| Sales of single-family, re-sale homes were up in March, year-over-year, for the third month in a row: 41.5%. The median price for single-family, re-sale homes in Santa Cruz County was down 9.4% year-over-year, while the average price declined 17.6%. Supervisors Approve Redevelopment Projects The Santa Cruz County Board of Supervisors last month approved spending more than $75 million on a final list of redevelopment projects, including:
New sheriff's center: $44 million
Behavioral health center: $6.5 million
East Cliff parkway project: $5.1 million
Live Oak youth center: $5 million
Twin Lakes beachfront improvements: $4.5 million
Project management funds: $1.8 million
Felt Street Park: $1.5 million
Soquel Creek Linear Park: $1.5 million
Arana Gulch path project: $1.4 million
Upper Porter/Soquel/San Jose Road improvements: $1.2 million
Eaton Street improvements: $880,000
Soquel Avenue improvements: $720,000
East Cliff bluff protection: $700,000
Pavement management: $200,000
Simpkins Family Swim Center improvements: $170,000
Live Oak Resource Center: $130,000
Proposition 84 grant funding: $125,000
Chanticleer Park interim funds: $50,000
Graffiti abatement: $10,000
LION neighborhood grants: $10,000
SOURCE: Santa Cruz County Board of Supervisors Food Trivia Fruits and vegetables with the least pesticide residue:
Asparagus, Avocado, Brussels Sprouts, Cabbage, Eggplant, Kiwi, Mango, Onion, Pineapple, Sweet Corn, Sweet Peas, & Watermelon. The worst for pesticide residue:
Apples, Celery, Cherries, Kale/Collard Greens, Nectarines, Peaches, Spinach, Strawberries, & Sweet Bell Peppers
[Food and Wine, 2/2011 and foodnews.org]
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 Retail sales rose 2.3% for the week ending April 2, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 2.8%. The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity fell to 57.3 in March from 59.7 in February. A reading above 50 signals expansion. It was the 15th straight month of expansion in the services sector. The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending April 1 fell 2%. Refinancing applications decreased 6.2%. Purchase volume rose 6.7%. According to the Federal Reserve, consumer credit debt rose in February by $7.62 billion for a total credit level of $2.42 trillion. Figures for January were revised from an initial gain of $5.01 billion to a gain of $4.45 billion. Revolving debt, which includes credit cards, fell by $2.71 billion. Non-revolving debt, including loans for cars, rose by $10.3 billion. Wholesalers increased their inventories 1% to $437.99 billion in February. This followed a 1.1% rise in January. Sales at the wholesale level fell 0.8% in February. On a year-over-year basis, sales were 13.7% higher since February 2010. Initial claims for unemployment benefits fell by 10,000 to 382,000 for the week ending April 2. Continuing claims for the week ending March 26 fell by 9,000 to 3.7 million. Upcoming on the economic calendar are reports on international trade on April 12, retail sales on April 13 and industrial production on April 15. |
| Lending News Mortgage rates ease for first time in a month Mortgage rates eased this week for the first time in a month, as signs of inflation remained subdued, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. Rates on 30-year fixed-rate mortgages averaged 4.8 percent with an average 0.7 point for the week ending April 21, down from 4.91 percent last week and 5.07 percent a year ago. This year, rates on 30-year fixed-rate loans have ranged from 4.71 percent in early January to a high of 5.05 percent in February. The 30-year fixed-rate mortgage hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11. "Low inflation is keeping mortgage rates at bay," said Freddie Mac Chief Economist Frank Nothaft in a statement. "The core consumer price index rose just 0.1 percent in March, below the market consensus forecast. The 12-month growth rate in core prices was 1.2 percent, which is also rather low by historical standards." |
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