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Contact me: email: walter@831.com | phone: 831.246.4663
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| Home sales dropped 11.3%, after having been up year-over-year for the previous four months. The median price for single-family, re-sale homes in Santa Cruz County was down 21.9% year-over-year, while the average price declined 8.4%. | Coastal Commission Changes The California Coastal Commission is undergoing a makeover, with the changes potentially giving the Arana Gulch plan a boost and holding future implications for two major issues in Santa Cruz: the proposed desalination plant and the beachfront La Bahia Hotel. In the past few weeks, Gov. Jerry Brown and state lawmakers have appointed several new commissioners, including a former Ventura mayor and the first member from Del Norte County. While they haven't yet met as a group, the new members' collective track records are solidly pro-environmental. But it is who they replaced that has backers of Arana Gulch quietly optimistic. Two members who voted against the project are gone, replaced by television producer Dayna Bochco and Marin County Supervisor Steve Kinsey. MORE | What You Should Know about Appraisals Understanding how appraisals work will help you achieve a quick and profitable refinance or sale. MORE
| Real Estate News After stumbling in February, sales of existing homes rose 3.7 percent in March from the month before, according to a National Association of Realtors report released April 20th. Completed sales of existing single-family homes, townhomes, condominiums and co-ops fell 6.3 percent compared to March 2010—when a federal homebuyer tax credit program elevated sales—to a seasonally adjusted annual rate of 5.1 million units. "With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain—primarily because some buyers are finding it too difficult to obtain a mortgage," said Lawrence Yun, NAR's chief economist, in a statement. He said the generally upward trend in monthly existing-home sales suggests the housing market is "clearly on a recovery path." The median price for existing homes nationwide fell 5.9 percent year-over-year in March, to $159,600. Distressed properties, typically sold at a discount, made up 40 percent of sales last month, compared with 35 percent in March 2010. | | The Economy New home sales rose 7.3% in April to a seasonally adjusted annual rate of 323,000 units from an upwardly revised rate of 301,000 units in March. Economists had expected a pace of 300,000 units in April. The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending May 20 rose 1.1%. Refinancing applications increased 0.9%. Purchase volume rose 1.1%. Orders for durable goods—items expected to last three or more years—fell 3.6% in April after a revised 4.4% increase in March. Excluding volatile transportation-related goods, orders posted a monthly decrease of 1.5%. The Commerce Department announced that gross domestic product—the total output of goods and services produced in the U.S.—increased at an annual rate of 1.8% in the first quarter of 2011. This follows a 3.1% pace of growth in the fourth quarter of 2010. Retail sales fell 1% for the week ending May 21, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.1%. Pending home sales, a forward-looking indicator based on signed contracts, fell 11.6% in April after a 5.1% increase in March. On a year-over-year basis, pending sales are down 26.5%. | | Lending News: Mortgage rates ease for first time in a month New home sales rose 7.3% in April to a seasonally adjusted annual rate of 323,000 units from an upwardly revised rate of 301,000 units in March. Economists had expected a pace of 300,000 units in April. The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending May 20 rose 1.1%. Refinancing applications increased 0.9%. Purchase volume rose 1.1%. Orders for durable goods—items expected to last three or more years—fell 3.6% in April after a revised 4.4% increase in March. Excluding volatile transportation-related goods, orders posted a monthly decrease of 1.5%. The Commerce Department announced that gross domestic product—the total output of goods and services produced in the U.S.—increased at an annual rate of 1.8% in the first quarter of 2011. This follows a 3.1% pace of growth in the fourth quarter of 2010. Retail sales fell 1% for the week ending May 21, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.1%. Pending home sales, a forward-looking indicator based on signed contracts, fell 11.6% in April after a 5.1% increase in March. On a year-over-year basis, pending sales are down 26.5%. | | Local Market Stats Market Barometer: 
Prices (Single-family, Santa Cruz city): 
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| | | | | The information in this e-mail is provided solely for informational and/or entertainment purposes. If your property is listed with another real estate company or if you have a buyer's agency agreement with an agent, please disregard this offer. It is not my intention to solicit the offerings of other real estate brokers. I disclaim any warranties or representations concerning the information contained in this email. I do not guarantee the accuracy of the information contained in this e-mail and instruct you to independently verify the accuracy of the information provided. All intellectual property rights are retained by their owners. |
| | Contact me: email: walter@831.com | phone: 831.246.4663
Walter Stauss / Lifestyles Real Estate
500 Seabright Avenue
Santa Cruz, California 95062
US
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