Hope everyone had a relaxing and safe Memorial Day
weekend. I know I appreciated the sunny weather bestowed upon us here in
Los Angeles, California. In an effort to help keep the good mojo going as
we turn the page to a new month, I’d like to quickly revisit some of the
reported real estate data figures from the prior month, which should be
welcomed with open arms. It had been far too long since market trends and
analyses demonstrated improvements of such statistical significance, so why not
quickly recap to rejoice in the little victories. After all, when it
comes to current real estate markets nationwide, we can’t seem to have too much
of a good thing. Perfect timing too for such positive reporting, as we
are just around the corner from what us native Los Angelinos call June Gloom - a southern California term for a weather pattern
that results in cloudy skies with cool temperatures during the late spring /
early summer.
Fun fact # 1 - home loans in
foreclosure or at least one payment in default have declined to the lowest
level since 2008, according to a Mortgage Bankers Association report.
Fun fact # 2 - Sales
of single-family homes, condominiums and town homes rose 5.1% compared to April
2011 , reaching a total just north of 19,000 last month
Fun fact # 3 – According to the C.A.R. Newsline, 5/30/12
issue, “Sales of new single-family houses increased 3.3 percent in April to a
seasonally adjusted annual rate of 343,000 units, according to estimates
released jointly by the U.S. Census Bureau and the Dept. of Housing and Urban
Development. This is 9.9 percent above the April 2011 estimate of 312,000 units.”
Fun fact # 4 – Also pulled from the C.A.R. Newline, 5/30/12
issue, “National home values rose for the second consecutive month, climbing
0.7 percent in April compared with March to a Zillow Home Value Index of
$147,300. This is the largest monthly increase in home values since January
2006, when they rose 0.8 percent, according to the April Zillow® Real Estate
Market Reports.”
It’s too early to do a victory dance, and I still have yet
to hear the fat lady sing; but data trends like those above are potential
indicators of a real estate market on the rebound. If sales can continue
to rise, and competing buyers can continue to drive up median home values,
there is no reason to believe that the worst isn't behind us. Perhaps we can
use this glimmer of hope to outshine and subdue our summertime nemesis June
Gloom.
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