My head can spin with all the negative media. But don't forget the Real Estate is regional and very hyper-local :)
Letâ€™s look at the bright sideâ€¦ based on these brief talking points.
Optimism is risingâ€¦.The California Composite Index of Consumer Confidence increased to 84.2 in August, slightly higher than the May reading of 82.7, according to a survey conducted by the Anderson Center for Economic Research at Chapman University.
Negative equity continues to improve in Q2 2010. 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. Delinquencies, foreclosure starts decrease in second quarter 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, according to the recently released Mortgage Bankers Associationâ€™s (MBA) National Delinquency Survey.
Case Shiller Index improves in second quarter. Home prices increased 4.4 percent in the second quarter of 2010 and now are 3.6 percent above their year-earlier levels, according to the S&P/Case-Shiller U.S. National Home Price Index, released yesterday. The index, which covers all nine U.S. census divisions, recorded a 3.6 percent improvement in the second quarter of 2010 compared with the second quarter of 2009.
In the second quarter of 2010, 64 percent of first-time buyers could afford to purchase an entry-level home in California, according to the First-time Buyer Housing Affordability Index published by the CALIFORNIA ASSOCIATION OF REALTORSÂ®.
The median price of an entry-level home in California was $266,750 in the second quarter of 2010, with an estimated monthly payment of $1,470, including taxes and insurance.
The minimum household income needed to purchase an entry-level home in California in the second quarter of 2010 was $43,960.
Interest rates are at their lowest. Iâ€™d say things arenâ€™t as â€œbadâ€ as we can perceive. Everyoneâ€™s situation is different and that is what makes my career so exciting. Whether it is the right time to invest, buy your dream home, down-size, or sell to move closer to family. If you are struggling and need confidential options... you are not alone. I can help you too.
I promise to help in any/every way I can.
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