Fewer people applied for unemployment aid last week, suggesting layoffs were easing.
The trade deficit improved as more American goods were sold overseas.
The stock market continues to show improvement and the mortgage rates edged up as a result. However, the rates remain low enough to encourage home buying, if there was greater job security and consumer confidence.
Sunday, September 12, 2010
Ruby Hill homes for week ending September 12, 2010
There were 24 homes on the market. Inventory remains low.
54 homes have been sold or are pending since the start of the year. The home on Lozano priced over $2.5m went pending this past week.
54 homes have been sold or are pending since the start of the year. The home on Lozano priced over $2.5m went pending this past week.
Saturday, September 4, 2010
August Unemployment Rate inches up to 9.6%
The private sector added 67,000 jobs in August, with some of the strongest gains in health care, food service and temporary help, according to the Labor Department. That was higher than consensus forecasts, and the government upwardly revised its numbers for June and July, suggesting that job creation was slightly stronger over the summer than originally reported.
But the continuing wind-down of the 2010 Census, as well as state and local government layoffs, led to an overall loss of 54,000 jobs in August.
With businesses adding about half the number of positions needed simply to accommodate population growth — much less dent the ranks of the jobless — the unemployment rate ticked up to 9.6 percent, from 9.5 percent.
From the New York Times
But the continuing wind-down of the 2010 Census, as well as state and local government layoffs, led to an overall loss of 54,000 jobs in August.
With businesses adding about half the number of positions needed simply to accommodate population growth — much less dent the ranks of the jobless — the unemployment rate ticked up to 9.6 percent, from 9.5 percent.
From the New York Times
Thursday, September 2, 2010
Ruby Hill Statistics
Active Propeties: 24
2 have just come on the market:
4131 Parma Court @ $1,799,000 with a 30k sf lot! 4 BR and 3 1/2 baths. Built in 2004
471 Trebbiano Pl @ $99,888. 8,403 sf lot. 4 BR and 3 baths. Built in 1996
Sold or Pending since Jan 2010: 52
Inventory remains low. Sales continue to compare well to last year.
2 have just come on the market:
4131 Parma Court @ $1,799,000 with a 30k sf lot! 4 BR and 3 1/2 baths. Built in 2004
471 Trebbiano Pl @ $99,888. 8,403 sf lot. 4 BR and 3 baths. Built in 1996
Sold or Pending since Jan 2010: 52
Inventory remains low. Sales continue to compare well to last year.
Negative Equity Figures Improve in 2nd Quarter
From CAR newsline: Nearly one quarter (23 percent) of all residential properties with mortgages had negative equity at the end of the second quarter of 2010, down from 24 percent in the first quarter, according to CoreLogic.
Foreclosures, rather than price appreciation, were the primary factor in the change, according to the report. An additional 2.4 million borrowers had less than 5-percent equity. Together, negative equity and near-negative equity mortgages accounted for nearly 28 percent of all residential properties with a mortgage nationwide.
Negative equity remains concentrated in five states: Nevada, 68 percent; Arizona, 50 percent; Florida, 46 percent; Michigan, 38 percent; and California, 33 percent.
Homes with more equity are appreciating faster than underwater homes, the report found. The average values of properties with 50 percent or more equity increased more than 1 percent between Q4 2009 and Q2 2010. Properties with 25 to 50 percent in equity increased an average of 0.2 percent in that period.
Foreclosures, rather than price appreciation, were the primary factor in the change, according to the report. An additional 2.4 million borrowers had less than 5-percent equity. Together, negative equity and near-negative equity mortgages accounted for nearly 28 percent of all residential properties with a mortgage nationwide.
Negative equity remains concentrated in five states: Nevada, 68 percent; Arizona, 50 percent; Florida, 46 percent; Michigan, 38 percent; and California, 33 percent.
Homes with more equity are appreciating faster than underwater homes, the report found. The average values of properties with 50 percent or more equity increased more than 1 percent between Q4 2009 and Q2 2010. Properties with 25 to 50 percent in equity increased an average of 0.2 percent in that period.
Home Values on the Rise
From CAR Newsline:
Home values rose 3.1 percent in the second quarter of 2010 compared with the first quarter, but declined 0.2 percent compared with a year earlier, according to Freddie Mac’s Conventional Mortgage Home Price Index (CMHPI).
Home values rose in all nine Census Divisions, marking the first time since the second quarter of 2009 that all Census Divisions experienced positive changes in home values. In the Pacific Division, which includes California, home values rose 3.1 percent in the second quarter of 2010. Over the last 12 months, home values increased 4.2 percent, and during the last five years, home values have decreased 14.7 percent, according to Freddie Mac.
Home values rose 3.1 percent in the second quarter of 2010 compared with the first quarter, but declined 0.2 percent compared with a year earlier, according to Freddie Mac’s Conventional Mortgage Home Price Index (CMHPI).
Home values rose in all nine Census Divisions, marking the first time since the second quarter of 2009 that all Census Divisions experienced positive changes in home values. In the Pacific Division, which includes California, home values rose 3.1 percent in the second quarter of 2010. Over the last 12 months, home values increased 4.2 percent, and during the last five years, home values have decreased 14.7 percent, according to Freddie Mac.
Fewer delinquencies and foreclosures in second quarter
From the CAR (California Association of Realtors)
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 9.85 percent of all loans outstanding in the second quarter, down 21 basis points from the first quarter, but up 61 basis points from one year ago, according to the recently released Mortgage Bankers Association’s (MBA) National Delinquency Survey.
The delinquency rate includes loans that are at least one payment past due, but does not include loans in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the second quarter was 4.57 percent, a decrease of six basis points compared with the first quarter of 2010 but an increase of 27 basis points from one year ago.
“Ultimately the housing story, whether it is delinquencies, homes sales, or housing starts, is an employment story,” said MBA Chief Economist Jay Brinkmann. “Only when we see a consistent increase in employment will we see an increase in sales and starts, and a sustained improvement in the delinquency numbers. Until we see the increase in the number of households that comes with an increase in the number of paychecks, all measures of the health of the housing industry will continue to be weak.”
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 9.85 percent of all loans outstanding in the second quarter, down 21 basis points from the first quarter, but up 61 basis points from one year ago, according to the recently released Mortgage Bankers Association’s (MBA) National Delinquency Survey.
The delinquency rate includes loans that are at least one payment past due, but does not include loans in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the second quarter was 4.57 percent, a decrease of six basis points compared with the first quarter of 2010 but an increase of 27 basis points from one year ago.
“Ultimately the housing story, whether it is delinquencies, homes sales, or housing starts, is an employment story,” said MBA Chief Economist Jay Brinkmann. “Only when we see a consistent increase in employment will we see an increase in sales and starts, and a sustained improvement in the delinquency numbers. Until we see the increase in the number of households that comes with an increase in the number of paychecks, all measures of the health of the housing industry will continue to be weak.”
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