Real Estate Directory

Apartment Investments Up?

Apartment Rents Jump

Rents jumped across Southern California last year as vacancy rates continued tightening, partially because of the housing market slump. Lusk Center for Real Estate at the University of Southern California say rates are topped out in So Cal.

Meanwhile, rents in the county increased an annual 5.6 percent in 2006, the study said. And steady gains in the overall economy continue to improve the fundamentals for the region's apartment market.
Occupancy rates to average 96 percent across the five-county region this year.she added that when arket's occupancy rate is higher than 95 percent, it is at capacity.

"As economic activity expands across the region, steady job growth and high home prices bode well for landlords," Conway said. "Strong investor interest and favorable long-term interest rates should help sustain sales activity of apartment buildings in all markets even as more units are being built."

Kaity Texas New Homes

Kaity Texas New Homes

Canyon Gate at the Brazos is being developed in Fort Bend County, Texas by Land Tejas Development. This 600-acre guard-gate community will offer its residents private amenities such as walking trails, picnic areas, competition and childrenÇs pool, clubhouse, sand volleyball, basketball courts, and tennis courts.
Directions: Located on Crabb River Road (The Grand Parkway) at U.S. Highway 59
2003 Estimated Population: 1,240
Designed Development Population: 4,030

Cinco Ranch was developed in Katy, Texas by American General Land Development and was later sold to Terrabrook Communities. This 7,500-acre master-planned community offers its residents a neighborhood pool complex, a beach club, swim lagoon, pocket parks, basketball courts, picnic areas, and an eighteen-hole golf course.
Directions: Located in the West Houstson/Katy corridor submarket of Houston 1.5 miles south of I-10W with frontage on the east and west sides of the Grand Parkway (Texas 99)
2003 Estimated Population: 15,164
Designed Development Population: 40,320

Falcon Ranch is being developed by Ersa Grae Corporation and the Kalikow Group of Westbury, New York. This 265-acre community is located off Westheimer Parkway just west of the Grand Parkway and south Interstate 10. The project will have about 800 homes and expects to initiate home sales at the end of 2001.
Directions: Located off West Parkway just west of the Grand Parkway and south of I-10.
2003 Estimated Population: 420
Designed Development Population: 2,520

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The Crazy Market

Home prices continued their decline in February, with 17 of 20 major metro areas reporting lower prices that month compared with January, according to the S&P/Case-Shiller home price index released today.

Prices are down 1.5 percent in 10 major cities in the past year, the fastest decline in 13 years.

The pace of sales of existing homes in the United States dropped sharply in March to a 6.12 million-unit annual rate, the National Association of Realtors said in a report Tuesday that showed more weakness than analysts had expected.

Sales were off 8.4 percent from February, the sharpest drop since a 12.6 percent drop in January 1989.

Economists polled by Reuters were expecting home sales to slip to a 6.45 million unit rate from the 6.69 million unit pace originally reported for February. The February sales pace was revised to a 6.68 million unit pace.

So meanwhile in reality land home sellers aren't about to give their prized asset away. Home prices in

Phoenix and Scottsdale set new record high. Results skewed by the fall-off in demand at the low end and the increasing percentage of homes sold over $1,000,000

Home sales increased from the month before, but year-to-date sales in Phoenix are down 26.1%., and other cities have seen appreciation too.

SubPrime

Subprimes and Foreclosure

Freddie Mac and Fannie Mae plan to help homeowners with subprime loans avoid foreclosure.

In prepared congressional testimony, Fannie Mae Chief Executive Daniel Mudd is expected to tell the House Financial Services Committee today that the housing Government-Sponsored Enterprise is expanding its products to allow subprime borrowers to refinance out of certain adjustable-rate mortgages that carry low "teaser" rates for the first two or three years and then reset to much higher monthly payments.

Real Estate Sales

News from around the country is mixed:

The real estate slowdown will be a major drag on  economy this year, but not enough to pull the state into recession, economists at UCLA say. Southern California's residential real estate market continued course in March. Median prices reached another record while sales declined to a 10-year low for that month, a market tracker said this week.

Last month the median price of a home in the six-county region rose an annual 4.6% to $505,000, said La Jolla-based DataQuick Information Systems. It's the first time the median price moved above $500,000, and it was a $10,000 gain from the prior record of $495,000 in February.

A quarterly analysis by a Naperville firm shows the number of single-family homes for sale rose to 49,640 on April 1 from about 40,000 on New Year's Day, a 24.3 % growth.  DuPage County saw pending sales growing to 1,074 on April 1 from 667 Feb. 4, a 61% increase. At the low end, but still positive, was Chicago, where pending contracts were up about 19%.

Foreclosure: Steps Homeowners at Risk can Take to Avoid Foreclosure.

So you've fallen behind a couple of months on your mortgage payment, what should you do? Contrary to popular belief, your bank does NOT want your home to enter foreclosure, and is willing to work with borrowers that are delinquent and/or have potential to default on their mortgage.  For a lender, the cost of foreclosure can cost them as much as 20% of the remaining principal balance. Also, a delinquent loan showing as a nonperforming asset on the books leads to lenders viewing foreclosure as a very unattractive last resort.

            However it, it important for the borrower falling behind on their mortgage to take a proactive approach to finding a resolution to this circumstance.  It is extremely important for the borrower to contact their lender as soon as possible to discuss the situation.  The earlier you discuss it with your lender, in most cases leads to a more attractive alternative to avoid foreclosure.

            When you call your lender, some of the questions you can expect to be asked include: What caused the borrower to fall behind in their payments, whether the cause has been remedied, and how/if the situation can be fixed.  For example, a borrower that is suffering an illness to themselves or a family member will require a different alternative as opposed to the borrower that suffered a temporary job loss.

            As a borrower that is at risk of foreclosure, its important for you to make a call to your lender as fast as possible. Run don't walk to the telephone.  Its your responsibility to be truthful and realistic in your dealings with the lender.  Unrealistic repayment promises can lead to a debilitating loss in faith that will further erode the relationship between you and your lender. Nay lenders have loss mitigators whos job it is to find a viable solution that will keep you in the house. Make sure to ask the name of the person you are dealing with from the lender, and also ask that any agreement that is reached on the telephone is confirmed in writing and sent to you via fax, email, or snail mail.  If the conversation goes well and you are feeling brazen, you can request for all or part of the late fees to be waived.  If you've ever dealt with the collection types before, then you know most of them have the personality to match the demands of the job, so refuse to lose your cool and remember that the person on the other end of the phone is only doing their job.

SubPrime Sale Irony

Home sales rebounded in January, reaching the highest level in seven months, the National Association of Realtors said Tuesday. It was because of the warm winter they say.So slaes  rose 3%. And single-family homes showed the biggest sales increase, rising 3.5%.  Despite the dramatic rise in home sales in January, no one should overreact to the gain, analysts say. "I'm trying to be careful because we could see the next month down a little," says David Lereah, the NAR's chief economist.This because of  February 's Cold, which could cause a near-term home sales dip.

While sales jumped in January, there was still a downturn in existing home prices. Last month, prices fell 3.1% from January 2006 to $210,600. And the price softness is expected to continue until spring, Lereah says. Many believe the price decline is helping but inventories are still high.. That represents a 6.6-month supply.However the peak was 7.4 month peak in October.

As if home builders do not have it bad enough, a press release Lerach, Coughlin, Stoia, Geller, Rudman & Robbins LLP law firm, says the Beazer builder not only provided mortgage originations and title insurance  neglectfully causing some of the buyers to lose their homes through foreclosure.

Meanwhile UCLA  Forecast Says Subprime Fallout Has Consequences for the Country

I am glad I am a Trojan fan! The forcast released this week, contains both positive and negative predictions for the current economy and the subprime lending market. A recession is not imminent, but he does expect a period of below average growth in the U.S. that will last longer than originally expected.

  “For a housing market that has already witnessed starts declined by 36 percent this is not good news,” the report concluded. “We previously had thought that housing starts would bottom in the 1.4-1.5 million range; we now think the bottom could be around 1.2-1.3 million units with the risks still on the down side. Moreover, the recent weakness we have experienced in home prices will likely tend to accelerate with the nationwide peak to trough declines ranging from 5 to 10 percent,” according to the report.

UCLA report also says California, has a great future in job growth, with growth up to 52,000 and job creation rates up to 1.8 percent from 1.1 percent. However, when it comes to the real estate sector, economist Ryan Ratcliff did predict some sort of fallout in California. According to the report, Ratcliff, when discussing the topic of California, said, “We expect to see the pattern of deepening real estate (job) losses combined with a slowdown in the rest of the economy – now it's just the first half of 2007 instead of the second half of 2006

And to remind everyone about the subprime mess amidst the good sales news was, Irvine, California-based lender New Century Financial Corp.  whom officially filed for Chapter 11 bankruptcy on Monday.