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Pendings

Rich has his latest report on the San Diego stats:

https://piggington.com/july_2017_housing_data_chartsngraphs

In his graph above, you can see that the county has been cooking this summer, with as many pendings as we’ve had in recent years!

In spite of higher pricing, we’ve also had fewer homes to consider.  Isn’t it mind-boggling that in a county of more than 3 million people, we’ve had less than 6,000 homes for sale all year?

We’ve been following the weekly new pendings between La Jolla and Carlsbad since 2013, but I haven’t monitored the NSDCC total pendings.  Any rise and fall in the total-pendings count would be a precursor to a change in sales count, which would give us a hint of a new trend.

The NSDCC pendings count has been in the 400s over the last few months, so as summer winds up, these numbers aren’t surprising:

NSDCC Total Pendings today: 373

NSDCC Pendings, 20+ Days: 194

The houses that are still pending after 20 days have probably released their contingencies, and are on their way to the finish line.  I will keep track of them from now on to see if the trend reveals anything new!

Posted by on Aug 22, 2017 in Jim's Take on the Market, NSDCC Pendings, Rich Toscano | 0 comments

Inventory Watch

Another good week for new pendings, and we’re running at roughly the same pace as last year:

Week
New Listings
New Pendings
Jul 24
86
61
Jul 31
90
75
Aug 7
99
71
Aug 14
76
65
Aug 21
83
62

We’ve had the quandary of the high-end market being bloated for years, while the lower-end has been red hot with very little inventory.

But look at this development in less than two months:

The UNDER-$800,000 Market:

Date
NSDCC Active Listings
Avg. LP/sf
DOM
Avg SF
July 3
21
$442/sf
41
1,719sf
August 21
39
$428/sf
40
1,804sf

Stick around, it’s going to be an exciting off-season!

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Posted by on Aug 21, 2017 in Inventory, Jim's Take on the Market | 1 comment

Robo-Appraisals

‘Warranty relief’ means that taxpayers will be on the hook.

LINK

Freddie Mac announced Friday it is making buying a home a better experience for lender and homebuyers – by cutting the appraiser out of the process.

The company is now offering a new product which will cut the appraisal process out of qualified home purchases and refinances. This could save borrowers an estimated $500 in fees and could reduce closing times by as much as 10 days.

The new Automated Collateral Evaluation assesses the need for a traditional appraisal by using proprietary models and utilizing data from multiple listing services and public records as well as the historical home values in order to determine collateral risks.

“By leveraging big data and advanced analytics, as well as 40+ years of historical data, we’re cutting costs and speeding up the closing process for borrowers,” said David Lowman, Freddie Mac executive vice president of single-family business.

“At the same time, we’re providing immediate collateral representation and warranty relief to lenders,” Lowman said. “This is just one example of how we are reimagining the mortgage process to create a better experience for consumers and lenders.”

Lenders can determine if a property is eligible for ACE by submitting the data through Freddie’s loan product advisor. This will then assess credit, capacity and collateral to determine the quality of the loan. Lenders will receive the risk assessment feedback in real time.

ACE will be available for home purchases beginning on September 1, 2017.

Earlier this summer, the company announced it began using this product on qualified refis beginning June 19, 2017.

“When we launched loan advisor suite in July 2016, we set out to give our customers certainty, usability, reliability and efficiency,” said Andy Higginbotham, senior vice president of strategic delivery and operations for Freddie Mac’s single-family business. “ACE is our most recent capability to deliver on that vision.”

Fannie Mae also updated its policy on appraisals this year, and clarified its “existing policy that allows an unlicensed or uncertified appraiser, or an appraiser trainee to complete the property inspection. When the unlicensed or uncertified appraiser or appraiser trainee completes the property inspection, the supervisory appraiser is not required to also inspect the property.”

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Posted by on Aug 19, 2017 in Jim's Take on the Market, Mortgage News, Mortgage Qualifying | 1 comment

Bel Air

Even the rich and famous have trouble buying a home….

LINK

The “will they or won’t they” debate is over: Jay-Z and Beyonce have finally bought a home in L.A.

Sources not authorized to publicly comment on the sale have confirmed that the rapper/hip-hop magnate and his superstar wife have closed on a modern mansion in Bel-Air. The purchase price is said to be $90 million, though the sale has not yet been recorded in the public record.

Completed this year, the sprawling showplace comprises six structures with approximately 30,000 square feet of interior space. Expansive patios and terraces create an additional 10,000 square feet of living space outdoors.

Amenities include spa and wellness facilities, a media room and four outdoor swimming pools. Glass-walled common areas open on two sides to enjoy panoramic views. The pocketing glass doors and windows are bulletproof.

Also within the approximately two-acre compound is a full basketball court and separate staff quarters. There is garage space for 15 vehicles as well as a motor court and an area for staff parking.

The home was developed by Dean McKillen, the son of Irish billionaire and property investor Paddy McKillen, who four years ago purchased the property through a corporate entity for $15 million.

The new development was never publicly offered for sale, but carried an asking price of $135 million, according to real estate sources.

The purchase finally puts to bed years of rumor and speculation connecting Jay-Z and Beyonce to other luxury homes across Los Angeles’ Westside. Among the couple’s purported misses was L.A.’s “most extreme home,” which sold to Minecraft creator Markus Persson for $70 million, and a modern Holmby Hills estate that they once paid $200,000 to lease for a month.

Once recorded, the $90-million transaction will be the highest this year in Los Angeles County, besting the $85-million sale of David Geffen’s compound in Malibu. It will also tie last year’s sale of storied Owlwood for the third-most expensive historically in the L.A. area.

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Posted by on Aug 19, 2017 in Interesting Houses, Jim's Take on the Market | 2 comments