Existing-home sales at highest level in 3 years

Sales of existing homes continued to rise in November, hitting their highest level in three years.
At the current pace, 5.04 million existing homes would be sold in 2012. That’s up 14.5% over last November, the National Association of Realtors

Sales were up 5.9% percent from October. The national median home price was $180,600, up 10.1% from a year ago. November marked the ninth month of year-over-year price increases.

Momentum continues to build in the housing market from growing jobs and a bursting out of household formation," Lawence Yun, the NAR’s chief economist, said in a news release. "With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes.”

The number of homes for sale continued to fall, which is likely contributing to price increases. In November, 2.03 million existing homes were listed for sale, enough to last 4.8 months at the current sales rate and 22.5% fewer than last year. A six-month supply is considered a balanced market.

The last time fewer existing homes were for sale was December 2001, and the current supply is the lowest since September 2005, when there was a 4.6-month supply for sale.
First-time buyers made up a smaller proportion of all buyers than they did a year ago -- 30% versus 35%. The investor share remained the same, at 19%. That suggests move-up buyers are inching back into the game. All-cash sales accounted for 30% of sales, up slightly from 28% last November.
The percentage of sold homes that were distressed sales stood at 22%, down from last November’s 29%. Yun predicted the percentage of distressed properties, which usually sell at a discount, would fall into the teens next year.
"Existing-home sales have improved this year," Joseph Trevisani, the chief market strategist for Worldwide Markets, told Reuters. "Purchases are supported by the lowest mortgage rates on record. The housing market is considerably weaker than the statistics portray. Jobs, not interest rates, are the key to further improvement, but those lower rates from the Fed are putting the dollar on the defensive."
Joyce Doherty Real Estate Pacific Coastal Properties Solana beach brokers agents

Frost advisory issued for Wednesday night

John Gibbins

The surf was blow out Tuesday at Dog Beach, Del Mar. But it is building nicely today.

The cold air from Tuesday's Pacific storm settled to the ground across much of San Diego County overnight after the winds died out, widely dropping temperatures into the 20s and 30s for the first time this fall. San Diego didn't get quite that cold -- but the mercury fell to 41 in Balboa Park. The cold came as a surprise to many; the National Weather Service did not forecast such low temperatures across such a wide area. Even the beaches were cold. The big change also was caused by the quick dispersion of the clouds. There was nothing to hold warmer air near the surface.
Today's highs will reach the 60s at the coast and 50s inland. But the National Weather Service already has issued a frost advisory for Wednesday night, saying that this evening could turn out to be even colder.
Forecasters say skies will be mostly clear today, and clear again tomorrow, when San Diego State and Brigham Young square-off in the Poinsettia Bowl at Qualcomm Stadium. Kick-off: 5 p.m. Temps will be in the upper 50s.
Winter officially begins on Friday.
Sample of temperatures at 6 a.m. Wednesday:

Mixed news emerges on foreclosures

Completed foreclosures reached their highest level in nine months in November, while foreclosure starts were at their lowest level in almost six years.
Confused? The mixed picture on foreclosures reflects a number of factors, including the fact that lenders are engaging in more foreclosure alternatives, such as mortgage modifications and short sales. The statistics, compiled by RealtyTrac, also reflect the differing pace of foreclosures in judicial and nonjudicial foreclosure states

"The drop in overall foreclosure activity in November was caused largely by a 71-month low in foreclosure starts for the month, more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting six years ago," Daren Blomquist, vice president at RealtyTrac, said in a news release. "But foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago — and much longer in some cases. We're likely not completely out of the woods when it comes to foreclosure starts, either … ."
According to RealtyTrac, foreclosure starts in November were down 13% from the previous month and 28% from a year ago.

But bank repossessions, or completed foreclosures, were up 11% over October and up 5% from a year ago.
The foreclosure picture was mixed geographically, too. A total of 23 states plus the District of Columbia showed higher foreclosure activity than at the same time last year. But the national statistics were driven by big year-over-year declines in California, Georgia, Michigan, Texas and Arizona

Foreclosure starts were down from a year ago in 28 states, including Oregon (84%), Pennsylvania (67%), California (63%), Arizona (59%) and Georgia (51%).
But foreclosure starts rose in 18 states, some exponentially, with increases of 538% in New Jersey, 455% in Arkansas, 209% in New York 97% in Washington and 95% in Connecticut.
The largest numbers of foreclosures were in Florida and California, and the 10 cities with the highest rate of foreclosure activity were all in those two states.
The foreclosure rate in November was highest in Florida, at a rate of one foreclosure filing for every 304 housing units, compared with a national average of one in 728. The other states with the highest foreclosure rates were Nevada (one in 390), Illinois (one in 392), California (one in 430) and South Carolina (one in 455).
"This all leads to confusion over whether the market is getting better or worse," Blomquist wrote at RealtyTrac. "Generally I would argue it's getting better, but the unintended consequence of all the foreclosure prevention efforts of the last few years is a hidden inventory of properties in foreclosure limbo. The jump in bank repossessions in November is evidence that these properties are there and that some of them are being foreclosed. What's unknown is how many will end up as foreclosures in 2013 and even beyond."

Solana Beach recent home values

Sample recent home sales in Solana Beach, CA (zip code 92075):

• 707 S SIERRA AVE 29: $569,000 on 2012-07-12 (COOP OR CONDO)
• 6131 VALENCIA VILLAS 4A-6: $320,000 on 2012-07-10 (COOP OR CONDO)
• 817 BEACHFRONT DR C: $795,000 on 2012-07-06 (COOP OR CONDO)
• 839 VALLEY AVE: $305,000 on 2012-07-05 (COOP OR CONDO)
• 135 S SIERRA AVE 30: $1,100,000 on 2012-06-27 (COOP OR CONDO)
• 654 E SOLANA CIR: $358,000 on 2012-06-16 (COOP OR CONDO)
• 725 SAN MARIO DR: $955,000 on 2012-06-14
• 481 MARVIEW LN: $322,500 on 2012-06-13 (MULTI-FAMILY (2 - 4))
• 838 STEVENS AVE: $310,000 on 2012-06-12 (COOP OR CONDO)
• 245 TURF VIEW DR: $575,000 on 2012-06-12 (COOP OR CONDO

Homes for sale in Solana Beach, California

Sample recent home sales in Solana Beach, CA (zip code 92075):

• 707 S SIERRA AVE 29: $569,000 on 2012-07-12 (COOP OR CONDO)
• 6131 VALENCIA VILLAS 4A-6: $320,000 on 2012-07-10 (COOP OR CONDO)
• 817 BEACHFRONT DR C: $795,000 on 2012-07-06 (COOP OR CONDO)
• 839 VALLEY AVE: $305,000 on 2012-07-05 (COOP OR CONDO)
• 135 S SIERRA AVE 30: $1,100,000 on 2012-06-27 (COOP OR CONDO)
• 654 E SOLANA CIR: $358,000 on 2012-06-16 (COOP OR CONDO)
• 725 SAN MARIO DR: $955,000 on 2012-06-14
• 481 MARVIEW LN: $322,500 on 2012-06-13 (MULTI-FAMILY (2 - 4))
• 838 STEVENS AVE: $310,000 on 2012-06-12 (COOP OR CONDO)
• 245 TURF VIEW DR: $575,000 on 2012-06-12 (COOP OR CONDO)

Home Value Estimate Address: Unit (optional): City State Zip

Recent Home Sales Address: City State Zip Min Price (optional) Max Price (optional)

Nearest zip codes: 92007, 92014, 92091, 92024, 92130.

Median value of housing units with mortgages in 2010:

This zip code:	$915,234
California:	$417,800

Median value of housing units with no mortgage in 2010:

This zip code:	$883,157
California:	$367,700

Median price asked for vacant for-sale houses and condos in 2010:

This zip code:	$3,895,156
California:	$401,873

Mean price in 2010:

Detached houses: $1,054,492 (195% of state mean)
Townhouses or other attached units: $823,664 (181% of state mean)
In 2-unit structures: $638,052 (95% of state mean)
In 3-to-4-unit structures: $374,087 (81% of state mean)
In 5-or-more-unit structures: $753,198 (192% of state mean)

Estimated number of vacant for-rent houses and condos in 2010: 48
Estimated number of vacant for-sale houses and condos in 2010: 36

Surf's up for snowboard champ Shaun White, he buys a $3.85m beach home in Encinitas California

Local Athlete Shaun White makes good and purchases in his local hood.

He was the first athlete to compete and medal in both the summer and winter X Games for his snowboarding and skateboarding skills in 2003.

And now it appears that Shaun White is ready to focus on developing his surfing skills, having just dropped $3.85 million on a beach home in Encinitas, California.

The 26-year-old Olympian even spent his Thanksgiving boning up on his surf-riding technique at his new 3,500-square-foot crib, which was all captured on video for GoPro.

According to tmz the two-time Olympic gold medalist's new digs include three bedrooms, three baths, and literally has a private staircase leading to the beach and Pacific Ocean.
Shaun even managed to negotiate $400,000 off the beach-front abode's initial $4.25 million price tag.

Tubular! The two-time Olympic gold medalist's three-bedroom home literally has a private staircase leading to the beach and Pacific Ocean

 

Beautiful: Shaun's enormous deck overlooking the picturesque sea has a fire pit and more stairs leading up to the roof

Surf or snowboard: The 26-year-old Olympian spent his Thanksgiving boning up on his surf-riding technique at his new 3,500-square-foot crib

Inside the posh property, the snowboarding superstar enjoys floor-to-ceiling ocean views in practically every room.
His enormous deck overlooking the picturesque sea has a fire pit and more stairs leading up to the roof.
The flame-haired athlete, formerly known as 'the flying red tomato,' is definitely feeling the holiday spirit of giving as he will be starring in Facebook giveaway videos for eights days straight, beginning Monday.

Fancy view: Inside the posh property, the snowboarding superstar enjoys floor-to-ceiling ocean views in practically every room

Shaun sleeps here: A glimpse of one of White's three bedrooms overlooking the sea

California dreaming: There are hard wood floors throughout the pretty property

The festive campaign, known as 'White Christmas,' was directed by his brother Jesse.
Shaun will give fans a chance to win a trip for two to the Dew Tour Mountain Championships in Colorado and various autographed products from companies like Burton, Target, Shaun White Supply Co., and Oakley.
The San Diego native will be competing at Dew Tour, which takes place December 13-16 at Breckenridge ski resort.

Cleaned up: Shaun managed to negotiate $400,000 off the beach-front abode's initial $4.25 million price tag

Flying tomato: The San Diego native will soon compete at the Dew Mountain Championships, which takes place December 13-16 at Breckenridge ski resort in Colorado

December Homeowner Do's

December Homeowner Do's: Experts say it could help your tax situation to make your January mortgage payment a bit early. Plus, here's a must-do list for the month and a look at which remodeling projects you can squeeze the most value out of as 2013 draws near.
is busy. We get it. But don't get so busy that you forget to do one thing: Consider making your next mortgage payment early.Some borrowers who itemize deductions make their January payment before year's end. "This shifts the interest deduction in those months from next year to this year," explains Jack Guttentag, the Mortgage Professor. "This can be especially advantageous if the borrower expects to be in a lower tax bracket, or expects the tax rate to be lower, next year." (Bing: How low are interest rates right now?)
Here's how it works: You make mortgage payments at the end of each 30-day period you've been in your house or condo. That means that your mortgage bill dated Jan. 1 represents interest for this year — and that means you can put it toward your tax break for 2012.
A few caveats:

• First, you can only do this for January's interest, according to Bankrate.
• Second, make sure your payment will be credited as an interest payment for this year, says Eric Tyson, co-author of "Mortgages for Dummies." "I would strongly recommend that you contact the mortgage company by phone," tell them what you want to do and ask how to do it, Tyson says.
• Third, get your payment in with plenty of time for it to count toward this year. That way, the additional interest will appear on your annual statement, usually a Form 1098 or some federally approved substitute. Remember that Dec. 31 falls on a Monday, and it might even be a good idea to get that payment in before Christmas, just to be safe.
• When is that extra payment not a good idea? "It wouldn't benefit you if you expect to be in a higher tax bracket next year than you are this year," Guttentag says.

So if you have the money, consider scribbling that extra check. You'll be happier come April 15.

contact Joyce Doherty
Pacific Coastal Properties 858-344-3175 for your Real Estate needs, specializing in Solana Beach Real Estate for over 20 years.
 www.pacificcoastalproperties.net

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Because Pacific Coastal Properties loves and supports a good cause, and of course Curtis! We thought we'd share

To all my friends in LA... I'll be at Cost Plus World Market at the Grove this Saturday Dec 8 from 10-noon! Be one of the first 200 customers to bring in 5 canned goods and you'll get an autographed photo. All donations go to the LA Food Bank. Come by and share the love!

Joyce Doherty
www.pacificcoastalproperties.net

Interesting Real Estate Predictions - Solana Beach

Santa Barbara, Calif., will be one of the best U.S. housing markets in the next 5 years, per this study:
The #1 city, however, is just north of the California border.

Miami and Fort Lauderdale homes are expected to lose more value. In contrast, Medford, Ore., prices are expected to grow at an annualized rate of 11.2%.

As the housing market moves toward recovery in fits and starts, it's clear that the pace will not be the same everywhere. While would-be homebuyers in California struggle to find anything for sale and prices tick up in Phoenix, homeowners in Chicago aren't sure their property values have quit falling.

Business Insider has put together a list of the 15 best housing markets for the next five years and the 15 worst, based on data from Fiserv Case-Shiller.

Nationwide, home prices are predicted to rise 0.3% in the next year and 3.3% over the next five years. But that number obscures the spread among cities, as we learn every time we parse a new set of statistics.

The city where Business Insider sees the biggest potential for price growth is Medford, Ore., a metropolitan area of about 207,000 people 27 miles north of the California border. Unemployment there is 10.8%, and the median family income is $46,000 a year.

Prices in the Medford area have fallen 39.8% since their peak in mid-2006. In the next five years, prices there are predicted to rise at an annualized rate of 11.2%, the highest predicted growth of metro areas nationwide.

At the other end of the spectrum is Miami-Miami Beach-Kendall, a metro area of about 2.5 million people. Prices have risen in Florida in recent months, but the Business Insider analysis of the Fiserv Case-Shiller data doesn't see that continuing. Prices in the Miami area are expected to decrease at an annualized rate of 0.6% over the next five years.

The Miami area experienced one of the largest price drops in the bust, with prices currently down 50.4% from their peak in early 2007. Unemployment stands at 9.2%, and the median family income is $47,700 a year. Neighboring Fort Lauderdale is predicted to be the second-worst market, with an annualized price drop of 0.2% predicted for the next five years.

These are the markets that Business Insider and Fiserv Case-Shiller predict will have the greatest growth in housing prices from 2012 to 2017 and their annualized rate of growth:

• Medford, Ore: 11.2%..
• Panama City-Lynn Haven-Panama City Beach, Fla.: 9.5%.
• Santa Fe, N.M.: 8.9%.
• Madera-Chowchilla, Calif.: 8.8%.
• Sebastian-Vero Beach, Fla.: 8.7%
• Santa Barbara-Santa Maria-Goleta, Calif.: 8.4%.
• Ocala, Fla.: 8%.
• Napa, Calif.: 8%.
• Gulfport-Biloxi, Miss.: 8%.
• Tucson, Ariz.: 7.9%.
• Brunswick, Ga.: 7.9%.
• Yakima, Wash.: 7.8%.
• Eugene-Springfield, Ore.: 7.7%.
• Yuma, Ariz.: 7.7%.
• Glen Falls, N.Y.: 7.7%.

These are the 15 metro areas expected to see the least housing price growth between 2012 and 2017 and the annualized expected change:

• Miami-Miami Beach-Kendall, Fla.: down 0.6%.
• Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla.: down 0.2%
• Naples-Marco Island, Fla.: up 0.9%.
• Phoenix-Mesa-Glendale, Ariz.: up 1.1%.
• Midland, Texas: up 1.2%
• Elmira, N.Y.: up 1.3%.
• Denver-Aurora-Broomfield, Colo.: up 1.3%.
• Atlantic City-Hammonton, N.J.: up 1.4%.
• Clarksville, Tenn.-Ky.: up 1.4%.
• Ann Arbor, Mich.: up 1.5%
• Washington-Arlington-Alexandria, D.C.-Va.-Md.: up 1.6%.
• Ithaca, N.Y.: up 1.7%.
• Nashville-Davidson-Murfreesboro-Franklin, Tenn.: up 1.7%.
• Amarillo, Texas: up 1.7%.
• Crestview-Fort Walton Beach-Destin, Fla.: up 1.8%.

Joyce Doherty Solana Beach Real Estate Brokers North County Sales