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"Sales of Existing Homes Improve as Prices Rise."
Los Angeles Times, August 23, 2012.
Lawrence Yun is the chief economist for the National Association of Realtors. Here are some things he had to say in this article:
"Resales jumped 10.4% in July compared with July 2011."
"The West, where inventory is in short supply, was the only region where sales didn't increase month to month. But compared with last year, contracts that closed in the region were up 5.9% and the median price of existing homes soared 24.5%."
"Nationwide, prices rose 9.4% - the largest increase since a 10.2% boost in January 2006."
"Demand is stronger because of low mortgage interest rates and rising rents."
But, "the market is constrained by unnecessarily tight lending standards and shrinking inventory supplies, so housing could easily be much stronger without these abnormal frictions."
"First time home buyers make up about one third of resale clients. In normal housing conditions, they would be about 40%".
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In my local market, we feel the constraints of low inventory, and a slight shift in upward price movement. What are you experiencing in your market?
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"Forgive, Oh Lord, my little jokes on Thee. And I'll forgive Thy great big one on me." Robert Frost.
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The August 2012 issue of The Paper Source listed the cities with the best credit scores. 7 of the top 10 were in the Mid-West, with 4 of those in Wisconsin. #1? Wausau, Wisconsin. 789 average score.
San Francisco was the only city from a Western State - 781 average score.
If you are holding a note, how does your payor's score compare?
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FYI. I passed my California Real Estate Broker's Exam!!
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We have 4 months left in 2012 and you may be looking for cash. The note you hold may be a good source for that cash. Feel free to call me and discuss your needs, your note and whether I can help.
Sincerely,
Denny Stanz
760-245-5366
760-245-5367 fax
dennystanz@verizon.net
www.CaliforniaNoteBuyerLLC.com
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