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Eat-In Kitchen in Los Angeles Reclaims Traditional Style

Click on the above link to read full story

A family undertakes a 2-year remodel to create a kitchen that combines new and old materials

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Posted in Kitchen Remodels, Real Estate, Remodels

SoCal house prices shoot up in October

The median price of an existing, detached single-family home rose significantly in Southern California in October compared with the same month a year ago, the California Association of REALTORS® reports.

San Bernardino had the greatest increase: 12 percent.

Los Angeles County’s median climbed 8.1 percent Riverside County went up by 7.5 percent, and Orange had the smallest hike of the four counties: 4.8 percent.

The median price — the midpoint of sales – was $786,000 in Orange; $580,360 in Los Angeles; $382,500 in Riverside and $274,450 in San Bernardino.

Statewide, the median price was $546,430, up 6.1 percent from $515,170 in October 2016. Sales were down 3.4 percent from a year ago.

A low supply of homes on the market continued to put a crimp on sales, especially in the relatively affordable price ranges.

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Posted in Economy, Home Prices, Real Estate

California is a national leader in outbound moves: Where did they go?


Source: The Orange County Register

California continues to see more folks moving elsewhere in the nation rather than relocating here, a sign the state looks relatively unappealing to others.

Last year, California had 142,932 more residents exit to live in other states than arrive, according to an analysis of a new report from the U.S. Census Bureau, released Wednesday, Nov. 15.

This “domestic net outmigration” was the second-largest outflow in the nation behind New York and just ahead of Illinois and New Jersey. And it was up 11 percent (13,699 net departures) vs. 2015.California’s net outmigration has been ongoing for two-decades-plus.

Yet the state’s population continues to grow: By this count, up 108,301 in 2016 — or 0.3 percent — to 38.8 million.

Mortgage Rates

 

Posted in Real Estate

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Posted in Buying a Home, Real Estate

Homeownership cuts across party lines

Homeownership is an American value that transcends political parties, according to the Zillow® Housing Aspirations Report™. The biannual survey found that 68.7 percent of Republicans and 65.1 percent of Democrats see owning a home as essential to living the American Dream.

About two-thirds of self-identified Republicans and Democrats agreed that home ownership is key to a higher social status, and close to three-quarters of respondents who identified with either party also believe that being a home owner increases standing in the local community.

Many issues have a distinct political divide, but the majority of Republicans and Democrats agree on the value of owning a home. National home-ownership rates are returning from a historical low point following the housing crisis, a signal that the recession did not fundamentally harm overall sentiment toward homeownership. Millennials, who delayed home ownership but are finally buying homes, are the generation most likely to say homeownership is part of the American Dream, regardless of political affiliation.

Just Sold

 

Posted in Buying a Home, Economy, Investment, Real Estate

Rental Costs Are Still Surging in These Cities


Rents have been slowing in many areas, but exceptions are still giving renters sticker shock. Rents in the nation’s largest cities, in particular, continue to grow.  Nearly half of renters—or 46 percent—devote more than 30 percent of their income to rent, according to Census Bureau data. Economists consider that “cost-burdened.”SmartAsset, a personal finance website, analyzed data median household incomes and average rents and compared them in 2013 to 2016.

Four of the top 16 cities with the largest rent increases are in California, according to the analysis.
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Posted in Economy, Real Estate, Renters

Happy Thanksgiving!!


COMMUNITY REAL ESTATE wishes you and  yours a Happy Thanksgiving!

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Posted in Holidays

San Diego home price increases outpace nation, most U.S. cities

Source: Los Angeles Times

San Diego

San Diego had the third highest annual home price increase in the nation in August, a distinction not reached since 2014, said a top real estate index released Tuesday.

San Diego County home prices have risen 7.8 percent in a year, said the S&P Case-Shiller Indices, which are adjusted for seasonal swings. Only Seattle and Las Vegas had bigger increases in the 20-city index.

In the last two years, the San Diego region has averaged around 10th place in the index, making August’s jump noteworthy to industry watchers. San Diego’s yearly increases outpaced the nationwide gain of 6.1 percent and the rest of California.

“San Diego clearly, suddenly, jumped into the big leagues,” said David Blitzer, managing chairman of the Index Committee at S&P Dow Jones Indices.

The indicies go beyond just looking at the median home price of a region, evaluating home transaction prices to track repeat sales of identical single-family houses as they turn over through the years.

Cheryl Young, senior economist at Trulia, said San Diego’s housing market is affected by lack of available homes for purchase, but also its ranking could be affected by other markets experiencing changes. For instance, Dallas has seen its year-over-year increases slow as Texas home building alleviates some demand.

Also, she said other cities that have dominated the top of the list — besides Seattle — are finally cooling down after months of big jumps.

Read full story

 

Posted in Buying a Home, MArket Value, Real Estate, Selling your Home

HUD offers disaster relief to California wildfire victims

Source: Housing Wire
Grants immediate foreclosure relief

California wildfire

The U.S. Department of Housing and Urban Development announced Thursday it will offer relief to disaster victims of the recent California wildfires.

As of Wednesday, wildfires that raged across northern California left a death toll of 42.  The number of missing people peaked at more than 2,000, but since then shrank back down to 50 people missing.

The fires are being called the deadliest and most destructive in the state’s history. About 3,000 homes were destroyed in Santa Rosa alone.

Last week, President Donald Trump issued a disaster declaration for Butte, Lake, Mendocino, Napa, Nevada, Orange, Sonoma and Yuba counties.

Now, HUD is offering disaster assistance to these areas. That relief will include foreclosure suspensions and other assistance to certain homeowners in the affected counties.

Here are the programs HUD announced are available for homeowners in the declared disaster area:

Immediate foreclosure relief: HUD announced it will grant a 90-day moratorium on foreclosures for Federal Housing Administration-insured home mortgages. HUD explained there are tens of thousands of FHA-insured homeowners in the impacted areas.

Forbearance and loan modification options: HUD is offering forbearance and loan modifications for FHA borrowers in the disaster areas.

Making mortgage insurance available: HUD will provide FHA insurance to disaster victims who have lost their homes and must rebuild or buy another home. Borrowers are eligible for 100% financing, including closing costs from FHA-approved lenders.

Making insurance available for both mortgages and home rehabilitation: HUD’s Section 203 loan program enables homeowners who lost their home to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged homes to finance its rehabilitation.

HUD also announced it would be sharing information with FEMA and the state on housing providers that could have available units in the impacted counties including public housing agencies and multifamily owners.

 

 

Posted in Foreclosures, Housing availability, Mortgage, Real Estate

The Biggest Game Changers in Renting Are Older, Highly-Educated Renters, and 2.5 Million Stronger

Source:

Baby boomer renters suburban apartments for rent RentCafe

Have you noticed how different renting is today from one or two decades ago? I think most of us would agree that renters were usually people in their 20s, renting mostly bare-bones dingy apartments with stinky carpeting and peeling windows in poorly-maintained old buildings until they saved enough to buy a place of their own. With some exceptions, this was the profile of the typical renter until recently.

But the newest trends in apartment development are suddenly attracting a new kind of renter. This renter is interested to live in a place that offers a convenient, quality lifestyle, a comfortable living space, a place to exercise, and a place to socialize all-in-one. We were very interested to find out who exactly are these new renters and what motivates them to rent instead of buy.

3 big ways in which the U.S. renter profile has changed

We turned to U.S. Census data to see if it can shed some light on how renting has evolved since 2009 — around the time when the scales started tilting in favor of renting. We looked at changes in the number of renter households by age, education level, and family type.

Read full story

 

 

Posted in Real Estate, Rentals, Renters

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