Sales of California’s million dollar homes at 7-year high

7-year high in high-end home sales is led by Manhattan Beach.
http://www.dailynews.com/business/20140731/sales-of-californias-million-dollar-homes-at-7-year-high#.U9uihcLFrYA.email

* Please note, the sender's email address has not been verified Barron's on home prices. Up 12% nationwide in 2013!. WSJ Video - Barron's Buzz: Home Prices Set to Climb in 2014 Subscriber-only content will be available to non-subscribers for up to seven days after it is emailed. This article can also be accessed if you copy and paste the entire address below into your web browser. http://on.wsj.com/1il0BXH?mod=wsj_video_email

Housing starts surge in November -- sign of housing pickup? - latimes.com

The housing recovery now frequently includes headlines like Housing starts surge in November in publications that for years couldn't say a good thing about real estate!  What's important to remember is that there are ALWAYS good deals and bad deals in real estate.  Right now, the enormous amount of pent up demand is creating a suitably favorable situation for the few sellers out there that more will be attracted in the new year. - David

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Top 10 Turnaround Towns

Here are the Top 10 Turnaround Towns where the real estate recovery has been the strongest of all nationwide.

Residential Housing Ready to Awaken?

The actual numbers behind the housing market are starting to signal recovery, as discussed in detail in this article from CNBC and Yahoo! Finance forwarded by BeachCityDigs.com friend Steve Newman.  To be sure, this will be a slow recovery, played out over a number of months and years.  Slowly enough, in fact, that we'll probably only know it in hindsight, once the lowest prices and interest rates are behind us.  The Beach Cities, which stabilized earlier this year, could be a prime example! - David

Record Low Rates for Fixed Mortgages

Another record set.  With South Bay prices having stabilized since February, we now have an unique and historic opportunity to purchase real property. - David

More info: Fixed mortgage rates hit record lows: Freddie Mac Mortgages - MarketWatch

He Called the Bust; Now He Sees a Rally for California

Here's a forecast you don't see every day, published in the Finanial Times: Paulson sees California homes rally. 

Whether you believe his specific numbers or not, it's interesting to consider the reasoning of one of the few hedge fund managers who correctly called (and profited from ) the housing bust.  20% increase vs.last year?  Sounds good to me! - David

How to Spot a Turnaround

In this short video, Kristin Arnold of Bankrate.com offers a simple but concrete approach for recognizing when a local market is about to turn around for the better.  - David

Case-Shiller says: Prices up in Los Angeles

"One of the few spots that seems surprisingly strong is California."  There's a quote you don't see very often regarding the California housing market, so it's nice to see in response to the latest Case-Shiller numbers. - David

More info: Home prices rise in three California cities - latimes.com

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Apartment Rents Rise as Sector Stabilizes - WSJ.com

Good sign for residential real estate and income property investors as well: Apartment Rents Rise as Sector Stabilizes - WSJ.com. The article mentions that rents have continued downward in the Inland Empire, attributing this to a rise in purchases! If even that market is stabilizing, then the stability we've been seeing in the South Bay since February seems to have reached pretty far inland. - David

Beige Book Says...

Latest Federal Reserve Beige Book is out.  Search on Beige Book for earlier posts on how to read it. 

FRB: Beige Book--Summary--April 14, 2010

For the San Francisco District (ours on the west coast), real estate comments include the following:

"The pace of home sales remained mixed across areas but appeared largely stable overall, while home prices edged up further in some parts of the District. However, contacts noted that continued limitations on the availability of nonconforming "jumbo" loans have restrained sales of higher-priced homes in some areas."

Certainly spot on regarding recent activity in the South Bay.  Prices have completely stabilized; numerous multiple offer situaions.  Jumbo loans will be a big boon when they become available on the more expensive properties, especially once stated income reappears.  Commercial looking a little tough! - David

Buyer Pessimism is Gone in the South Bay - A Realtor's Perspective

Open house activity at our listings in the South Bay this past weekend confirmed what we've been seeing since early February: buyer pessimism is basically gone and a housing recovery is underway. We're seeing less mere lookers, more real buyers, more multiple offer situations, and a clear understanding that rates are headed up in the coming months.

Properties priced right are moving promptly, people who wait are missing out on the best ones. [Note: Overpriced properties are still languishing and would have financing appraisal issues if they did draw an offer as they are priced.]

Contact me in the South Bay (or your own experienced, well-informed Realtor) for more facts and figures. I have the data to back it up! - David