Lake Havasu Real Estate

2013-06-27T12:21:00.000-07:00

What is My Home Worth?

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The Home Team

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Lake Havasu Market Report - May 2013

2013-06-24T13:31:00.001-07:00

Lake Havasu Market Report – May 2013

The median price for residential homes sold in May 2013 was $165,000 which represented an increase of 3.2% compared to May of last year. There were 181 residential homes sold in April; an increase of 19.1% compared to the prior year. The number of active listings decreased in April but was back up again in May, as we predicted.

Prices continue their upward trend however they may level off as we start to see interest rates rise. According to Business Insider, affordability has peaked and will trend downward as either interest rates rise or prices increase. For those buyers who are on the fence about purchasing a home, it is not too late. Even with the slight increases we are seeing, interest rates are low compared to historic levels so there is still time to purchase an affordable home.

Key Metrics Residential Homes	May 2013	May 2012	1 yr % change
Median Sold Price	$165,000	$159,950	+3.2%
Average Sold Price	$187,194	$188,511	-0.7%
Units Sold	181	152	19.1%
Active Listings	650	593	9.6%

The numbers above represent all of Lake Havasu.
Would you like to know what is happening in your neighborhood?
Would you like to know the value of your home?
Do you need help deciding whether to sell or not or would you like to know if now is the right time to buy?

Lake Havasu City Real Estate News - May 2013

2013-05-02T13:16:00.002-07:00

Push the button above to search the MLS!

Warren Buffett: "I would buy single family homes."

The home bidding wars are back!
By Les Christie

The bidding wars are back. Seemingly overnight, many of the nation's major housing markets have gone from stagnant to sizzling, with for-sale listings drawing offers from a large number of house hunters.
Read more, click HERE!

Don’t Be Fooled By These 3 Real Estate Myths
By Brendon DeSimone

As the real estate market significantly rebounds, some buyers and sellers are dipping their toes in the waters for the first time. Inevitably, they come into the market with assumptions about how it works.

Read more, click HERE!

How to be the Most Attractive Homebuyer
By Andrea Murad

The spring season tends to flood the housing market with buyers, and in markets with low inventory levels, the competition is stiff.
As home prices continue to recover and interest rates remain at near-record lows, some houses are receiving multiple offers and to win the bid, buyers need to stand out from the crowd. According to the National Association of Realtors, houses sold in 71 days in January, down from 99 days a year ago.

Read more, click HERE!

Memorial Day 2013 in Washington, DC
By Rachel Cooper

Memorial Day is a day of remembrance for those who have died serving our country. This is a great time to honor our veterans and famous Americans by visiting the monuments in Washington, DC. The Memorial Day weekend also marks the beginning of the busy summer season and the Washington, DC region celebrates with family friendly events and special services. Here is the 2013 Memorial Day event schedule:

Read more, click HERE!

The Scientific Power of Thought

5 Facebook privacy settings you need to check now
By Kim Komando

Facebook is a fabulous way to connect with friends and family. Of course, Facebook is also a spectacular way to embarrass yourself. And it happens almost every day.

Read more, click HERE!

Fun Things to Do in Arizona's Playground

Welcome to Lake Havasu City. We’re known as “Arizona’s Playground,” and for good reason. This is the off-roading, ultralight-flying, speed boating, rock climbing capitol of the Southwest! It’s also a great place to kick back with friends, relax and watch the world pass by.

Read more, click HERE!

30th Annual WON Striper Derby

The 30th Annual WON Lake Havasu Striper Derby promises to be a great time whether you are a novice or experienced angler. Be a part of the friendly competition for cash prizes, casting contest, raffle prize giveaways, and more. Plan now to attend the largest and most lucrative striped bass fishing event in the United States!

Read more, click HERE!

32 Outdoor Room Design Ideas

Whether you have a porch, pool, or patio, take advantage of the warm weather with our guide to creating a luxurious outside lounge

Read more, click HERE!

2585 Hwy 95
Parker, AZ 85344
$525,000

Luxury, gated resort style living at the south end of Lake Havasu at Havasu Springs Resort. Unmatchable lake, golf course and mountain views! Spacious covered patio to enjoy resort style atmosphere! Includes a community pool, boat launching, free slip usage, golf privileges, penthouse sundeck, additional 40' boat garage for owner's use with 10' door.

3760 SQUAW DR
Lake Havasu City, AZ 86406
$219,000

Beautiful wood flooring in living area, tile in kitchen. Tiled countertops, lots of storage in the laundry room. Murphy bed in 2nd bedroom. Private yard with block wall, refreshing pool, barbecue cabana & hot tub. Nice landscaping, fruit trees and shed. Shop/office built into garage. Double gated RV parking on side with hook ups.

2972 Mica Dr.
Lake Havasu City, AZ 86404
$129,000

LAKE VIEW from the front of this lovely clean home ready for occupancy. Vaulted ceiling in living area, large bedrooms, neutral colors, paved RV driveway and motorhome hookups. Huge master closet. Appliances included, screened patio, peaceful rear yard, hot tub and much more!

When HOME is important, you need THE HOME TEAM advantage ABR,GRI,CDPE, ASSOCIATE BROKER Each Keller Williams office is independently owned and operated.
Copyright © 2013 The Home Team, Keller Williams Arizona Living Realty, All rights reserved.
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Lake Havasu Real Estate Market Report

2013-04-25T13:20:00.001-07:00

Lake Havasu Market Report – March 2013

The median price for residential homes sold in March 2013 was $157,550 which represented an increase of 15.8% compared to March of last year. There were 178 residential homes sold in March; an increase of 6.6% compared to the prior year. The number of active listings decreased nearly 11% between February and March 2013. Just as we reported last month, there continues to be a strong demand for homes and a shrinking supply of available properties. This certainly is contributing to the increase in home prices in the Lake Havasu area.

According to a recent Fannie Mae national survey, 1 in 5 of Americans say it’s a good time to sell a house which reflects the public’s growing optimism in the real estate market. 72% of those surveyed said its good time to buy a house. 69% of respondents said, if they were going to move, they would buy a home. 41% of consumers feel that the economy is on the right track.

The numbers above represent all of Lake Havasu.
Would you like to know what is happening in your neighborhood?
Would you like to know the value of your home?
Do you need help deciding whether to sell or not or would you like to know if now is the right time to buy?

We are very happy to get you that information.

Just click Reply and let us know.

When HOME is important, you need THE HOME TEAM advantage ABR,GRI,CDPE, ASSOCIATE BROKER Each Keller Williams office is independently owned and operated.
Copyright © 2013 The Home Team, Keller Williams Arizona Living Realty, All rights reserved. You are receiving this because you have inquired abour our services. Our mailing address is: The Home Team, Keller Williams Arizona Living Realty 1990 N McCulloch Blvd, Ste 109 Lake Havasu City, AZ 86403 Add us to your address book
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Is The Housing Market "Artificial"? Does It Matter?

2013-04-02T13:24:00.002-07:00

It’s no secret investor demand is playing a large part in the current housing recovery as cash buyers contribute to close to one-third of home sales. The question on the minds of many is whether the market is experiencing an “artificial” recovery and whether it will last.

Keefe, Bruyette & Woods, a New York-based investment banking firm, suggests the question of artificiality is mute because the current recovery will, in fact, last.

“Sure, it may be artificial and in large part driven by high investor purchases and artificially suppressed mortgage rates,” the firm said in a report.

“But as we see incremental headlines, economists, and analysts starting to factor improving job growth, recovering housing wealth and whiffs of a self-reinforcing housing virtuous circle into their expectations we just get downright giddy,” the firm stated.

This “giddiness” stems from the firm’s consensus that these trends will not be short-lived.

The S&P Case-Shiller Home Price Indices recently reported annual increases of 7.3 percent for its 10-city composite and 8.1 percent for its 20-city composite.

On a more micro level, certain hard-hit markets are leading the price increases, while a few Northeast markets are barely contributing.

KBW labels Atlanta, Las Vegas, and Phoenix as the “hottest markets.” Home prices in Atlanta have risen 13.3 percent over the past three months and 30 percent over the past year.

Las Vegas home prices rose 8.7 percent in the last three months and 27 percent over the year, and Phoenix experienced an 8.2 percent price gain over the past three months and a 41 percent rise over the past year.

Despite these encouraging gains, KBW points out lower-tier prices remain 50 percent below their peaks prior to the housing crisis.

In the Northeast, home prices are moving sluggishly. New York home prices have risen 0.7 percent year-over-year, and in Boston, prices have risen 4 percent.

KBW finds Denver somewhat of an anomaly as its home prices are just 2 percent from their peak reached in 2006. “It’s an outlier amongst the sampled cities in this regard, having shown one of the shallowest dips yet in one of the stronger recent rebounds,” KBW said.

No Signs of a Slowdown for Prices; Market Poised for a Supply Increase

2013-03-14T12:26:00.003-07:00

Housing inventory is now at its lowest level since January 1994; home sales have exceeded listings for the past 25 months; and the upward trajectory in home prices starting at the end of last year continues, according to the latest “US Housing Market Monthly” from Capital Economics.

Home sales are “normal” relative to population, but supply remains low, according to the firm.

Declining foreclosures are contributing to the current environment of tight inventory. In fact, Capital Economics points out the latest data from the Mortgage Bankers Association (MBA) reveals the foreclosure inventory rate fell from 4 percent of mortgages in the third quarter of 2012 to 3.7 percent in the fourth quarter.

The foreclosure start rate has fallen to its lowest level since the second quarter of 2007—about 0.7 percent, according to MBA data.

House prices increased 9.7 percent year-over-year in January, continuing a recent trend, and prices show “no signs of an imminent slowdown,” according to Capital Economics.

Despite these increases, housing affordability remains high. As of December, the National Association of Realtors calculated affordability at 200, meaning a family earning a median-level income has double the amount needed to afford a median-priced home.

“Higher prices and mortgage rates mean that affordability will have worsened since then,” Capital Economics stated in its report. “But the bigger picture remains that the monthly costs of owning a home are currently very low.”

Homes remain undervalued compared to rents, but the gap is closing, according to the economists. In the fourth quarter of 2011 houses were undervalued between 4 percent and 10 percent compared to rents. As of the fourth quarter of 2012, houses were undervalued between 1 percent and 5 percent compared to rents.

Regardless, “house prices can keep rising for a good while yet,” according to Capital Economics, and in fact, rising prices will help prompt some homeowners to sell, helping to boost inventory, according to the firm.

While mortgage rates have risen in recent months, economists at Capital Economics believe they are “a long way from becoming a constraint on the recovery.”

Additionally, changes in mortgage rates may not mean much for a market in which mortgage applications are on the decline. According to Capital Economics, home sales have increased 44 percent since July 2010, but mortgage applications have risen just 16 percent, indicating “investors and cash buyers are still driving the recovery in activity.” By Krista Franks Brock, DSN News

CoreLogic: Prices up 9.7%; Market Poised For Strong Spring Season

2013-03-07T10:58:00.001-07:00

Unhindered by winter weather, the home price recovery pressed on in January as CoreLogic’s home price index (HPI) rose nearly 10 percent year-over-year.

When including distressed sales, January prices were up 9.7 percent from a year ago, representing the biggest increase since April 2006, CoreLogic reported Tuesday.

From December 2012 to January 2013, prices managed to show positive growth and inched up by 0.7 percent.

CoreLogic’s pending HPI projects another 9.7 percent yearly increase in February and a 0.3 percent monthly decrease.

“The HPI showed strong growth during the typically slow winter season,” said Mark Fleming, chief economist for CoreLogic. “With these gains, the housing market is poised to enter the spring selling season on sound footing. The improvements are materializing across the country, with all but Delaware and Illinois showing increasing HPI and 15 states within 10 percent of their peak values.”

According to the data provider, Illinois saw prices drop by 0.4 percent, while Delaware posted a 0.1 percent decrease.

Anand Nallathambi, president and CEO of CoreLogic, added, “Many states across the western U.S. and along the East Coast saw average price gains of more than 6 percent, which is likely to boost home sale activity into the first half of 2013.”

The top five states that led annual home price gains when including distressed sales were Arizona (+20.1 percent), Nevada (+17.4 percent), Idaho (+14.9 percent), California (+14.1 percent) and Hawaii (+14.0 percent).

CoreLogic also measured performance among the top 100 metros and found 92 experienced yearly gains, up from 87 in December.

By Esther Cho, DSN News

January Pending Home Sales Rise To Highest Level In Nearly 3 Years

2013-02-28T10:16:00.000-07:00

The National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) rose 4.5 percent to 105.9 in January, its highest level in almost three years, NAR reported Wednesday. The monthly increase was the strongest since May, when the index rose 4.9 percent.

Economists had expected a 3.0 percent increase to 104.8 from December’s originally reported 101.7. The December index was revised down to 101.3.

The NAR report came one day after the Census Bureau and HUD jointly reported new home sales for January soared 15.6 percent—the strongest one-month gain in 20 years—to 437,000, the highest level since July 2008. Both the new home sales report and the PHSI are based on home sale contracts, not closings.

The PHSI is a supposed to be a leading indicator of completed transactions, but it’s not always an accurate predictor. The index rose in January, July, and October last year, but home sales (closings) fell two months later.

Despite the strong report, NAR chief economist Lawrence Yun remained cautious.

“Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages,” Yun said.

Indeed, the inventory of homes for sale dropped sharply in January, according to the NAR’s home sales report released last week, falling to 1,740,000—the lowest level since December 1999, when the inventory was 1,714,000. The months’ supply of homes for sale (computed against the sales pace) dropped to 4.2 months in January, the lowest since April 2005, when it was also 4.3.

The month-over-month trend in sales correlates inversely with the movement in the median price—that is, when the median price rises, sales dip, as happened four times in 2012; in the four months in which the median price dropped, sales rose. In January, the median price of an existing single family home fell 3.7 percent—the steepest one month drop in a year—and sales rose, albeit modestly, by 0.4 percent. The median price is at its lowest level since last March.

The PHSI in the Northeast rose 8.2 percent to 84.8 in January and is 10.5 percent higher than January 2012. In the Midwest, the index increased 4.5 percent to 105.0 in January and is 17.7 percent above a year ago. Pending home sales in the South rose 5.9 percent to an index of 119.3 in January and are 11.3 percent higher January 2012. In the West, the index edged up 0.1 percent in January to 102.1 but is 1.5 percent below a year ago.

The PHSI is based on a large national sample, representing about 20 percent of transactions for existing-home sales. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy. DSN News, by Mark Lieberman, Five Star Institute Economist

Lack of Inventory, Not Shadow Inventory, Is The Real Concern

2013-02-25T07:26:00.002-07:00

DS News took some time to chat with Daren Blomquist, VP of RealtyTrac, to get a reading on the current state of the foreclosure market and what is expected to come.

Although foreclosures served to strip homes of their value during the housing crisis, Blomquist says foreclosures will be seen as a welcome sign this year and act as a stimulus.

While this may seem counterintuitive, Blomquist said, “because of the severe lack of inventory available for sale, foreclosures could actually fill that inventory and provide more fuel to the fire that’s been slowly building over the past year as more sales occur.”

Though, he added, “this is assuming foreclosures are being done property,” meaning according to regulation and legislation that’s been passed to protect homeowners.

Currently, Blomquist says there are still a lot of foreclosures that need to be dealt with, but the good news is that foreclosure rates are much lower for newer loans.

RealtyTrac data shows the foreclosure rate for loans originated in 2009 is drastically lower than the rate on loans originated between 2004 and 2008.

For loans originated in 2009 and beyond, the rate is less than 1 percent, while loans between 2004 and 2008 have a foreclosure rate that sits anywhere between 2-5 percent, Blomquist explained.

Even though banks may have a buildup of foreclosures that are yet to hit the market, Blomquist waived off theories that banks are holding onto the properties deliberately and the release of the properties will cause home values to plummet.

“[Banks] are not intentionally holding back. It’s because they’re being so cautious about making sure they’re dotting all their i’s and cross their t’s,” he said.

This, he added, has slowed the process down to a complete halt in some cases and a crawl in others.

As for fears the release of foreclosures will bring down prices, Blomquist isn’t worried this will happen to the market.

“This so called shadow inventory never hit full force, so now I think we’re at a point where the pendulum has swung completely the other way and the housing market needs more inventory, so 2013 would be a serendipitous time for banks to release that inventory,” he said.

Looking ahead, Blomquist says RealtyTrac is still expecting to see around 600,000 REOs in 2013 based on the number of foreclosure starts in 2012, which hit about 1.2 million. Blomquist explained the roll rate is for about 50 percent of foreclosure starts to end up as REOs.

He also says completed short sales are expected to exceed the 2012 number, which will likely be around 1 million.

The foreclosure situation in 2013 also won’t be uniform across the country, but will be on a state-by-state basis, with judicial states dominating much of foreclosure activity in the first half of the year, according to Blomquist.

Then, in the second half of the year, and perhaps into 2014, the spotlight will be on non-judicial states.

Blomquist says this will be because new legislation as seen in California, as well as Oregon, Washington, and Nevada is starting to slow down the foreclosure flow in those areas, which he thinks will result in a backlash of foreclosure activity near the end of this year and into 2014. By Esther Cho, DSN News

Existing Home Sales Inch Up; Inventory At Lowest Levels Since 1999

2013-02-22T13:35:00.002-07:00

Existing-home sales rose 0.4 percent in January to 4.92 million after December sales were revised downward, the National Association of Realtors (NAR) reported Thursday. Economists had expected the sales pace to drop to 4.9 million from December’s originally reported 4.94 million.

The median price of an existing single-family home fell to $173,600 in January, the lowest level since last March.

The inventory of existing homes for sale fell 4.9 percent to 1.74 million, the lowest level since December 1999. At the reported sales pace, that represents a 4.2 month supply of homes for sale, the lowest supply since April 2005. The inventory of homes for sale is off 25.3 percent from a year ago and has fallen for five straight months.

Weak prices could be contributing to the reluctance of homeowners to list their homes. Though up 12.3 percent from a year ago, the median price of an existing single-family home has fallen for five of the last six months and is down 24.6 percent from the July 2006 peak of $230,300. The median price is also off 8.1 percent from the 2012 peak of $188,800 in June.

According to the NAR data, January existing-home sales (closed transactions) were up 9.1 percent from one year earlier, the smallest year-over-year increase since last June.

The report on existing-home sales tracked NAR’s Pending Home Sales Index, which rose in November to its highest level since April 2010 but fell sharply in December.

Distressed homes—foreclosures and short sales—accounted for 23 percent of January sales, the NAR said, down from 24 percent in December and 35 percent in January 2012. Fourteen percent of January sales were foreclosures, and 9 percent were short sales.

Foreclosures sold for an average discount of 20 percent below market value in January (from 17 percent below market value in December), while short sales were discounted 12 percent (from 16 percent previously).

Unlike the government report on new home sales, which tracks contracts, the NAR report is based on closings, which means this report, though labeled “January,” actually reflects economic conditions when contracts were signed in November.

The median time on market for all homes, the NAR said, was 71 days in January, down from 73 days in December and 28.3 percent below 99 days in January 2012. Short sales were on the market for a median of 94 days, down from 117 days in December, while foreclosures typically sold in 47 days compared with 45 days in December. Non-distressed homes took 75 days, up from 74 days in December. As in December, 31 percent of all homes sold in January were on the market for less than a month.

First-time buyers accounted for 30 percent of purchases in January, the NAR reported, unchanged from December; they were 33 percent in January 2012.

All-cash sales were at 28 percent of transactions in January, down from 29 percent in December and 31 percent in January 2012, NAR said. Investors—who account for most cash sales—purchased 19 percent of homes in January, down from 21 percent in December and 23 percent in January 2012.

Existing-home sales in the Northeast increased 4.8 percent to an annual rate of 650,000 in January and were 12.1 percent above January 2012. The median price in the Northeast was $230,500, up 2.4 percent from a year ago.

Existing-home sales in the Midwest rose 3.6 percent in January to a pace of 1.16 million and were 17.2 percent higher than a year ago. The median price in the Midwest was $131,800, the lowest level since last March but 8.6 percent above January 2012.

In the South, existing-home sales increased 1.0 percent to an annual level of 1.96 million in January and were 14.0 percent above January 2012. The median price in the South was $152,100, up 13.4 percent from a year ago.

Existing-home sales in the West fell 5.7 percent to a pace of 1.15 million in January and were 5.7 percent below a year ago. The median price in the West was $239,800, the lowest level since June but 26.6 percent above January 2012. By Mark Lieberman, Five Star Institute Economist

California Inventory Continues to Diminish as Foreclosure Inventory Falls

2013-02-19T06:31:00.005-07:00

Foreclosure activity was somewhat mixed in the five Western states—Arizona, California, Nevada, Oregon, and Washington—observed by ForeclosureRadar over the month of January.

Notably, California foreclosure sales were down in January, despite a past trend of an uptick in the month following a decline in December. However, this January, both notices of default and notices of foreclosure sale declined in January—down 60.5 percent and 34.83 percent, respectively, over the month.

Foreclosure sales declined 65.65 percent since January 2012, while notices of default fell 77.66 percent.

California processed 5,447 foreclosure sales in January after 5,908 in December.

“While the alphabet soup of Federal programs has successfully prolonged, or catapulted delinquent homeowners out of the foreclosure process, the unintended consequence is now an acute lack of available housing inventory for sale,” according to ForeclosureRadar.

Adequate inventory is necessary for a recovery to take place, but is lacking in much of the state, according to the analytics firm.

Arizona’s foreclosure sales were also down over the month, down 6.37 percent from December and posting a decline of 40.61 percent from January 2012. ForeclosureRadar did not release numbers for notices of default in Arizona.

Washington’s notices of foreclosure sale declined 3.99 percent from December but up 155.8 percent year-over-year. ForeclosureRadar’s January data did not include data on notices of default in Washington.

Notices of default increased, however in both Nevada and Oregon.

In Nevada, notices of default increased 16.68 percent over the month in January and were up 84.51 percent year-over-year. Foreclosure sales decreased slightly, 1.68 percent, over the month and were down 56.57 percent year-over-year.

Oregon’s notices of foreclosure sale increased 88.24 percent over the month but were down 92.73 percent over the year. By Krista Franks Brock, DSN News

Realty Trac: Foreclosure Starts Slow to 79 Month Low

2013-02-18T17:21:00.002-07:00

Foreclosure activity slowed in January with an especially notable drop in foreclosure starts, which hit a 79-month low, according to a recent foreclosure report from RealtyTrac.

Foreclosure filings—default notices, scheduled auctions, and bank repossessions—were reported on 150,864 U.S. properties, representing a monthly and yearly decrease of 7 percent and 28 percent, respectively.

Data from RealtyTrac also revealed a steep drop in foreclosure starts as starts fell 11 percent from the December and 28 percent from January 2012. Foreclosure starts are now at the lowest level since June 2006.

Bank repossessions, or REOs, were down to the lowest level since February 2008 after decreasing 5 percent month-over-month and 24 percent year-over-year.

Although starts and bank repossessions decreased, scheduled foreclosure auctions displayed month-over-month increases in 26 states and the District of Columbia.

The overall decrease in foreclosure starts was influenced by the significant drop in notices of default in California, where starts fell 62 percent from December and 75 percent from a year ago.

California’s decrease follows the adoption of the Homeowner Bill of Rights, which took effect January 1, 2013.

“Dubbed the Homeowners Bill of Rights, this legislation extends many of the principles in the national mortgage settlement – including a prohibition on so-called dual tracking and requiring a single point of contact for borrowers facing foreclosure – to all mortgage servicers operating in California,” said Daren Blomquist, VP at RealtyTrac. “In addition the new law imposes fines of up to $7,500 per loan for filing of multiple unverified foreclosure documents. As a result, the downward foreclosure trend in California accelerated into hyper speed in January, decisively shifting the balance of power when it comes to the nation’s foreclosure activity.”

One shift, for example, is Florida’s new lead as the state with the highest number of foreclosure filings, a first in 6 years.

“For the first time since January 2007 California did not have the most properties with foreclosure filings of any state. Instead that dubious distinction went to Florida, where January foreclosure activity increased on an annual basis for the 11th time in the last 13 months,” Blomquist said.

For the fifth straight month, Florida also held its position as the state with the highest foreclosure rate, with one in every 300 housing units receiving a foreclosure filing in January. The national average is one in every 869.

Florida also held six of the top 10 metros with the highest foreclosure rates. Ocala ranked No. 1, where one in every 223 housing units received a foreclosure filing in last month.

Other Florida metros in the top 10 list were Miami (No. 2), Orlando (No. 3), Jacksonville (No. 8), Tampa (No. 9), and Lakeland (No. 10).

Metros outside of the Florida included Rockford, Illinois (No. 4); Stockton, California (No. 5); Las Vegas (No. 6); and Chicago (No. 7). By Esther Cho, DSN News

Peaks and Valleys of House Hunting On Line

2013-01-31T12:20:00.002-07:00

In general, the most popular times of year for online home searches are at the start of the year and in the summer, according to the Trulia Real Estate Search Report released Wednesday.

However, Trulia reveals some fluctuation across the country with a major tendency for online searches to peak when the weather is warm and dry.

“Local weather patterns have a big impact on when people search for homes online,” said Jed Kolko, chief economist for Trulia.

“Search activity in warm-winter states, like Florida and Hawaii, peaks in January and February. But for most of the country, search traffic is highest in March or April, especially in regions where summer brings rain,” Kolko explained.

Nationally, online real estate searches pick up at the start of the year, peak in March or April, and then reach a lull in May.

Searches peak again in June and July and then taper off toward the end of the year.

Overall, December is the slowest state for online searches, according to Trulia’s data.

To zero in on statewide trends across the country, Trulia reviewed search patterns from 2007 to 2012, removing the upward trend to observe whether search activity in a particular month is above or below the annual average for each state.

In January, search activity in Hawaii and Florida is 10 percent higher than the annual average for each state.

Several states reach their search peaks in either March or April—32 states between the two months.

Southern states generally experience their busiest search months in the July. Mississippi is the only state to peak in June.

Montana and Oregon have the latest search peak months—August for both.

No states peak between September and December. In fact, according to Trulia, all states are at least 10 percent below their annual search average in the month of December.

Understanding these statewide trends can benefit both buyers and sellers, according to Kolko.

“Buyers and sellers can use these ups and downs to their advantage,” Kolko said. “Sellers looking for the most buyers should list when real estate search traffic peaks.”

On the other hand, “[b]uyers, however, should think about searching off-season, when there is less competition from other searches,” Kolko said. DSN News, Krista Franks Brock

Agents Report Strong Homebuyer Traffic Despite Winter Season

2013-01-28T08:53:00.002-07:00

Winter weather did not slow down the housing market’s momentum, with homebuyer traffic still going strong in December, according to survey results from Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

The three homebuyer groups—current homeowners, first-time homebuyers, and investors—all recorded their biggest traffic gains of 2012 in December, data from the HousingPulse survey revealed.

“According to our survey respondents, this is not a normal winter. Time on market for non-distressed properties is much lower, and we already see our homebuyer traffic indexes

building toward a strong spring/summer buying season,” said Thomas Popik, research director for Campbell Surveys.

The survey also measured the relative health of the housing market by assessing time on market, number of offers, closed transactions, and sales prices. Overall, survey data revealed all measures improved at the end of 2012.

With an index value of 50 representing no change, the sales price index rose month-over-month to 61.1 from 58.1 in November, reaching the highest level recorded by the survey.

The number of offers index jumped to 61.5 in December from 57.3 in November, the highest level since July, HousingPulse reported.

The closed transactions index also trended upwards, rising to 54.4 in December from 51.2 in November.

Meanwhile, time on market improved by falling to 40 in December from 43.3 in November, the lowest level since June.

Survey respondent include about 2,500 real estate agents across the country. When agents in the survey were asked if their local real estate market was experiencing the normal seasonal decline in housing activity, a majority of respondents in December indicated this winter was much busier than normal due to the low inventory of properties for sale and strong homebuyer traffic. DSN News, by Esther Cho

Survey Finds Agents,Homebuyers Optimistic About Prices in 2013

2013-01-22T10:37:00.000-07:00

As home prices continue to climb, real estate agents and homebuyers are maintaining a positive outlook for home values in 2013, a recent survey found.

The survey, which was jointly released by Point2Homes and PropertyShark, reported 71 percent of survey respondents predicted home prices will go up or maintain their current level in 2013.

The survey included nearly 1,500 real estate professionals and homebuyers who were questioned in December 2012 on topics such as prices, sales volume, and inventory, as well as factors that will drive the market.

The view that prices will either stabilize or go up was shared by 59 percent of agents and 37 percent of homebuyers.

As for sales volumes, 41 percent of respondents overall said sales should increase, with 52 percent of agents sharing this view and 41 percent of homeowners stating sales will go up.

When it came to inventory, respondents said they don’t expect to see a change.

As for factors that will drive the market in 2013, 31 percent of respondents think that mortgage rates will have the biggest influence on the market. Access to loans placed second as an influential factor 2013 and foreclosures ranked third.

The survey also found Californians were more optimistic than New Yorkers when it comes to home prices.

Half, or 50 percent of California respondents, predicted prices will increase in 2013 compared to 44 percent of New York respondents.

On the topic of foreclosures, 21 percent of California respondents said foreclosures will influence the market in 2013, compared with only 9 percent of the respondents from New York. The survey noted the difference may be due to the higher foreclosure rate seen in California. By Esther Cho, DSN News

NAR: Housing Affordability to Reach New High in 2013

2013-01-10T11:44:00.004-07:00

The year 2012 is on its way to becoming the most affordable year housing has seen since recordkeeping began in 1970, according to data from the National Association of Realtors (NAR).

In November, the NAR’s Housing Affordability Index reached 198.2, down 2.5 index points from October, but up 1.5 points from a year ago.

The index determines affordability based on the relationship between median home price, median family income, and average mortgage interest rate. The index also assumes 25 percent of gross income is devoted to principal and interest and a 20 percent down payment would be made.

Based on data up to November, NAR also projects the index will set a record high of 194 in 2012, beating the high of 186 in 2011.

However, record affordability doesn’t necessarily translate into more homeowners.

“Although 2012 was highest on record, the excessively tight underwriting precluded many would-be homebuyers from locking-in generational low interest rates,” explained Lawrence Yun, NAR chief economist.

NAR president Gary Thomas, added, “A more sensible lending environment that makes it easier for other financially qualified buyers to get a mortgage would allow many more households to enter the market, boosting home sales as much as 10 to 15 percent.”

While affordability is expected to see a new high in 2012, NAR expects affordability in 2013 to drop to 160. NAR noted an average of 160 means a median-income family would have 160 percent of income necessary to buy a median-priced existing single-family home.

“Rising home prices and a gradual uptrend in mortgage interest rates will offset improvements in family income, but 2013 likely will be the third best on record in terms of household buying power,” Yun noted.

DSN News, Esther Cho

Prices grew by Leaps and Bounds in 2012!

2013-01-04T09:38:00.004-07:00

The year 2012 was a big year for certain markets as prices grew by leaps and bounds after seeing declines in 2011.

On Thursday, Trulia a report revealing changes in asking prices in 2011 and 2012 among the 100 largest metros. After measuring improvements over the two years, Trulia ranked Las Vegas as the top turnaround market based on its recovery in asking prices.

Over a one-year period ending in December 2011, Las Vegas saw an 11.2 percent decrease, but ended 2012 with a 16.3 percent year-over-year increase in asking prices in December 2012, making the metro’s improvement the most dramatic.

Trulia also found nine out of the top 10 turnaround markets were located West and Southwest, and the top six saw double digit increases.

The metro that ranked second for its recovery in asking prices was Seattle, where prices rose by 10.2 percent in 2012 compared to a 13.8 percent decline in 2011.

Phoenix took the No. 3 spot even though it saw the biggest surge in asking prices in 2012. In Phoenix, prices improved by 26 percent compared to a 4.2 percent increase in 2011.

Two California metros took the next two spots. Oakland and San Jose experienced double-digit increases of 12.7 percent and 16.1 percent, respectively, after seeing declines in 2011.

Salt Lake City was No. 6 after experiencing a 14 percent year-over-year increase in December 2012.

Atlanta was the only metro on the list that is not located West or Southwest. In Atlanta, prices grew by 9 percent in 2012 after falling by 9.9 percent in December 2011.

The metros that took the last three spots on the top ten list were Sacramento, Fresno, and Tacoma. Asking prices in Sacramento improved by 9.5 percent in 2012 and decreased by 8.5 percent the year before. Fresno experienced a 9 percent gain in 2012 but saw an 8.7 percent decrease in 2011. In Tacoma, prices increased by 4 percent after a steep 13.7 percent drop in 2011.

On a national level, Trulia found asking prices were up 5.1 percent in 2012, up from a 4.3 percent decrease in 2011. In 2011, only 12 out of 100 metros saw price increases compared to 82 in 2012. In addition, none of the 100 largest metros saw price declines greater than 10 percent in 2012 compared to 6 in 2011.

“The housing market enters 2013 with a running start,” said Jed Kolko, Trulia’s chief economist, in a release. “Price gains picked up steam in 2012, starting with modest increases early in the year and accelerating in the third and fourth quarter.”

Trulia also compiled a ranking of changes in rent among the 25 largest rental markets. The list was based on year-over-year fluctuations in December 2012. The top five markets where rents rose the most during that period were Houston (16.2 percent), Oakland (12.6 percent), Miami (10.3 percent), Denver (8.1 percent), and Seattle (8 percent).

Nationally, rents increased annually by 5.2 percent in 2012. DSN News, by Esther Cho

Freddie Mac: What To Expect From Housing in 2013

2012-12-11T08:10:00.000-07:00

Freddie Mac made suggestions on what housing might look like in 2013 in its December outlook report. Overall, the GSE expects to see a continuation of positive trends.

For one, property values should still rise into the next year and are likely to increase by 2 to 3 percent, Freddie Mac reported.

The market should also see more households, with household formation expected to expand from a net 1.20 million to 1.25 million.

Long-term mortgage rates, which have been hovering near record lows, are forecast to maintain this trend into the first half of next year, but then rise in the second half. The GSE says rates will still stay below 4 percent, however.

The outlook for the rental industry was positive as well. Aggregate vacancy rates for the multifamily and single-family for-sale market are projected to come down to 2002-2003 levels as household formation outpaces new construction,the GSE explained.

Originations are expected to fall by 15 percent as refinances slow down compared to 2012. On the other hand, multifamily lending is expected to grow by about 5 percent.

“The last few months have brought a spate of favorable news on the U.S. housing market with construction up, more home sales, and home-value growth turning positive. This has been a big change from a year ago, when some analysts worried that the looming ‘shadow inventory’ would keep the housing sector mired in an economic depression,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Instead, the housing market is healing, is contributing positively to GDP and is returning to its traditional role of supporting the economic recovery.” By Esther Cho, DSN News

Fannie Mae Revises Housing Forecast Higher

2012-11-26T14:03:00.000-07:00

Given improvements seen in housing, Fannie Mae revised its housing forecast higher for 2012 and 2013 in its November economic outlook report.

According to the GSE, the fundamentals are set in place for a “solid” housing recovery, such as low interest rates, rising prices, and a labor market that’s healing.

Considering these developments in housing, the GSE’s Economic & Strategic Research Group anticipates single-family housing starts will jump 25 percent this year, then rise by another 22 percent in 2013.

Existing-home sales should also rise and see a 9 percent increase in 2012 and a 4 percent gain in 2013.

When combining new and existing-home sales, the increase is expected to be 10 percent this year and an additional 6 percent in 2013. And if there’s any risk in this forecast, Fannie Mae says it’s that housing demand may actually result in stronger housing activity than currently anticipated.

Based on the Federal Housing Finance Agency’s purchase-only index, home prices should see an increase of 2.9 percent for the remainder of 2012 and a 1.6 percent increase in 2013.

Fannie Mae was also optimistic about originations and expects originations to reach $1.81 trillion in 2012 and $1.54 trillion in 2013. The refinance share of originations should rise to 71 percent in 2012 before dropping to 62 percent in 2013, according to the report.

The 30-year fixed-rate mortgage is expected to stay low and average 3.5 percent in 2013. The GSE also expects the Federal Reserve to continue buying $40 billion in mortgage-backed securities (MBS) each month through 2013.

Unemployment is expected to dip further into 2013 and fall to 7.6 percent. GDP is expected to grow at a rate of 2.2 percent in 2013.

Even though reports on the housing sector give reasons to be optimistic, Fannie Mae still warned “data continue to show a sluggish recovery overall.”

The GSE also noted consumer spending was the largest contributor of growth in Q3. However, consumer confidence may be weakened in coming months due to the the fiscal cliff and debt ceiling debate, which “are likely to create the most significant barriers to meaningful growth,” Fannie Mae stated.

In addition, Fannie Mae Chief Economist Doug Duncan cautioned, “While the pick-up of activity in the third quarter is encouraging, it is compared to the weak pace seen in the second quarter and doesn’t portend a robust recovery in the near term.”

By Esther Cho, DSN News

ASU Community Open House

2012-11-01T14:10:00.003-07:00

ASU Colleges

Lake Havasu City

ASU Colleges in Lake Havasu City is holding a Community Open House

and welcomes all community members!

This is your opportunity to come and tour the new facility, beautiful campus and meet the administration, staff and faculty.

Saturday, November 3rd

9:30 - 12:00

100 University Way

Tours begin at 9:30

every 20 minutes

visit ASU Colleges online!

Acheiving Home Ownership After a Foreclosure

2012-10-31T15:30:00.001-07:00

Apparently, if one loses his or her home to foreclosure, the waiting period to qualify for another mortgage can easily be another decade.

According to a report from the Federal Reserve Bank of San Francisco, a mere 10 percent of borrowers with a history showing a serious delinquency were able to obtain a mortgage again within 10 years.

In addition, subprime borrowers, or those with credit scores lower than 650, have an even more difficult time returning to the market.

For borrowers who end their mortgage for a reason other than default, they were able to access mortgage credit about two-and-a-half times faster than those who went into default.

The report was based on analysis using Equifax data in the New York Federal Reserve Bank’s consumer loan file. Mortgages were counted as being in default if they were either 120 days past due or past due and reported to have a charge-off or foreclosure.

The timeline for credit accessibility varied, however, when observing the rate of return based on different years. In 2001, 30 percent of borrowers who defaulted were able to take out another mortgage within 10 years. In 2008, the rate of return was much slower. For example, after almost four years, the rate of return for borrowers in 2008 was about 5 percent, but in 2001 during the same period, it was above 15 percent.

The authors of the report, William Hedberg and John Krainer, attributed the low rate of return in 2008 to lack of demand. In the early 2000s, demand for housing was strong, but following the Great Recession, uncertainty about jobs and income may have caused people to become “unwilling or unable to demand housing,” the report explained.

While borrowers with prior defaults are influenced by conditions such as unemployment and home price growth, the report said, “the best predictor of when a defaulting borrower returns to the market is the change in the borrower’s credit score.”

The researchers found that a typical borrower who experiences foreclosure will have a credit score below 600, no matter what their score looked like prior to the derogatory mark. But after five years, the report said, “borrowers who return to the mortgage market after a default have experienced a more-than-100 point increase in their score.”

With an estimated 4 million foreclosures since 2007, according to the report, the movement toward homeownership will be a gradual one for millions.

In addition, the Census Bureau reported Tuesday the homeownership rate stayed near historic lows at 65.5 percent. In the first quarter of 1997, the rate was 65.4 percent.

In response to the homeownership rate, Capital Economics released a report, authored by Paul Diggle, projecting a worsening rate.

“We think that continued tight credit conditions and plenty more foreclosures could see the homeownership rate fall slightly further yet,” wrote Diggle.

Even though the rate is expected to decline, Capital Economics expects the recovery to be able to continue with investors leading the way.

“Indeed, it’s hard to escape the conclusion that the sustainability of the housing recovery depends on how robust investor demand proves to be. Our view is that, for the next few years at least, institutional and individual investor demand will hold up well,” Capital Economics stated.

By Esther Cho, DSN News

Housing Recovery Continuing

2012-10-19T11:59:00.003-07:00

Even with a September jobs report showing unemployment slipped below 8 percent, combined with an increase in consumer confidence, Fannie Mae’s Economic & Strategic Research Group expects economic growth to “remain at a sluggish sub-2 percent rate this year.”

In its October Economic Outlook report, the research group pointed to financial and policy issues in the U.S. and abroad as looming challenges that could restrain meaningful economic growth in 2012.

“The U.S. fiscal cliff and debt ceiling debate as well as the weakened global economic environment are likely to create the strongest headwinds facing any real improvement this year,” said Fannie Mae Chief Economist Doug Duncan in a release. “With these issues hanging in the balance, we believe risks remain tilted to the downside.”

While the outlook on the economy was uncertain, the assessment for the housing market was more stable.

“News from the housing sector is more positive, with various indicators showing continued momentum toward a sustainable, long-term recovery,” said Duncan. “Notably, home prices are inching back into positive territory on a year-over-year basis.”

With the winter season comes slower activity in the housing market, but the research group still maintains the viewpoint that home prices hit bottom earlier this year, despite an anticipated dip in home prices this winter.

In addition to the bottoming out of home prices, the GSE’s research group said record low mortgage rates should encourage more consumers to enter the housing market. As housing activity picks up, the group expects to see total home sales increase 9 percent from the previous year.

More importantly, the low mortgage rate environment, which is being encouraged by the Fed’s stimulus, will continue to motivate more consumers to seek refinancing options. As homeowners find themselves with lower monthly payments through lower interest rates, they will have more to spend, save, and to use toward debt, the research group explained.

The drop in mortgage rates also prompted the research group to revise its projection for refinance originations 20 percent higher to $1.8 trillion for 2012.

By Esther Cho, DSN News

Shadow Inventory Beginning to Fade!

2012-10-10T13:48:00.000-07:00

The shadow inventory that previously darkened industry outlook is beginning to fade. In fact, we may soon begin to see the sunlight on the horizon.

In July shadow inventory – unlisted homes that are seriously delinquent, in foreclosure, or held as REOs – declined 10.2 percent year-over-year, falling to 2.3 million homes, according to CoreLogic’s Shadow Inventory Report released Tuesday.

“This is yet another hopeful sign that the housing market is slowly healing,” said Anand Nallathambi, president and CEO of CoreLogic.

Last July’s 2.6 million-home shadow inventory was eerily close to the level recorded two years prior in May 2009. Now, the heavy shadows are lifting.

The current shadow inventory is valued at $382 billion, down from $397 billion in July 2011.

The current shadow inventory equates to a six-month supply, according to CoreLogic.

The analytics firm also reports the rate of distressed sales taking homes out of the shadows is close to matching the rate of newly seriously delinquent homes falling into the shadows.

Seriously delinquent homes – those 90 or more days delinquent – are the most common type of home in today’s shadow inventory, making up 1 million of the 2.3 million-home total.

About 900,000 homes are currently in foreclosure, and another 345,000 are in REO.

Despite fading shadows nationally, some states continue to struggle with long foreclosure timelines.

“While a lower outflow of distressed sales helps alleviate downward home price pressure, long foreclosure timelines in some parts of the country causes these pools of shadow inventory to remain in limbo for an extended period of time,” said Mark Flemming, chief economist at CoreLogic.

Forty-five percent of the shadow inventory is concentrated in five states – Florida, California, Illinois, New York, and New Jersey.

By Krista Franks Brock, DSN News

How Low Can They Go?

2012-09-28T10:05:00.006-07:00

It’s unknown whether or not the Federal Reserve’s new stimulus will be able to whip the economy back into shape, but one thing’s for sure: It’s sent mortgage rates plummeting.

Freddie Mac’s Primary Mortgage Market Survey showed new record lows in all categories except the 5-year adjustable-rate mortgage (ARM). The GSE reported that the 30-year fixed average fell to 3.40 percent (0.6 point) for the week ending September 27, down from 3.49 percent in the previous week’s survey.

The 15-year fixed also dropped, averaging 2.73 percent (0.6 point) – down from 2.77 percent.

While the 5-year ARM didn’t achieve any new lows, it did post a decrease from the week before, falling to 2.71 percent (0.6 point) from 2.76 percent before. Meanwhile, the 1-year ARM did hit a new record, dropping to 2.60 percent (0.4 point) from 2.61 percent.

The continuous drops add to an already amount of good news for the housing market.

“Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve’s purchases of mortgage securities, and should support an already improving housing market,” said Frank Nothaft, VP chief economist for Freddie Mac. “For instance, the S&P/Case-Shiller 20-city home price index rose 1.2 percent over the 12 months ending in July, reflecting the largest annual increase since August 2010.”

Nothaft also pointed to new home sales, in particular the strong two-month pace set in July and August.

According to Bankrate’s weekly survey, the 30-year fixed average slid down to 3.55 percent from 3.70 percent a week before. The 15-year fixed fell along with it, averaging 2.88 percent (from 2.95 percent previously). The 5/1 ARM also fell, but only slightly – it averaged 2.68 percent for the week, down from 2.69 percent a week ago.

While the Fed may be successful in encouraging home purchases with this new round of quantitative easing, only time will tell if the stimulus will have its intended effect on the economy.

“The hope of the Fed is to juice the economy by reducing mortgage rates further, spurring home purchases and refinancings,” Bankrate said in a release. “The part about reducing interest rates is certainly working, and it will no doubt pull forward some home purchases. But there is plenty of skepticism about whether this will be enough to jumpstart the sluggish economy.”

By Tory Barringer, DSN News

ASU AT LAKE HAVASU

2012-09-25T09:53:00.001-07:00

Lake Havasu City was recently recognized with an award of excellence in economic development for the city’s success in establishing the newest Arizona State University campus. This accomplishment was due in large part to the collaborative efforts of Havasu for Higher Education, Lake Havasu Unified School District and the leaders at City Hall, for which the Lake Havasu Partnership for Economic Development nominated the city.

The award was received on September 13, at a ceremony in Phoenix designed to honor “partnerships, organizations, associations and companies that have successfully created and implemented exceptional economic development strategies for their respective communities.”

The collaborative effort to bring a 4 year university to Lake Havasu not only helped our local job market in the short and long term, it is also boosting already established local businesses, attracting new businesses, stimulating real estate rentals and sales and has far reaching long term benefits to the community as a whole.

"The university (ASU) also touted its new ASU Colleges at Lake Havasu City, which this fall enrolled 70 students."

"After more than a decade of planning on the part of the Havasu Foundation for Higher Education and the Lake Havasu community, it is exciting to see our site open and the arrival of students, faculty and staff bring it to life," said David Young, director of the ASU Colleges at Lake Havasu City. "It is such an important achievement for Lake Havasu City leaders, the community and the university, all of which worked tirelessly to make this a reality for the betterment of the city and the state of Arizona."

If you have visited the new campus yet, you owe it to yourself to see the new state of the art facility. ASU Colleges at Lake Havasu…it’s a good thing!

For more community or local real estate information, please visit our web site: http://thehometeam.searchforlakehavasuhomes.com/