Home prices rise despite fewer sales
July 31, 2010 by Debbie Bremner · Leave a Comment
Following the expiration of the federal home buyers tax credit, sales of existing, single-family homes in California declined 4.2 percent during the month of June compared with the prior year, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) June sales and price report. Meanwhile, the median price of existing homes in California rose 13.6 percent on a year-to-year basis to $311,950. The median price is the point at which half of homes on the market sell for more and half for less.
WHAT YOU NEED TO KNOW NOW
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Although the median home price in California rose in June on a year-to-year basis, in month-to-month comparisons the median price declined 3.8 percent, according to C.A.R.’s report. Despite the slight decline in month-to-month home sales, California’s housing market continues to recover at a quicker pace than the national housing market. Nationwide, home sales declined 5 percent in June and the median price rose only 1 percent, according to a report from the NATIONAL ASSOCIATION OF REALTORS® (NAR).
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C.A.R. expects home sales to be lower in the second half of the year due to the absence of the federal home buyers tax credit, but sales should remain above the long-run average and be significantly higher than the trough in 2007.
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According to C.A.R. President Steve Goddard, “It’s important to keep in mind that home prices are substantially below their peaks and interest rates remain at historic lows, making this a very affordable time for many first-time buyers to purchase a home of their own.”
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Home prices continued to post modest gains in June, due in large part to the lean inventory of homes for sale in many regions of the state. C.A.R.’s Unsold Inventory Index rose slightly to 4.8 months in June compared with 4.6 months in May and 4.2 months in June 2009. However, the number of homes for sale remains well below the long-run average of a 7.1-month supply. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
Deborah Bremner
REALTOR, 00588885
ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
Hancock Park Monthly Foreclosure Report, July 2010
July 30, 2010 by Debbie Bremner · Leave a Comment
My work as a Home Retention Specialist and Realtor gives me an interesting vantage point on the hidden marketplace of foreclosure. There are 47 pre-foreclosures (active NOD’s) right now in Hancock Park, along with 45 bank owned homes (already foreclosed, waiting to market) and 92 waiting for auction (date scheduled). This “shadow inventory” will affect the market, whether you are a buyer or seller. If you’re wondering what this means for you, call me for a quiet conversation.
When the real estate market shifts, it can create tough situations for homeowners. If you know someone that is struggling with home ownership because of a job loss or other life-changing event, please let them know I may be able to help. We are all in this housing crunch together, and as a real estate professional, it is my job to know what types of solutions are available for people that may be in a tough position.
Deborah Bremner
REALTOR, 00588885
ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
Pacific Palisades Monthly Foreclosure Report, July 2010
July 30, 2010 by Debbie Bremner · Leave a Comment
My work as a Home Retention Specialist and Realtor gives me an interesting vantage point on the hidden marketplace of foreclosure. There are 26 pre-foreclosures (active NOD’s) right now in Pacific Palisades, along with 21 bank owned homes (already foreclosed, waiting to market) and 40 waiting for auction (date scheduled). This “shadow inventory” will affect the market, whether you are a buyer or seller. If you’re wondering what this means for you, call me for a quiet conversation.
When the real estate market shifts, it can create tough situations for homeowners. If you know someone that is struggling with home ownership because of a job loss or other life-changing event, please let them know I may be able to help. We are all in this housing crunch together, and as a real estate professional, it is my job to know what types of solutions are available for people that may be in a tough position.
Deborah Bremner
REALTOR, 00588885
ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
Santa Monica Monthly Foreclosure Report, July 2010
July 30, 2010 by Debbie Bremner · Leave a Comment
My work as a Home Retention Specialist and Realtor gives me an interesting vantage point on the hidden marketplace of foreclosure. There are 68 pre-foreclosures (active NOD’s) right now in Santa Monica, along with 68 bank owned homes (already foreclosed, waiting to market) and 100 waiting for auction (date scheduled). This “shadow inventory” will affect the market, whether you are a buyer or seller. If you’re wondering what this means for you, call me for a quiet conversation.
When the real estate market shifts, it can create tough situations for homeowners. If you know someone that is struggling with home ownership because of a job loss or other life-changing event, please let them know I may be able to help. We are all in this housing crunch together, and as a real estate professional, it is my job to know what types of solutions are available for people that may be in a tough position.
Deborah Bremner
REALTOR, 00588885
ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
Beverly Hills Monthly Foreclosure Report, July 2010
July 30, 2010 by Debbie Bremner · Leave a Comment
My work as a Home Retention Specialist and Realtor gives me an interesting vantage point on the hidden marketplace of foreclosure. There are 50 pre-foreclosures (active NOD’s) right now in Beverly Hills, along with 49 bank owned homes (already foreclosed, waiting to market) and 80 waiting for auction (date scheduled). This “shadow inventory” will affect the market, whether you are a buyer or seller. If you’re wondering what this means for you, call me for a quiet conversation.
When the real estate market shifts, it can create tough situations for homeowners. If you know someone that is struggling with home ownership because of a job loss or other life-changing event, please let them know I may be able to help. We are all in this housing crunch together, and as a real estate professional, it is my job to know what types of solutions are available for people that may be in a tough position.
Deborah Bremner
REALTOR, 00588885
ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
Nearly one quarter of homes reduced asking price in July
July 30, 2010 by Debbie Bremner · Leave a Comment
In the first half of 2010, cities in the Western U.S. were experiencing a decrease in reductions. This month, the same cities experienced some of the largest surges in price reductions compared to the previous month. A recent report found 24 percent of homes listed for sale nationwide experienced at least one price reduction as of July 1, representing a 9-percent increase compared with the previous month, according to Trulia.com. The average discount for price-reduced homes remained unchanged at 10 percent of the listing price.
Cities in the Western U.S. experienced some of the largest surges in price reduction compared with the previous month. Los Angeles was #38 on the list of the top 50, and experienced a 23 percent increase in reductions from the previous month and an average price reduction of 11 percent. Price reduction levels for luxury homes (those listed at $2 million and above) continue to provide large discounts with an average of 14 percent off of the original listing price. The average discount for homes priced less than $2 million remains at 9 percent.
Download now or preview on posterous
Trulia_July+2010_Price+Reduction+Data_Largest+50+Cities.pdf (56 KB)
List courtesy of Trulia.com
Deborah Bremner
REALTOR, 00588885
ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
August Monthly Newsletter
July 28, 2010 by Debbie Bremner · Leave a Comment
(O) 310-571-1364 DIRECT
(D) 818.564.6591
Westwood Monthly Foreclosure Update July 2010
July 28, 2010 by Debbie Bremner · Leave a Comment
My work as a Home Retention Specialist and Realtor gives me an interesting vantage point on the hidden marketplace of foreclosure. There are 76 pre-foreclosures (active NOD’s) right now in Westwood, along with 66 bank owned homes (already foreclosed, waiting to market) and 100 waiting for auction (date scheduled). This “shadow inventory” will affect the market, whether you are a buyer or seller. If you’re wondering what this means for you, call me for a quiet conversation.
When the real estate market shifts, it can create tough situations for homeowners. If you know someone that is struggling with home ownership because of a job loss or other life-changing event, please let them know I may be able to help. We are all in this housing crunch together, and as a real estate professional, it is my job to know what types of solutions are available for people that may be in a tough position.
Deborah Bremner
REALTOR, 00588885
Certified Short Sale Professional
Certified Home Retention Specialist
(D) 818.564.6591
Blogging at: http://TheBremnerGroup.com/news
July Market Summary
July 28, 2010 by Debbie Bremner · Leave a Comment
See how record-low interest rates are creating an ideal scenario for buyers in this month’s market summary.
(O) 310-571-1364 DIRECT
(D) 818.564.6591
(O) 310-571-1364 DIRECT
(D) 818.564.6591
July Foreclosure Report: Find Your Neighborhood
July 28, 2010 by Debbie Bremner · Leave a Comment
My work as a Home Retention Specialist and Realtor gives me an interesting vantage point on the hidden marketplace of foreclosure. Each neighborhood in Los Angeles has its own specific foreclosure statistics, based in large part on what is transpiring in the market in that area. As values decline, we see more and more that home owners are participating in distressed sales rather than hold on to their properties. Below you will find a neighborhood by neighborhood list of current foreclosure activity. This “shadow inventory” will affect the market, whether you are a buyer or seller. If you’re wondering what this means for you, call me for a quiet conversation.
Beverly Hills
There are 50 pre-foreclosures (active NOD’s) right now in Beverly Hills, along with 49 bank owned homes (already foreclosed, waiting to market) and 80 waiting for auction (date scheduled).
Brentwood
There are 44 pre-foreclosures (active NOD’s) right now in Brentwood, along with 25 bank owned homes (already foreclosed, waiting to market) and 68 waiting for auction (date scheduled).
Hancock Park
There are 47 pre-foreclosures (active NOD’s) right now in Hancock Park, along with 45 bank owned homes (already foreclosed, waiting to market) and 92 waiting for auction (date scheduled).
Santa Monica
There are 68 pre-foreclosures (active NOD’s) right now in Santa Monica, along with 68 bank owned homes (already foreclosed, waiting to market) and 100 waiting for auction (date scheduled).
Pacific Palisades
There are 26 pre-foreclosures (active NOD’s) right now in Pacific Palisades, along with 21 bank owned homes (already foreclosed, waiting to market) and 40 waiting for auction (date scheduled).
Westwood
There are 76 pre-foreclosures (active NOD’s) right now in Westwood, along with 66 bank owned homes (already foreclosed, waiting to market) and 100 waiting for auction (date scheduled).
Don’t see your neighborhood listed? Email me for your individual report.
When the real estate market shifts, it can create tough situations for homeowners. If you know someone that is struggling with home ownership because of a job loss or other life-changing event, please let them know I may be able to help. We are all in this housing crunch together, and as a real estate professional, it is my job to know what types of solutions are available for people that may be in a tough position.
(O) 310-571-1364 DIRECT
(D) 818.564.6591
(D) 818.564.6591
