Today’s Real Estate Report: California

San Francisco HomeToday, in our ongoing series about local real estate markets, we’ll take a look at home sales and trends in California.

Lets start with the south.

San Diego’s market is gearing up too, Southwest Riverside News Network reports:

Rising housing prices are reinvigorating the move-up market for San Diego County homeowners, the head of the San Diego Association of Realtors said today. The trade group reported this week that the price of a single-family home increased 14 percent — from $360,000 to $410,000 — between February 2012 and last month. It’s the first time in two years that the median price of a house in the San Diego region crossed the $400,000 level.

Click here for gay realtors, mortgage lenders, and other real estate professionals in San Diego.

KPCC reports on a price jump for Los Angeles County:

U.S. home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season, with Los Angeles among the cities with the highest increases. Home prices rose 9.7 percent in January from a year ago, according to data released Tuesday by CoreLogic. That’s up from an 8.3 percent increase in December and the biggest annual gain since April 2006.

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The OC Register sees an improvement in Orange County real estate, but no bubble:

In the four years since the bottom, Orange County price have risen 24 percent to January’s median selling price of $460,000. That’s only an annualized rate of recovery of 5.6 percent. Remember: In the 1990s, it took almost seven years to regain the losses — at least, measured by DataQuick’s median –from that era’s housing mess. Our latest wild ride will turn six years old in June, dating back to the 2007 pricing peak. So far, in 66 months, only one-third of the price drop — as measured by DataQuick — has been restored. We’re running quite behind the rebound pace from the previous real estate darkness of the 1990s. That makes it hard to see recent gains as signs of any bubble-like patterns — especially in the broader picture of a modestly improving broader economy.

Click here for gay realtors, mortgage lenders, and other real estate professionals in Orange County.

Got some extra scratch? the NY Daily News reports that Bob Hope’s famous “UFO House” is for sale in Palm Springs for a cool $50 Million:

Legendary actor Bob Hope’s iconic “space-age” home in Palm Springs, Calif. has hit the market and is being listed for a cool $50 million. The sale marks the first time the house, located at 2466 Southridge Drive in a gated community, will leave the Hope Family and its potential buyer will be among the few who have seen the inside of the private home.

Click here for gay realtors, mortgage lenders, and other real estate professionals in Palm Springs.

In Riverside and the Inland Empire, foreclosures are way down, Patch.com says:

Dovetailing with a statewide trend, Riverside County’s foreclosure activity dropped last month to levels not seen in years, a real estate tracking firm reported this week. A total 1,718 mortgage default notices, auction sale notices and bank repossessions were recorded countywide in January, translating to 1 in 462 households in some stage of foreclosure, according to Irvine-based RealtyTrac. The number of filings was down 40 percent from December and 64 percent lower compared to January 2012, figures showed.

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Now on to the central coast. As The Californian reports:

In Monterey County, the average sales price for single family homes rose 16.3 percent to $552,185, up from $474,642 in January 2012. The average price for a condo rose a staggering 44 percent, from $184,605 last year to $265,750 in January. Completed sales remained close in number — 227 for January 2012, compared to 216 for this year — while inventory (the number of homes on the market) dropped significantly, from 1,451 in 2012 to 963 in January.

Click here for gay realtors, mortgage lenders, and other real estate professionals in Monterey.

And up north, KTVN reports that Lake Tahoe’s real estate market is improving too:

December reports show an increase of 15.3 percent year over year. In the Lake Tahoe area, things are also looking up. On Wednesday, a home in Tahoe sold for $20.9 million dollars, bringing a lot of optimism moving forward. “This time of year, traditionally, is very slow,” says Bill Dietz, President of Tahoe Luxury Properties. “But, as a result of the up tick in the market right now, we’re seeing considerable activity.” Dietz says home sales are up 35 percent in the area, and prices are up 10 percent, year over year.

Click here for gay realtors, mortgage lenders, and other real estate professionals in the High Sierra.

The Sacramento Business Journal thinks Sacramento’s experiencing a housing boom:

“Sacramento is officially in a real estate boom,” Lyon Real Estate president and chief operating officer Pat Shea said in a news release. “Practically every home under $750,000 that gets listed in the greater Sacramento area sells immediately.” Sacramento-based data aggregator Trendgraphix reported Thursday that for homes priced less than $750,000, 4,833 new listings were posted in Sacramento, Placer, El Dorado and Yolo counties in January and February. In that time, 4,794 homes were sold, “leaving less than one month of standing inventory.”

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And Digital Journal reports that San Francisco home prices are nearing their pre-recession heights:

According to the Zillow Home Value Index the average price of a home in San Francisco on March 1st, 2008 was $775,000. The current index shows that this price is averaged on February 15th, 2013 at $768,000, only $7,000 less than the 2008 price. Trulia, another online site that watches market trends shows that the average listing price currently in San Francisco for the week ending February 20th is $1.45 million. “This rebound has easily been shown in the speed in which listings in the San Francisco market have been selling as well as the number of offers per property that we are seeing.” says Dahle.

Click here for gay realtors, mortgage lenders, and other real estate professionals in San Francisco.

Statewide, Millionaire’s Corner reports on one reason why the California real estate market seems to be thriving again:

The decline is due in large part to the changing legal landscape in the California mortgage market, which experienced a 75 percent decrease from January 2012 to January 2013 to the lowest level since 2005. “The U.S. foreclosure landscape in January was profoundly altered by the effects of new legislation that took effect in California on the first of the year,” Daren Blomquist, vice president at RealtyTrac, said in a statement, referring to a “Homeowners’ Bill of Rights” that imposes stricter regulations on mortgage servicers operating in California. “For the first time since January 2007 California did not have the most properties with foreclosure filings of any state. Instead that dubious distinction went to Florida.”

Click here for gay realtors, mortgage lenders, and other real estate professionals in California.

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