Lake Tahoe
Real Estate News - July 28, 2004 |
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| CEO CONFIDENCE DIPS Confidence in the nation's economy has waned among chief executive officers, the Conference Board recently reported. In the first quarter of 2004, CEO confidence was at 73, but it fell to 70 in the second quarter. A reading of more than 50 points reflects more positive than negative responses. More than 90 percent of CEOs claim current economic conditions have improved, which is unchanged from the previous quarter. In assessing their own industries, CEO's confidence levels edged up to 72 from 71. More than 70 percent say conditions are better now compared to six months ago, according to the report. Their expectations for the economy over the next six months are positive, but their expectations are lower than last quarter. The expectations for their own industries also posted a decline, with the measure slipping to 65 from 70, according to the report. MORTGAGE APPS UP SLIGHTLY The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, increased 0.6 percent to 621.4 on a seasonally adjusted basis for the week ending July 23 from 617.9 one week earlier, according to a report from the Mortgage Bankers Association (MBA) released today. On an unadjusted basis, the Index increased by 0.6 percent for the week ending July 23 compared with the previous last week but was down 34.7 percent compared with the same week one year earlier. The refinance share of mortgage activity decreased to 36.8 percent of total applications for the week ending July 23 from 37.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 33.3 percent of total applications for the week ending July 23 compared to 31.3 percent the previous week, according to the report. CALIFORNIA AMONG NATION'S MOST EXPENSIVE MARKETS FOR ACTIVE ADULTS California remains among the most expensive states for homeowners aged 55 to 74, but Pitkin County, Colo., tops the list of U.S. counties with the highest average active adult home values, according to the National Association of Home Builders (NAHB). Pitkin was followed by New York County, N.Y., which had an average home value of $829,631 for its 42,844 homes owned by active adults. Eleven of the top 25 most expensive counties in the country were in California, led by Marin in fourth place (22,212 homes, $616,915 average home value) and San Mateo in fifth (49,245 homes, $570,032 average home value). Other California counties included Santa Clara, San Francisco, Santa Cruz, Santa Barbara, Monterey, Napa, Contra Costa and Alameda. In all, 16 counties had average active adult home values of more than $400,000. The most expensive communities were in resort areas, near mountains or on islands, the report said. C.A.R. REPORTS MEDIAN PRICE UP 25.3 PERCENT IN JUNE The median price of an existing home in California in June increased 25.3 percent to $469,170 and sales increased 10.8 percent compared to the same period a year ago, C.A.R. reported Monday. "The real estate market in June experienced the confluence of what is traditionally the peak selling season and consumers' responses to a changing interest rate climate," said C.A.R. President Ann Pettijohn. "As mortgage rates began to increase, consumers' expectations of even higher rates in the future pushed many off the fence and into the market." Closed escrow sales of existing, single-family detached homes in California totaled 633,670 in June at a seasonally adjusted annualized rate. Statewide home resale activity increased 10.8 percent from the 572,130 sales pace recorded in June 2003. The median number of days it took to sell a single-family home was 25 days in June 2004, compared to 28 days (revised) for the same period a year ago. Fast Facts Calif. median home price - June 04: $469,170 (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 7/16: 30-yr. fixed: 5.98% Fees/points: 0.6% 1-yr. adjustable: 4.12% Fees/points: 0.6% 15-yr. fixed: 5.39% 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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