MarketPulse October 2012

Helllo Citrus Heights !!
This month has just blown through and here we are almost at Halloween.

Some quick local Real Estate facts:  We currently have 53 homes available for sale in our fine City - 5 of which are short sales. 115 homes in pending sale - 60 more than the month of September. 56 homes have new owners this month, compared to the 58 that sold last month.
All in all, looking good. I am including an article put out by the California Association of Realtors regarding the health of our housing economy as a whole...enjoy !

CoreLogic recently released its October MarketPulse report, a monthly publication that provides insight into the health of the U.S. economy with emphasis on housing and mortgage metrics.
Key findings in the October MarketPulse Report include:

• The 2012 housing recovery is expected to be more durable than in prior years because of an improved balance between supply and demand. Given the solid performance of home prices in spring 2012, even a stronger-than-projected decline in the fourth quarter of this year is unlikely to diminish the gains made.
• According to CoreLogic estimates, new home sales are up 24 percent compared with a year ago and existing home sales are up 11 percent compared with a year ago. This demand is fundamentally driven by institutional investor interest in single-family residential properties as an asset class, pent-up demand returning to the market, and increasing consumer confidence in housing.
• About one million borrowers are still unable to access refinancing programs. This is due in part to the inability of a large number of borrowers to take advantage of lower interest rate refinancing on loans originated after May 2009, despite efforts by the Federal Reserve and Federal Housing Administration to implement policies aimed at lessening mortgage debt for struggling borrowers since the start of the U.S. housing recession.

I personally have not experienced my borrowers have a difficult time getting refinanced. Getting my first time home buyers into a home of their choice, has proven a little more challenging considering the supply vs. demand, but have been successful twice this last month.  Continues to remain both an excellent time to buy and sell for many reasons - if you know of any friend, family member, colleague/associate looking for more information on todays Real Estate - please do not hesitate to give them my name and number, I would be happy to provide that information for them.