Housing affordability in California decreased in the fourth quarter of 2012 as higher home prices offset lower interest rates, with 48% of households able to afford a median-priced home compared to 49% in the previous quarter and 55% a year ago. Affordability improved in some regions like Los Angeles but worsened in others such as San Francisco and the Inland Empire. Home buyers needed a minimum annual income of $66,940 to afford a $353,190 median-priced existing single-family home with a monthly payment of $1,670.
Развитие финансового сектора Казахстана в посткризисный периодАО "Самрук-Казына"
Презентация к докладу заместителя председателя Национального банка Казахстана Данияра Акишева на казахстанско-американском инвестиционном форуме в Нью-Йорке 7 декаьря 2011 года.
Развитие финансового сектора Казахстана в посткризисный периодАО "Самрук-Казына"
Презентация к докладу заместителя председателя Национального банка Казахстана Данияра Акишева на казахстанско-американском инвестиционном форуме в Нью-Йорке 7 декаьря 2011 года.
World Economic Situation And Prospects 2009 2010icgfmconference
Robert Vos, Director, Development Policy and Analysis Division, Department of Economic
and Social Affairs, United Nations
Mr. Vos is responsible for two of the UN’s flagship reports, the World Economic and Social
Survey and the World Economic Situation and Prospects. He also serves on the Secretariat
of the United Nations’ Committee for development policy. During his presentation, Mr. Vos
will introduce current analysis of the short- and long-term economic outlook.
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Enviro...ggrey
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Environment by Mr. Naoyuki Shinohara, Deputy Managing Director, International Monetary Fund - IMF Forum held at the Asian Institute of Management
Mark Dzwonczyk at the Common Ground Alliance 2012nicholville
On July 18th, 2012, the CEO of Nicholville Telephone (parent company of Slic Network Solutions), gave a talk titled "Leaving Broadband Footprints throughout the Adirondacks".
World Economic Situation And Prospects 2009 2010icgfmconference
Robert Vos, Director, Development Policy and Analysis Division, Department of Economic
and Social Affairs, United Nations
Mr. Vos is responsible for two of the UN’s flagship reports, the World Economic and Social
Survey and the World Economic Situation and Prospects. He also serves on the Secretariat
of the United Nations’ Committee for development policy. During his presentation, Mr. Vos
will introduce current analysis of the short- and long-term economic outlook.
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Enviro...ggrey
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Environment by Mr. Naoyuki Shinohara, Deputy Managing Director, International Monetary Fund - IMF Forum held at the Asian Institute of Management
Mark Dzwonczyk at the Common Ground Alliance 2012nicholville
On July 18th, 2012, the CEO of Nicholville Telephone (parent company of Slic Network Solutions), gave a talk titled "Leaving Broadband Footprints throughout the Adirondacks".
A wrap-up of our 2021 legislative session with special guests California state Senator Melissa Melendez and U.S. Chamber Western Region V.P. Jennings Immel
14 bills to be reviewed by the SWCLC on 1/25/2021 including: ACA 1, an effort to reduce the 2/3 voting requirement to raise local property taxes; AB 71, an effort to increase California's already highest-in-the-nation tax on corporations; AB 116, an effort to force municipalities to allow residential construction in commercially zoned parcels; and SB 39, an effort to mandate Dept. of Corrections trade information with Office of Unemployment (EDD) to prevent the massive fraud of prisoners collecting pandemic unemployment benefits.
A comprehensive summary of the housing market in Southwest California where we're enjoying the strongest Seller's market in years in July. Sales posted their 2nd highest month in the past decade, up 17% over June and up 11% over last July. Median prices continued to climb as well, advancing 6% year-to-date. We are now measuring inventory of homes for sale in weeks, not months.
Need help figuring out what to do with the 12 propositions you'll face on your November ballot? Every year the Southwest California legislative Council assigns our members a measure to research and present. The Council debates the issue based on what impact it will have on our business community and recommends a position. As always, we encourage voters to do their own research and to that end we have a much more extensive document available with all the arguments pro and con, what your vote means, and follow the money.
Every year the Southwest California Legislative Council evaluates statewide ballot propositions to determine which might fall within the purview of our strategic initiatives and impact our business members. Council members select a proposition to research and deliver a presentation to the group followed by discussion and a vote to recommend a YES vote, a NO vote, or NO POSITION. Here are the group's recommendation on the 12 measures you'll see on our November ballot.
Detailed information courtesy of BallotPedia.
Referans Bahcesehir which is being constructed, in the center of the most regional destination as Bahçeşehir, shines out with its central location and unique landscape including social facilities such as a fitness center, sauna, sports facilities, children’s playground and recreational areas.
Not only drawing attention for immediate surroundings including commercial centers and private schools but also providing the easily accessible location with closeness to Tem Highway and connection roads, ongoing construction of 3rd Bridge Connection roads and Metro Projects
Bahcesehir is a rising value in the great city of Istanbul… Located at a new transportation junction in the northwest of the City… Located at such a spot that the access roads for the 3rd bridge and for the 3rd Airport will reach the region in 2016. The Marmaray and the Subway will extend all the way to Referans Bahcesehir respectively in 2018 and 2019.
465 flats and 34 stores are designed with an outstanding approach and arranged with a unique perspective offering the following options: 1 plus 1, 2 plus 1, 3 plus 1, 3.5 plus 1, 4 plus 1, and 4.5 plus 1. It is planned so as to safeguard you and your loved ones based upon a modern, technological safety approach. As you experience the joy and luxury here, you will be content and feet at ease.
It is worth seeing both inside and outside with heart-warming cafes, tasty restaurants and elegant stores… And it is ready to offer a vivacious social life with a warm and cozy space design.
A folding swimming pool and indoor swimming pools, playgrounds, Turkish bath, sauna… It has them all. Everything you need for your well-being and for having a pleasant time will be at your service. You simply need to align the rhythm of life with the rhythm of Referans Bahcesehir.
https://listingturkey.com/property/referans-bahcesehir/
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Urbanrise Paradise on Earth - Unveiling Unprecedented Luxury in Exquisite Vil...JagadishKR1
Immerse yourself in the epitome of luxury living at Urbanrise Paradise on Earth. These opulent 4 BHK villas, nestled off the prestigious Kanakapura Road in Bangalore, redefine elegance and sophistication. With meticulous craftsmanship, breathtaking design, and unparalleled amenities, Urbanrise Paradise on Earth offers a sanctuary where every moment is infused with luxury and serenity. Experience a life of grandeur and indulgence at this exclusive residential enclave.
One FNG by Group 108 Sector 142 Noida Construction UpdateOne FNG
One FNG by Group 108 is launching a new commercial project in Sector 142 Noida. Office space and high street retail shops on the FNG and Noida Expressway. For more information visit the website https://www.onefng.com/
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
Green Homes, Islamabad Presentation .pdfticktoktips
Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
1. It was just a matter of time…
During the past year, as I’ve reported on shrinking housing inventories coupled with strong demand, many of
you have asked me the same question – ‘why aren’t prices going up?’ There was no answer other than – ‘they
should be’. Even the government can contravene the laws of nature for just so long.
So after 4 years of relatively stable pricing, where annual medians for the region rose a scant 9% from 2009 –
2012 ($234,974/$256,539), suddenly this year prices have started posted significant gains over last year.
January’s median price was up 19% over last January ($217,924/$262,930) and February’s was up 14% over
last year ($237,842/$274,353). This is the highest median price we’ve seen for the region since August 2008
when our median price dropped through $280,662 on its way to our low of $210,317 in April, 2009. We’re up
23% from there.
Most cities are scoring well with Temecula prices up 21% year over year $(279,009/$355,950), Murrieta up
19% ($261,199/$322,574), Wildomar up 17% ($205,941/$246,302), Lake Elsinore up 17%
($179,136/$215,502) and Menifee up 14% ($171,6245/$199,165). For the region only Canyon Lake had a year
over year decrease of 7% ($330,140/$306,625) but with the wildest gyrations in the region, Canyon Lake could
easily post a 40% gain next month by selling a couple $1 million homes.
In Murrieta, last month was the highest median price they’ve enjoyed in nearly 5 years, since April 2008 when
the median hit $326,978 on its way down to $252,082 (1/10). For Temecula, they had a couple good months
last November and December but prior to that this is the highest median since March 2008 when it hit
$356,383 on its way down to $263,118 (1/10).
So you don’t lose perspective, even with the recovery of 26%, at $355,950 Temecula is still 38% under its peak
of $575,935 (6/06) and at $322,574 Murrieta is still 44% below its peak of $576,224 (5/06). But at least we’re
trending in the right direction finally. That’s good news.
Does this mean we’re out of the woods? Well, only time will tell on that. The next few months will be critical
as the feds deal (or no deal) with issues like our mortgage interest deduction and future of Fannie Mae,
Freddie Mac and the FHA.
Housing availability will also play a significant role in that recovery. Our year over year sales are down 18%
(601/491) and our inventory of available homes is down a whopping 72% from last February (2,240/617) to
just a 1.4 months supply. Without those $1 million homes, where we still have a 24 month inventory, our real,
salable inventory for the region dips to less than a month. We’re replacing just half of what we’re selling.
New home builders are rushing to fill that inventory vacuum but their lead time to occupy reduces the
immediate impact they can have on the market. Benefitting from strong demand, new home builders are also
enjoying anywhere from 12% to 30% pricing premium over comparably sized existing inventory.
As demand across the country strengthens, some analysts are starting to bandy the term ‘bubble’ around
again. I’ve been seeing that potential developing locally for the past 6 months or so. So far we’re not into
bubble territory as we can absorb a significant increase in pricing just to get back to where our normal
demand curve would place us. However…
One more positive to note. In February standard sales accounted for 81% of our active inventory and 61% of
sold properties . There are only 8 bank-owned homes listed in Temecula (4%) and 9 in Murrieta (6%) as of a
couple days ago. If you’re a buyer this spells a cutthroat market. If you’re a seller – happy days are here again
(or at least you can hear the band warming up).
2. 250
Southwest California Homes
Single Family Homes
200
Unit Sales
150
100
50
0
3/11 6/11 9/11 12/11 3/12 6/12 9/12 12/12
Temecula Murrieta Lake Elsinore Menifee Wildomar Canyon Lake
February transaction volume:
Temecula $42,713,976 Lake Elsinore $15,516,176
Murrieta $41,612,059 Wildomar $7,389,053
Menifee $23,619,849 Canyon Lake $6,132,500
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
Southwest California Homes
Single Family Homes
$50,000
Median Price
$0
3/11 6/11 9/11 12/11 3/12 6/12 9/12 12/12
Temecula Murrieta Lake Elsinore Menifee Wildomar Canyon Lake
4. 400
350
Southwest California
2
2 6
February Demand Chart 2
3
.
300 2
5 2 7 . 8
2 .
4 2 1 4
1 .
250 9 9 1 3
1 8 0
4 .
200 5 6 1
1 1 8
1 2
4 2 2
150 0 9
8 8 0 0
.
8 6 7 7
100 5 2 5 5 5 5 1 5 8
5 4
5
2
3 0 8 4 5 4 1 1 1 0 3 0
1 0
50 0 . . . . . .
6 0
2 6 2 9 3 5
0
On Market Pending Closed (Demand) Days on Market Months Supply Absorption rate *
(Supply) Murrieta Temecula Lake Elsininore Menifee Canyon Lake Wildomar
* Absorption rate - # of new listings for the month/# of sold listings for the month
February 2012 February 2013 The only sector of the existing home market with
• 2,240 homes for sale • 617 homes for sale room to grow is standard sales. We’re already
• 561 homes sold • 491 homes sold selling 5 REO’s for every 4 listed and 12 short
• 3.3 months supply • 1.4 months supply sales for every 6 listed. Appreciating prices will
• 87 days on market • 57 days on market increase that seller pool and reduce the number
• 110% absorption rate • 201% absorption rate of underwater homes in the region.
February Market Activity
By Sales Type
Standard Sale Bank Owned Short Sale
% of % of % of % of % of % of
Active MKT Sold MKT Active MKT Sold MKT Active MKT Sold MKT
Temecula 163 88% 80 67% 8 4% 10 8% 13 7% 28 23%
Murrieta 133 86% 79 61% 9 6% 13 10% 10 6% 31 24%
Wildomar 13 81% 14 47% 1 6% 3 10% 2 13% 12 40%
Lake
Elsinore 63 72% 40 56% 8 9% 9 13% 17 19% 22 31%
Menifee 76 70% 69 58% 16 15% 17 14% 14 13% 27 23%
Canyon
Lake 58 89% 16 80% 2 3% 2 10% 5 8% 2 10%
Regional
Average 506 81% 298 61% 44 8% 54 11% 61 11% 122 25%
5. $600,000
California
$500,000 US
CA Price Trend
$400,000
$300,000
$200,000
$100,000
$0
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
CA Prices Still Below Trend Line = Opportunity
Meanwhile
Pent-Up Demand for Housing is Real
38,000 13,500
In thousands
36,000 575K 13,000
377K
34,000 12,500
Total Population, California
32,000 Number of Households, California (right axis) 12,000
Projected linear estimate
Projection, based on U.S. 0.55% growth rate
30,000 11,500
2000- 2002- 2004- 2006- 2008- 2010-
2001 2003 2005 2007 2009 2011
6. C.A.R. reports 4th quarter 2012 housing affordability
Higher home prices send California housing affordability lower
Higher home prices offset lower interest rates to reduce housing affordability in California during the fourth quarter of 2012,
the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California
decreased to 48 percent in the fourth quarter of 2012, down from 49 percent in third-quarter 2012 and from 55 percent in
fourth-quarter 2011, according to C.A.R.’s Traditional Housing Affordability Index (HAI).
C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in
California. C.A.R. also reports affordability indices for regions and select counties within the state. The Index is considered
the most fundamental measure of housing well-being for home buyers in the state.
Home buyers needed to earn a minimum annual income of $66,940 to qualify for the purchase of a $353,190 statewide
median-priced, existing single-family home in the fourth quarter of 2012. The monthly payment, including taxes and
insurance on a 30-year fixed-rate loan, would be $1,670, assuming a 20 percent down payment and an effective composite
interest rate of 3.49 percent. The effective composite interest rate in third-quarter 2012 was 3.72 percent and 4.30 percent in
the fourth quarter of 2011.
Housing affordability results were mixed at the regional level, with affordability improving from the third quarter of 2012 in
Alameda, Contra Costa, Marin, Napa, Los Angeles, Ventura, San Luis Obispo, Santa Cruz, Fresno, and Kings
counties. However, homes in San Francisco, Solano, Riverside, San Bernardino, Monterey, Santa Barbara, Madera,
Sacramento, and Tulare counties were less affordable during fourth quarter 2012.
STATE/REGION/COUNTY Q4 2012 Q3 2012 Q4 2011
Calif. Single-family home 48 49 55
Los Angeles Metropolitan Area 50 51 56
Calfi. Condo/Townhomes 59 60 63
Inland Empire 67 68 71
San Francisco Bay Area 34 35 42
U.S. 69 67 70
Alameda 36 34 39
San Francisco Bay Area
Contra-Costa (Central County) 31 28 37
Marin 28 27 29
Napa 48 45 50
San Francisco 22 25 26
San Mateo 24 24 29
Santa Clara 32 32 40
Solano 73 77 76
Sonoma 46 46 51
Los Angeles 44 42 48
Southern California
Orange County 34 34 38
San Bernardino 76 77 78
Riverside County 62 63 66
San Diego 43 43 46
Ventura 48 47 49
Monterey 50 52 56
Central Coast
San Luis Obispo 40 37 41
Santa Barbara 27 31 41
Santa Cruz 34 30 37
Fresno 70 69 71 r
Central Valley
Kings County 76 74 r 75
Madera 74 76 75
Merced 74 74 77
Placer County 64 64 67
Sacramento 71 73 74
Tulare 71 73 73
7. At an index of 76 percent, San Bernardino and Kings counties were the most affordable counties of the
state. Conversely, San Francisco County was the least affordable, with only 22 percent of the region’s households
able to purchase the county’s median-priced home.
To determine the approximate Homeowner Affordability Index for your city, just find the California City that most
closely matches your city median from the preceding charts. For example, at $355,950, Temecula is closer to the
state average of $353,190 with an HAI of 48, than it is to the rest of Riverside County with a median of $240,840 and
an HAI of 62. Murrieta at $322,574 is closer to Monterey at $329,000 and an HAI of 50. The true number of
prospective buyers in any market area is also a factor of the median income in that market. Thus our cities might rank
somewhat lower or higher on the HAI depending on the percentage of people in the area making the minimum
qualifying income.
Monthly
Housing Minimum
Median Home Payment
C.A.R. Region Affordability Qualifying
Price Including Taxes
Index Income
& Insurance
Calif. Single-family home 48 $ 353,190 $ 1,670 $ 66,940
Los Angeles Metropolitan Area 50 $ 326,470 $ 1,550 $ 61,870
Calif. Condo/Townhomes 59 $ 272,760 $ 1,290 $ 51,690
Inland Empire 67 $ 209,260 $ 990 $ 39,660
San Francisco Bay Area 34 $ 593,220 $ 2,810 $ 112,420
U.S. 69 $ 178,900 $ 850 $ 33,900
Alameda 36 $ 522,890 $ 2,480 $ 99,100
San Francisco Bay Area
Contra-Costa (Central County) 31 $ 631,530 $ 2,990 $ 119,680
Marin 28 $ 812,490 $ 3,850 $ 153,980
Napa 48 $ 385,200 $ 1,830 $ 73,000
San Francisco 22 $ 777,090 $ 3,680 $ 147,270
San Mateo 24 $ 782,500 $ 3,710 $ 148,300
Santa Clara 32 $ 685,000 $ 3,250 $ 129,820
Solano 73 $ 225,540 $ 1,070 $ 42,740
Sonoma 46 $ 382,560 $ 1,810 $ 72,500
Los Angeles 44 $ 350,080 $ 1,660 $ 66,350
Southern California
Orange County 34 $ 568,600 $ 2,690 $ 107,760
San Bernardino 76 $ 152,860 $ 720 $ 28,970
Riverside County 62 $ 240,840 $ 1,140 $ 45,640
San Diego 43 $ 405,360 $ 1,920 $ 76,820
Ventura 48 $ 440,250 $ 2,090 $ 83,430
Monterey 50 $ 329,000 $ 1,560 $ 62,350
Central Coast 0
San Luis Obispo 40 $ 399,310 $ 1,890 $ 75,680
Santa Barbara 27 $ 546,510 $ 2,590 $ 103,570
Santa Cruz 34 $ 520,000 $ 2,460 $ 98,550
Fresno 70 $ 152,360 $ 720 $ 28,870
Central Valley 0
Kings County 76 $ 146,210 $ 690 $ 27,710
Madera 74 $ 133,750 $ 630 $ 25,350
Merced 74 $ 133,450 $ 630 $ 25,290
Placer County 64 $ 302,630 $ 1,430 $ 57,350
Sacramento 71 $ 193,190 $ 920 $ 36,610
Tulare 71 $ 141,810 $ 670 $ 26,880
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS®
(www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated
to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles
8. NAR President Testifies on FHA
NAR President Gary Thomas last week testified before the Senate Banking Committee on the importance of
FHA in housing markets. In the testimony, Thomas explained that if FHA had not been providing insurance in
the last 5 years, housing prices would have fallen another 25%.
Although FHA has fallen short of its required reserves, FHA has made significant changes to increase revenue
and mitigate risks. Thomas cautioned about making arbitrary changes to FHA, such as further increasing
costs to consumers or limiting the use of the program to certain types of buyers, only for the sake of luring
back private markets.
NAR welcomes a reduction in FHA's market share when the private market returns, but Thomas stated that
"we aren't there yet!
The 3.8% Tax
Real Estate Scenarios & Examples
Beginning January 1, 2013, a new 3.8 percent tax on some investment income took effect. Since this new tax
will affect some real estate transactions, it is important for you to clearly understand the tax and how it could
impact you. It’s a complicated tax, so you won’t be able to predict how it will affect every buyer or seller.
To get you up to speed about this new tax legislation, the NATIONAL ASSOCIATION OF REALTORS® has
developed an informational brochure. By clicking on the link above, you’ll find examples of different
scenarios in which this new tax — passed by Congress in 2010 with the intent of generating an estimated
$210 billion to help fund President Barack Obama’s health care and Medicare overhaul plans — could be
relevant to your situation.
Understand that this tax WILL NOT be imposed on all real estate transactions, a common misconception.
Rather, effective this year, it may impose a 3.8% tax on some (but not all) income from interest, dividends,
rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an
adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.
CAR Sponsors Debt Forgiveness Bills
SB 30 (R. Calderon) and AB 42 (Perea) Debt Forgiveness Income Tax - (Sen. Joel Anderson is the bi-partisan
co-author of SB 30). The federal government enacted the Mortgage Debt Relief Act of 2007 creating mortgage
debt forgiveness relieving borrowers from income tax liability on debt forgiven in a “short” sale. In late 2008
the federal government extended this relief through December 31, 2012. This rule, which has been extended
several times in both federal and conforming California laws, expired on January 1, 2013. As part of the Fiscal
Cliff deal signed by President Obama on January 2, 2013, mortgage cancellation relief was extended for one
year, through January 1, 2014. C.A.R. is sponsoring SB 30 and AB 42 to make conforming changes in California
law effective January 1, 2013.
Until this bill passes, California homeowners who short-sell their homes may be liable for taxes on the forgiven
debt to the state. In order for the earliest possible resolution of this situation, the bill would need to be
passed quickly and by a 2/3 majority as an urgency matter. If it does pass but without the urgency, then the
bill would not become law until 2014 and would need to be retroactive to 1/1/13 to keep it concurrent with
the federal bill.
So banks and lenders have dried up our inventory of REO’s because of last year’s Homeowners Bill of Rights
which encouraged them to pursue short sales rather than foreclosing on homes. Now the state has ratcheted
up concern among those same short sellers by presenting the possibility that they will be taxed on their
forgiven debt. We better hope that prices rise fast enough to entice more standard home sellers into the
market. Otherwise our inventory will shrink to nothing.
9. Beige Book: Real estate markets strengthen
Nearly all twelve Federal Reserve districts reported modest to moderate growth in economic activity in the Fed's
latest February Beige Book.
Residential real estate markets posted the strongest results, with impressive growth throughout nearly all the
districts as home prices rose amid falling inventories across the country, the report said.
The Boston, Dallas, Kansas City, Minneapolis, San Francisco and St. Louis districts reported slight improvements.
Meanwhile, Philadelphia real estate continued to report low-end home prices as firm or rising or increasing slightly,
while high-end home prices continued to fall.
Inventories also declined in nearly all districts, with Realtors in several districts concerned about the impact on
future sales volume, the report noted.
Home construction increased in most districts, with the exception of the Kansas City District where it was reported
as unchanged.
Additionally, several districts noted ongoing strength in multifamily construction. However, the Atlanta and
Cleveland districts reported continued financing difficulties for builders.
Overall commercial real estate conditions were mixed or slightly improved in most districts, the book stated.
Commercial real estate activity grew modestly in the Atlanta, Philadelphia, Richmond, San Francisco and St. Louis
districts. While Boston and New York reported mixed activity levels, Dallas and the Kansas City districts noted few
changes.
Economist Makes Bold Statement on Home Prices
Home values could surge 35 percent without stretching housing affordability, Raj Dosaj, vice president of the home
price index at LPS Applied Analytics, said during a recent webinar hosted by HousingWire.
Dosaj says that the increase in home prices could be less than that if mortgage rates rise, which he says they are
predicted to do.
"During the peak of the housing run-up, affordability was stretched as the market sold off," Dosaj said. "As home
prices dropped, affordability dropped."
Industry reports are showing home prices rebounding and rising across the country.
"There are definite signs that there's room for growth," said Dosaj. "Things are generally looking good for the
housing market."