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News That You Can Use
4/22/08:
Economic News:
- Unemployment claims increased by 17,000 to 372,000 for the week ending 04/12/08.
- Retail gas prices jumped to an average $3.50 a gallon.
o Diesel prices also struck a record high of $4.20 a gallon.
o Gas and diesel are expected to keep climbing - gas because of the rise in oil and because the summer driving season, when demand is at its greatest, has yet to begin.
- Diesel, in demand throughout the world because it is used to haul goods of all kinds, shows no signs of halting its own advance.
- California March 2008 Home Sales~
o A total of 24,565 new and resale houses and condos were sold statewide last month.
o Sales were up 19.8 % from 20,513 in February and down 38.3 % from 39,811 for March last year.
o Of the homes sold in March, 38.4 % were foreclosure resales.
o The typical mortgage payment that home buyers committed themselves to paying last month was $1,606.
- That was down from $1,665 in February, and down from $2,230 for March a year ago. Adjusted for inflation, mortgage payments are back to where they were four years ago.
| This Week In Turlock Real Estate |
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| |
4/22 |
4/15 |
4/8 |
4/1 |
|
| Active Listings (Turlock) |
417 |
418 |
419 |
418 |
|
| |
|
|
|
|
|
| Pending Listings (Turlock) |
169 |
174 |
160 |
153 |
|
| Total |
586 |
592 |
579 |
571 |
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| |
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|
|
|
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| Mortgage Rates |
|
|
|
|
|
| 30 Year |
5.90% |
5.68% |
5.73% |
5.65% |
|
| |
|
|
|
|
|
| 15 Year |
|
|
|
|
|
| |
|
|
|
|
|
| 5/1 ARM |
5.65% |
5.28% |
5.40% |
5.40% |
|
| |
|
|
|
|
|
| Year to Date Home Sales (Turlock) |
|
|
|
|
|
| 2008 |
164 |
146 |
135 |
115 |
|
| |
|
|
|
|
|
| 2007 |
157 |
149 |
138 |
128 |
|
| |
|
|
|
|
|
| % Increase |
4.5% |
-2.0% |
-2.2% |
-10.2% |
|
| Median Sales Prices |
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|
|
|
|
| 2006-07 (6 months YTD) |
$ 255,000 |
$ 253,750 |
$ 255,000 |
$ 260,000 |
|
| |
|
|
|
|
|
| 2005-06 (6 months YTD) |
$ 326,500 |
$ 330,000 |
$ 330,000 |
$ 330,000 |
|
| |
|
|
|
|
|
| % Increase |
-21.9% |
-23.1% |
-22.7% |
-21.2% |
|
|
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|
|
|
|
|
|
|
|
|
| |
3/25 |
3/18 |
3/11 |
3/4 |
| Active Listings (Turlock) |
417 |
403 |
417 |
413 |
| |
|
|
|
|
| Pending Listings (Turlock) |
156 |
153 |
141 |
132 |
| Total |
573 |
556 |
558 |
545 |
| |
|
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|
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| Mortgage Rates |
|
|
|
|
| 30 Year |
5.71% |
6.06% |
6.15% |
6.00% |
| |
|
|
|
|
| 15 Year |
|
|
|
5.28% |
| |
|
|
|
|
| 5/1 ARM |
5.75% |
6.03% |
5.78% |
5.00% |
| |
|
|
|
|
| Year to Date Home Sales (Turlock) |
|
|
|
|
| 2008 |
90 |
76 |
66 |
56 |
| |
|
|
|
|
| 2007 |
119 |
108 |
92 |
79 |
| |
|
|
|
|
| % Increase |
-24.4% |
-29.6% |
-28.3% |
-29.1% |
| Median Sales Prices |
|
|
|
|
| 2006-07 (6 months YTD) |
$ 268,000 |
$ 269,000 |
$ 270,000 |
$ 270,000 |
| |
|
|
|
|
| 2005-06 (6 months YTD) |
$ 330,000 |
$ 330,000 |
$ 330,000 |
$ 330,000 |
| |
|
|
|
|
| % Increase |
-18.8% |
-18.5% |
-18.2% |
-18.2% |
|
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News That You Can Use
3/25/08:
Economic News:
- Unemployment claims increased by 22,000 to 378,000 for week ending 03/15/08.
- Light, sweet crude for May delivery fell 19 cents to $101.65 a barrel on the New York Mercantile Exchange.
· Highlights of C.A.R.’s resale housing figures for February 2008:
o C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in February 2008 was 14.3 months, compared with 8.2 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
o The median number of days it took to sell a single-family home was 68.6 days in February 2008, compared with 66.1 for the same period a year ago.
3/11/08:
Economic News:
- Unemployment claims decreased by 24,000 to 351,000 for week ending 3/01/08.
- The national average price of a gallon of gas rose 0.7 cents overnight to $3.222 a gallon, 69 cents higher than one year ago.
- Highlights from the Mortgage Bankers Assoc. Conference:
o Many subprime loans have stopped resetting to higher rates due to lower interest rates in global lending markets.
o Nationally, prime fixed-rate loans are still 65 % of all mortgages. Also, about 35 % of homeowners have completely paid off their mortgages.
o First-quarter 2008 numbers, due in June, could show improvement, reflecting moves by lenders to work out alternatives to foreclosures.
Housing Market Indicators
State of CA Reporting Current Last Year M-to-M Y-to-Y
Period Period Period Ago % Change % Change
Existing Home Jan. 2008 313,580 297,970 446,820 5.2% -29.8%
Sales (SAAR)
Median Home Price Jan. 2008 $430,370 $476,380 $551,220 -9.7% -21.9%
Unsold Inventory Jan. 2008 16.8 14.2 7.6 18.3% 121.1%
Index (months)
Median Time on Jan. 2008 71.6 66.6 68.7 7.5% 4.2%
Market (days)
First Time Buyer
Housing Affordability 2007 Q4 33% 24% 25% 9.0% 8.0%
30yr. FRM Jan. 2008 5.76% 6.10% 6.22% -0.34% -0.46%
*SOURCE: Federal Home Loan Mortgage Corp.
| This Week In Turlock Real Estate |
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3/11 |
3/4 |
2/26 |
2/19 |
|
| Active Listings (Turlock) |
417 |
413 |
424 |
438 |
|
|
|
|
|
|
|
| Pending Listings (Turlock) |
141 |
132 |
122 |
104 |
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| Total |
558 |
545 |
546 |
542 |
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|
|
|
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| Mortgage Rates |
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| 30 Year |
6.15% |
6.00% |
6.25% |
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|
|
|
|
|
|
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| 15 Year |
|
5.28% |
5.75% |
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|
|
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| 5/1 ARM |
5.78% |
5.00% |
5.13% |
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| Year to Date Home Sales (Turlock) |
|
|
|
|
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| 2008 |
66 |
56 |
46 |
37 |
|
|
|
|
|
|
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| 2007 |
92 |
79 |
66 |
58 |
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| % Increase |
-28.3% |
-29.1% |
-30.3% |
-36.2% |
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| Median Sales Prices |
|
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| 2006-07 (6 months YTD) |
$ 270,000 |
$ 270,000 |
$ 275,000 |
$ 275,000 |
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| 2005-06 (6 months YTD) |
$ 330,000 |
$ 330,000 |
$ 330,000 |
$ 330,000 |
|
|
|
|
|
|
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| % Increase |
-18.2% |
-18.2% |
-16.7% |
-16.7% |
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| News That You Can Use
2/12/08:
Economic News:
- Unemployment claims decreased by 22,000 to 356,000 for week ending 2/2/08.
- Light, sweet crude for March delivery fell 90 cents to $92.69 a barrel on the New York Mercantile Exchange.
New Tax Laws
- If you're forced to sell a home you can no longer afford, and your lender agrees to forgive any unpaid mortgage balance, you no longer have to worry about a hefty tax bill as well. (This tax break is retroactive to Jan. 1, 2007.) With the new legislation, the tax has been eliminated until Jan. 1, 2010.
- A small bit of good news for homeowners with private mortgage insurance (PMI): Congress voted to extend the deductibility of PMI premiums until Jan. 1, 2010.
o Only homeowners with adjusted gross incomes below $100,000 are eligible for a full deduction (it phases out between $100,000 and $110,000), and only mortgages for primary residences originated after 2006 are eligible. A PMI trade association estimates this tax break will result in an average $350 annual savings for homeowners eligible for the deduction.
- Tax relief for surviving spouses. If a surviving spouse opts to sell a primary residence within two years of the death of the other spouse, the surviving spouse is eligible for a $500,000 capital gains exclusion, rather than the old $250,000 exclusion that applies to individuals.
| This Week In Turlock Real Estate |
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2/19 |
2/12 |
2/5 |
1/29 |
| Active Listings (Turlock) |
438 |
455 |
444 |
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