The Long Beach California real estate condo and townhouse price trends are shown below in the chart.  The data show price changes relative to January 2008.    The past couple months show a strong downtrend.  Will it persist?  We’ll have to wait and see.

Long Beach Condo and Townhouse Price Trends

For more charts relating to the real estate trends in Long Beach California,  use the link below:

http://www.philipmccollum.com/marketdata.htm

Let me know if you have any special requests.

Lakewood California home sales

Listed below are home sales in Lakewood California, close to Bixby Knolls.

For additional information regarding recent home sales in the Long Beach/Lakewood area, please visit:

http://www.philipmccollum.com/neighborhoodsales.htm

Thank you.

Long Beach home sales

Recent home sales in Long Beach for areas close to Lakewood.

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For more information regarding recent home sales in Long Beach and surrounding areas, please visit:

http://www.philipmccollum.com/neighborhoodsales.htm

The Manhattan Beach, Redondo Beach, and Hermosa Beach (Beach Cities)  California real estate home price trends are shown below in the chart.  The data show price changes relative to January 2008.    The past couple months have been relatively flat.  Will that trend persist?  Only time will tell.

Manhattan Beach, Redondo Beach, Hermosa Beach Real Estate Home Price Trends

For more charts relating to the real estate trends in Manhattan Beach, Redondo Beach, and Hermosa Beach California, click on the image or use the link below:

http://www.philipmccollum.com/marketdata.htm

The Palos Verdes California real estate home price trends are shown below in the chart .  The data show price changes relative to January 2008.    The past couple months show a strong downtrend.  Will it persist?  Only time will tell.

Palos Verdes California Real Estate Home Price Trends

For more charts relating to the real estate trends in Palos Verdes California, click on the image or use the link below:

http://www.philipmccollum.com/marketdata.htm

The Torrance California real estate home price trends are shown below in the chart .  The data show price changes relative to January 2008.  Prices in Torrance have been bouncing around over the past year.  The past couple months show a strong downtrends.  Will it persist?  Only time will tell.

Torrance Real Estate Home Price Percent Change

For more charts relating to the real estate trends in Torrance California, click on the image or use the link below:

http://www.philipmccollum.com/marketdata.htm

The Carson California real estate home price trends are represented in today’s post.  The data show price changes relative to January 2008.

Carson Real Estate Home Prices Percent Change

For more charts relating to the real estate trends in Carson California, click on the image or use the link below:

http://www.philipmccollum.com/marketdata.htm

Real Estate News: Beyond the Headlines from C.A.R.

Los Angeles Times - What do buyers want in a home?
Survey offers clues A recent study of more than 22,000 homeowners who bought their homes within the last nine years found that current homeowners plan to be “more practical” in their next purchase, focusing on livable space rather than unnecessary upgrades.

KEEP THIS IN MIND

Many of the luxury amenities once considered necessities among home buyers, such as community clubhouses, dog parks, golf courses, and 24-hour security, are no longer priorities, according to the survey. Repeat buyers also said a swimming pool isn’t a must, but a children’s playground with walking paths are essential.

One of the takeaways from the survey, according to an architect firm, is that buyers nowadays should rethink space. For example, buyers should look for kitchen cabinets that go all the way to the ceiling for added space and efficiency. They also should pass on high- priced focal stairways, opting instead of steps that are tucked away and out of sight.

Buyers also should be on the lookout for dead space. If the dining room or media room is eliminated, at least some of the square footage should be dedicated to secondary bedrooms. The once-standard 10-by-10 bedroom no longer is acceptable to most buyers.

The survey also found that many buyers have transitioned toward green features, such as high-efficiency appliances, insulation, and windows that are not large areas of glass. However, many buyers did not report the use of recycled materials as a necessity.  Other findings from the survey show that large kitchens, with islands, are desirable, as are main-floor master bedrooms, and two-car garages.
To read the full story, please click here:

http://www.latimes.com/classified/realestate/news/la-fi-lew4-2010apr04,0,2602030.story

In Other News…

The Mercury News - Government launches effort to help homeowners in short sales
The government launched a new effort Monday to speed up the time-consuming often-frustrating process of selling your home if you owe more than it’s worth.
To read the full story, please click here:

http://www.mercurynews.com/real-estate-news/ci_14823039

The Wall Street Journal - Hold your breath: Borrowers could stay “underwater” for years

So-called “underwater” homeowners who owe more than their homes are worth could be holding their breath for much of the next decade.  To read the full story, please click here:

http://blogs.wsj.com/developments/2010/04/01/hold-your-breath-borrowers-could-stay-underwater- for-years/

The Sacramento Bee  California expected to cancel tax on forgiven mortgage debt
Relief appears imminent for thousands of Sacramento homeowners hit with state tax bills for mortgage debts forgiven in 2009.
To read the full story, please click here:

http://www.sacbee.com/2010/04/06/2657410/california-expected-to-cancel.html

Los Angeles Times - Sales of contracts for previously owned homes rise 8.2 percent in February

The number of previously owned homes placed under sales contract surged 8.2 percent in February, according to data released Monday, the first sign that the government’s extended tax credit for buyers may bolster sales this spring.  To read the full story, please click here:

http://www.latimes.com/business/la-fi-home-sales6-2010apr06,0,5038223.story

The Wall Street Journal - Cash dwindling for no-money down home loan program
A program from the Department of Agriculture’s rural development division, which offers no-money- down loans in certain parts of the country for low- and middle-income borrowers, is likely to run out of funding next month, just as a surge of buyers are expected to ink deals before the federal tax- credit expires April 30.
To read the full story, please click here:

http://blogs.wsj.com/developments/2010/03/25/cash-dwindling-for-no-money-down-home-loan- program/

CNN Money - With caution, Americans still want a house

Nearly two-thirds of American would still prefer to own a home, although the recent housing market turmoil and uncertain economy have made them a little more cautious about how and when, according to a survey released Tuesday. To read the full story, please click here:

http://money.cnn.com/2010/04/06/real_estate/FannieMae_homeowner_survey/index.htm

The Wall Street Journal - Homeownership for everyone?
With the subprime market in ruins, affordable housing advocates are looking at new ways to promote responsible homeownership for low- and moderate-income families. While many policy makers would resign low- and moderate-income families to rental housing, a new study makes a case for keeping the door open to homeownership at all income levels.
To read the full story, please click here:

http://blogs.wsj.com/developments/2010/04/01/homeownership-for-everyone/

The Wall Street Journal  Housing market watchers say builders are now strenuously working to win the hearts—and checkbooks—of female buyers.
To read the full story, please click here:

http://online.wsj.com/article/SB10001424052702304871704575160112777930360.html?mod=WSJ _Real+Estate_LeftTopNews

Phil McCollum's Articles & Advice Newsletter

You can access the newsletter by clicking the link below:

Phil McCollum’s Real Estate Articles and Advice  Newsletter

The Long Beach California real estate home price trends are represented in today’s post.  The data show price changes relative to January 2008.

Long Beach California Home Selling Price Percent Change

For more charts relating to the real estate trends in Long Beach California, click on the image or use the link below:

http://www.philipmccollum.com/marketdata.htm

I do hope people all over the world will take a moment to stop and reflect on the message of Jesus.

Real Estate News: Beyond the Headlines from C.A.R.

The California Association of Realtors has just released their latest Beyond the Headlines report to keep California home buyers and sellers up to date on recent developments in the real estate market.  The Beyond the Headlines report provides articles published in the past week of great interest to real estate market watchers.

Wall Street Journal: A good time to buy? Yes, but no need to rush

Many housing economists have said that for borrowers with stable incomes, good credit history, and FICO scores of at least 620, now is an opportune time to purchase a home.  Although inventory rates are below the long-run average, there still are plenty of options available for buyers of high-end homes.

MAKING SENSE OF THE STORY FOR CONSUMERS

• Consumers trying to time the market and purchase their home when prices are likely to rise again are advised to take a different approach.  According to one real estate consultant, while home prices have stopped declining in most areas, and even have risen in some markets, mortgage rates may rise, offsetting any potential savings.
• Early last year, the Federal Reserve began purchasing mortgage-backed securities, which helped maintain low interest rates for consumers.  However, the Fed’s purchase program ended in March, and some analysts forecast interest rates to increase throughout the rest of the year.  One financial publishing company predicts that rates likely will rise to 5.5 percent by mid-2010 and close the year at 5.75 percent to 6 percent.  The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) projects rates on 30-year fixed-rate mortgages to average 5.6 percent this year.
• Closely-watched indexes, including the Standard & Poor’s/Case Shiller Index, indicate that the high end of the market didn’t experience the same dramatic price appreciation as the low end. Home prices in this segment have not declined as steeply as homes in the mid- to low-end of the market.  Additionally, many discretionary sellers in the high end—those who do not have to sell their homes—are opting to wait until home prices rise before listing their homes for sale.
• The high end of the market also is facing challenges with buyers qualifying for financing.  During the height of the market, many high-end home purchases were fueled by exotic mortgage products.  Now that those mortgages are no longer readily available, many lenders are requiring borrowers to provide proof of income, such as W-2s and recent paystubs, as well as demonstrate their ability to meet the monthly mortgage obligation.

To read the full story, please click here.

In Other News…

BusinessWeek: Economy in U.S. preserves biggest gain in six years

The U.S. economy expanded at a 5.6 percent annual rate in the fourth quarter of 2009, and corporate profits climbed, setting the stage for gains in employment that may broaden and preserve the expansion.

To read the full story, please click here.

Bloomberg: Cheap mortgages may last as investors replace Fed

The Federal Reserve’s completion this week of its program to buy $1.25 trillion in mortgage bonds probably won’t mean significantly higher U.S. home loan rates as investors return to the market, replacing the Fed.

To read the full story, please click here.

Los Angeles Times: Home prices show modest 0.3 percent gain in January

Home prices rose modestly in January, according to a closely watched national index, an unexpected piece of good news for a housing market that has struggled to hold its momentum this year.

To read the full story, please click here.

San Francisco Chronicle: Pace of house flipping picks up

Bay area bidding wars were big news in 2005-06 at the height of the housing bubble.  They were driven by buyers who feared they would lose out on the American dream if they didn’t act fast, and by investors, who imagined no ceiling to rapidly rising prices.

To read the full story, please click here.

Los Angeles Times: More underwater homeowners to get cuts in principal balance

For hundreds of thousands of homeowners who are underwater on their mortgages, it’s been a tantalizing question: Is there any way that our lender might agree to lower the amount we owe – not just the monthly payments, but the principal debt itself?

To read the full story, please click here.

San Francisco Chronicle: Credit scores can drop after getting loan help

Some homeowners who sign up for the government’s mortgage assistance program are getting a nasty surprise: Lower credit scores.

To read the full story, please click here.

The Mercury News: Answers to questions about new federal mortgage relief

For troubled homeowners across the country, one question loomed large Friday as the Obama administration announced new provisions to the Making Home Affordable Program.  Will it help me?

To read the full story, please click here.

Los Angeles Times: Consumer spending up, sign of decent recovery

Consumers spent modestly last month, a sign that the economic recovery is proceeding at a decent – but not spectacular – pace.

To read the full story, please click here.

]]> http://philipmccollum.com/blog/?feed=rss2&p=371 http://philipmccollum.com/blog/?p=357 http://philipmccollum.com/blog/?p=357#comments Sun, 04 Apr 2010 02:59:06 +0000 Phil McCollum http://philipmccollum.com/blog/?p=357 Leslie Appleton-Young, vice president and chief economist for the California Association of Realtors (C.A.R.) has come out with her prediction for 2010.

Actually, this is an updated forecast.  She made her original forecast in October 2009.

U.S. Economy Statistics

As part of her analysis, a chart of the condition of the US Economy shows hope for 2.7% growth although unemployment is forecast to reach 10.0%.  Coming off a -2.4% growth in 2009, that’s quite a turn-around.

California economy statistics

Next, a chart of the California economy is presented.  California is going through rough times.  The state is broke and can’t raise taxes for fear of making the situation worse.

Unemployment of 12.1% is forecast and that makes any recovery much more difficult.

The chart shows a forecast for negative growth of -1.1% but that looks rather favorable coming on the heals of -6% growth in 2009.

California Housing Market Outlook

Finally, we come to the California Housing Market Outlook.  I’m surprised by a couple of the predictions made by Leslie Appleton-Young.

She is forecasting home sales of 527,500 units, down from 2009 but much higher than 2008.  I’m not sure who is in the home buying mood these days.  In my own area, sales volume has been low.

Perhaps the most startling prediction is for 9.1% price growth in 2010.  I know prices have been pummeled over the past couple years, as indicated on the chart by price changes of -38.2% in 2008 and another -20.6% decline in 2009, but what will make prices rise in 2010?

Interest rates are definitely low, and that helps.  But sales have already been aided by that and by home buyer credits, so when the credits go away it seems that homes will be harder to sell.

I guess the key thing to keep in mind is that Leslie Appleton-Young works for C.A.R. and I think it’s in the job description that you must be an extreme optimist.  The C.A.R. and National Association of Realtors (N.A.R.) predictions always seem to be optimistic.

So far this year in my area I’ve seen some gains in the upper-middle-class income housing, but declines in the lower income and high-end properties.  I think it will be tough to hit that 9.0% price gain.

Your thoughts are welcome.  Please make a comment.

For more interesting statistics, refer to my website: www.philipmccollum.com