Bolstered by strong sales in higher-priced regions, California  median home price records largest year-to-year gain since 1980, C.A.R. reports

LOS ANGELES (June 17) – Strong sales growth in higher-priced markets and continued housing supply shortage pushed up California’s median home price in May, resulting in the largest year-over-year price gain in at least the last 33 years, the CALIFORNIA ASSOCIATION OF REALTORS ® (C.A.R.) reported.

“It’s encouraging to see median home prices across most parts of the state continuing to recover.  The Bay Area, in particular, has been experiencing strong price appreciation, thanks to the region’s robust economic growth, extremely low housing inventory, and an increasing demand from international buyers,” said C.A.R. President Don Faught.  “San Francisco County’s median home price, for example, increased 28 percent from last May and has just surpassed its previous record high reached in May 2007.”

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 431,370 units in May, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  Sales in May were up 1.9 percent from a revised 423,420 in April but down 3.6 percent from a revised 447,530 in May 2012.  The statewide sales figure represents what would be the total number of homes sold during 2013 if sales maintained the May pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

The statewide median price of an existing, single-family detached home rose 3.6 percent from April’s median price of $402,760 to $417,350 in May.  May’s price was up 31.9 percent from a revised $316,460 recorded in May 2012, marking 15 straight months of annual price increases and the eleventh consecutive month of double-digit annual gains.  The year-over-year price increase was the highest since at least 1980, when C.A.R. began tracking this statistic.  The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.

“While home prices are increasing at levels above those observed in 2006-2007, the fundamentals of the housing market are much more solid than what we experienced a few years ago,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “More home buyers are putting down larger down payments, and many of them are opting for more stable loan products.  Additionally, historically low mortgage rates have reduced monthly mortgage payments substantially, making owning a house more affordable, even with rising home prices.”

Other key facts of C.A.R.’s May 2013 resale housing report include:

• The available supply of homes for sale dipped in May, and was down markedly from a year ago.  The May Unsold Inventory Index for existing, single-family detached homes was 2.6 months, down from 2.8 months in April, and down from a revised 3.6 months in May 2012.  The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.  A six- to seven-month supply is considered normal.
• Homes sold slightly more quickly in May, with the median number of days it took to sell a single-family home decreasing to 27.1 days in May, down from 27.9 days in April and down from a revised 45.7 days for the same period a year ago.
• Mortgage rates ticked up in May, with the 30-year fixed-mortgage interest rate averaging 3.54 percent, up from 3.45 percent in April 2013 but was down from 3.80 percent in May 2012, according to Freddie Mac.  Adjustable-mortgage interest rates in May averaged 2.55 percent, down from 2.63 in April and down from 2.74 percent in May 2012.

The new data from LPS mirrors what others have been saying about foreclosures. The National Association of Realtors recently reported that the number of distressed sales is down by 3 percent from last month. Lower rates of foreclosure and short sales can be attributed to the overall improving housing market, including record low mortgage rates and new government-sponsored refinancing programs. The Making Home Affordable initiative helps underwater homeowners refinance mortgages at lower interest rates to avoid foreclosure.

The LPS report also found that the number of homeowners in delinquency – loans that are 30 days or more past due – has fallen drastically since July 2008. At a rate of 6.5 percent, more than 9 percent less than year-prior levels, delinquency is down across the U.S. The five states with the lowest rate of overdue loans are Montana, Wyoming, Alaska, South Dakota, and North Dakota, according to the LPS. However, there are still more than 3 million properties underwater. The states hardest hit in the crisis – New York, Nevada, and Florida – still have the highest rates of delinquency.

Foreclosures strongly impacted the duration of the housing crisis, forcing many homeowners to move in with parents or rent. Gains in home prices before last year were limited due to the amount of shadow inventory in the market. Jann Swanson of Mortgage News Daily reports that shadow inventory of foreclosures is up from last year as a result of the National Mortgage Settlement. “U.S. foreclosure inventory has increased by about 12 percent since May 2012 when it hit a five-year low of 1.3 million properties,” writes Swanson. “Today, that inventory stands at about 1.5 million and is up 9 percent from the first quarter of 2012.”

While foreclosure inventory is up, the rate of new foreclosures is in decline. In fact, inventory is down from its 2010 peak by nearly 1 million. Daren Blomquist, vice president of RealtyTrac explains how the National Mortgage Settlement relieves pressure from foreclosures. “The settlement provided some closure regarding accepted foreclosure processing practices, and as a result lenders have been reviving more of these delinquent loans and pushing them into foreclosure over the past 12 months, particularly in states where a lengthy court process has resulted in a bigger backlog of non-performing loans still in snooze mode,” Blomquist said.

Distressed sales of foreclosed homes or short sales bring down the market value of property. However, as the rate of foreclosures continues to decline, housing prices will soon reflect market value.

Well, there’s an app for that –

Behr Paint has introduced ColorSmart by Behr™ Mobile which is available for iPhone, iPad, and Android. The mobile site mirrors the online site to find just the right color for your room. You will be able to photo-match to any Behr color, preview colors, save colors and room images and paint a room – now all on your phone! FUN!!

Benjamin Moore has Color Capture for iPhone & Android. See a color? Snap it and Benjamin Moore will find that color in their color charts. Save them to favorites and show to your paint dealer when you’re ready to have that room painted!!

Sherwin Williams has ColorSnap for the iPhone. This app will also match any color in a photo you took on your iPhone. You can even email your newly found color matches to your favorite room redesigner!!

Valspar also has an app which will help you choose the color and how much paint you’d need. However, you’re painters certainly will figure that out for you.

If you are thinking about a remodel, redesign, or reorganizing;
then I am your redesign professional!

If you are considering selling your property,
and you think it needs staging; I am your neighborhood professional!

Call me at 760.567.7282!

Spectacular South facing views of, putting green, 10th tee , water, clubhouse and amazing mountain views! This condo is only one of two in the exclusive Golf Estates of the beautiful La Quinta Country Club. What a unique privilege of living among the best in custom homes for this community. The best value you can find for all it has to offer! It has a wonderful floor plan of all 3 bedrooms separate from each other and each have their own full bathrooms. New Carpet just installed, The beautiful remodeled kitchen is open and plenty of room for any type of gourmet cooking or just causal dining. Hurry and take advantage of this great property.

Virtual Tours

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Location Map

- Main Marker

Last month I wrote about pocket listings in La Quinta and surrounding communities. Since then, there has been quite a bit of conversations since it is quite controversial.

Robert Bailey, 2013 chair of MLSlistings Inc. in California recently attending the REALTORS® Midyear Legislative Meetings & Trade Expo, said, “Clearly they’re not ‘off the market,’ nor are they in your pocket. They’re not on the MLS.”

According to the Bailey’s report, pocket listings increase 12% in 2011 to 15% in 2012 and up to 26% in the first quarter of 2013! Almost one fourth of all the listings in California are not shown on the MLS.

However, as I posted earlier, there are pros and cons about keeping your home off the MLS. You need to know all your options BEFORE your home is listed and I can give you that information.

Call 760-567-7282 and let’s discuss what your options are and what I can do for you.

Exfoliating Scrub

If you’ve got dry or flaky skin, you can make a homemade scrub to remove dead skin cells. Beware though, most people don’t need to exfoliate because too much abrasion can irritate the skin and make it more vulnerable to damage from UV rays. But if you feel more like an alligator than a human, you may need to reinforce your cleansing routine with a little scrub.

To make a scrub, combine two parts grain with one part oil. Good grains for scrubbing include sea salt and brown sugar. Alternatively, you can use oatmeal, table sugar, coffee grounds, or flax meal. For the oil base, use olive or coconut oil. Once you’ve mixed them in the right ratio, you can slowly rub it onto your skin in circular motions. Be careful as you stand or move in the bathroom, because the oil can make ceramic surfaces slippery.

Face Masks

If it’s the dead of winter or if you live in an arid climate, you may suffer from dry skin due to a lack of moisture in the air. If lotion or facial moisturizer just isn’t cutting it, you can give your skin a deep moisturizing with a homemade facial mask. There are lots of ingredients you can combine for a face mask, and it’s best to start with all-natural ingredients from your kitchen.

If you’re out in the sun a lot or have acne problems, you can apply mashed avocado with a tablespoon of honey. The honey infuses your skin with antioxidants and has antimicrobial agents that reduce acne. Avocado provides a moisturizing effect that leaves your skin soft and smooth.

If it’s summertime and you spent one too many hours lying out in the sun, you’ll want to opt for a yogurt and watermelon mask. The yogurt will soothe the sunburned skin while brightening the tone at the same time. The vitamin C in the watermelon will boost collagen production, keeping your skin youthful and supple.

Hair Rinses

If your hair is looking particularly dull or greasy, you can get things back into shape with a few recipes. This may sound unpleasant at first, but combining a shot of vodka with one-fourth cup of mayonnaise is a great way to give your hair a beautiful, healthy shine. The alcohol lowers the pH of the hair, reducing frizz and friction in messy hair. The mayonnaise adds protein and moisture, giving your hair some much needed nutrition.

Another simple remedy is a vinegar rinse. Notwithstanding its strong scent, vinegar really gives your hair new shine. This is because vinegar’s acidity adjusts your hair’s pH to the right levels. After the rinse, you may want to freshen your hair with a spritz of lemon or orange to counteract the strong vinegar smell.

2013 LA QUINTA SUMMER GOLF TOUR

ENROLL TODAY FOR ONLY $69

The La Quinta Summer Golf Tour is back. This 13-week golf program allows participants to play at some of the finest courses in the Coachella Valley. Course favorites such as Escena Golf Club, Eagle Falls, Indian Wells Country Club, and Classic Club are part of the tour this year. Tour participants may pick and choose which courses they would like to play. Players may choose to play in either single or team divisions; plaques will be awarded to the top finalists in both divisions at the Golf Tour Banquet on August 24. *Guests are welcome to participate for a fee of $15 per week.

Registration begins on Monday, May 6!

Enjoy these Participating Golf Courses!

• Indian Canyons, North Course
• Terra Lago, South Course
• Escena Golf Club
• Tahquitz Creek, Resort Course
• Indian Springs Golf Club (includes lunch)
• Indian Wells Country Club, Cove Course
• Marriott Shadow Ridge
• Eagle Falls Golf Course
• SilverRock Resort
• Westin Mission Hills, Gary Player Course
• Monterey Country Club
• Classic Club at Palm Desert
• Desert Willow, Mountain View Course
• End of Tour Banquet
• Desert Willow Golf Resort