreclosure resales edged higher. Foreclosure resales peaked at 52 percent of resales in February 2009, then gradually fell and, in the fall, leveled off near 32 percent before starting to rise modestly.
The median price paid for all new and resale houses and condos sold in the nine-county Bay Area last month was $354,000. That was up 1.1 percent from $350,000 in January and up 20.0 percent from $295,000 in February 2009.
Last month’s median was 22.1 percent higher than the lowest point reached in the housing downturn – $290,000 last March – but it was still 46.8 percent lower than the $665,000 peak median reached in June and July of 2007.
Last month’s median rose 20 percent above February 2009 largely because a year ago low-cost foreclosures were far more plentiful, lower-cost inland areas represented a substantially larger portion of total sales, and high-end sales were very sluggish. That made for an unusually low February 2009 median of $295,000.
Sales over $500,000 made up 31.9 percent of all transactions last month, compared with 23.6 percent a year ago. High-end sales have risen in part because more distress has crept into that segment of the market, creating more motivated sellers. Other sellers have simply given up on holding out for yesterday’s higher prices, which were supported by what was then a relative abundance of financing, some quite creative, for high-end homes.
The availability of financing for costlier homes appears to have improved modestly in the last year, but those loans remain relatively expensive and hard to obtain.
Mortgages above $417,000 – formerly the definition of a jumbo loan – made up 26.3 percent of all home purchase loans last month. That was down from 27.3 percent in January but up from 18.3 percent a year ago. More than 60 percent of purchase loans were over $417,000 before the August 2007 credit crunch hit.
Another key form of financing for higher-cost homes – adjustable-rate mortgages (ARMs) – remains way below the historical norm. In February, 7.8 percent of Bay Area purchase loans were ARMs, up from 7.5 percent in January and 3.9 percent a year ago. ARMs averaged 61 percent of purchase loans each month between January 2000 and when the credit crunch began in August 2007. The 22-year monthly average for ARMs in the Bay Area is 47.0 percent.
Financing has flowed more easily for low- to mid-priced homes. Federally-insured, low-down-payment FHA loans, a popular choice among first-time buyers, made up 26.9 percent of Bay Area purchase loans last month. That was up from 23.3 percent a year ago and 1.4 percent two years ago.
Last month absentee buyers – mostly investors – purchased 19.4 percent of all Bay Area homes sold, the same as in January and up from 18.4 percent a year ago. The monthly absentee buyer average over the past decade is 13.0 percent. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for a record 27.1 percent of sales in February, up from 25.7 percent in January and 24.4 percent a year ago.
Home flipping has trended higher lately but eased a bit last month, when 2.6 percent of the homes that sold had previously been sold between three weeks and six months prior. That was down from a flipping rate of 2.9 percent in January but up from 1.5 percent a year ago. Last month’s flipping rates varied from 1.3 percent of sales in Napa County to 3.6 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,519 last month, up from $1,508 the previous month, and up from $1,286 a year ago. Adjusted for inflation, current payments are 42.7 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 57.7 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards, with default notices on the rise again, but it’s well below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average, MDA DataQuick reported.
Sales Volume Median Price
All homes Feb-09 Feb-10 %Chng Feb-09 Feb-10 %Chng
Alameda 971 1016 4.60% $290,000 $333,500 15.00%
Contra Costa 1,283 1,065 -17.00% $216,500 $255,500 18.00%
Marin 111 153 37.80% $573,409 $615,000 7.30%
Napa 88 76 -13.60% $322,500 $320,000 -0.80%
Santa Clara 1,079 1,183 9.60% $408,750 $460,000 12.50%
San Francisco 272 327 20.20% $640,000 $627,500 -2.00%
San Mateo 311 328 5.50% $502,250 $554,000 10.30%
Solano 557 450 -19.20% $195,000 $208,500 6.90%
Sonoma 360 389 8.10% $282,000 $310,000 9.90%
Bay Area 5,032 4,987 -0.90% $295,000 $354,000 20.00%
Source: MDA DataQuick Information Systems, www.DQNews.com
Media calls: Andrew LePage (916) 456-7157 or John Karevoll (909) 867-9534
Copyright 2009 DataQuick Information Systems. All rights reserved.
La Jolla, CA.----Bay Area home sales were subpar again in February, dipping below the year-ago level for the second straight month as some potential buyers worried about job security, some couldn’t get financing and others found a thin inventory of homes for sale. The median price paid rose year-over-year for the fifth consecutive month, mainly because fewer low-cost foreclosures have sold and more higher-end homes have turned over this year compared with last, a real estate information service reported.
A total of 4,987 new and resale houses and condos closed escrow in the nine-county Bay Area last month. That was up 2.8 percent from 4,853 in January and down 0.9 percent from 5,032 in February 2009, according to MDA DataQuick of San Diego.
Last month’s sales fell 22.2 percent short of the February average of 6,413 sales since 1988, when DataQuick’s statistics begin.
February’s sales were the second-lowest for that month since 1995, behind the record-low 3,989 homes sold in February 2008. January and February this year are the only two months since August 2008 in which sales have fallen year-over-year.
“The sales and price data remain choppy, with more ups and downs and inconsistencies than we’d typically see. It’s partly the season – January and February are often atypical and don’t serve as good barometers. But it’s more than that. The market remains fundamentally off kilter. There’s still relatively little lending going on in the upper price ranges, and little adjustable-rate financing, which had been vital to the Bay Area. Investor and cash-only deals remain well above normal, as does the level of sales involving distressed property,” said John Walsh, MDA DataQuick president.
“Despite the widening stability seen in the housing market in recent months, the outlook remains murky,” he said. “Whether prices will firm, or remain firm, will depend largely on three factors: The market’s response as the government reduces its housing stimulus, the economy’s ability to gain traction, and the decisions that lenders and borrowers will make in countless distress cases. The key question is how much more distressed inventory is coming, and when.”
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – rose to 36.6 percent of all homes resold last month, marking the fourth consecutive month in which foreclosure resales edged higher. Foreclosure resales peaked at 52 percent of resales in February 2009, then gradually fell and, in the fall, leveled off near 32 percent before starting to rise modestly.
The median price paid for all new and resale houses and condos sold in the nine-county Bay Area last month was $354,000. That was up 1.1 percent from $350,000 in January and up 20.0 percent from $295,000 in February 2009.
Last month’s median was 22.1 percent higher than the lowest point reached in the housing downturn – $290,000 last March – but it was still 46.8 percent lower than the $665,000 peak median reached in June and July of 2007.
Last month’s median rose 20 percent above February 2009 largely because a year ago low-cost foreclosures were far more plentiful, lower-cost inland areas represented a substantially larger portion of total sales, and high-end sales were very sluggish. That made for an unusually low February 2009 median of $295,000.
Sales over $500,000 made up 31.9 percent of all transactions last month, compared with 23.6 percent a year ago. High-end sales have risen in part because more distress has crept into that segment of the market, creating more motivated sellers. Other sellers have simply given up on holding out for yesterday’s higher prices, which were supported by what was then a relative abundance of financing, some quite creative, for high-end homes.
The availability of financing for costlier homes appears to have improved modestly in the last year, but those loans remain relatively expensive and hard to obtain.
Mortgages above $417,000 – formerly the definition of a jumbo loan – made up 26.3 percent of all home purchase loans last month. That was down from 27.3 percent in January but up from 18.3 percent a year ago. More than 60 percent of purchase loans were over $417,000 before the August 2007 credit crunch hit.
Another key form of financing for higher-cost homes – adjustable-rate mortgages (ARMs) – remains way below the historical norm. In February, 7.8 percent of Bay Area purchase loans were ARMs, up from 7.5 percent in January and 3.9 percent a year ago. ARMs averaged 61 percent of purchase loans each month between January 2000 and when the credit crunch began in August 2007. The 22-year monthly average for ARMs in the Bay Area is 47.0 percent.
Financing has flowed more easily for low- to mid-priced homes. Federally-insured, low-down-payment FHA loans, a popular choice among first-time buyers, made up 26.9 percent of Bay Area purchase loans last month. That was up from 23.3 percent a year ago and 1.4 percent two years ago.
Last month absentee buyers – mostly investors – purchased 19.4 percent of all Bay Area homes sold, the same as in January and up from 18.4 percent a year ago. The monthly absentee buyer average over the past decade is 13.0 percent. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for a record 27.1 percent of sales in February, up from 25.7 percent in January and 24.4 percent a year ago.
Home flipping has trended higher lately but eased a bit last month, when 2.6 percent of the homes that sold had previously been sold between three weeks and six months prior. That was down from a flipping rate of 2.9 percent in January but up from 1.5 percent a year ago. Last month’s flipping rates varied from 1.3 percent of sales in Napa County to 3.6 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,519 last month, up from $1,508 the previous month, and up from $1,286 a year ago. Adjusted for inflation, current payments are 42.7 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 57.7 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards, with default notices on the rise again, but it’s well below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average, MDA DataQuick reported.
Sales Volume Median Price
All homes Feb-09 Feb-10 %Chng Feb-09 Feb-10 %Chng
Alameda 971 1016 4.60% $290,000 $333,500 15.00%
Contra Costa 1,283 1,065 -17.00% $216,500 $255,500 18.00%
Marin 111 153 37.80% $573,409 $615,000 7.30%
Napa 88 76 -13.60% $322,500 $320,000 -0.80%
Santa Clara 1,079 1,183 9.60% $408,750 $460,000 12.50%
San Francisco 272 327 20.20% $640,000 $627,500 -2.00%
San Mateo 311 328 5.50% $502,250 $554,000 10.30%
Solano 557 450 -19.20% $195,000 $208,500 6.90%
Sonoma 360 389 8.10% $282,000 $310,000 9.90%
Bay Area 5,032 4,987 -0.90% $295,000 $354,000 20.00%
Source: MDA DataQuick Information Systems, www.DQNews.com
Media calls: Andrew LePage (916) 456-7157 or John Karevoll (909) 867-9534
Copyright 2009 DataQuick Information Systems. All rights reserved.
Wednesday, March 24, 2010
Wednesday, March 17, 2010
Great news! Green is the new black...
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Thursday, March 4, 2010
Bay Area home sales fall; median price up from last year, down from December
February 18, 2010
La Jolla, CA.----The number of Bay Area homes sold in January fell more than usual from December and dropped below the year-ago level for the first time in 17 months. The median sale price rose above last year for the fourth straight month but dipped 8 percent from December as demand shifted more toward foreclosures and less-expensive inland homes, a real estate information service reported.
A total of 4,853 new and resale houses and condos closed escrow in the nine-county Bay Area last month. That was down 38.0 percent from 7,828 sales in December and down 3.9 percent from 5,050 sales in January 2009, according to MDA DataQuick of San Diego.
A decline in sales between December and January is normal for the season. On average, sales have dropped 28 percent between those two months since 1988, when DataQuick’s statistics begin.
Last month was the first since August 2008 in which sales fell on a year-over-year basis. January’s 4,853 sales total was 22.5 percent short of the average January tally – 6,261 – since 1988. Sales last month were also the second-lowest for a January since 1995, behind 3,586 sales in January 2007. The peak sales total for a January was in 2005, when 8,298 homes sold.
“The January figures show the market lost some of the momentum it had built up in the second half of ’09, when home buyers rushed to ensure they could take advantage of a tax credit, ultra-low mortgage rates and lower prices,” said John Walsh, MDA DataQuick president.
“It’s difficult to gauge how much of the slowdown stems from a thinner inventory of homes for sale in some areas as opposed to lower demand,” he said. “Whether last month’s relatively weak performance portends any substantial, lasting changes in the market is unclear. One month doesn’t make a trend and, in the past, January hasn’t proven to be very predictive.”
The January sales figures are based largely on deals that were struck during the holidays (late November through early January) and that closed escrow in January. In the Bay Area and across California, the sales data indicate that investors and first-time buyers remained the most committed home shoppers, and that helped skew the sales toward foreclosures and other lower-cost properties.
The median price paid for all new and resale houses and condos in the nine-county Bay Area last month was $350,000. That was down 7.9 percent from $380,000 in December but up 16.7 percent from $300,000 in January 2009.
Last month’s median was 20.7 percent higher than the lowest point reached in the housing downturn – $290,000 last March – but it was still 47.4 percent lower than the $665,000 peak median reached in June and July of 2007.
It’s not unusual for the Bay Area’s median sale price to fall between December and January. The average change between those two months over the past 22 years is a decline of 2.4 percent.
Last month’s median dipped more sharply from December as the portion of sales involving foreclosures and homes in lower-cost areas rose relative to December. However, the median remained higher than in January 2009 because a year ago low-cost foreclosures were far more plentiful, lower-cost inland areas represented a substantially larger portion of total sales, and high-end sales were extremely slow. All of that made for an unusually low January 2009 median of $300,000.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – rose to 36.6 percent of all homes resold last month, marking the second consecutive month in which foreclosure resales increased. Foreclosure resales peaked at 52 percent of resales in February 2009, then gradually fell and, in the fall, leveled off near 32 percent, rising slightly in December over November.
Though distress has certainly migrated up the price ladder, many foreclosed properties are still located in lower-cost inland suburbs and urban areas, where they spur resale activity. Total home sales in Contra Costa, Solano, Sonoma and Napa counties combined rose to 59.7 percent of total Bay Area sales last month, up from 57.6 percent in December but down from 67.1 percent a year ago.
Among all homes sold last month, transactions under $300,000 made up 40.4 percent of sales, up from 34.5 percent in December but down from 47.9 percent in January 2009.
Meanwhile, homes selling for over $500,000 made up 31.1 percent of sales last month, down from 35.7 percent in December but up from 22.7 percent a year ago.
The availability of financing for pricier homes improved modestly in recent months, but such “jumbo” loans remain relatively expensive and hard to obtain.
Mortgages above $417,000 – formerly the definition of a jumbo loan – made up 27.8 percent of all home purchase loans last month. That was down from 29.9 percent in December but up from 17.1 percent a year ago. More than 60 percent of purchase loans were over $417,000 before the August 2007 credit crunch hit.
Another critical form of financing for higher-cost homes – adjustable-rate mortgages (ARMs) – continues to be used far less than what’s been normal historically. In January, 7.5 percent of Bay Area purchase loans were ARMs, down from 7.9 in December but up from a record low of 3 percent a year ago. ARMs averaged 61 percent of purchase loans between January 2000 and August 2007.
Financing has flowed more freely for low- to mid-priced homes. Federally-insured, low-down-payment FHA loans, a popular choice among first-time buyers, made up 27.1 percent of Bay Area purchase loans last month. That was up from 25.6 percent in December, 24.7 percent a year ago and 0.7 percent two years ago.
Last month absentee buyers purchased 19.1 percent of all Bay Area homes sold, up from 17.3 percent in December but down from 19.3 percent a year ago. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan – accounted for 24.8 percent of January sales, up from 23.6 percent in December and 24.4 percent a year ago, based on an analysis of public records.
Home flipping has trended a bit higher, too. Last month 2.9 percent of the homes sold had previously been sold between three weeks and six months prior. January’s flipping rate varied from as little as 1.8 percent of sales in Sonoma County to as much as 3.5 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,508 last month, down from $1,619 the previous month, and up from $1,297 a year ago. Adjusted for inflation, current payments are 42.7 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 57.6 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity is off its recent peak but remains high by historical standards, with mortgage default notices flattening or trending lower in some areas, but edging higher in others. Financing with multiple mortgages is low and down payment sizes are stable, MDA DataQuick reported.
Sales Volume Median Price
All homes Jan-09 Jan-10 %Chng Jan-09 Jan-10 %Chng
Alameda 994 936 -5.8% $300,000 $341,000 13.7%
Contra Costa 1,333 1,078 -19.1% $220,000 $257,250 16.9%
Marin 122 153 25.4% $525,000 $535,000 1.9%
Napa 78 87 11.5% $370,000 $350,000 -5.4%
Santa Clara 1,037 1,137 9.6% $400,000 $451,000 12.8%
San Francisco 229 311 35.8% $562,000 $629,000 11.9%
San Mateo 273 355 30.0% $489,500 $579,000 18.3%
Solano 560 462 -17.5% $192,500 $201,000 4.4%
Sonoma 424 334 -21.2% $299,750 $325,000 8.4%
Bay Area 5,050 4,853 -3.9% $300,000 $350,000 16.7%
Source: MDA DataQuick Information Systems, www.DQNews.com
La Jolla, CA.----The number of Bay Area homes sold in January fell more than usual from December and dropped below the year-ago level for the first time in 17 months. The median sale price rose above last year for the fourth straight month but dipped 8 percent from December as demand shifted more toward foreclosures and less-expensive inland homes, a real estate information service reported.
A total of 4,853 new and resale houses and condos closed escrow in the nine-county Bay Area last month. That was down 38.0 percent from 7,828 sales in December and down 3.9 percent from 5,050 sales in January 2009, according to MDA DataQuick of San Diego.
A decline in sales between December and January is normal for the season. On average, sales have dropped 28 percent between those two months since 1988, when DataQuick’s statistics begin.
Last month was the first since August 2008 in which sales fell on a year-over-year basis. January’s 4,853 sales total was 22.5 percent short of the average January tally – 6,261 – since 1988. Sales last month were also the second-lowest for a January since 1995, behind 3,586 sales in January 2007. The peak sales total for a January was in 2005, when 8,298 homes sold.
“The January figures show the market lost some of the momentum it had built up in the second half of ’09, when home buyers rushed to ensure they could take advantage of a tax credit, ultra-low mortgage rates and lower prices,” said John Walsh, MDA DataQuick president.
“It’s difficult to gauge how much of the slowdown stems from a thinner inventory of homes for sale in some areas as opposed to lower demand,” he said. “Whether last month’s relatively weak performance portends any substantial, lasting changes in the market is unclear. One month doesn’t make a trend and, in the past, January hasn’t proven to be very predictive.”
The January sales figures are based largely on deals that were struck during the holidays (late November through early January) and that closed escrow in January. In the Bay Area and across California, the sales data indicate that investors and first-time buyers remained the most committed home shoppers, and that helped skew the sales toward foreclosures and other lower-cost properties.
The median price paid for all new and resale houses and condos in the nine-county Bay Area last month was $350,000. That was down 7.9 percent from $380,000 in December but up 16.7 percent from $300,000 in January 2009.
Last month’s median was 20.7 percent higher than the lowest point reached in the housing downturn – $290,000 last March – but it was still 47.4 percent lower than the $665,000 peak median reached in June and July of 2007.
It’s not unusual for the Bay Area’s median sale price to fall between December and January. The average change between those two months over the past 22 years is a decline of 2.4 percent.
Last month’s median dipped more sharply from December as the portion of sales involving foreclosures and homes in lower-cost areas rose relative to December. However, the median remained higher than in January 2009 because a year ago low-cost foreclosures were far more plentiful, lower-cost inland areas represented a substantially larger portion of total sales, and high-end sales were extremely slow. All of that made for an unusually low January 2009 median of $300,000.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – rose to 36.6 percent of all homes resold last month, marking the second consecutive month in which foreclosure resales increased. Foreclosure resales peaked at 52 percent of resales in February 2009, then gradually fell and, in the fall, leveled off near 32 percent, rising slightly in December over November.
Though distress has certainly migrated up the price ladder, many foreclosed properties are still located in lower-cost inland suburbs and urban areas, where they spur resale activity. Total home sales in Contra Costa, Solano, Sonoma and Napa counties combined rose to 59.7 percent of total Bay Area sales last month, up from 57.6 percent in December but down from 67.1 percent a year ago.
Among all homes sold last month, transactions under $300,000 made up 40.4 percent of sales, up from 34.5 percent in December but down from 47.9 percent in January 2009.
Meanwhile, homes selling for over $500,000 made up 31.1 percent of sales last month, down from 35.7 percent in December but up from 22.7 percent a year ago.
The availability of financing for pricier homes improved modestly in recent months, but such “jumbo” loans remain relatively expensive and hard to obtain.
Mortgages above $417,000 – formerly the definition of a jumbo loan – made up 27.8 percent of all home purchase loans last month. That was down from 29.9 percent in December but up from 17.1 percent a year ago. More than 60 percent of purchase loans were over $417,000 before the August 2007 credit crunch hit.
Another critical form of financing for higher-cost homes – adjustable-rate mortgages (ARMs) – continues to be used far less than what’s been normal historically. In January, 7.5 percent of Bay Area purchase loans were ARMs, down from 7.9 in December but up from a record low of 3 percent a year ago. ARMs averaged 61 percent of purchase loans between January 2000 and August 2007.
Financing has flowed more freely for low- to mid-priced homes. Federally-insured, low-down-payment FHA loans, a popular choice among first-time buyers, made up 27.1 percent of Bay Area purchase loans last month. That was up from 25.6 percent in December, 24.7 percent a year ago and 0.7 percent two years ago.
Last month absentee buyers purchased 19.1 percent of all Bay Area homes sold, up from 17.3 percent in December but down from 19.3 percent a year ago. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan – accounted for 24.8 percent of January sales, up from 23.6 percent in December and 24.4 percent a year ago, based on an analysis of public records.
Home flipping has trended a bit higher, too. Last month 2.9 percent of the homes sold had previously been sold between three weeks and six months prior. January’s flipping rate varied from as little as 1.8 percent of sales in Sonoma County to as much as 3.5 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,508 last month, down from $1,619 the previous month, and up from $1,297 a year ago. Adjusted for inflation, current payments are 42.7 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 57.6 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity is off its recent peak but remains high by historical standards, with mortgage default notices flattening or trending lower in some areas, but edging higher in others. Financing with multiple mortgages is low and down payment sizes are stable, MDA DataQuick reported.
Sales Volume Median Price
All homes Jan-09 Jan-10 %Chng Jan-09 Jan-10 %Chng
Alameda 994 936 -5.8% $300,000 $341,000 13.7%
Contra Costa 1,333 1,078 -19.1% $220,000 $257,250 16.9%
Marin 122 153 25.4% $525,000 $535,000 1.9%
Napa 78 87 11.5% $370,000 $350,000 -5.4%
Santa Clara 1,037 1,137 9.6% $400,000 $451,000 12.8%
San Francisco 229 311 35.8% $562,000 $629,000 11.9%
San Mateo 273 355 30.0% $489,500 $579,000 18.3%
Solano 560 462 -17.5% $192,500 $201,000 4.4%
Sonoma 424 334 -21.2% $299,750 $325,000 8.4%
Bay Area 5,050 4,853 -3.9% $300,000 $350,000 16.7%
Source: MDA DataQuick Information Systems, www.DQNews.com
Friday, January 29, 2010
Bay Area December home sales strongest in three years
January 21, 2010
La Jolla, CA.----The Bay Area housing market last month continued its step-by-step climb up from the bottom with upticks in sales as well as prices. Many of the underlying trends are shifting slowly, if at all, indicating sluggish change in market fundamentals, a real estate information service reported.
A total of 7,828 new and resale houses and condos were sold in the nine-county region last month. That was up 13.8 percent from 6,878 in November, and up 13.6 percent from 6,889 for December 2008, according to MDA DataQuick of San Diego.
An increase from November to December is normal for the season. Last month’s year-over-year increase was the 16th in a row. The sales count was the highest for a December since 8,372 homes were sold in December 2006. Sales for Decembers since 1988 have ranged from 5,065 in 2007 to 12,349 in 2003, while the average is 8,762.
“A couple of years from now, when looking back, there’s a good chance we’ll refer to the beginning of 2009 as the bottom of the market. But that doesn’t mean we’re anywhere near normal yet. Sales distribution is still lopsided towards lower-cost homes, driven by tax incentives and distress activity. Whole mortgage categories don’t exist for buyers. Putting a deal together is excruciating, like swimming in molasses. We don’t expect much genuine improvement until lending institutions re-open their spigots,” said John Walsh, MDA DataQuick president.
The median price paid for a Bay Area home was $380,000 in December. That was down 1.8 percent from $387,000 for the month before, and up 15.2 percent from $330,000 for December 2008. Last month was the third in a row with a year-over-year gain, after 22 months of decline. The median hit bottom at $290,000 last March, well off the $665,000 peak reached in June and July of 2007.
Foreclosure resales – homes sold in December that had been foreclosed on in the prior 12 months – made up 32.3 percent of all resale activity. That was up from a revised 31.9 percent in November, and down from 48.3 percent in December 2008. Foreclosure resales peaked at 52 percent of resales in February 2009.
Federally-insured FHA loans, a popular choice among first-time buyers, made up 25.6 percent of all Bay Area purchase loans last month. That was up from 25.1 percent in November, 22.8 percent a year ago and less than 0.5 percent two years ago.
Home loans for more than $417,000, the old “jumbo” limit, used to account for more than 60 percent of the Bay Area’s purchase financing. Last month it was 29.8 percent. That percentage rose from 17.1 in January 2009 to 28.7 last June. It has since remained at roughly 30 percent.
From the beginning of 2000 until August 2007, 61 percent of the Bay Area’s home purchase loans were adjustable-rate mortgages (ARMs). Last month it was 8 percent, up from 7.9 percent the month before, and up from 5.1 percent in December 2008.
The increased availability of jumbo loans and ARMs is considered essential to a continued normalization of the Bay Area housing market.
The most active lenders to Bay Area home buyers last month were Wells Fargo and Bank of America.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
Last month absentee buyers purchased 17.9 percent of all Bay Area homes sold, while buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan – accounted for 22.7 percent of sales.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,619 last month, down from $1,639 the previous month, and up from $1,471 a year ago. Adjusted for inflation, current payments are 38.4 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 54.5 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity is off its recent peak but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average in some markets, MDA DataQuick reported.
Sales Volume Median Price
All homes Dec-08 Dec-09 %Chng Dec-08 Dec-09 %Chng
Alameda 1,492 1,552 4.0% $338,000 $360,000 6.5%
Contra Costa 1,788 1,634 -8.6% $252,500 $287,500 13.90%
Marin 165 265 60.6% $562,500 $635,000 12.90%
Napa 111 128 15.3% $402,500 $356,000 -11.60%
Santa Clara 1,265 1,915 51.4% $436,000 $475,000 8.9%
San Francisco 366 499 36.3% $616,500 $650,000 5.4%
San Mateo 435 642 47.6% $537,000 $586,500 9.2%
Solano 733 698 -4.8% $213,500 $217,500 1.9%
Sonoma 534 495 -7.3% $300,000 $330,000 10.00%
Bay Area 6,889 7,828 13.6% $330,000 $380,000 15.20%
Source: MDA DataQuick Information Systems, www.DQNews.com
Media calls: Andrew LePage (916) 456-7157 or John Karevoll (909) 867-9534
Copyright 2009 DataQuick Information Systems. All rights reserved.
La Jolla, CA.----The Bay Area housing market last month continued its step-by-step climb up from the bottom with upticks in sales as well as prices. Many of the underlying trends are shifting slowly, if at all, indicating sluggish change in market fundamentals, a real estate information service reported.
A total of 7,828 new and resale houses and condos were sold in the nine-county region last month. That was up 13.8 percent from 6,878 in November, and up 13.6 percent from 6,889 for December 2008, according to MDA DataQuick of San Diego.
An increase from November to December is normal for the season. Last month’s year-over-year increase was the 16th in a row. The sales count was the highest for a December since 8,372 homes were sold in December 2006. Sales for Decembers since 1988 have ranged from 5,065 in 2007 to 12,349 in 2003, while the average is 8,762.
“A couple of years from now, when looking back, there’s a good chance we’ll refer to the beginning of 2009 as the bottom of the market. But that doesn’t mean we’re anywhere near normal yet. Sales distribution is still lopsided towards lower-cost homes, driven by tax incentives and distress activity. Whole mortgage categories don’t exist for buyers. Putting a deal together is excruciating, like swimming in molasses. We don’t expect much genuine improvement until lending institutions re-open their spigots,” said John Walsh, MDA DataQuick president.
The median price paid for a Bay Area home was $380,000 in December. That was down 1.8 percent from $387,000 for the month before, and up 15.2 percent from $330,000 for December 2008. Last month was the third in a row with a year-over-year gain, after 22 months of decline. The median hit bottom at $290,000 last March, well off the $665,000 peak reached in June and July of 2007.
Foreclosure resales – homes sold in December that had been foreclosed on in the prior 12 months – made up 32.3 percent of all resale activity. That was up from a revised 31.9 percent in November, and down from 48.3 percent in December 2008. Foreclosure resales peaked at 52 percent of resales in February 2009.
Federally-insured FHA loans, a popular choice among first-time buyers, made up 25.6 percent of all Bay Area purchase loans last month. That was up from 25.1 percent in November, 22.8 percent a year ago and less than 0.5 percent two years ago.
Home loans for more than $417,000, the old “jumbo” limit, used to account for more than 60 percent of the Bay Area’s purchase financing. Last month it was 29.8 percent. That percentage rose from 17.1 in January 2009 to 28.7 last June. It has since remained at roughly 30 percent.
From the beginning of 2000 until August 2007, 61 percent of the Bay Area’s home purchase loans were adjustable-rate mortgages (ARMs). Last month it was 8 percent, up from 7.9 percent the month before, and up from 5.1 percent in December 2008.
The increased availability of jumbo loans and ARMs is considered essential to a continued normalization of the Bay Area housing market.
The most active lenders to Bay Area home buyers last month were Wells Fargo and Bank of America.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
Last month absentee buyers purchased 17.9 percent of all Bay Area homes sold, while buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan – accounted for 22.7 percent of sales.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,619 last month, down from $1,639 the previous month, and up from $1,471 a year ago. Adjusted for inflation, current payments are 38.4 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 54.5 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity is off its recent peak but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average in some markets, MDA DataQuick reported.
Sales Volume Median Price
All homes Dec-08 Dec-09 %Chng Dec-08 Dec-09 %Chng
Alameda 1,492 1,552 4.0% $338,000 $360,000 6.5%
Contra Costa 1,788 1,634 -8.6% $252,500 $287,500 13.90%
Marin 165 265 60.6% $562,500 $635,000 12.90%
Napa 111 128 15.3% $402,500 $356,000 -11.60%
Santa Clara 1,265 1,915 51.4% $436,000 $475,000 8.9%
San Francisco 366 499 36.3% $616,500 $650,000 5.4%
San Mateo 435 642 47.6% $537,000 $586,500 9.2%
Solano 733 698 -4.8% $213,500 $217,500 1.9%
Sonoma 534 495 -7.3% $300,000 $330,000 10.00%
Bay Area 6,889 7,828 13.6% $330,000 $380,000 15.20%
Source: MDA DataQuick Information Systems, www.DQNews.com
Media calls: Andrew LePage (916) 456-7157 or John Karevoll (909) 867-9534
Copyright 2009 DataQuick Information Systems. All rights reserved.
2009 Fork-it-over Award Winner
Winner Winner Chicken Dinner!
Congratulations to Brigette O'Connor for "forking over" the most files in 2009. Brigette had a very successful year with 30+ transactions.
We would also like to give an honorable mention to Marie Norris who also had 30+ transactions in 2009.
We honor and value your continued business and dedicate our business growth through yours.
Thanks again to everyone, and here's to a promising 2010.
Congratulations to Brigette O'Connor for "forking over" the most files in 2009. Brigette had a very successful year with 30+ transactions.
We would also like to give an honorable mention to Marie Norris who also had 30+ transactions in 2009.
We honor and value your continued business and dedicate our business growth through yours.
Thanks again to everyone, and here's to a promising 2010.
Tuesday, January 26, 2010
Wednesday, January 20, 2010
Webtool Tip: New Password Security Feature
Hello! We wanted to let all our existing users know that we have upgraded the security on our web site. This means you can now go straight to your transaction page by entering in the following URL:
trinaddie.com/yourfirstnameyourlastname.html
Here is an example (not a real link):
trinaddie.com/johnsmith.html
The system will automatically prompt you to log on using your existing username and password.
This upgrade also allows our users to access our webtool from your iPhone or Blackberry. No need for an app, it works great from your phones internet browser!
If you prefer, you can still use the old log on page:
trinaddie.com/logon.html
However, please note the system will require you to log on twice. So to save time, and to access your transactions on the go from your cell phone, please bookmark your transaction page.
If you experience any problems at all, please contact us so we can help.
trinaddie.com/yourfirstnameyourlastname.html
Here is an example (not a real link):
trinaddie.com/johnsmith.html
The system will automatically prompt you to log on using your existing username and password.
This upgrade also allows our users to access our webtool from your iPhone or Blackberry. No need for an app, it works great from your phones internet browser!
If you prefer, you can still use the old log on page:
trinaddie.com/logon.html
However, please note the system will require you to log on twice. So to save time, and to access your transactions on the go from your cell phone, please bookmark your transaction page.
If you experience any problems at all, please contact us so we can help.
Friday, January 15, 2010
Wednesday, January 13, 2010
2009 Archived Files
Just a quick reminder, now that we have entered a new year, all of your closed and cancelled files of 2009 have been moved to your personal archived section on our webtool. You can find these files under your account by clicking the 'My Archives' link.
Your active listings and escrows that carry over to 2010 will remain on your main transaction page as usual.
As of 2010 we have a new web feature that allows you to view all your backed-up files on our site, no matter the file status. You can view these by clicking on the "Backed-up Files" link, next to your name under your main transaction page.
Please let us know if you have any questions at all!
Your active listings and escrows that carry over to 2010 will remain on your main transaction page as usual.
As of 2010 we have a new web feature that allows you to view all your backed-up files on our site, no matter the file status. You can view these by clicking on the "Backed-up Files" link, next to your name under your main transaction page.
Please let us know if you have any questions at all!
Tuesday, January 12, 2010
Tuesday, January 5, 2010
Bring on 2010!
Happy New Year everyone! Don't be alarmed when you log on to your account and don't see your 2009 closings. Just a reminder that all of your closed and canceled files for 2009 will now be to your "My Archive" section of the website. Your active listings and current escrows carrying over to 2010 will remain on your main transaction page.
Because the archive section expires after a certain amount of time, you may notice some info become inaccessible. A new feature is being added this year where you can also access your active and closed files under the "Back Up Files" section of the website.
Starting this year you will be able to view, download, or print any inspection reports, signed disclosures, and contract docs. All emails, contact info and calendars will be loaded there after close.
Because the archive section expires after a certain amount of time, you may notice some info become inaccessible. A new feature is being added this year where you can also access your active and closed files under the "Back Up Files" section of the website.
Starting this year you will be able to view, download, or print any inspection reports, signed disclosures, and contract docs. All emails, contact info and calendars will be loaded there after close.
Bay Area home sales and median price top last year again
December 19, 2009
La Jolla, CA.----The median price paid for a Bay Area home rose above the year-ago level for the second consecutive month, a reflection of widening price stability, fewer foreclosures selling and more activity in pricier areas. Sales dipped below October but were higher than a year earlier for the 15th consecutive month, a real estate information service reported.
The median price paid for all new and resale houses and condos that closed escrow in the nine-county Bay Area last month was $387,000. That was down 0.8 percent from $390,000 in October but up 10.6 percent from $350,000 in November 2008, according to MDA DataQuick of San Diego.
Prior to its 4 percent annual gain in October this year, the median sale price hadn’t risen on a year-over-year basis since November 2007, when it gained 1.5 percent. Last month’s median was 33.4 percent higher than this year’s low point – $290,000 in March – but was still 41.8 percent lower than the $665,000 peak reached in June and July of 2007.
“The latest stats show just how much the Bay Area market has changed in a year,” said John Walsh, MDA DataQuick president. “Financial distress is still a problem with many borrowers, but for now cheap foreclosures have lost their leading role in this housing drama. In the short run, we’ll be comparing the new data to some ridiculously low median sale prices a year earlier – medians severely skewed back then by so many inland foreclosures selling, and so few coastal high-end sales.”
“Statistical quirks aside, the longer-term outlook for home values is far from clear,” he continued. “A lot of people sense lenders are holding back, and that there’s at least one more round of foreclosures lurking around the corner. Combine that with less government stimulus in 2010, and it would threaten whatever price stability we see now.”
A total of 6,878 new and resale houses and condos closed escrow in the nine-county Bay Area last month. That was down 13.3 percent from 7,933 sales in October but up 19.5 percent from 5,756 sales in November 2008. A decline in sales between October and November is normal.
Last month’s sales were the highest for a November since 2006 but were still 14.6 percent lower than the November sales average of 8,050 since 1988, when DataQuick’s stats begin. November sales have ranged from a low of 5,127 in 2007 to a high of 11,906 in 2004. On average since 1988, sales have dropped 8.3 percent between October and November.
Sales in the region’s higher-cost counties – Marin, San Francisco, Santa Clara and San Mateo – represented 42.3 percent of November sales, up from 35.0 percent a year ago, when more sales were concentrated in the lower-cost inland areas steeped in foreclosures. Homes selling for more than $500,000 made up 36.5 percent of all transactions last month, up from 31.3 percent a year ago and a low this year of 22.7 percent in January.
Foreclosure resales – homes sold in November that had been foreclosed on in the prior 12 months – made up 32.5 percent of all resale activity. That was up from 31.3 percent in October but down from 46.8 percent in November 2008. Foreclosure resales peaked at 52 percent of resales in February this year.
The recent decline in foreclosure resales follows a generally downward trend this year in the number of homes being foreclosed on. It’s mainly because lenders and loan servicers have increasingly pursued short sales and loan modifications as an alternative to the costly foreclosure process. The declining inventory of lower-cost foreclosures has been key to stabilizing the housing market, along with the federal government’s efforts to boost housing demand through lower mortgage rates, tax incentives and plentiful, low-down-payment FHA financing.
Federally-insured FHA loans, a popular choice among first-time buyers, made up 26.3 percent of all Bay Area purchase loans last month. That was up from 25.4 percent in October, 19.7 percent a year ago and less than 0.5 percent two years ago.
Meanwhile, the availability of financing for pricier homes has improved modestly in recent months, though such “jumbo” loans remain relatively expensive and difficult to obtain.
Mortgages above $417,000 – formerly the definition of a jumbo loan – made up 29.5 percent of all home purchase loans last month. That was down from 30.9 percent in October but up from 24.0 percent a year ago. More than 60 percent of purchase loans were over $417,000 before the August 2007 credit crunch hit.
Another fuel source for high-end sales – adjustable-rate mortgages (ARMs) – continues to be used far less than what’s normal historically but has trended higher lately. In November, 8.0 percent of Bay Area purchase loans were ARMs, down slightly from 8.3 in October but up from 5.9 percent a year earlier. ARMs fell to a record low of 3.0 percent in January this year. ARMs had averaged 61 percent of the region’s purchase loans this decade up until August 2007.
Last month absentee buyers purchased 15.7 percent of all Bay Area homes sold, while buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan – accounted for 22.4 percent of sales, based on an analysis of public records.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,639 last month, down from $1,665 the previous month, and down from $1,695 a year ago. Adjusted for inflation, current payments are 37.8 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 52.2 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity is off its recent peak but remains high by historical standards, with mortgage default notices flattening or trending lower in some areas, but edging higher in others. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average in some markets, MDA DataQuick reported.
Sales Volume Median Price
All homes Nov-08 Nov-09 %Chng Nov-08 Nov-09 %Chng
Alameda 1,182 1,323 11.90% $356,500 $363,000 1.80%
Contra Costa 1,423 1,472 3.40% $265,000 $290,000 9.40%
Marin 155 237 52.90% $625,000 $600,000 -4.00%
Napa 93 104 11.80% $406,500 $380,750 -6.30%
Santa Clara 1,120 1,649 47.20% $450,000 $494,500 9.90%
San Francisco 340 499 46.80% $648,000 $650,000 0.30%
San Mateo 398 525 31.90% $580,500 $587,550 1.20%
Solano 596 621 4.20% $234,500 $220,000 -6.20%
Sonoma 449 448 -0.20% $310,000 $325,050 4.90%
Bay Area 5,756 6,878 19.50% $350,000 $387,000 10.60%
Source: MDA DataQuick Information Systems, www.DQNews.com
La Jolla, CA.----The median price paid for a Bay Area home rose above the year-ago level for the second consecutive month, a reflection of widening price stability, fewer foreclosures selling and more activity in pricier areas. Sales dipped below October but were higher than a year earlier for the 15th consecutive month, a real estate information service reported.
The median price paid for all new and resale houses and condos that closed escrow in the nine-county Bay Area last month was $387,000. That was down 0.8 percent from $390,000 in October but up 10.6 percent from $350,000 in November 2008, according to MDA DataQuick of San Diego.
Prior to its 4 percent annual gain in October this year, the median sale price hadn’t risen on a year-over-year basis since November 2007, when it gained 1.5 percent. Last month’s median was 33.4 percent higher than this year’s low point – $290,000 in March – but was still 41.8 percent lower than the $665,000 peak reached in June and July of 2007.
“The latest stats show just how much the Bay Area market has changed in a year,” said John Walsh, MDA DataQuick president. “Financial distress is still a problem with many borrowers, but for now cheap foreclosures have lost their leading role in this housing drama. In the short run, we’ll be comparing the new data to some ridiculously low median sale prices a year earlier – medians severely skewed back then by so many inland foreclosures selling, and so few coastal high-end sales.”
“Statistical quirks aside, the longer-term outlook for home values is far from clear,” he continued. “A lot of people sense lenders are holding back, and that there’s at least one more round of foreclosures lurking around the corner. Combine that with less government stimulus in 2010, and it would threaten whatever price stability we see now.”
A total of 6,878 new and resale houses and condos closed escrow in the nine-county Bay Area last month. That was down 13.3 percent from 7,933 sales in October but up 19.5 percent from 5,756 sales in November 2008. A decline in sales between October and November is normal.
Last month’s sales were the highest for a November since 2006 but were still 14.6 percent lower than the November sales average of 8,050 since 1988, when DataQuick’s stats begin. November sales have ranged from a low of 5,127 in 2007 to a high of 11,906 in 2004. On average since 1988, sales have dropped 8.3 percent between October and November.
Sales in the region’s higher-cost counties – Marin, San Francisco, Santa Clara and San Mateo – represented 42.3 percent of November sales, up from 35.0 percent a year ago, when more sales were concentrated in the lower-cost inland areas steeped in foreclosures. Homes selling for more than $500,000 made up 36.5 percent of all transactions last month, up from 31.3 percent a year ago and a low this year of 22.7 percent in January.
Foreclosure resales – homes sold in November that had been foreclosed on in the prior 12 months – made up 32.5 percent of all resale activity. That was up from 31.3 percent in October but down from 46.8 percent in November 2008. Foreclosure resales peaked at 52 percent of resales in February this year.
The recent decline in foreclosure resales follows a generally downward trend this year in the number of homes being foreclosed on. It’s mainly because lenders and loan servicers have increasingly pursued short sales and loan modifications as an alternative to the costly foreclosure process. The declining inventory of lower-cost foreclosures has been key to stabilizing the housing market, along with the federal government’s efforts to boost housing demand through lower mortgage rates, tax incentives and plentiful, low-down-payment FHA financing.
Federally-insured FHA loans, a popular choice among first-time buyers, made up 26.3 percent of all Bay Area purchase loans last month. That was up from 25.4 percent in October, 19.7 percent a year ago and less than 0.5 percent two years ago.
Meanwhile, the availability of financing for pricier homes has improved modestly in recent months, though such “jumbo” loans remain relatively expensive and difficult to obtain.
Mortgages above $417,000 – formerly the definition of a jumbo loan – made up 29.5 percent of all home purchase loans last month. That was down from 30.9 percent in October but up from 24.0 percent a year ago. More than 60 percent of purchase loans were over $417,000 before the August 2007 credit crunch hit.
Another fuel source for high-end sales – adjustable-rate mortgages (ARMs) – continues to be used far less than what’s normal historically but has trended higher lately. In November, 8.0 percent of Bay Area purchase loans were ARMs, down slightly from 8.3 in October but up from 5.9 percent a year earlier. ARMs fell to a record low of 3.0 percent in January this year. ARMs had averaged 61 percent of the region’s purchase loans this decade up until August 2007.
Last month absentee buyers purchased 15.7 percent of all Bay Area homes sold, while buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan – accounted for 22.4 percent of sales, based on an analysis of public records.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA 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 and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,639 last month, down from $1,665 the previous month, and down from $1,695 a year ago. Adjusted for inflation, current payments are 37.8 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 52.2 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity is off its recent peak but remains high by historical standards, with mortgage default notices flattening or trending lower in some areas, but edging higher in others. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average in some markets, MDA DataQuick reported.
Sales Volume Median Price
All homes Nov-08 Nov-09 %Chng Nov-08 Nov-09 %Chng
Alameda 1,182 1,323 11.90% $356,500 $363,000 1.80%
Contra Costa 1,423 1,472 3.40% $265,000 $290,000 9.40%
Marin 155 237 52.90% $625,000 $600,000 -4.00%
Napa 93 104 11.80% $406,500 $380,750 -6.30%
Santa Clara 1,120 1,649 47.20% $450,000 $494,500 9.90%
San Francisco 340 499 46.80% $648,000 $650,000 0.30%
San Mateo 398 525 31.90% $580,500 $587,550 1.20%
Solano 596 621 4.20% $234,500 $220,000 -6.20%
Sonoma 449 448 -0.20% $310,000 $325,050 4.90%
Bay Area 5,756 6,878 19.50% $350,000 $387,000 10.60%
Source: MDA DataQuick Information Systems, www.DQNews.com
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