Lake Tahoe
Real Estate News - July 14, 2004 |
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| HOUSING AFFORDABILITY FALLS TO
LOWEST LEVEL SINCE 1989 The percentage of households in California able to afford a median-priced home stood at 19 percent in May, an eight-point decrease compared to the same period a year ago when the Index was at 27 percent, according to a recent C.A.R. report. The May Housing Affordability Index (HAI) declined one point compared to April, when it stood at 20 points. C.A.R.'s monthly Housing Affordability Index measures the percentage of households that can afford to purchase a median-priced home in California. C.A.R. also reports housing affordability indexes for regions and select counties within the state. The index is the most fundamental measure of housing well-being in the state. The minimum household income needed to purchase a median-priced home at $465,160 in California in May was $108,450, based on an average effective mortgage interest rate of 5.77 percent and assuming a 20 percent downpayment. The minimum household income needed to purchase a median-priced home was up from $84,600 in May 2003, when the median price of a home was $367,630 and the prevailing interest rate was 5.62 percent. At 46 percent, the High Desert region was the most affordable C.A.R. region in the state, followed by the Sacramento region at 29 percent. The Santa Barbara region was the least affordable region in the state at 7 percent. PROPORTION OF SENIORS IN WORKFORCE INCREASES The years 1992 through 2001 saw a gain in the proportion of Californians at least 45 years old in the work force. The proportion of workers who were at least 65 years old also increased to 2.9 percent, according to a recent U.S. Census Bureau report. The report highlights the age composition of the state's work force; job gains and losses for older workers by industry; industries in which older workers are concentrated; as well as their job stability and earnings. In 2001, workers at least 65 years old in California were most likely to be employed in the following industries: business services, eating and drinking establishments, and health services. Real estate also is an important source of work for this category of workers, with a low turnover rate for workers aged 55 years old or older; business services had a high turnover rate. ELDER BUYERS PREFER CLOSE-IN SUBURBS Buyers in the 55- to 74-year-old age range prefer to live in suburban areas near metropolitan markets, according to a recent study by the National Association of Home Builders (NAHB). Researchers found that nine out of the top 10 counties for active adult-home construction are in suburbs near a major city. Toping the list of preferable suburban sites for active elders was Sumter County, Fla., followed by Nye County, Nev., a suburb of Las Vegas and Archuleta County, Colo. (the only county not near a metro area); Washington County, Utah (near Provo); Collier County, Fla. (Naples); Summit County, Colo. (Denver); Pinal County, Ariz. (Phoenix); Beaufort County, S.C. (Savannah, Ga.); Yavapai County, Ariz. (Prescott); Flagler County, Fla. (Palm Coast). C.A.R. ONLINE TRAFFIC CONTINUES TO GROW Web traffic to C.A.R. Online (www.car.org), the association's official Web site, has steadily increased over the past two years to 19,110,895 hits in June 2004, an increase of 15,638,386 hits compared to June 2002. Daily hits increased to 637,029 last month from 115,750 in June 2002. On average, visitors spent about 24 minutes on C.A.R. Online in June, nearly unchanged compared to June 2003 but up from 14-minute visitor sessions, on average, in 2002. Unique visitors increased from 109,153 in June 2003 to a record 126,003 in 2004. REAL ESTATE PURCHASES DIP The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancing, decreased by 6.3 percent to 643.9 on a seasonally adjusted basis for the week ending July 9 from 687 one week earlier, according to a report from the Mortgage Bankers Association (MBA) released today. On an unadjusted basis, the Index decreased by 25 percent for the week ending July 9 compared with the previous week and was down 60.9 percent compared with the same week one year earlier. The refinance share of mortgage activity was unchanged at 35.8 percent of total applications for the week ending July 9. The adjustable-rate mortgage (ARM) share of activity decreased to 31.5 percent of total applications for the week ending July 9 compared to 34.1 percent the previous week, according to the report. GUY KAWASAKI TO SPEAK DURING TECH TUESDAY LUNCHEON Tech futurist Guy Kawasaki, CEO of Garage Technology Ventures, will speak during this year's Tech Tuesday Luncheon on Oct. 5 in Santa Clara. During "Rules for the Real Estate Revolutionary," Kawasaki will explain the rules that make new technologies successful and how to apply them to a real estate career. Using examples from the personal-computer industry as well as a broad spectrum of other business sectors, Kawasaki will explain the 10 things that a revolutionary must do to succeed in today's business climate. The luncheon will take place on Tuesday, October 5, from 11:45 a.m. to 1 p.m. Tickets are $45 ($90 with a spouse) until October 3. Onsite tickets will cost $55. To purchase tickets call (800) 309-9814. .Information provided by CAR Newsline. |
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