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| KELLY GREENE IS THE SANTA CLARITA VALLEY, CA REALTOR OF CHOICE |
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26290 Park View Rd, Valencia SOLD FOR $1,112,500.00 SUMMIT: 4 BEDROOMS 3.5 BATHS 3,820' SELLING AGENT http://Client Full Report + Photos |
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19626 BRUCES PLACE, CC SOLD FOR $519,000.00 4 BEDROOMS 2.5 BATHS 2,394' LISTING AGENT http://Client Full Report + Photos |
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27933 Crown Court Valencia SOLD for $329,500 2 Bed 3 Bath Selling Agent |
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| KELLY GREENE WINS REALTY EXECUTIVES AWARDS OUTSTANDING LISTING ACHIEVEMENT, CERTIFICATE OF EXCELLENCE... |
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| YES, THE HOUSING MARKET HAS RARELY LOOKED BETTER By The wall Street Journal The Wall Street Journal Yes, the housing market has rarely looked better The combination of affordable home prices, historically low mortgage rates, and a first-time home buyer tax credit that’s set to expire in less than three months has created the perfect storm of sorts for buyers who’ve been sitting on the fence, waiting for the market to recover. To read the full story, please click here · Last week, Standard & Poor’s reported that its S&P/Case-Shiller U.S. National Home Price index rose from the first quarter to the second, the first quarter-to-quarter increase in three years. Its index of 20 major cities also rose, with only two areas reporting declines. This data suggest that home prices may have reached bottom during the second quarter, and have now begun to rise. In California, July marked the fifth consecutive month of month-to-month increases in the state’s median price. · Real estate prices nationally have declined approximately 30 percent from their 2006 peak and are beginning to show signs of increases—an indicator that prices aren’t likely to go much lower, according to some housing analysts. · The inventory of unsold homes rose 7.3 percent nationwide in July, according to the NATIONAL ASSOCIATION OF REALTORS®. In California, inventory levels declined to 3.9 months, from 6.9 months a year ago, and are well below the long-run average. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. · Buyers sitting on the fence should note that the federal tax credit of up to $8,000 expires at midnight on Nov. 30, 2009. With mortgage loans taking longer to close than in years past, buyers should start working with a REALTOR® now to ensure they find the right house for their needs, and close escrow by the deadline. · Homeownership provides many benefits, including security, pride of ownership, a sense of community, and decent investment returns as a bonus. Those thinking of purchasing a home should consider these benefits when making their decision of whether or not now is the right time to buy a home. |
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| Renters Lose Edge on Homeowners Declining home prices are helping to close the gap By The wall Street Journal Renters lose edge on homeowners Declining home prices are helping to close the gap between the costs of renting versus the cost of owning a home, making homeownership more appealing and affordable in many metropolitan markets. MAKING SENSE OF THE STORY FOR CONSUMERS · Historically, after-tax mortgage payments have averaged 26 percent more than rent payments, according to Greet Street Advisors. At the peak of the current real estate cycle, mortgage payments reached as high as 66 percent more than rent payments. However, by the end of 2008, mortgage payments averaged just 24 percent more than rent payments, the narrowest gap since 2001. · In Los Angeles, mortgage payments averaged 60 percent more than rent payments between 1990 and 2008, but have since fallen to only 30 percent more than rent payments. · Some economists predict mortgage rates could fall to 4.5 percent, which could push mortgage payments to an average of 14 percent more than rent payments, a level last reached in 1998. · In some markets, well-qualified home buyers are finding that they can pay less for a mortgage payment than they spend on rent. · Although mortgage payments in some areas may be slightly higher than rent payments, the long-term benefits of homeownership outweigh the costs. Homeowners can deduct the interest they pay annually on their mortgage. · Additionally, homeowners can build up equity in their homes over the long term. Historically, homeowners who remain in their homes for at least five years have an average annual rate of return of nearly 12 percent. · Unlike rent payments, a mortgage can be paid off, enabling the homeowner to live in a house free and clear. |
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| Tax Benefits of Owning a Home By The Boston Globe, Leonard Wiener Before a home owner curses the troubled housing market, he or she should take solace in the U.S. tax code, which makes buying a home a good deal for almost everyone. Here’s why: Mortgage interest deductions, including in some cases mortgage insurance premiums, reduce home owners’ tax liability by reducing income. The deduction includes interest paid on both a first and a second home. Interest on home equity loans is also deductible — whether the borrower uses the money to remodel the kitchen or to take a vacation to Disney World. Profits from selling a house are potentially a huge windfall. When a home owner sells a primary residence, any profit on the sale of the property is tax free up to $250,000 for single home owners and $500,000 for married home owners filing. Any profit above that is nearly always a long-term capital gain taxed at 15 percent — less if the seller’s tax rate is less than 20 percent. Home owners can itemize. That opens up opportunities to deduct a host of other items that wouldn’t be deductible if the taxpayer took the standard deduction. Source: The Boston Globe, Leonard Wiener |
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| SCV home sales continue to rise Sales of homes and condos posted fifth consecutive month of increase By Signal Staff Sales of single-family homes and condos in the Santa Clarita Valley posted the fifth consecutive month of increased activity in June and the Southland Regional Association of Realtors believes the local residential real estate market is improving and will continue to remain on the rebound in the coming months. In June, there were 299 transactions, representing an 11.2 percent increase for sales of existing single-family homes when compared to June 2007, according to a report from the Realtors group released Tuesday. The nearly 300 transactions also mark a 4.1 percent increase from May. Condo sales are also on the increase, as the association reports 75 condo sales in June, a 5.6 percent increase from June 2007. "Open houses are packed with a lot of people expressing interest in buying a home, but closing a sale remains difficult," Doreen Chastain-Shine, president of the association's Santa Clarita Valley division, said in a statement. "Qualifying for a home loan is the primary problem, plus there is a mismatch between buyer expectations regarding prices and the reality on the ground." The median price for a single-family home, as well as condos, continues to slide, as the association reports a 25.6 percent drop from a year ago. The current median price stands at $450,000, a strong change from the record high of $643,000 set in April 2006. Similarly, the median price for condos is down 23 percent from a year ago to $285,000. The record price for a condo was $397,000 and was set in January 2006. In the report, Jim Link, the association's chief executive officer, said the Santa Clarita Valley is "far better off than other, harder hit areas of the state, especially those that had large numbers of new home tracts aimed primarily at first-time home buyers. We're optimistic that the worst has passed and that the Santa Clarita Valley resale market will show further improvement over the coming months as distressed properties are worked out and sold." The association also addresses the price implications from a high-rate of foreclosures and short sales. "No doubt that foreclosures and short sales are up and there are still current home owners at risk of losing their property," Chastain-Shine said in the report. "But the pressure on prices is not nearly as great as buyers assume simply because there are not nearly enough active listings to force sellers or banks to accept steep discounts." The association reports 1,940 active listings at the end of June, which is down 16.4 percent from 2007 and less than one percent below the May tally. The current inventory represents a 6.4-month supply at the current pace of sales, which is slightly over the 5-to-6-month supply the association deems a balanced market. There was a total of 370 open escrows at the end of June, an increase of 26.7 percent from a year ago and 9.1 percent higher than May. The association takes the 370 open escrows as an indication that buyers are growing more confident and that resale activity will continue to rise throughout the Santa Clarita Valley during the coming months. By Signal Staff |
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| Santa Clarita Valley Home Sales Post Strong Increases By The Signal Newspaper Buyers eager to capture bargains on foreclosed properties pushed sales of existing single-family homes in the Santa Clarita to their highest level in months, posting the fourth consecutive month of gains and the first year-to-year increase in 13 months, the Southland Regional Association of Realtors reported . A total of 178 homes changed owners last month, up 2.3 percent from a year ago and 17.9 percent higher than the March tally. Sales had been trending downward since hitting a record high of 405 transactions in June 2005, but the April total was the first time since March 2007 that the total was higher than 12 months ago. Even condominium resales posted the fourth consecutive month of increased sales with the 67 transactions during April up 24.1 percent from March. Condo sales were 1 1.8 percent below a year ago. "With about 50 percent of the current inventory consisting of foreclosed properties or short-sales, buyers are coming out in droves to take advantage of what may well be a once-in-a-lifetime opportunity," said Doreen Chastain-Shine, president of the Association’s Santa Clarita Valley Division. "I’ve had agents call to report that a growing number of properties are receiving multiple offers within days of being listed for sale. Some of them see the price being bid up above the asking price. "It’s a very hopeful prognosis," she said. "I totally believe that the local market has hit bottom and is turning." Pending escrows - a measure of future resale activity - support that optimism. There were 381 open escrows at the end of April, up 34.2 percent from a year ago and 24.1 percent higher on a month-to-month basis. Activity has been steadily rising since hitting bottom in December when there were a mere 160 open escrows. The record high of 662 open escrows was set in March of 2005. "We’ll need a few more months of statistics to be sure that positive trends emerging today are solid, but the market clearly is evolving and activity clearly is on the rise," said Jim Link, the Association’s chief executive officer. "Prices will remain soft until foreclosures and short-sales caused by the sub-prime lending melt-down have moved through the system, but anyone waiting in the hope of a steep price drop probably will be disappointed and miss an excellent opportunity to buy a home." The single-family median price has been fluctuating in the mid- to high-$400,000 range with the $480,000 median in April down 19.3 percent from a year ago, but up 2.1 percent from March. The first four months of the year saw the median slip under $500,000 for the first time in 16 months. The record high median of $643,000 was set in April 2006. Similarly, the condominium median price of $279,000 was down 27.5 percent from a year ago, off $106,000 from the $385,000 median of April 2007. It has been slowly falling since the record high of $387,000 was set in January 2006 with the March median of $275,000 being the low point in this cycle to date. Many factors mitigate against steep price declines, including: pent-up demand for housing in an area of the nation that will see population gains in coming years, lenders again writing loans which carry favorable interest rates, the lower cost of jumbo loans in high-cost regions now that the conforming loan rate has been increased, assistance for beleaguered home owners, which will limit the number of foreclosures, and an inventory that offers a solid selection but is not excessive. "Unlike just a short while ago, one out of every three families throughout Los Angeles County can now afford to buy a median-priced home," Chastain-Shine said. "Consumers recognize the opportunity and realize that the first to jump into a changing market often are the ones who capture the best opportunities." The number of homes listed for sale declined during April compared to a year ago, down 6.8 percent to 2,014 active listings. The inventory at the current pace of sales represents a mere 8.2-month supply, still a buyers’ market yet not all that far ahead of the 5- to 6-month supply thought to represent a balanced market. It also was the first time in months that the number of active listings dropped into single-digit range, supporting conclusions that the market is changing as the Spring home-buying season gets into full swing. |
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| SCV Housing Market Better Than Most By Signal Newspaper Continuing an Upward Trend in SALES By Peter Depew For The Signal Posted: Dec. 23, 2008 9:18 p.m. Updated: Dec. 24, 2008 4:59 a.m. Continuing an upward trend in sales that started in April, 55 percent more homes were sold in the Santa Clarita Valley compared with December 2007, according to the Southland Regional Association of Realtors. "That's a far cry from the record high 405 sales set in June 2005, but a strong indicator the local housing market has bottomed out and resale activity is on the upswing," said Doreen Chastain-Shine, president of the Association's Santa Clarita Valley Division. The median price of single-family homes sold in November here was $400,000, off 23.4 percent from November 2007 and dramatically below the record high of $643,000 in April 2006. The drop off in the condo median price was even steeper during November - down 33.5 percent to a median of $210,000, well below the record high of $397,000 set in January 2006. "The local market is clearly bouncing off the bottom with remarkable bargains going to buyers who come to the table with cash or a loan in hand," said Jim Link, the Association's chief executive officer. "There would be even more sales, except lenders are not issuing loans even to some buyers who meet today's exceptionally stringent, constantly shifting underwriting standards." Like most economic indicators, predictions for 2009 are mixed. On Monday, Forbes magazine predicted the Los Angeles market would lead the nation in median-home price decline at 24.9 percent. Mark Schniepp, executive director of the California Economic Forecast, called Forbes' prediction "absolutely ludicrous." Schniepp predicts a bottom for the housing market in the first quarter of 2009 with moderate increases in median-home value throughout the rest of the year resulting in a possible net increase in 2009. |
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| Real Estate Improves In California Median Prices Risen Daily Real Estate News | June 26, 2009 Real Estate Improves in California Median prices for single-family homes in California have risen for the third straight month, reaching $267,570, up 4 percent from April, according to a report from the California Association of REALTORS®. The inventory of homes continues to drop, falling a 4.2-month supply in May, compared to 8.7 month supply in May 2008. California’s real estate market always has been seen as a leading indicator for the rest of the country. What is happening in California bodes well for the rest of the nation, observers say. Source: The Wall Street Journal, Stu Woo (06/26/2009) |
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| Study: Top Lenders for Home Equity Loans By J.D. Power and Associates Despite the upheaval among lenders and declining home values, customer satisfaction with home-equity lines of credit remains high, according to the J.D. Power and Associates 2008 Home Equity Line/Loan Origination Study released. "Ongoing troubles in the housing and mortgage lending markets have had the effect of lowering customer expectations around the home equity loan and line of credit origination process,” says Tim Ryan, senior research director of the finance and insurance practice at J.D. Power and Associates. The study is based on reports from 3,176 customers who took out a home equity line/loan between February 2007 and January 2008. Among other things, customers were asked about their experiences with applications, approvals, closing and use of brokers. Here’s how the lenders compared. The rankings are based on a 1,000-point scale. Bank of America: 811 SunTrust: 809 Wachovia: 807 Chase: 791 Industry Average: 780 WaMu/Washington Mutual: 773 CitiMortgage/Citibank: 762 National City Bank: 756 Wells Fargo: 755 Countrywide Home Loans: 728 Source: J.D. Power and Associates |
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| The Newhall School District http://www.newhallschooldistrict.net/ William S. Hart Union High School District http://www.hartdistrict.org/ Saugus Union School District http://www.saugus.k12.ca.us/home Sulphur Springs Union School District http://Sulphur Springs Union School District Castic Union School District http://Castaic Union School District |
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