Single-Family Homes Distressed Sales By County Expo€¦ · estate brokers and agent members of any...
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Fewer Owners Underwater with Price Gains By Roger Hance, President, and David Walker Southland Regional Association of Realtors® Recent price gains here in the San Fernando Valley and throughout California have lifted more underwater homes into positive territory, pushing the share of equity home sales to their highest level since late 2007. While the hous- ing recovery is uneven with some geographic regions healing better than others—see the accompanying chart—distressed sales continue to be down by more than 50 percent from just a year ago, when they accounted for 24.6 percent of sales, ADVERTISING SUPPLEMENT THE VOICE FOR REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Roger Hance, SRAR 2014 President, c/o [email protected] Equity home sales are at the highest level since late 2007 Realtor ® Roger Hance 2014 SRAR President S E S S IO N SC HED UL E 10:00am - 11:00am - Athena North Real Estate in the Fast Lane - S R A R T e c h T e a m T ax 101 with Robert Hall & Associates 10:30am - 11:30am - Athena South 11:30am - 12:30pm - Garden Roo m 1:00pm - 2:00pm - Athena South O n-R am p to LinkedIn - RealtyT ech R oad to Success - SRAR’s 2014 Icons Panel DISCOVER THE LATEST FROM OVER 40 TABLE HOSTS FREE LUNCH (WHILE SUPPLIES LAST) PRODUCTS & SERVICES RAFFLE PRIZES! REALTOR Expo REALTOR Expo 2014 2014 Thursday, June 12, 2014 9:00am - 2:30pm Odyssey 15600 Odyssey Drive Granada Hills, 91344 The To reserve a table, contact Jason Arancibia at 818-947-2298 or [email protected] according to the California Association of Realtors. Twenty-six of the 41 reported counties showed a month-to-month decrease in the share of distressed sales, with 13 of the counties recording in the single digits, including Alameda, Marin, San Benito, San Diego, San Luis Obispo, San Mateo and Santa Clara counties. All of those counties registered a share of five percent or lower. Type of Sale April 14 Mar 14 April 13 Equity Sales 88.40% 87.60% 75.40% Total Distressed Sales 11.60% 12.40% 24.60% REOs 5.30% 5.40% 9.40% Short Sales 5.90% 6.60% 14.70% Other 0.50% 0.50% 0.50% All Sales 100.00% 100.00% 100.00% Sourch: California Association of Realtors Share of Single-Family Distressed Sales to Total Sales County April 14 Mar 2014 April 13 Alameda 4% 6% 9% Amador 22% 30% 40% Butte 18% 19% 27% Calaveras 18% 18% 36% Contra Costa 6% 9% 11% El Dorado 15% 15% 22% Fresno 19% 22% 38% Glenn 23% 38% 27% Humboldt 13% 17% 20% Kern 19% 17% 31% Kings 23% 28% 40% Lake 26% 27% 49% Los Angeles 12% 13% 24% Madera 17% 14% 47% Marin 5% 6% 10% Mendocino 27% 14% 24% Merced 12% 17% 44% Monterey 13% 10% 37% Napa 6% 13% 23% Orange 7% 7% 13% Placer 9% 11% 23% Plumas 35% 40% NA Riverside 15% 14% 32% Sacramento 16% 17% 32% San Benito 4% 9% 22% San Bernardino 18% 21% 35% San Diego 4% 4% 10% San Joaquin 19% 20% 43% San Luis Obispo 4% 7% 17% San Mateo 2% 4% 11% Santa Clara 4% 5% 10% Santa Cruz 9% 9% 18% Shasta 20% 20% 37% Siskiyou 24% 28% 34% Solano 14% 19% 43% Sonoma 9% 9% 22% Stanislaus 15% 15% 37% Sutter 17% 23% NA Tulare 24% 21% 34% Yolo 12% 14% 34% Yuba 28% 24% NA California 12% 12% 25% Source: California Association of Realtors Single-Family Homes Distressed Sales By County (Percent of Total Sales) CARETS Announces Plans For the Future California Real Estate Technology Services, Inc. (CARETS) has announced its plans for continued operation, not only for the remainder of this year but well into the future. CARETS is an organization currently comprised of six multiple listing services (MLSs) whose function is to aggregate real property listing data so that it is accessible to real estate brokers and agent members of any of the six MLSs through their desired MLS system. The company was formed in 2008 to fulfill the growing need for agents to have access to data on a broad basis without having to join several MLSs or use different platforms to access data. In December of 2013, California Regional MLS (CRMLS) announced its intention to leave CARETS effective in August. That was followed by a similar announcement from the Desert Area MLS to exit CARETS in September. “While we are disappointed that CRMLS and DAMLS have chosen to leave CARETS, we respect their business decision,” said Rick Stever, chairman of CARETS. “However, any speculation that CARETS will cease operation is totally unfounded. To the contrary, the four remaining MLS members have all committed to continue uninterrupted operation through 2016.” The four MLSs are the Combined Los Angeles-Westside MLS (CLAW), which services west Los Angeles, Malibu and surrounding areas, CRIS-Net MLS covering the San Fernando Valley and Santa Clarita Valley areas, Ventura County Regional Data Services, (VCRDS), covering Ventura County and I-TECH, covering the Glendale, Pasadena area. In total, the four MLSs are comprised of approximately 30,000 real estate agents and brokers. “CARETS is structurally and financially solid,” Stever said. “We can meet all of our contractual commitments that currently run through September of 2015 and have reached an agreement in principal with our primary technology vendor to extend our contract through 2016.” Of primary concern to brokers and agents is access to data once CRMLS and DAMLS leave CARETS. When CRMLS announced its intention to leave, it also extended an offer to enter into data share agreements with the other MLSs comprising CARETS. In turn, the MLSs expressed a willingness to pursue such agreements. “CARETS was formed in order to provide data to practitioners on a broad basis so that they can best serve their clients,” Stever said. “The goal hasn’t changed. Whether by membership in CARETS or through data share agreements all parties are working toward the same end. This is not an adversarial situation.” Of the distressed properties, the share of short sales dropped to levels last ob- served in April 2008 at 5.9 percent, down from 6.6 percent in March. April’s figure was nearly a third of the 14.7 percent recorded in April 2013. This bodes extremely well for the housing market, especially if you go back a little farther in time where the numbers get even more dramatic. A mere 4.4 percent of April sales here in the San Fernando Valley were fore- closure related, the Southland Regional Association of Realtors reported. Short sales, where lenders agree to a sale price lower than the outstanding loan balance, came in a 8.1 percent. Compare those numbers to April 2013—foreclosures were at 14.5 percent and short payoffs 24.3 percent. That’s the fantastic part about rising resale prices. The downside is that the pool of buyers able to purchase a home gets smaller and smaller with each uptick in resale prices. The San Fernando Valley single-family home median price of $465,000 reported this April was up 56.2 percent from the recession-induced low of $340,000 set in November 2011. Every month of increasing equity sales brings the market closer and closer to a traditional, healthy, normal market, even if the definition of “normal” may be elusive in modern housing markets. The share of equity sales—or non- distressed property sales—continued to increase statewide in April, rising to 88.4 percent in April, up from 87.6 percent in March. After a slight decline at the end of 2013, equity sales have been rising steadily again since the beginning of this year. In fact, April marks the 10th straight month that equity sales have been more than 80 percent of total sales. Here’s hoping for another 10 consecu- tive months of glad tidings. The Southland Regional Association of Realtors® is a local trade association with more than 8,900 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
Transcript of Single-Family Homes Distressed Sales By County Expo€¦ · estate brokers and agent members of any...
Fewer Owners Underwater with Price Gains
By Roger Hance, President, and David WalkerSouthland Regional Association of Realtors®
Recent price gains here in the San Fernando Valley and throughout California have lifted more underwater homes into positive territory, pushing the share of equity home sales to their highest level since late 2007.
While the hous-ing recovery is uneven with some geographic regions healing better than others—see the accompanying chart—distressed sales continue to be down by more than 50 percent from just a year ago, when
they accounted for 24.6 percent of sales,
ADVERTISING SUPPLEMENT
The VOice FOR Real esTaTe in The san FeRnandO and sanTa claRiTa Valleyswww.sRaR.com | Real Estate Questions? E-mail Roger Hance, SRAR 2014 President, c/o [email protected]
Equity home sales are at the highest level since late 2007
Realtor® Roger hance2014 SRAR President
SESSION SCHEDULE10:00am - 11:00am - Athena North
Real Estate in the Fast Lane - SRAR Tech Team
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11:30am - 12:30pm - Garden Room
1:00pm - 2:00pm - Athena SouthOn-Ramp to LinkedIn - RealtyTech
Road to Success - SRAR’s 2014 Icons Panel
HEDULENortrtr he - SRARAR R TeTeT ch TeTeT am
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2014 Icons Panel
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TaTaT x10:30a
11:30a
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DISCOVER
THE LATEST
FROM OVER 40
TABLE HOSTS
FREE LUNCH(WHILE SUPPLIES LAST)
PRODUCTS & SERVICES
RAFFLE PRIZES!
REALTOR
ExpoREALTOR
Expo2 0 1 42 0 1 4
Thursday,June 12, 20149:00am - 2:30pm
Odyssey15600 Odyssey DriveGranada Hills, 91344
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according to the California Association of Realtors.
Twenty-six of the 41 reported counties
showed a month-to-month decrease in the share of distressed sales, with 13 of the counties recording in the single digits, including Alameda, Marin, San Benito, San Diego, San Luis Obispo, San Mateo and Santa Clara counties. All of those counties registered a share of five percent or lower.
Type of Sale April 14 Mar 14 April 13Equity Sales 88.40% 87.60% 75.40%Total Distressed Sales 11.60% 12.40% 24.60% REOs 5.30% 5.40% 9.40% Short Sales 5.90% 6.60% 14.70% Other 0.50% 0.50% 0.50%All Sales 100.00% 100.00% 100.00%
Sourch: California Association of Realtors
share of single-Family distressed sales to Total sales
County April 14 Mar 2014 April 13Alameda 4% 6% 9%Amador 22% 30% 40%Butte 18% 19% 27%Calaveras 18% 18% 36%Contra Costa 6% 9% 11%El Dorado 15% 15% 22%Fresno 19% 22% 38%Glenn 23% 38% 27%Humboldt 13% 17% 20%Kern 19% 17% 31%Kings 23% 28% 40%Lake 26% 27% 49%Los Angeles 12% 13% 24%Madera 17% 14% 47%Marin 5% 6% 10%Mendocino 27% 14% 24%Merced 12% 17% 44%Monterey 13% 10% 37%Napa 6% 13% 23%Orange 7% 7% 13%Placer 9% 11% 23%Plumas 35% 40% NARiverside 15% 14% 32%Sacramento 16% 17% 32%San Benito 4% 9% 22%San Bernardino 18% 21% 35%San Diego 4% 4% 10%San Joaquin 19% 20% 43%San Luis Obispo 4% 7% 17%San Mateo 2% 4% 11%Santa Clara 4% 5% 10%Santa Cruz 9% 9% 18%Shasta 20% 20% 37%Siskiyou 24% 28% 34%Solano 14% 19% 43%Sonoma 9% 9% 22%Stanislaus 15% 15% 37%Sutter 17% 23% NATulare 24% 21% 34%Yolo 12% 14% 34%Yuba 28% 24% NACalifornia 12% 12% 25%
Source: California Association of Realtors
Single-Family HomesDistressed Sales By County
(Percent of Total Sales)
caReTs announces Plans For the FutureCalifornia Real Estate Technology Services, Inc. (CARETS) has announced its plans for continued operation, not only for the remainder of this year but well into the future.CARETS is an organization currently comprised of six multiple listing services (MLSs) whose function is to aggregate real property listing data so that it is accessible to real estate brokers and agent members of any of the six MLSs through their desired MLS system. The company was formed in 2008 to fulfill the growing need for agents to have access to data on a broad basis without having to join several MLSs or use different platforms to access data.
In December of 2013, California Regional MLS (CRMLS) announced its intention to leave CARETS effective in August. That was followed by a similar announcement from the Desert Area MLS to exit CARETS in September.
“While we are disappointed that CRMLS and DAMLS have chosen to leave CARETS, we respect their business decision,” said Rick Stever, chairman of CARETS. “However, any speculation that CARETS will cease operation is totally unfounded. To the contrary, the four remaining MLS members have all committed to continue uninterrupted operation through 2016.”
The four MLSs are the Combined Los Angeles-Westside MLS (CLAW), which services west Los Angeles, Malibu and surrounding areas, CRIS-Net MLS covering the San Fernando Valley and Santa Clarita Valley areas, Ventura County Regional Data Services, (VCRDS), covering Ventura County and I-TECH, covering the Glendale, Pasadena area. In total, the four MLSs are comprised of approximately 30,000 real estate agents and brokers.
“CARETS is structurally and financially solid,” Stever said. “We can meet all of our contractual commitments that currently run through September of 2015 and have reached an agreement in principal with our primary technology vendor to extend our contract through 2016.”
Of primary concern to brokers and agents is access to data once CRMLS and DAMLS leave CARETS. When CRMLS announced its intention to leave, it also extended an offer to enter into data share agreements with the other MLSs comprising CARETS. In turn, the MLSs expressed a willingness to pursue such agreements.
“CARETS was formed in order to provide data to practitioners on a broad basis so that they can best serve their clients,” Stever said. “The goal hasn’t changed. Whether by membership in CARETS or through data share agreements all parties are working toward the same end. This is not an adversarial situation.”
Of the distressed properties, the share of short sales dropped to levels last ob-served in April 2008 at 5.9 percent, down
from 6.6 percent in March.
April’s figure was nearly a third of the 14.7 percent recorded in April 2013.
This bodes extremely well for the housing market, especially if you go back a little farther in time where the numbers get even more dramatic.
A mere 4.4 percent of April sales here in the San Fernando Valley were fore-closure related, the Southland Regional Association of Realtors reported.
Short sales, where lenders agree to a
sale price lower than the outstanding loan balance, came in a 8.1 percent.
Compare those numbers to April 2013—foreclosures were at 14.5 percent and short payoffs 24.3 percent.
That’s the fantastic part about rising resale prices. The downside is that the pool of buyers able to purchase a home gets smaller and smaller with each uptick in resale prices. The San Fernando Valley single-family home median price of $465,000 reported this April was up 56.2 percent from the recession-induced low of $340,000 set in November 2011.
Every month of increasing equity sales brings the market closer and closer to a traditional, healthy, normal market, even if the definition of “normal” may be elusive in modern housing markets.
The share of equity sales—or non-distressed property sales—continued to
increase statewide in April, rising to 88.4 percent in April, up from 87.6 percent in March.
After a slight decline at the end of 2013, equity sales have been rising
steadily again since the beginning of this year. In fact, April marks the 10th straight month that equity sales have been more than 80 percent of total sales.
Here’s hoping for another 10 consecu-tive months of glad tidings. The Southland Regional Association of Realtors® is a local trade association with more than 8,900 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
