Housing Industry is finally Starting to Recover

Housing is rising at a rapid rate with low inventory.  Just this week, the census bureau report that single-family housing started to rise in February to the highest level since June 2008.  

Not since the early 1980s has the economy come out of a double-dip recession caused in large part by soaring interest rates that made homes unaffordable and sky high price tags.

As the chart shows, the collapse of the housing boom is only starting to recover.    

To search for homes for sale in your area, click here.

Is Housing Shortage Causing the Increase in Home Prices?

I'm pretty sure you are hearing from everyone that the housing market is on the path to recovery. In fact, California Association of Realtors (CAR) has announced that home prices rose for the third year in the row and will continue to rise in 2013. 

With many homes being sold, there is now a shortage of homes for sale.  In Huntington Beach, a realtor  hosted an open house on a short sale which pulled in 50 people in half an hour and produced 30 offers in one day! The days of lowball offers and other demands by buyers are history (for right now) and the once described balanced market has become a seller's market.  

As we approach the holidays seasons, serious buyer will continue to look through the holidays especially with the interest rates remaining at a historical low. 


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Source: OCRegister.com

California Home Sales and Prices Higher in July!

California home sales and prices data come in strong in July.  Last month, the median price reached a near-four-year high, according the California Association of Realtors® (C.A.R).  July 2012 median price was the highest since August 2008, when the median price reached $352,730.  

Interest rates continue to remain at a historically low in July with 30 year fixed mortgage interest rates averaging 3.55 percent.  Adjustable-mortgage interest rates averaged at 2.69 percent in July.  

The median number of days to sell a single-family home dropped from 43.4 days in June to 43.2 days in July. It took a median of 51.9 days for a home to sell in July 2011. 

For more information or to see July 2012 Data Chart for Existing Single Family Homes and Sales, click here.