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“The November monthly figures were stronger than October, with 10 cities seeing rising prices versus seven the month before.” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.“Phoenix and San Francisco were both up 1.4% in November followed by Minneapolis up 1.0%. On the down side, Chicago was again amongst the weakest with a drop of 1.3% for November.
“Winter is usually a weak period for housing which explains why we now see about half the cities with falling month-to-month prices compared to 20 out of 20 seeing rising prices last summer. The better annual price changes also point to seasonal weakness rather than a reversal in the housing market. Further evidence that the weakness is seasonal is seen in the seasonally adjusted figures: only New York saw prices fall on a seasonally adjusted basis while Cleveland was flat.
Regional patterns are shifting as well. The Southwest – Las Vegas and Phoenix – are staging a strong comeback with the Southeast -- Miami and Tampa close behind. The sunbelt, which bore the brunt of the housing collapse, is back in a leadership position. California is also doing well while the northeast and industrial Midwest is lagging somewhat.
“Housing is clearly recovering. Prices are rising as are both new and existing home sales. Existing home sales in November were 5.0 million, highest since November 2009. New Home sales at 398,000 were the highest since June 2010. These figures confirm that housing is contributing to economic growth.
In November 2012, 10 cities and both Composites posted negative monthly returns. Atlanta, Denver, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix, San Diego, San Francisco and Seattle were the ten MSAs to post positive month-over-month returns
In the context of monthly changes, Boston, Chicago and New York have fared the worst – with more than six months of declining prices in the past 12 months.
Since its launch in early 2006, the S&P/Case-Shiller Home Price Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.
courtesy of: http://www.standardandpoors.com/
Greetings All,
The latest in San Diego SOLD condo prices through Dec, 2012.
For CONDOS, in the 13 different zip codes which I track, the median sold prices look like:
· Compared to 1 mo ago, 54% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all 13 zip codes was +5%. The most reliable and notable of these was Mission Valley with a 56% price increase on 22 condos sold and Hillcrest / Mission Hills with a 37% increase on 34 condos sold in the subject month.
· Compared to 2 mos ago, the market value of 77% are either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average 2 mo change over all 13 zip codes was +10%. Here we have our leader being Mission Valley with a 53% increase in market value and North Park with a 44% increase on 10 condos sold. Also, over both of the past 2 mos straight, 54% of zips have shown an increase or stayed essentially the same in market value.
· Compared to 1 year ago, we have 85% with a median market value either higher or essentially the same (within +/-4%). The average 1 yr change over all 13 zip codes was +20%. In this 1 yr category, with an 89% increase over market values of 1 yr ago, is North Park and Mission Valley with an 81% increase.
TO SEE COMPLETE DETAILS FOR MY SAN DIEGO ZIP CODES, CLICK HERE: SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE
Summary: The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased and also comparing the overall average change for all zips:
| % OF MY TRACKED ZIPS THAT INCREASED OR HELD STEADY | ||
| COMPARED TO: | CONDOS | HOUSES |
| 1 MO AGO | 54% | 84% |
| 2 MO AGO | 77% | 74% |
| 1 YR AGO | 85% | 89% |
Keep in mind that my 13 zip codes for condos and 18 zip codes for houses, are only a portion of the entire San Diego picture. It is the norm for any one particular zip code to have a positive increase in market values for 1, 2, or 3 months and then in other months to see a decrease in market values. This is particularly common with changes in the season such as during the winter holiday season.
Bottomline - while prices may go up & down within any given year-long period, what we are really looking for is a general increase from year to year so that within that year, the rise of the "up" months is higher and thus outweighs the dips of the "down" months. The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!
| OVERALL AVERAGE CHANGE OF MY TRACKED ZIPS COMBINED | ||
| COMPARED TO: | CONDOS | HOUSES |
| 1 MO AGO | UP +5% | UP +1% |
| 2 MO AGO | UP +10% | UP +2% |
| 1 YR AGO | UP +20% | UP +13% |
Cheers Again Until Next Month! - Peg
Greetings All,
The latest in San Diego SOLD house prices through Dec, 2012.
For HOUSES, in the 19 different zip codes which I track, the median sold prices look like:
· Compared to 1 mo ago, 84% of zips either went up in market value or stayed essentially the same (within +/-4% median market value) over values of the prior month. The average 1 mo change over all 18 zip codes was +1%. Most reliable and notable of the increases was Kensington / Normal Heights with a 20% increase on 17 houses sold.
· Compared to 2 mos ago, the market value of 74% are still either at a higher value or stayed essentially the same (within +/-4%) over the median values of 2 months prior. The average 2 mo change over all 18 zip codes was +2%. Here we have our leader being Tierrasanta with a 24% increase on 15 houses sold and Kensington / Normal Heights with a 23% increase. Also, over both of the past 2 mos straight, 58% of zips have shown an increase or stayed essentially the same in market value.
· Compared to 1 year ago, we have 89% with a median market value either higher or essentially the same (within +/-4%). The average 1 yr change over all 18 zip codes was +13%. In this 1 yr category, with a 56% increase over market values of 1 yr ago, is North Park on 22 houses sold in the subject month while Tierrasanta had a 44% increase.
TO SEE COMPLETE DETAILS FOR MY SAN DIEGO ZIP CODES, CLICK HERE: SAN DIEGO MEDIAN HOME PRICES BY ZIP CODE
Summary: The below charts give you an excellent overview of San Diego home prices by comparing the percentages of my zip codes that increased and also the overall average change for all zips:
| % OF MY TRACKED ZIPS THAT INCREASED OR HELD STEADY | ||
| COMPARED TO: | CONDOS | HOUSES |
| 1 MO AGO | 54% | 84% |
| 2 MO AGO | 77% | 74% |
| 1 YR AGO | 85% | 89% |
Keep in mind that my 13 zip codes for condos and 19 zip codes for houses, are only a portion of the entire San Diego picture. It is the norm for any one particular zip code to have a positive increase in market values for 1, 2, or 3 months and then in other months to see a decrease in market values. This is particularly common with changes in the season such as during the winter holiday season.
Bottomline - while prices may go up & down within any given year-long period, what we are really looking for is a general increase from year to year so that within that year, the rise of the "up" months is higher and thus outweighs the dips of the "down" months. The movement in some zips may be slow for sure, but, it is still movement and those lagging behind the upward trend in San Diego and in the county as a whole, will all catch up in due time!
| OVERALL AVERAGE CHANGE OF MY TRACKED ZIPS COMBINED | ||
| COMPARED TO: | CONDOS | HOUSES |
| 1 MO AGO | UP +5% | UP +1% |
| 2 MO AGO | UP +10% | UP +2% |
| 1 YR AGO | UP +20% | UP +13% |
For more info on real estate issues and concerns in San Diego, click “Back to blog” above and/or scroll down to “San Diego County House Prices Up 18%, Condos Up 23% Above Dec, 2011” and for even more info, “Tougher Rules for Adjustable-Rate Mortgages”
Cheers Again Until Next Month! - Peg
When Kellie and Michael May decided to refinance their home in the New York suburbs, they wanted to take advantage of historically low interest rates. But before landing a new 30-year fixed-rate mortgage, they had to get through a home appraisal.
"It was a major stumbling block," says Kellie May, who has owned the 4-bedroom, 3-bath colonial for seven years. Not that she and her husband were unprepared; they'd been through an appraisal for another refinance in 2010, so they knew to point out improvements they'd made to the 3,400 square foot home, and supply prices for other neighborhood properties that had sold recently.
But the appraisal came back roughly $70,000 less than the $1,230,000 the Mays were expecting, and too low to support their new loan.
They responded with a paperwork arsenal aimed at their lender, asserting that the appraisal had been based on faulty recent sales data. The loan squeaked through, after the bank crafted an exception for the Mays. It was able to do that because their loan was a jumbo loan, not subject to the more rigid underwriting standards they would have encountered if it were a conventional loan aimed at secondary buyers like Fannie Mae and Freddie Mac.
Low appraisals are becoming a bigger problem for many would-be buyers and refinancers as home values have started to stabilize and rise in some markets.
In Leesburg, Florida, for example, low appraisals have caused the cancellation of as many as 15 percent of home sales for local real estate broker Gus Grizzard.
"We are seeing higher price appreciation and are starting to run into appraisal problems," said Charlie Young, chief executive officer of ERA Franchise Systems, a firm with a national network of real estate brokerage offices, including Grizzard's. The National Association of Realtors reported on Tuesday that inventories of homes were low and the median price a home resale was, at $180,800 in December, up 11.5 percent in a year.
Appraisals are based on recent sales prices of comparable properties. And in rising price markets, those sales prices might not be high enough to support the newest deals. Young said there were many places in California reporting appraisal problems.
On Friday, the federal government issued new rules aimed at improving the appraisal process as it pertains to high-interest mortgages on rapidly appreciating homes.
But those rules don't go into effect for a year, and don't apply to most conventional loans. It pays to protect your own loan before the bank even thinks about sending that guy with the clipboard over to your house.
"The reality is that the appraiser is only there for 30 minutes at most," says Brian Coester, chief executive of CoesterVMS, a nationwide appraisal management company based in Rockville, Maryland. "The best thing a homeowner can do to get the highest appraisal possible is make sure they have all the important features of the home readily available for the appraiser."
Here are eight ways you can bolster your appraisal:
MAKE SURE APPRAISER KNOWS YOUR NEIGHBORHOOD
Is the appraiser from within a 10-mile radius of your property? "This is one of the first questions you should ask the appraiser," says Ben Salem, a real estate agent with Rodeo Realty in Beverly Hills, California.
He recalled a recent case where an appraiser visited an unfamiliar property in nearby Orange County and produced an appraisal that Salem said was $150,000 off. "If the appraiser doesn't know the area intimately, chances are the appraisal will not come back close to what a property is really worth."
You can request that your lender send a local appraiser; if that still doesn't happen, supply as much information as you can about the quality of your neighborhood.
PROVIDE YOUR OWN COMPARABLES
Provide your appraiser with at least three solid and well-priced comparable properties. You will save her some work, and insure that she is getting price information from homes that really are similar to yours.
Websites including Realtor.com, Zillow and Trulia offer recent sales prices and details such as the number of bedrooms and bathrooms in a home.
KNOW WHAT ADDS THE MOST VALUE
If you're going to do minor renovations, start with your kitchen and bathrooms, says G. Stacy Sirmans, a professor of real estate at Florida State University. He reviewed 150 variables that affect home values for a study sponsored by the National Association of Realtors. Wood floors, landscaping and an enclosed garage can also drive up appraisals.
DOCUMENT YOUR FIX-UPS
If you've put money into the house, prove it, says Salem.
"Before-and-after photos, along with a well-defined spreadsheet of what was spent on each renovation, should persuade an appraiser to turn in a number that far exceeds what he or she first called out."
Don't forget to highlight all-important structural improvements to electrical systems, heating and cooling systems - which are harder to see, but can dramatically boost an appraisal. Show receipts.
TALK UP YOUR TOWN
If your town has recently seen exciting developments, such as upscale restaurants, museums, parks or other amenities, make sure your appraiser knows about them, says Craig Silverman, principal and chief appraiser at Silverman & Co. in Newtown, Pennsylvania.
DISTINGUISH BETWEEN UPSTAIRS AND DOWNSTAIRS
Many homeowners covet that refinished basement, but that doesn't mean appraisers look at it the same way. "Improvements and additions made below grade, such as a finished basement, do not add to the overall square footage of your house," says John Walsh, president of Total Mortgage Services in New York. "So they don't add anywhere near as much value as improvements made above grade."
According to Remodeling magazine, a basement renovation that cost $63,000 in 2011-12 will recoup roughly 66 percent of that in added home value. That's not as good as an attic bedroom, which will recoup 73 percent of its cost. Even similar bedrooms typically count for more if they are upstairs instead of downstairs.
CLEAN UP
Even jaded appraisers can be swayed by a good looking yard. "Tree trimming, cleaning up, a few flowers in the flower beds and paint touch up can all help the appraisal," says Agnes Huff, a real estate investor based in Los Angeles.
That advice holds true indoors, too. "Get rid of all the clutter in your home," says Jonathan Miller, a longtime appraiser in New York. "It makes the home appear larger."
GIVE THE APPRAISER SOME SPACE
Don't follow the appraiser around like a puppy. "I can't tell you how many homeowners or listing agents follow me around in my personal space during the inspection," he says. "It's a major red flag there is a problem with the home."
And while you're at it, make the appraiser's job as pleasant as possible by giving your home a pleasant smell. At a minimum, clean out the litter box. Baking some fresh cookies and offering him one or two probably won't sway your appraisal, nor should it. But it couldn't hurt.
courtesy of: http://www.reuters.com
Target has Amazon.com in its cross hairs. Fed up that customers scan the store's aisles with one eye on their smartphones, and often end up making purchases online for less—a practice known as showrooming—the retailer last week promised to match Amazon's prices year round.
If a customer buys a qualifying item at Target and then finds an identical item for less in the following week's Target circular or, within seven days on Amazon.com, Walmart.com, BestBuy.com or Toysrus.com, Target will match the price.
courtesy of: http://www.MarketWatch.com
Amazon.com announced "AutoRip," a new service that will give anyone who has ever purchased a CD on Amazon over the past 15 years a free digital copy of that album.
It also applies to all purchases going forward.
The songs will automatically appear in Amazon's Cloud Player, and be immediately available for either playback or download from a PC or a mobile device. If consumers have never accessed their accounts before, the music will be there as soon as they do.
There are some limitations. The digital-matching program is only available for 50,000 albums—and only in the U.S.
courtesy of: http://online.wsj.com/
A new federal program should make it easier for some recent college graduates to keep their student-loan payments manageable.
The "Pay as You Earn Repayment Plan" lets eligible borrowers sharply lower their monthly loan payments and qualify for loan forgiveness quicker than they might otherwise.
The program limits student-loan payments to 10% of "discretionary income" as defined by government formulas. Borrowers who make regular payments could have the remaining unpaid amounts forgiven after 20 years. Those with public-service jobs may qualify for loan forgiveness after just 10 years.
Monthly payments can increase or decrease each year based on the borrower's income and family size.
Pay as You Earn is available only to borrowers with federal direct student loans, but other borrowers can consolidate existing federal student loans into a direct loan to take advantage of the program, provided they meet other requirements.
The U.S. Department of Education's Pay As You Earn calculator, at studentaid.gov, can help borrowers determine if they qualify.
courtesy of: http://online.wsj.com
The Internal Revenue Service announced last week that taxpayers won't be able to start filing their returns for 2012 until Jan. 30, eight days later than previously scheduled. People with more complicated tax issues will have to wait longer still, possibly until March.
The delays are necessary to give tax officials time to update forms and test processing systems following the last-minute changes resulting from the fiscal-cliff deal.
But will we get a few extra days to file after the customary April 15 deadline? No such luck.
courtesy of: http://www.MarketWatch.com
New mortgage rules the Consumer Financial Protection Bureau announced last week will change how lenders decide if borrowers qualify for adjustable-rate mortgages.
The "ability to repay" rule, which goes into effect in January 2014, requires lenders to consider more than just the loan's initial interest rate in determining whether someone can afford the loan.
The new rules are intended to keep lenders from getting borrowers into mortgages they can't afford. Unlike regular fixed-rate mortgages that have the same rate and monthly payment throughout the life of the loan, rates on ARMs change, which can lead to larger monthly payments that make it harder for a borrower to afford the loan.
Instead of using the introductory rate in their calculations, lenders will be required to consider the loan's "fully-indexed rate." This is defined as the margin the lender has on that loan plus the index the loan is pegged to.
For instance, an ARM with a 225-basis-point (2.25-percentage-point) margin that's pegged to the one-year LIBOR, currently at 0.84%, would have a fully-indexed rate of 3.09%. The lender will have to make sure the borrower has the ability to make the loan's monthly payments at this rate, even if the initial rate they're offered is lower than that.
While many lenders already use the fully-indexed rate to approve borrowers, it isn't a standard used throughout the industry.
For borrowers, the new rule could make it harder to qualify for ARMs since all lenders will be using rates that are higher than the initial rate available on this loan. Experts say it could lead to fewer ARM originations once the rule is implemented.
courtesy of: http://www.marketwatch.com
The median price of a single-family home in San Diego County last month was $418,500, an 18 percent increase over December 2011, the San Diego Association of Realtors announced today.
The December 2012 cost was also 3 percent above what it had been in November, according to SDAR statistics.
The organization reported that condominiums and townhomes had a median price of $253,000 last month, a 23 percent hike from December 2011.
Linda Lee, the president of the SDAR Board of Directors, said the figures are encouraging.
“The momentum carried into December, giving us a strong finish to 2012,” Lee said. “I firmly believe San Diego’s real estate market will continue to rebound in 2013.”
The December 2011 median price for a single-family home in December 2011 was $355,000. For multi-family housing, it was $205,000.
The number of sales of houses climbed 10 percent in December to 2,004 compared with the same month one year earlier.
Condo and townhome purchases were up 5 percent to 897.
courtesy of: http://www.swrnn.com
A growing number of Americans are living to age 100. Nationwide, the centenarian population has grown 65.8 percent over the past three decades, from 32,194 people who were age 100 or older in 1980 to 53,364 centenarians in 2010, according to new Census Bureau data. In contrast, the total population has increased 36.3 percent over the same time period.
Centenarians in the United States are considerably different from the overall population. Here's a look at some of the characteristics of people who live to age 100:
Female gender. It is overwhelmingly women who live to age 100. In 2010, 82.8 percent of centenarians were female. For every 100 females age 100 or older, there are only 20.7 males the same age. Females also make up 61.9 percent of those in their 80s and 72.2 percent of people in their 90s. "We know that women are more social than men. Other studies have found that staying socially connected predicts greater life expectancy," says Gary Small, a professor on aging and director of the UCLA Longevity Center in Los Angeles, who is not affiliated with the Census Bureau report. "If you are social, it may reduce stress levels because you can talk about your feelings and things that stress you out and it seems to help many people. If you need a ride to the doctor or you fall, they can take you to the hospital or help you find the best doctor."
Less diversity. Centenarians are considerably less diverse than the overall U.S. population. In 2010, some 82.5 percent of centenarians were white, versus 72.4 percent of the total population. Black or African Americans were unique in that their proportion of the centenarian population (12.2 percent) is about the same as their percentage of the total population (12.6 percent). Asians made up 2.5 percent of the centenarian population, while they make up 4.8 percent of the total population. And Hispanics represent 5.8 percent of centenarians, but 16.3 percent of the population.
Living with others. Just over a third of both female and male centenarians lived alone in their own home in 2010, but the majority of the oldest citizens live with others. "As people get older, things in life happen--like you might become a widow or you might have a disability, and because of those circumstances, living arrangements often change," says Amy Symens Smith, chief of the age and special populations branch at the Census Bureau. Centenarian females (35.2 percent) were more likely to live in a nursing home than males the same age (18.2 percent). Centenarian males are the most likely to be living with others in a household (43.5 percent), compared to just 28.5 percent of centenarian females.
City living. A large majority of the oldest U.S. citizens live in urban areas. "As age increases, the percentage living in urban areas also increases," says Smith. Some 85.7 percent of centenarians lived in urban areas in 2010, compared with 84.2 percent of those in their 90s, 81.5 percent of those in their 80s, and 76.6 percent of those in their 70s. "Living in the city, you have a lot more mental stimulation and the symphony and better doctors and hospitals and more social networking," says Small. "There are more resources, and there is better transportation."
Located in the Northeast or Midwest. States with the largest populations generally have the most centenarians. California has the largest number of centenarians (5,921), followed by New York (4,605), Florida (4,090), and Texas (2,917). Alaska has the fewest residents age 100 and older (40). Wyoming (72), Vermont (133), and Delaware (146) are also among the states with the fewest centenarians.
The Northeast and Midwest have proportions of centenarians that are higher than the national average of 1.73 per 10,000 people, while the West and South have below-average proportions of centenarians. "There's a lot of stuff going on in local areas, including access to medical care, diet, exercise, the culture, risk-taking, and more smoking," says Linda Waite, a sociology professor and director of the Center on Aging at the University of Chicago. "People in the Northeast tend to be more highly educated, and education is associated with a longer life expectancy." North Dakota is the only state with more than 3 centenarians for every 10,000 people in the state. Other states where centenarians make up a relatively large portion of the population include South Dakota, Iowa, and Nebraska. Three western states have less than one centenarian for every 10,000 people: Alaska, Utah, and Nevada.
The proportion of centenarians in the United States is smaller than that of many other developed countries. For example, for every 10,000 people, there are 1.92 centenarians in Sweden, 1.95 in the United Kingdom, and 2.70 in France. And Japan has 3.43 centenarians per 10,000 people, beating even our longest-lived state, North Dakota.
courtesy of: http://news.yahoo.com
