Lake Tahoe
Real Estate News - July 21, 2004 |
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| HOUSING STARTS DECLINE IN JUNE Housing starts in June cooled from the torrid levels posted earlier this year, according to a U.S. Dept. of Commerce report released Tuesday. Overall, the June construction rate was just above 1.8 million units, down 8.5 percent from May's revised rate of 1.97 million. Single-family housing starts fell 9.5 percent in June to a pace of 1.489 million, declining by 1.1 percent from the June 2003 pace; single-family starts were up by 12.2 percent on a year-to-date basis compared to 2003, according to the report. Multifamily housing starts decreased 3.7 percent from May to a seasonally adjusted annual rate of 313,000 units in June. This was 9.3 percent below the June 2003 pace; multifamily starts were up by about 6 percent on a year-to-date basis. Construction of new homes and apartments fell in all four regions, posting declines of 3.5 percent in the Northeast, 11.5 percent in the Midwest, 3.1 percent in the South and 16.5 percent in the West. Permit issuance was down in all regions but the Northwest, according to the report. NAR, NEIGHBORHOOD REINVESTMENT CORP. PROMOTE HOUSING OPPORTUNITIES NAR and Neighborhood Reinvestment Corp. (N.R.C.) announced today that they have formed a partnership to promote housing opportunities through homeownership education and counseling. N.R.C. is a national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts. The partnership with NAR will involve developing case studies on winning strategies and best practices where REALTORS® have worked successfully with NeighborWorks® organizations on homebuyer education. NeighborWorks®, founded by N.R.C., is a national network of 230 community-based organizations working to create healthy communities. The partnership also includes creating and testing prototype business partnerships between REALTORS® and NeighborWorks® organizations, sharing member services and resources, and disseminating successful case studies at the national, state and local levels. MORTGAGE LOAN APPS DROP 4 PERCENT The Market Composite Index, a measure of mortgage loan applications for purchases and refinancings, decreased 4 percent to 617.9 on a seasonally adjusted basis for the week ending July 16 from 643.9 one week earlier, according to a report from the Mortgage Bankers Association (MBA) released today. On an unadjusted basis, the Index increased by 19.9 percent for the week ending July 16 compared with the previous week but was down 50.5 percent compared with the same week one year earlier. The refinance share of mortgage activity increased to 37.1 percent of total applications for the week ending July 16 from 35.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 31.3 percent of total applications for the week ending July 16 compared to 31.5 percent the previous week, according to the report. MERRILL LYNCH NEWEST MEMBER ADVANTAGE PROGRAM PARTNER Merrill Lynch is the latest addition to C.A.R.'s Member Advantage Program, which offers discounts and special benefits to C.A.R. members on select products and services. C.A.R.'s affinity relationship with Merrill Lynch offers discounted account fees on SEP's, education planning, cash management and relationships with specially chosen advisors who understand the individual needs of REALTORS®. Call (800) MER-6010 or e-mail car_realtors@ml.com to get in touch with an advisor in your area. DANIELLE KENNEDY TO SPEAK DURING EXPO Motivational speaker Danielle Kennedy will present "How to Become the Best Brand in Town: The Key to More Listings and Sales" on Oct. 6 during this year's California Realtor® EXPO in Santa Clara. Kennedy, currently president of Danielle Kennedy Productions, also owned and managed three real estate offices in Southern California. The lecture will take place on Wednesday, Oct. 6, from 9 a.m. to 11 a.m. and is free to C.A.R. members. Special ticketed events, including the Tech Tuesday Luncheon on Oct. 5, the 2005 C.A.R. Housing Market Forecast Luncheon presented by Leslie Appleton-Young on Oct. 6, and the Casino & Fun Night Party on Oct. 6 are all quickly selling out; advance ticket purchases are strongly suggested. Fast Facts Calif. median home price - May 04: $465,160 (Source: C.A.R.) Calif. affordability index - May 04: 19 percent (Source: C.A.R.) Calif. highest median home price by C.A.R. region - May 04: Santa Barbara South Coast $1,115,000 (Source: C.A.R.) Calif. lowest median home price by C.A.R. region April 04: High Desert $214,470 (Source: C.A.R.) Mortgage rates - week ending 7/15: 30-yr. fixed: 6% Fees/points: 0.6% 1-yr. adjustable: 4.02% Fees/points: 0.6% 15-yr. fixed: 5.42% Fees/points: 0.6% (Source: Freddie Mac) Information provided by - C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 135,000 REALTORS® statewide. |
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