According to the latest National Association of Home Builders index Homebuilder optimism climbed to the highest level since the federal homebuyer tax credit started in April 2010.
The NAHB and Wells Fargo survey builders to gauge perceptions of the new, single-family home market for the next six months. A score higher than 50 indicates more builders view the market as good than poor. The index rose to 18 for October from 14 for September. The index had ranged between 13 and 17 for the 12 months prior to October’s reading.
NAHB Chairman Bob Nielsen attributed the increase to “modest improvements in buyer interest in select markets where economic recovery is starting to take hold and where foreclosure activity has remained comparatively subdued.”
David Crowe, chief economist for the NAHB, said “pockets of recovery are starting to emerge across the country as extremely favorable interest rates and prices catch consumers’ attention.” Crowe said while some homebuilders changed their outlook to fair from poor, few shifted their assessment to good from fair.
The part of the NAHB survey that gauges expectations of sales over the next six months rose seven points to 24, while the component that tracks prospective buyers increased three points to 14.
The regional index in the West climbed nine points to 21, which is the highest score for that part of the country since August 2007. The indices for both the Midwest and South rose four points to 15 and 19, while the homebuilder confidence index in the Northeast for October stayed flat with September at 15.
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Driven by a substantial increase in the multifamily sector, California housing starts surged in August posting a 30 percent increase over
the same month a year ago, the California Building Industry Association announced today.
According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 4,695 total housing units in August, up 30 percent from the same month a year ago and up 96 percent from July. Permits for single-family homes totaled 1,828, down 4 percent from August 2010 but up 20 percent from the previous month, while multifamily permits totaled 2,867, up 68 percent from a year ago and up an astonishing 230 percent from July.
For the first eight months of the year, permits were pulled for 30,128 total units, up 3 percent when compared to the first eight months of 2010 when 29,374 permits were issued. Permits for single-family homes were down 16 percent while permits for multifamily units were up 30 percent.
Mike Winn, CBIA’s President and CEO, said it was great to see some positive news with regard to the state’s housing industry but tempered that enthusiasm with the reality of California’s economic conditions.
“It’s great to see the increase in the overall numbers and we hope to see continued increases throughout the remainder of the year with the hope of improving upon last year’s home building pace,” said Winn. “The fact remains that economic conditions in the state — tight credit for buyers and builders, the glut of foreclosed and distressed properties on the market and high unemployment — are keeping California’s struggling housing industry from experiencing the type of robust recovery we’ve seen in the past.”
Winn called on Governor Jerry Brown to refrain from doing any harm to the state’s housing industry as he wades through the pending legislation on his desk.
“We encourage Governor Brown to closely examine any legislation that might harm our industry’s fragile recovery,” said Winn. “Getting job-generating home construction back to healthy levels would go a long way toward reinvigorating California’s economy.”
CIRB’s 2011 forecast remained at 46,700 total units, which would put this year’s total just a fraction ahead of 2010’s 44,762 units, but still down from 2008’s total of 64,962 units.
Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 540-5811.
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The size of homes is dropping from the peak of 2,520 square feet in 2007. This year homes will average 2,327 and are expected to drop to 2,152 in 2015.
That is also good news for the storage companies, because downsizers will never throw everything away. (Do any of you remember when there were no “Public Storage” units? Isn’t it amazing how industries come and go? Try to find a pay phone today, a fax machine, an open Blockbuster.)
The National Association of Home Builders says that entry foyers, living rooms and dining rooms may soon disappear. How often are you ever in your formal living room? Living rooms and large entrances are built for our ego needs, not our living needs.
Lew Sichelman had an interesting article recently about this topic in the L.A. Times. Check it out at www.latimes.com.
He warns people to watch for builder tricks like scaled-down furniture. Also, you should buy from the inside out. The important part of any home purchase is the floor plan, not the front façade.
The article mentions that you should keep builder brochures and floor plans, count the rooms and their size, count closets, check the traffic plan, window placements, and electrical outlets. Even try to get a home-design model kit with symbols and have it drawn to size so you can determine how your furniture will look and fit into the spaces.
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The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2011:
BUILDING PERMITS
- Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 624,000. This is 2.5 percent (±1.3%) above the revised May rate of 609,000 and is 6.7 percent (±2.0%) above the June 2010 estimate of 585,000.
- Single-family authorizations in June were at a rate of 407,000; this is 0.2 percent (±1.0%)* above the revised May figure of 406,000.
- Authorizations of units in buildings with five units or more were at a rate of 198,000 in June.
HOUSING STARTS
- Privately-owned housing starts in June were at a seasonally adjusted annual rate of 629 000 This is 14 6 percent (±10 9%) above the revised May estimate of 549,000 and is 16.7 percent (±11.8%) above the June 2010 rate of 539,000.
- Single-family housing starts in June were at a rate of 453,000; this is 9.4 percent (±11.1%)* above the revised May figure of 414,000.
- The June rate for units in buildings with five units or more was 170,000.
HOUSING COMPLETIONS
- Privately-owned housing completions in June were at a seasonally adjusted annual rate of 535,000. This is 1.7 percent (±12.0%)*below the revised May estimate of 544,000 and is 39.3 percent (±6.6%) below the June 2010 rate of 881,000.
- Single-family housing completions in June were at a rate of 436,000; this is 0.0 percent (±14.5%)* equal to the revised May rate of436,000.
- The June rate for units in buildings with five units or more was 89,000.
http://www.census.gov/newresconst
EXPLANATORY NOTES
In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take 2 months to establish an underlying trend for building permit authorizations, 4 months for total starts, and 5 months for total completions. The statistics in this release are estimated from sample surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated relative standard errors of the most recent data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2%) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percent change is likely to have occurred. All ranges given for percent changes are 90-percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percent changes shown in the tables. On average, the preliminary seasonally adjusted estimates of total building permits, housing starts and housing completions are revised about three percent or less. Explanations of confidence intervals and sampling variability can be found on our web site listed above. * 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.
California housing production rose sharply in May and posted the highest monthly permit total for the year on the strength of the multifamily sector, the California Building Industry Association announced today.
According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 4,630 total housing units in May, up 42 percent from the same month a year ago and up 28 percent from April. Permits for single-family homes totaled 1,908, down 7 percent from May 2010 and down 6 percent from the previous month, while multifamily permits totaled 2,722, up 124 percent from a year ago and up 71 percent from April.
For the first five months of the year, permits were pulled for 18,120 total units, up 6 percent when compared to the first five months of 2010 when 17,050 permits were issued. Permits for single-family homes were down 17 percent while permits for multifamily units were up 45 percent.
Mike Winn, CBIA’s President and CEO, said this was welcomed news and took note of the high number of permits issued during the month.
“Other than December of 2010, this is the highest monthly total since December of 2008 when 4,658 permits were issued,” said Winn.
via California Building Industry Association – California Housing Production Continues to Climb in May, CBIA Announces.
This anticipation and builder confidence is giving a glimpse of coming improvements in the housing markets. Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200 .
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Total housing starts in California, as measured by the number of building permits issued, rose 2 percent in April, according to the California Building Industry Association.
According to statistics compiled by the Construction Industry Research Board (CIRB), builders pulled permits for 3,474 total housing units in April, an increase of 2 percent compared with the same month a year ago, but down 23 percent from March. Permits for single-family homes totaled 1,978, down 16 percent from April 2010, but up 10 percent from the previous month, while multifamily permits totaled 1,496, up 43 percent from a year ago, but down 45 percent from March
Home appraisals are a necessary step in the process of selling or refinancing your home. While many homes today aren’t worth as much as they were when they were bought, it is crucial for homeowners to be realistic when it comes to getting their home appraised.
If you are in the process of getting your home ready to be put on the market or interested in refinancing, the experts at Equity Mortgage Lending offer the following things to keep in mind as you prepare for your home appraisal.
- The appraiser will need approximately 30 minutes to one hour to complete the inspection phase of the appraisal process, which includes: exterior photos of the front and rear of the home and a photo of the street in front of the property; measurements of the exterior of the home, garage and any outbuildings; a walk-through inspection of all rooms and levels of the interior of the home including the basement.
- Get organized. Put together a checklist that will help you get ready for your appraisal and get the results you’re looking for.
- Be flexible when scheduling the appointment.
- Have a copy of your home’s blueprint to help verify measurements and lot size.
- Provide a list of improvements made to the property since the purchase. Improvements that should be noted include adding a pool, patio, updating your kitchen or bathroom and any room additions, etc.
- Allow your appraiser access to the entire property, including access to any crawl space or attic areas.
- Keep in mind that a clean home makes a good impression. Be sure to trim the lawn, clean the pool and garage, repair cracked windows or torn screens, check for leaky faucets and secure gutters and down spouts before your appraisal.
- Point out any amenities that may not be obvious to the appraiser: sprinkler systems, patios, pools, security systems, built in vacuum, etc.
- Provide a copy of last year’s tax assessment information.
- Know what year the house was built and when improvements were made.
- The first thing appraisers look for is comparables, so be prepared and have a list of recent sales of similar properties in the immediate neighborhood.
More questions we can help you, at County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.
If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION & ATTORNEY SERVICE. or go to www.ShortSaleRealtors4U.com. Email: Arnie@ County4.com
By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.
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At a time when millions of foreclosures have flooded the market, and millions more are said to be in the pipeline, talk of a possible housing shortage may seem ludicrous. Nevertheless, as the recovery unfolds and vast numbers of echo boomers begin to enter and reenter the market, there may not be enough roofs to put over their heads.
A housing deficiency isn’t a sure thing, but the potential is certainly there, says David Crowe, chief economist at the National Assn. of Home Builders, who paints a rather ominous scenario in which house and apartment builders won’t be able to keep up with the demand.
Wherever the new households come from — adult children moving out for the first time or leaving the nest a second or third time after returning to Mom and Dad’s to weather the economic storm, roommates uncoupling and going their separate ways or young couples starting families — most of them are typically renters.
Therefore, the multifamily sector is apt to feel the pinch first, if only because it takes so much longer to build apartments than houses. Not that the timelines to build houses isn’t long; it is. But, Crowe says, it tends to be even longer for apartments.
The apartment sector could find itself stretched for other reasons, too. One is that many wannabe owners no longer could qualify for a mortgage. Maybe they’ve lost a job, perhaps their credit is dinged, or maybe they haven’t been able to squirrel away enough cash for a down payment. Whatever the reason, they may be relegated to renter status for longer than normal.
Shortages could develop in the for-sale sector for multiple reasons, as well.
- For one thing, builders are having a hard time borrowing the money they need to buy land, develop lots and construct houses, Crowe says. “Home buyers aren’t the only ones who are facing stricter credit requirements.”
- In larger markets where the big public builders tend to dominate, the lack of construction financing may not be as much of a problem. Public builders go directly to Wall Street for their funding, whereas small and mid-size local and regional builders most often go hat in hand to local banks.
Don’t be fooled by statistics that show housing starts were up in April. The more important benchmark is permits. A permit is an OK from the local authorities to erect a house or begin a subdivision. And permits in April were down, not up, which means that builders are not planning for the next batch of houses like they normally would.
Add to that the fact that the inventory of finished but unsold new houses is at the lowest level since 1971 and the shortage scenario takes on even greater credence.
It takes from one to five years to gain approval from local regulators to start a new community, depending on the jurisdiction, and five to six months on top of that to build a house. But given current market conditions, there still may be enough time for home builders to get ahead of the curve.
Apartment builders…. They “need to start now,” Crowe says, “if their projects are to be ready when the demand is there.”
The Los Angeles Times
http://www.latimes.com/business/realestate/la-fi-lew-20100613,0,7268736.story
County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! If you would like to view all homes, condos or bank owned foreclosures (REO). Short sales, listed for sale, please visit our website at www.CountyProperties.net
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Statistics compiled by the Construction
Industry Research Board (CIRB) show home builders pulled permits for 2,979 total
housing units in January, a 49 percent increase compared with January 2008 but
an 18 percent decline compared with December 2009. Permits for
single-family homes totaled 1,908, a 50 percent increase compared with the same
period a year ago but down 28 percent compared with the previous month.
Multifamily permits totaled 1,071, up 45 percent compared with a year ago and
11 percent compared with December.
Ben Bartolotto, research director for CIRB, noted that the
monthly decreases from December to January were typical as January is usually
one of the weakest months for housing starts. He also noted any enthusiasm for
the year-over-year increases seen in January should be tempered with the fact
that the numbers for January 2009 posted the lowest annual rate on record.
CIRB is forecasting a modest recovery for 2010, with permits being
pulled for 52,000 total units, up slightly from the record-low 36,289 permits
pulled in 2009.
To search new homes Click here to get loan
information before the rates go up. To get started on
viewing homes, condos, investment properties, pre-foreclosures, bank
owned foreclosures (REO’s) or thinking of selling your property, please
contact me today for free counseling at (619) 301-0200 visit our website, click www.CountyProperties.net
By
the way…if you know of someone who would appreciate the level of service
in real estate we provide, please call me or have them go to www.CountyProperties.net
and I’ll be happy to follow up and take great care of them.
