September 12, 2008
Whenever you can, download your music, instead of purchasing a CD. If you want to recycle your CDs and DVDs, visit the Compact Disc Recycling Center of America at http://www.cdrecyclingcenter.com/ to find the nearest recycling center, or visit http://www.cdrecyclingforfree.com/. The latter accepts your mailed CDs and DVDs; you pay the postage.
"Green Tips" are part of the Association’s effort to raise awareness about environmentally sound practices and offer REALTORS® ideas for greening their business practices and better serving their green-minded consumers.
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September 11, 2008
Sales of new, single-family homes rose 2.4 percent in July to a seasonally adjusted annual rate of 515,000 units, according to new data from the U.S. Census Bureau and the Dept. of Housing and Urban Development released Tuesday.
The uptick represents a modest increase from June figures at 503,000, but sales still remain roughly 35.3 percent below July 2007 estimates of 796,000 units.
source: C.A.R.
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September 10, 2008
Consumer sentiment rose to 56.9 in August, up from 51.9 in July, according to The Conference Board Consumer Confidence Index™ released Tuesday, indicating a slow shift toward an economic recovery, albeit one that analysts predict will likely take until well into next year to fully materialize.
"Consumer confidence readings suggest that the economy remains stuck in neutral, but may be showing signs of improvement by early next year," said Lynn Franco, director of The Conference Board Consumer Research Center. "Declines in the Present Situation Index, both in terms of business conditions and the labor market, appear to be moderating. The Expectations Index, which posted a significant gain this month, suggests better times may be ahead. However, overall readings are still quite low by historical standards and it is still too early to tell if the worst is behind us."
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September 9, 2008
Chicken Fajita Pizza
1 (13.8-oz.) can refrigerated Pizza Crust
1 tablespoon olive or vegetable oil
4 boneless skinless chicken breasts (about 1 ¼ lb), cut into thin bite-size strips
1 to 2 teaspoons chili powder
1/2 to 1 teaspoon salt
1/2 teaspoon garlic powder
1 cup thinly sliced onions
1 cup green or red bell pepper strips (2×1/4-inch)
1/2 cup Thick ‘n Chunky Salsa
2 cups shredded Monterey Jack cheese (8 oz)
Preparation
1. Heat oven to 425°F. Spray 12-inch pizza pan or 13×9-inch pan with nonstick cooking spray. Unroll dough; place in sprayed pan. Starting at center, press out dough to edge of pan to form crust.
2. Bake 7 to 9 minutes or until very light golden brown.
3. Meanwhile, in 10-inch skillet, heat oil over medium-high heat. Add chicken; sprinkle with chili powder, salt and garlic powder. Cook and stir 3 to 5 minutes or until lightly browned. Add onions and bell pepper strips; cook and stir an additional 2 to 3 minutes or until chicken is no longer pink and vegetables are crisp-tender. Spoon chicken mixture evenly over crust. Spoon salsa over chicken; sprinkle with cheese.
4. Bake 14 to 18 minutes longer or until crust is golden brown. Cut into wedges or squares to serve.
High Altitude (3500-6500 ft): After adding onions and bell pepper strips, cook and stir 3 to 5 minutes longer.
Prep Time: approx. 20 min ; Start to Finish approx: 40 min
Makes: 8 servings
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September 8, 2008
Home sales increased 43.4 percent in July in California compared with the same period a year ago, while the median price of an existing home fell 40.3 percent, C.A.R. reported Monday.
"Sales improved significantly in July 2008 and remained above the 400,000 level for the third consecutive month," said C.A.R. President William E. Brown. "Deeply-discounted, distressed sales continue to drive volume in many regions of the state. July also was the first full month during which the effects of higher $729,000 conforming loan limits likely had an impact on closed sales."
The median price of an existing, single-family detached home in California during July 2008 was $350,760, a 40.3 percent decrease from the revised $587,560 median for July 2007. The July 2008 median price fell 4.5 percent compared with June’s revised $367,130 median price.
source: California Association of Realtors
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September 7, 2008
Inheriting property can be exceedingly confusing for the heirs, particularly if they plan to sell the property. While getting expert legal advice is the best approach for the person who has inherited property, here is some basic information that can help a real estate professional better understand the situation.
Every state has a legal process that allows the person who was willed property to transfer ownership of it from the previous owner’s name to the new owner’s name. The attorney assisting with the probate of the will can help fill out the forms. If there is no lawyer involved, sometimes someone in the clerk of courts office can guide the person inheriting property through the transfer process.
Generally, there is little or no transfer tax or other cost involved because the person who is inheriting the property didn’t pay anything for it.
When a person dies and title is transferred to a spouse or a child, the due-on-sale clause in a mortgage contract doesn’t apply. Otherwise, while a lender could call the loan, in the current economic climate it is unlikely if the person inheriting the property makes regular payments.
Source: Real Estate Matters Syndicate, Ilyce Glink
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September 6, 2008
Existing-home sales rose in July to the highest level in five months, although they continue to be well below the numbers from last year at this time, according to the NATIONAL ASSOCIATION OF REALTORS®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.1 percent in July to a seasonally adjusted annual rate of 5 million units from a downwardly revised level of 4.85 million in June. Sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the up-and-down pattern may break soon.
“We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will spark a sustained sales uptrend in the months ahead,” he said. “Buyers who’ve been on the sidelines should take a closer look at what’s available to them now in terms of financing and incentives. Given some of the inventory on the market, we also strongly encourage buyers to get a professional home inspection.”
Median Price Down 7.1% from Year Ago
The national median existing-home price for all housing types was $212,400 in July, down 7.1 percent from a year ago when the median was $228,600.
Lawrence Yun, NAR chief economist, said home prices in some regions could soon increase.
“Sales have picked up significantly in several Florida and California markets. Home prices generally follow sales trends after a few months of lag time,” he said. “Still, inventory remains high in many parts of the country and will require time to fully absorb. We expect more balanced conditions in 2009 and will eventually return to normal long-term appreciation patterns.”
Analysis of NAR price data since 1968 shows home prices normally rise 1 to 2 percentage points above the overall rate of inflation, building wealth over the typical period of homeownership.
11-Month Supply of Homes for Sale
Total housing inventory at the end of July rose 3.9 percent to 4.67 million existing homes available for sale, which represents an 11.2.-month supply at the current sales pace, up from a 11.1-month supply in June. The rise in supply results from a sharp increase in condo inventory; the single family supply declined.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.43 percent in July from 6.32 percent in June; the rate was 6.70 percent in July 2007.
Single-family home sales rose 3.1 percent to a seasonally adjusted annual rate of 4.39 million in July from 4.26 million in June, but are 12.4 percent below the 5.01 million-unit level a year ago. The median existing single-family home price was $210,900 in July, down 7.7 percent from July 2007.
Existing condominium and co-op sales increased 3.4 percent to a seasonally adjusted annual rate of 610,000 units in July from 590,000 in June, but are 18.6 percent below the 749,000-unit pace in July 2007. The median existing condo price4 was $223,400 in July, which is 2.7 percent below a year ago.
In Detail: Regional Sales, Prices
West. Regionally, existing-home sales in the West jumped 9.7 percent in July to a level of 1.13 million and are 0.9 percent higher than July 2007. The median price in the West was $273,200, down 22.2 percent from a year ago.
Northeast. In the Northeast, existing-home sales rose 5.9 percent to an annual pace of 900,000 in July, but are 11.8 percent below a year ago. The median price in the Northeast was $278,700, which is 4.9 percent lower than July 2007.
Midwest. Existing-home sales in the Midwest increased 0.9 percent to an annual rate of 1.12 million in July, but are 17.0 percent lower than July 2007. The median price in the Midwest was $175,400, up 1.0 percent from a year ago.
South. In the South, existing-home sales slipped 0.5 percent to an annual pace of 1.85 million in July, and are 18.1 percent below a year ago. The median price in the South was $179,300, down 3.5 percent from June 2007.
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September 5, 2008
Hot Chicken Salad Casserole
3 cups diced cooked chicken breast
1 cup chopped celery
1/4 cup chopped onion
1 can sliced water chestnuts
1 can fat-free cream of chicken soup
1-1/2 cups cooked brown rice
1 tablespoon lemon juice
1/2 teaspoon salt
1/4 teaspoon pepper
3/4 cup reduced fat mayonnaise
1/4 cup water
3 sliced hard cooked eggs
2 cups crushed, baked potato chips
3/4 cup shredded cheese
Preparation
1. Combine first nine ingredients.
2. Mix mayonnaise and water and toss with egg slices.
3. Place in casserole container for freezing and cover well.
4. When ready to cook, remove from freezer and preheat oven to 350°F. Bake for 30–35 minutes.
5. Sprinkle with crushed potato chips and cheese, and bake for 5 more minutes.
Serves 6
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September 4, 2008
What does it mean when media reports the number of home sales on a "seasonally adjusted annualized basis"? That’s a question being asked by many consumers. The annual rate of existing home sales has been near the 5 million mark since September of last year. But the "seasonally adjusted" reports can vary and they can be confusing. Lawrence Yun, chief economist for the National Association of Realtors, explained it in simple terms.
"All economic data - the GOP, durable goods orders, employment - is reported on a seasonally adjusted annualized bases," he said. "The reasoning is simple. Economists and policy makers need to assess trends that are not influence by normal seasonal fluctuations."
As an example, Yun cited gasoline prices. Over holiday weekends those prices go up as folks head for the nation’s highways. Therefore, the short-term run-up in gas prices is normal and should not be viewed as inflationary. Those higher prices do not imply a fundamental shift in the direction of the economy. They are normal, thus the reported data is seasonally adjusted to show no real change. Likewise, home sales data is seasonally adjusted to account for the usual monthly changes.
Also, economic data is annualized. That is, if the home sales pace was to continue at the same pace for the next 12 months, this would be the annual tally. This is done to help quickly compare monthly data with annual data, Yun noted.
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September 3, 2008
Despite a generally sluggish market, investing in a home or other real estate remains as very sound investments, according to a recent consumer research study by Architectural Digest and Sotheby’s International Realty. The study was titled, "Seeking an Extraordinary Lifestyle." About 85 percent of respondents agreed with the statement: "I think real estate continues to be one of the better investments a person can make."
About 72 percent of respondents believe their primary home’s value has remained constant or increased in value over the past 12 months, while nearly two-thirds of respondents report that current conditions have "no effect" on their likelihood to sell their primary home. Sometime during the next year, 55 percent of million-dollar homeowners plan to buy, sell, build or invest in a new home. More than two-thirds of respondent homeowners (69 percent) agree that now is a good time to add to one’s real estate holdings.
Another interesting finding: Most respondents feel the media plays a role in the perception of the current real estate market conditions. A full 50 percent think that the media exaggerates conditions to make the market seem worse than it is.
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Loving the San Diego Coast!
