Thursday, September 11, 2014

Economic Update

Nice synopsis of this week’s economic news sent to me by United Lending Partners.

 

 

The Labor Department's monthly job openings report showed little change in July. Fed policy is likely to remain on its current course in response.

 

Consumers charged more to credit cards and financed more autos in July. Generally, increased borrowing shows confidence in the economy.

 

At the same time, U.S. households have stashed $2.15 trillion in savings, about 50% more than five years ago.

 

Cash sales as a percentage of home purchases continue to fall. The rate is at the September 2008 level and likely is a result of the dwindling REO supply.

 

A typical seasonal slowdown is showing in the Fannie Mae household survey and mortgage application index. Yet rates remain very low, and affordability still reigns.

 

Almost half of millennials say they expect to buy a home in the near future. 97% of teens expect to become homeowners one day. 

 

-Sunil Sethi

 

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Friday, September 05, 2014

FW: Housing Inventory Snapshot

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.

Bay Area Housing Inventory Snapshot

August 28, 2014

 

Average List Price for active listings

Median List Price for active listings

Average DOM: for active listings/ for sold listings

Alameda County, CA

Single Family under $1M

$565,216

$550,000

43

Single Family over $1M

$1,937,464

$1,560,000

72

Condo/Townhome under $600K

$396,268

$395,000

44

Condo/Townhome over $600K

$730,689

$700,000

41

San Mateo County, CA

Single Family under $1M

$740,974

$729,000

49  / 19

Single Family over $1M

$3,661,749

$2,100,000

81  / 29

Condo/Townhome under $600K

$434,423

$428,000

29  / 14

Condo/Townhome over $600K

$945,695

$799,000

45  / 22

Santa Clara County, CA

Single Family under $1M

$697,224

$695,000

47  / 22

Single Family over $1M

$2,484,464

$1,750,000

79  / 25

Condo/Townhome under $600K

$426,422

$424,999

44  / 19

Condo/Townhome over $600K

$861,760

$729,000

33  / 11

Santa Cruz County, CA

Single Family under $1M

$648,310

$669,000

62  / 49

Single Family over $1M

$2,252,641

$1,500,000

127  / 18

Condo/Townhome under $600K

$436,848

$429,000

81  / 21

Condo/Townhome over $600K

$849,250

$799,000

172  / N/A**

If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance through the process.

 

- Sunil Sethi

SUNIL SETHI REAL ESTATE

Helping Families Find Homes with Great Schools in Fremont, Newark and Union City.

Property Search | Featured Listing | Neighborhoods | Home Value | School Score | Property Tax

To access most updated listings on MLS from your phone, Download my FREE app from "My Mobile App".
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New Jobs Report Falls Short

I think it’s too early to read much into one month’s job reports, and what affects Bay Area pricing is more related to job losses caused by the big employers here.

 

From DS News

Employment Growth Falls Well Short of Expectations for August

Employment growth in the United States took a sharp downturn in August, according to government figures released Friday.

The Bureau of Labor Statistics reported an increase 142,000 in U.S. payrolls last month, well short of the 230,000 predicted by economists. August's sudden slowdown in employment snaps a six-month streak in which payroll growth came in at 200,000 or higher.

Read More

 

- Sunil Sethi

SUNIL SETHI REAL ESTATE

Helping Families Find Homes with Great Schools in Fremont, Newark and Union City.

Property Search | Featured Listing | Neighborhoods | Home Value | School Score | Property Tax

To access most updated listings on MLS from your phone, Download my FREE app from "My Mobile App".
Want to know if you qualify for any special loan programs. Check out CAR's Mortgage Directory
Love Us on Yelp!
Like Us on Facebook