Wednesday, July 30, 2014

California pending homes sales retreat in August

From page HS24 | October 04, 2013 |

Higher interest rates to blame

California Association of Realtors

LOS ANGELES — Rising mortgage rates dampened pending home sales in August, while distressed home sales fell to levels not seen in nearly six years, the California Association of Realtors recently reported.

“Rising interest rates over the past several months at the specter of a tapering of the Fed’s stimulus program sent buyers to the sidelines in August,” said CAR Vice President and Chief Economist Leslie Appleton-Young. “However, the Fed’s decision last week to postpone the pullback should lead to lower interest rates, which bodes well for prospective buyers.”

Pending home sales data

• California pending home sales dropped in August, with the Pending Home Sales Index (PHSI)* falling 5 percent in August to 108.3, down from 114 in July, based on signed contracts. Pending sales were down 8.9 percent from the 118.9 index recorded in August 2012. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

Distressed housing market data

• The share of equity sales – or non-distressed property sales – has risen on a month-to- month basis for 18 of the last 19 months and now makes up more than four in five sales, the highest share since November 2007. The share of equity sales in August increased to 84.7 percent, up from 82.9 percent in July. Equity sales made up 62 percent of sales in August 2012.

• The combined share of all distressed property sales continued to decline in August, dropping to 15.3 percent in August, down from 17.1 percent in July and down significantly from 38 percent in August 2012. Twenty-five of the 38 reported counties showed a month-to-month decrease in the share of distressed sales, with Alameda, Contra Costa, Marin, Orange, San Diego, San Mateo and Santa Clara all recording shares in the single digits.

• Of the distressed properties, the share of short sales, at 10.2 percent, fell to the lowest point since February 2009. August’s figure was down from 11.6 percent in July and was less than half of what it was a year ago, when short sales made up 22.9 percent of all sales. The continuing decline in short sales indicates more previously underwater homes are moving into positive equity as home prices are bolstered.

• The share of REO sales also continued to fall, dropping to single-digits for the fifth straight month. REOs made up only 4.7 percent of all sales in August, down from 5 percent in July and from 14.7 percent in August 2012. The August 2013 figure was the lowest since August 2007.

• Housing inventory levels improved further in August but remained in short supply. The Unsold Inventory Index for equity sales inched up from 3 months in July to 3.1 months in August.  The supply of REOs edged up from 2.1 months in July to 2.3 months in August, and the supply of short sales rose from 2.5 months in July to 2.9 months in August.





District 2 candidate statements tell of goals

By Dawn Hodson | From Page: A1

Sand Fire nears containment: 66 structures destroyed

By Cole Mayer | From Page: A1 | Gallery

Schedule for Highway 50 blasting closures

By News Release | From Page: A3

Tails wagging over dog park approval

By Julie Samrick | From Page: A3

Quarter-acre fire in Kelsey

By Rebecca Murphy | From Page: A3



My Turn: Privatization of public services

By Mark Belden | From Page: A4

Policy book

By Mountain Democrat | From Page: A4



Large bangs

By Letters to the Editor | From Page: A5, 2 Comments

Private property gets no respect

By Letters to the Editor | From Page: A5

GDPUD management report

By Letters to the Editor | From Page: A5

District 2 supervisorial special election

By Letters to the Editor | From Page: A5, 3 Comments

Piano replaced

By Letters to the Editor | From Page: A5

Comments sign-in policy

By Letters to the Editor | From Page: A5, 1 Comment

Save the Guinea Worm

By Letters to the Editor | From Page: A5, 1 Comment



Sierra Sharks finish middle of the pack

By Democrat Staff | From Page: A8

Roundup: July 29, 2014

By Democrat Staff | From Page: A8

Taz pull through for SSL trophy

By Patty Pope | From Page: A8

Ex-Bruin lends a helping hand

By Steven Shaff | From Page: A8 | Gallery



Nuns discover a pleasant place

By Lexi Boeger | From Page: B1 | Gallery

Bargains can be found everywhere

By Democrat Staff | From Page: B2 | Gallery

At a glance: Game time

By Mimi Escabar | From Page: B2

Barbecue dinner to benefit Blue Star Moms

By Mount Aukum Winery | From Page: B2

Stagecoach story takes riders on a trip

By Wendy Schultz | From Page: B3

Help needed to make cool ties

By Sew 4 | From Page: B3

Stroke and osteoporosis screenings planned

By Life Line Screening | From Page: B3

Gold Rush Days activities cancelled this year

By Sacramento Convention And Visitors Center | From Page: B4

Master Food Preservers: Tomato time

By Monique Wilber | From Page: B4

Build an author platform at the Library

By El Dorado | From Page: B5

Sacramento area museums offer summer fun

By Sacramento Association Of Museums | From Page: B5



Weather stats 7-29-14

By Michael Raffety | From Page: A2

Building permits 6/2-6/2014

By Michael Raffety | From Page: A2Comments are off for this post

Crime Log: July 17

By Cole Mayer | From Page: A2



Merlyn Wilbur Adams

By Contributor | From Page: A2

Lisa Oliver Rose

By Contributor | From Page: A2

Wallace Murrel Thomas

By Contributor | From Page: A2


Real Estate




Women’s Health

Love the skin you’re in

By Noel Stack | From Page: WH4

Dump stress and improve your health, productivity

By Wendy Schultz | From Page: WH7Comments are off for this post

Women’s Health Expo

By Marshall Medical | From Page: WH8

Find the confidence you need to fight back

By Special to the Democrat | From Page: WH12

Our choices directly affect our health

By Special to the Democrat | From Page: WH14

They’re NOT your mother’s hearing devices!

By Marshall Medical | From Page: WH17