Home remodeling activity reaches record high in October
The BuildFax residential remodeling index reached a record high in October, extending its 23-month climb another month, as homeowners opt to stay put and remodel rather than buy a new home.
The index, which began in 2004, rose to 147.6, up 40 percent from 105.8 in October 2010. The index stood at 141.4 in September, which was also a high.
Joe Emison, vice president of research and development at BuildFax, said while the number of remodeling projects is rising, the average estimated construction cost of each project is falling.
"We see that as an indication that people are doing more comfort remodels, meaning they're modeling to make their homes more comfortable as opposed to flipping it," he said.
The company found the average project cost of a major remodeling project for 2011 was $39,460, down from an index high of $43,808 in 2004. The average project cost of a minor remodeling project in 2011 was $10,968, down from an index high of $12,623 in 2006.
Thursday, December 22, 2011
FAST FACTS!
Your monthly fast facts
Fast Facts
Calif. median home price: November 2011: $280,960 (Source: C.A.R.)
Calif. highest median home price by region/county November 2011: Marin: $736,410 (Source: C.A.R.)
Calif. lowest median home price by region/county November 2011: Madera: $103,330 (Source: C.A.R.)
Calif. Pending Home Sales Index: October 2011: 122., an increase of 3.1 percent compared with a prior year.
Calif. Traditional Housing Affordability Index: Third quarter 2011: 52 percent (Source: C.A.R.)
Mortgage rates: Week ending 12/15/2011 30-yr. fixed: 3.94% fees/points: 0.8% 15-yr. fixed: 3.27 fees/points: 0.8% 1-yr. adjustable: 2.81% Fees/points: 0.6% (Source: Freddie Mac)
Fast Facts
Calif. median home price: November 2011: $280,960 (Source: C.A.R.)
Calif. highest median home price by region/county November 2011: Marin: $736,410 (Source: C.A.R.)
Calif. lowest median home price by region/county November 2011: Madera: $103,330 (Source: C.A.R.)
Calif. Pending Home Sales Index: October 2011: 122., an increase of 3.1 percent compared with a prior year.
Calif. Traditional Housing Affordability Index: Third quarter 2011: 52 percent (Source: C.A.R.)
Mortgage rates: Week ending 12/15/2011 30-yr. fixed: 3.94% fees/points: 0.8% 15-yr. fixed: 3.27 fees/points: 0.8% 1-yr. adjustable: 2.81% Fees/points: 0.6% (Source: Freddie Mac)
Saturday, October 22, 2011
Market Trends October 2011
“I am available locally to assist you in purchasing a foreclosure property or another property best suited to your needs. Buying or selling, I am here to act as your local real estate specialist.”
Phone: 925-943-3333 Email: rdarby@value.net
Here is the NEW MARKET TRENDS NEWSLETTER PERSONALIZED FOR YOUR NEIGHBORHOOD
Friday, October 7, 2011
Wednesday, June 8, 2011
Is It Time To Buy A Home?
Why It's Time To Buy
The Clouds Haven't Quite Parted, But the Long-Term Case for Home Ownership Is Looking Stronger
" Despite all the gloom, however, there are growing indications that it is a good time to buy. Mortgage rates, which fell to 4.55% for the week ending June 2, according to Freddie Mac, are near 50-year lows. Homes have become more affordable than they have been in years: According to Moody's Analytics, the ratio of home prices to income is now 20.9% lower than the 15-year average through 2010, and 12.5% lower than the 1989-2004 average. A historic glut of homes, meanwhile, has created a buyer's market: There were about 15 million vacant homes in the U.S. last year, according to John Burns Real Estate ConsultingInc.—some 3.1 million more than normal."
See more HERE
Wednesday, March 2, 2011
BANKS PUSH BUYERS TO PUT DOWN MORE CASH
BANKS PUSH BUYERS TO PUT DOWN MORE CASH
MAKING SENSE OF THIS STORY:
- Banks have found that larger down payments discourage delinquencies by increasing the buyers’ exposure to loss and reducing the impact of declining prices. According to a study by the Federal Reserve Bank of St. Louis, buyers who made smaller down payments were more likely to default during “unfavorable economic circumstances, such as a housing market slowdown or job loss.”
- A recent analysis showed the median down payment in nine major U.S. cities rose to 22 percent last year on properties purchased with conventional mortgages. That percentage doubled in three years and represents the highest median down payment since the data were first tracked in 1997.
- Higher borrowing costs and larger down payments could cause housing prices to decline further, analysts say. For now, borrowers who can’t afford such amounts are turning to alternative programs, such as loans for veterans or those backed by the Federal Housing Administration. Some industry experts say this has created a nonconventional mortgage market for riskier borrowers and those who don’t qualify for conventional loans.
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