While foreclosures rates remain substantially higher across the country over 2006 figures, the number of filings of loan defaults, auction sales, and bank repossessions fell by 7 percent in June, according to the U.S. Foreclosure Market Report released July 12 by RealtyTrac®.
A total of 164,644 foreclosures were reported across the country in June, down by 6.53 percent from the previous month, but still up 87 percent over June 2006 figures.
"Foreclosure activity subsided somewhat in June after hitting a 30-month high in May," said James J. Saccacio, chief executive officer for RealtyTrac®. "And the drop in activity was fairly broad, with 33 states reporting month-over-month decreases. Still, the foreclosure rates in most states remained substantially above last year's levels."
Although California reported a 2 percent dip in foreclosure activity from May to June, the state had the second highest foreclosure rate in the country for the month, reporting 38,801 foreclosures, representing one filing for every 315 households, according to the report.
Thursday, July 19, 2007
Saturday, July 7, 2007
My Santa Cruz County Real Estate Report/July 2007
At the end of 2006, the percentage of appreciation in our County amounted to a negative <0.61%>. This had not happened since 1994 when appreciation fell to a negative <3.5%>. So the news this far in 2007 is encouraging. We are up 3.75% through the first six months of the year. Of course we all remember what happened just two short years ago. 'What' you ask...how about up 20.9%!
Once again different areas of the County are experiencing some highs and lows. Watsonville has the highest amount of inventory on single family homes since mid April with 35.8% and the lowest amount of pending with 14.8%. Inventory in the San Lorenzo Valley is 26.2% of the total with Santa Cruz third at 25.7%. On the other hand pending sales on condominiums are down 31%, buy oddly enough the inventory is less than what it was one year ago.
Tighter lending standards continue to impact housing activity. Home sales should remain stable in the months ahead, despite a lack of buyer confidence and the continued impact of tighter lending criteria, NAR today reported. 'Better supervised lending will put housing in a fundamentally healthier state of the long term,' said NAR Senior Economist Lawrence Yun. 'Mortgage purchase applications are trending up, with some of the rise due to buyers reapplying for alternatives to sub prime financing.'
Builder confidence falls to lowest level in 16 years. Concerns about rising interest rates, increased sales cancellations, and sizable inventory levels continue to negatively impact builder confidence, which declined for the fourth consecutive month in June, according to the National Association of Home Builders (NAHB). 'It's clear that the crisis in the sub prime sector has prompted tighter lending standards in much of the mortgage market, and interest rates on prime-quality home mortgages have moved up considerably during the past month along with long-term Treasury rates,' said NAHB Chief Economist David Seiders. 'Home sales most likely will erode somewhat further in the months ahead and improvements in housing starts probably will not be recorded until early next year.
Want to live to 100? Than pack your bags and move to Hawaii, Colorado, or New Mexico — states where residents enjoy the longest lives, according to a new report by Eons Inc., a media company that produces content about “life on the flipside of 50”. Using data from more than 450,000 adults over the age of 50 who shared information in an online longevity calculator, the report ranks all 50 states on a variety of factors related to living a long and healthy life. Here are two of the factors:
A stress-free, optimistic outlook on life can have many longevity benefits.
A modest but steady exercise regimen of at least 30 minutes a day, four days a week, people can add 10 years to their life.
Here is what is happening in our local Santa Cruz county market, for other areas please give me a call.
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June Monthly Statistical Highlights for Single Family Homes:
* Inventory up 16.5% compared to June 2006, with an increase of 9.5% from May 2007
* Sales down 15.7% compared to June 2006, but an increase of 11.5% from May 2007
* Days on the market increased to 91, month prior 89, last June at 57
* Median home price dropped to $757,000, and decreased 0.39% from May 2007
* Sales price vs.listing price ratio decreased to 93.57%
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(These statistics are believed to be accurate but not guaranteed)
Once again different areas of the County are experiencing some highs and lows. Watsonville has the highest amount of inventory on single family homes since mid April with 35.8% and the lowest amount of pending with 14.8%. Inventory in the San Lorenzo Valley is 26.2% of the total with Santa Cruz third at 25.7%. On the other hand pending sales on condominiums are down 31%, buy oddly enough the inventory is less than what it was one year ago.
Tighter lending standards continue to impact housing activity. Home sales should remain stable in the months ahead, despite a lack of buyer confidence and the continued impact of tighter lending criteria, NAR today reported. 'Better supervised lending will put housing in a fundamentally healthier state of the long term,' said NAR Senior Economist Lawrence Yun. 'Mortgage purchase applications are trending up, with some of the rise due to buyers reapplying for alternatives to sub prime financing.'
Builder confidence falls to lowest level in 16 years. Concerns about rising interest rates, increased sales cancellations, and sizable inventory levels continue to negatively impact builder confidence, which declined for the fourth consecutive month in June, according to the National Association of Home Builders (NAHB). 'It's clear that the crisis in the sub prime sector has prompted tighter lending standards in much of the mortgage market, and interest rates on prime-quality home mortgages have moved up considerably during the past month along with long-term Treasury rates,' said NAHB Chief Economist David Seiders. 'Home sales most likely will erode somewhat further in the months ahead and improvements in housing starts probably will not be recorded until early next year.
Want to live to 100? Than pack your bags and move to Hawaii, Colorado, or New Mexico — states where residents enjoy the longest lives, according to a new report by Eons Inc., a media company that produces content about “life on the flipside of 50”. Using data from more than 450,000 adults over the age of 50 who shared information in an online longevity calculator, the report ranks all 50 states on a variety of factors related to living a long and healthy life. Here are two of the factors:
A stress-free, optimistic outlook on life can have many longevity benefits.
A modest but steady exercise regimen of at least 30 minutes a day, four days a week, people can add 10 years to their life.
Here is what is happening in our local Santa Cruz county market, for other areas please give me a call.
----------------------------------------------------------------------
June Monthly Statistical Highlights for Single Family Homes:
* Inventory up 16.5% compared to June 2006, with an increase of 9.5% from May 2007
* Sales down 15.7% compared to June 2006, but an increase of 11.5% from May 2007
* Days on the market increased to 91, month prior 89, last June at 57
* Median home price dropped to $757,000, and decreased 0.39% from May 2007
* Sales price vs.listing price ratio decreased to 93.57%
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(These statistics are believed to be accurate but not guaranteed)
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