U.S. Mortgage Rates Dip in Mid-November

According to Freddie Mac’s latest Primary Mortgage Market Survey, the average U.S. mortgage rate slightly dipped across the board.

Sean Becketti, chief economist of Freddie Mac said, “After holding steady last week, rates dipped slightly this week. The 10-year Treasury yield fell roughly 7 basis points, while the 30-year mortgage rate dropped 4 basis points to 3.90 percent.”

Freddie Mac News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.4 point for the week ending November 9, 2017, down from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent.

• 15-year FRM this week averaged 3.24 percent with an average 0.5 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.88 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.22 percent this week with an average 0.5 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 5-year ARM averaged 2.88 percent.

Read more local and national news HERE

I wanted to share some perspective of new home sales and new home construction pipeline for the balance of this year, and the next couple years in the Beach Cities. Check out the short video & feel free to reach out with any questions, or any real estate needs!

The much-anticipated sale of Toyota’s sprawling Torrance campus has officially closed, turning over the keys to Irvine-based Sares-Regis Group, which anticipates redeveloping the entire 110-acre site.

No purchase price was disclosed for the sale, which closed escrow closed Tuesday.

Privately held Sares-Regis plans to redevelop the 16 separate parcels using the same approach it employed at the former McDonnell Douglas-Boeing site north of Long Beach Airport.

Read full article HERE

Read more by clicking HERE

We are now seeing record high selling prices for homes in many markets of California and the nation.

The sky high home values that seemed unbelievable back in 2007 have now been eclipsed in many of the larger markets of the state. The markets in the Bay Area now boast the highest values and record fast sell times.

Demand Conditions

• Employment is strong throughout the state. In all coastal counties, the unemployment rate is now at the full employment level, meaning that job opportunities are relatively abundant and wages are rising.
• The average rate for a 30-year fixed mortgage was 3.83% this week — significantly below the 5% to 6% range during the 2005 to 2007 “bubble” years.
• In fear of facing higher interest rates because of overt statements by the Federal Reserve to push rates higher in a measured fashion, demand for mortgages has increased.
• Because consumer confidence in March was at its highest level since 2000, people in general are feeling very confident about their employment prospects, their future income prospects, and the stability of the economy right now.
• The financial market composite indices are at or near all time record highs. Households owning financial assets are feeling more wealthy today than during the previous 10 years.

Click HERE for the full article.

Happy New Year!

I wanted to share with you the latest information of the South Bay new home sales from 2016. Also, see what 2017-2018 holds for new home pipeline.

Happy New Year!

CoreLogic reported in late December that home buying saw the fastest November in more than four years even though the month’s sales totaled 7.5% below 1988 month average.  The surge in sales increased what buyers paid. Our relatively robust local job market created more job opportunities along with pay hikes nationwide.  Fewer absentee buyers were reported.  Mortgage financing was not used in 21% of the deals.

For full report, click HERE!

This South Bay Beach Cities market video shows new construction sales, new home pipeline, and a year over year comparison from the early 2000s.

Market insight is the essential ingredient in all of the services I offer. I answer the question “How is the market?” By monitoring real estate trends and statistics, I’m able to help you make critical decisions…all while giving you valuable information on an ever changing housing market!

Hermosa Beach Real Estate Market. Our Market Minute update features the first quarter of 2015 sales, inventory and cew construction in the South Bay Beach Cities market compared to the last couple of previous years Market insight is the essential ingredient in all of the services we offer. We answer the question “How is the market?” By monitoring Manhattan Beach real estate market trends, and statistics we make projections to help you make critical decisions. This report demonstrates the comparison of rate of sales compared to current real estate inventory, which is known as the Market Action Index. The current market would still be defined as a sellers market. We present a deep dive into the current real estate market analysis for Manhattan beach, Hermosa Beach, Redondo Beach neighborhoods. Learn about the real estate market trends for median list price, asking price per square foot, average days on market. Get the market knowledge you need to make the best real estate decision. Find Manhattan Beach real estate market statistics including home values, listing prices, number of homes for sale and many other measurements. Please make sure to subscribe to our real estate market reports for Manhattan Beach homes for sale in 90266. Presented by Dunham Stewartosa Hills Deal of the Week