The Eagles had influence on, and were influenced by many local musicians. Jack Tempchin wrote or co-wrote five of the Eagles songs (including Peaceful Easy Feeling and Already Gone), and lives here in Encinitas. How often do you see a guy of his caliber playing at the local Whole Foods?
In June, 2011, Ben Bernanke said at a live press conference:
“We have told the banks to handle their REOs…..long pause………..in an economy-supportive way.”
Banks took that as permission to stop foreclosing, and that, combined with the California Homeowners Bill of Rights, have caused foreclosures – as we once knew them – to dry up. All three of the big North County REO brokers have all given up and left the business, and the occasional bank-owned listing that does hit the market is priced at retail, or retail-plus.
Here are the NSDCC detached-home listings that were bank-owned (REO) or short sales:
Short Sales Sold
Instead of foreclosing, the banks have thrown a loan modification to anyone who would sign it, and when those expire, extensions will likely be granted. Distressed sales have gone the way of the dodo bird!
Those 45 sales last year were 1.5% of the 3,018 total sales, and with higher prices, the count is likely to go down. We will be in a retail-priced environment for the foreseeable future!
When designing this home – a retreat for eventual retirement and visits from grown children – the architects were inspired by the clients mention of seeing butterflies in the meadow. You can see the result of this inspiration in the various roof lines of the home.
Not only are retirees trying to downsize, but the kids are hanging around longer too. The excellent research by John Burns has put some numbers on the one obvious outcome – multi-generational living.
Percentages in the 40s and higher are more than a blip – the vast amount of downsizing and multi-gen households is a game-changer:
14% of all US households (16.5 million households!) now live multi-generationally, and the numbers continue to rise for three reasons:
A. Delaying marriage has increased the number of young adults living with parents.
B. Surging retirement has increased the number of retirees living with children.
C. Significant immigration from countries where multigenerational living is the norm has also helped boost the numbers.
Most of the US housing stock was not built for multigenerational living, providing a tremendous opportunity for home builders. According to our Consumer Insights survey of more than 20,000 new home shoppers, 44% would like to accommodate their elderly parents in their next home. Additionally, 42% of today’s shoppers plan on accommodating their 18+ older children in their next home.
This focus on providing housing to extended family or friends may also account for 65% of respondents desiring a bedroom with bath on the ground level and 24% wanting a suite with a kitchenette and small living area.
Four other towns experienced their all-time highs, but the San Diego Case-Shiller Index for November barely got off the mat, rising a scant 0.28% from October. It made up for the decline last month, and shows how general pricing data will bounce around from now on.
The talking heads will report how ‘prices’ went up or down, but that is a generalization. The index went up slightly, and that’s all we know.
Here are the San Diego NSA changes for 2015:
I revised each monthly index today by a couple of basis points to reflect the exact amount reported on the Case-Shiller Index website. I get the data from the same place every month – I think they revised their numbers. The seasonaly-adjusted number is 216.04, so I’m sticking with the non-seasonally-adjusted. We don’t have ‘seasons’ that some ivory-tower guy can quantify.
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