Archive for the ‘General’ Category
Median home price probably will rise only 2.5% to $607,900
January 26th, 2020 by Eloy Rodriguez
Median home price probably will rise only 2.5% to $607,900
September 26, 2019, 9:52 pm By Kathleen Howley
Share On
Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on LinkedIn (Opens in new window)
Economic uncertainty and high prices are muting the housing market in the nation’s most populous state, according to the California Association of Realtors.
The median home price in California likely will increase by 2.5% to $607,900 in 2020, slowing from a projected 4.1% annual gain in 2019, CAR said in a forecast Thursday. Sales of existing single-family homes probably will gain 0.8% in 2020 to reach 393,500, following a 3.1% drop this year from 2018’s level, the group said.
Low mortgage rates are making it easier for buyers to afford homes, but that’s being offset by the Trump administration’s trade wars that have increased the chances of an economic contraction, said Jared Martin, president of CAR.
“Buyers have more purchasing power than in years past, but they may be reluctant to get off the sidelines because of economic and market uncertainties,” Martin said. “Additionally, an affordability crunch will cut into demand in some regions such as the Bay Area, where affordability is significantly below state and national levels. These factors together will subdue sales growth next year.”
Economic growth probably will slow to 1.6% in 2020, slowing from 2.2% this year, according to the forecast. The state’s unemployment rate likely will tick up to 4.5% in 2020 from 4.3% this year, the group said.
The average rate for a 30-year fixed mortgage probably will be 3.7% in 2020, down from 3.9% this year and 4.5%, according to CAR.
“California’s housing market will be challenged by changing migration patterns as buyers search for more affordable housing markets, particularly by first-time buyers, who are the hardest hit, moving out of state,” said CAR Chief Economist Leslie Appleton-Young. “With California’s job and population growth rates tapering, the state’s affordability crisis is having a negative impact on the state economically as we lose the workers we need most such as service and construction workers, and teachers.”
today’s market.
February 17th, 2019 by Eloy Rodriguez
The median home value in Ridgecrest is $192,400. Ridgecrest home values have gone up 3.7% over the past year and Zillow predicts they will rise 8.4% within the next year. The median list price per square foot in Ridgecrest is $136, which is lower than the Riverside-San Bernardino-Ontario Metro average of $209. The median price of homes currently listed in Ridgecrest is $205,900 while the median price of homes that sold is $198,100. The median rent price in Ridgecrest is $1,350, which is lower than the Riverside-San Bernardino-Ontario Metro median of $2,150.
Foreclosures will be a factor impacting home values in the next several years. In Ridgecrest 1.1 homes are foreclosed (per 10,000). This is greater than the Riverside-San Bernardino-Ontario Metro value of 1.0 and also lower than the national value of 1.2
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Ridgecrest is 0.4%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Ridgecrest homeowners underwater on their mortgage is 13.9%, which is higher than Riverside-San Bernardino-Ontario Metro at 6.4%.
Prognosis Ridgecrest Market
November 27th, 2016 by Eloy Rodriguez
Note, market has substantially slowed down during turkey week and in general for the holidays. Could just be the ‘seasonal effect’. To what extent the elections will have on the market is unknown given uncertainty and rising interest rates. Ridgecrest exist in the middle of ‘nowhere’ because of the China Lake Naval base. It is the largest naval base in the country; curious given there are no bodies of water. It is dedicated to high tech innovative design; basic how to protect assets and kill people at a distance. The reports coming from the base and released to the public suggest that there will be a major increase of monies given the expectation of a reduction within the ‘standing military’ in favor of high tech, smart weaponry.
August 11th, 2016 by Eloy Rodriguez
Corelogic Reports Foreclosure Rate is the Lowest Since August 2007
BY RE-INSIDERON AUGUST 11, 2016
UN-US-Economy
The good news coming out of CoreLogic and RealtyTrac shows that foreclosure rates are back to housing-boom levels. Additionally, RealtyTrac also shows that more homeowners are keeping their homes out of foreclosure than ever before, down 17% from one year ago and the lowest level for any half-year period since RealtyTrac began tracking foreclosure starts in 2006. According to CoreLogic, these lower rates are being fueled by housing appreciation and rising employment levels.
Foreclosure inventory declined yet again in June, but completed foreclosures, while down from last year, increased from last month, according to CoreLogic, property information, analytics and data-enabled solutions provider.
CoreLogic’s June 2016 National Foreclosure Report showed the inventory declined 25.9% from last year, and completed foreclosures declined 4.9%. On the other hand, completed foreclosures increased 5.1% to 38,000 from last month.
For comparison, during the housing boom, completed foreclosures averaged 21,000 per month from 2000 to 2006.
Even though completed foreclosures increased from last month, foreclosure inventory still saw a monthly decline of 3.6%.
According CoreLogic’s report last month, May’s foreclosure inventory hit the lowest level in nearly nine years.
The foreclosure inventory is the number of homes at some stage of the foreclosure process while completed foreclosures show the total number of homes lost to foreclosure.
In June, the national foreclosure inventory included about 375,000, or 1%, of homes with a mortgage. This is down from last year when foreclosure inventory consisted of 507,000 homes, or 1.3%.
In fact, the foreclosure inventory rate is the lowest for any month since August 2007.
The number of mortgages in serious delinquency, those 90 days or more past due, in foreclosure or real estate owned, hit the lowest rate since September 2007. The serious delinquency rate decreased 21.3% annually. Now, 2.8% of homes are considered seriously delinquent.
The state with the highest number of completed foreclosures in the 12 months ending in June 2016 was Florida at 60,000, followed by Michigan at 47,000, Texas at 27,000, Ohio at 23,000 and California at 22,000. These states account for nearly 40% of all completed foreclosures nationally.
Are you seeing fewer foreclosure rates in your area? We’d love to hear from you.
Read the full article here:
Ridgecrest Real Estate Market Prediction
January 9th, 2016 by Eloy Rodriguez
Zillow predicts 93555 home values will rise 6.3% next year, compared to a 5.3% rise for Ridgecrest as a whole. Among 93555 homes, this home is 1.2% more expensive than the midpoint (median) home, and is priced 1.9% more per square foot.
Summary for Ridgecrest, 93555
January 8th, 2016 by Eloy Rodriguez
The median sales price for homes in ZIP code 93555 in Ridgecrest from Oct 15 to Dec 15 was $160,000 based on 99 sales. Compared to the same period one year ago, the median sales price increased 18.5%, or $25,000, and the number of sales decreased 9.2%. Average price per square foot for homes in 93555 was $105, an increase of 14.1% compared to the same period last year. There are currently 203 resale and new homes in ZIP code 93555 on Trulia, including 53 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in 93555 was $154,993 for the week ending Dec 30, which represents an increase of 5.8%, or $8,512, compared to the prior week.
Hello world!
March 9th, 2013 by Eloy Rodriguez
-
$217,000 : 824 WALKER LN, Ridgecrest3 beds, 2 full baths
-
$875 : 5241 Cholla WAY, Ridgecrest2 beds, 2 full baths
-
0 beds, 0 baths
-
$165,000 : 432 Peg ST, Ridgecrest3 beds, 2 full baths
-
$379,900 : 734 E Kendall AVE, Ridgecrest4 beds, 2 full, 1 half baths
-
$1,250 : 1465 pony ST, Ridgecrest3 beds, 2 full baths
-
$285,000 : 513 W Joyner AVE, Ridgecrest4 beds, 2 full baths
-
$265,000 : 945 W Willow AVE, Ridgecrest4 beds, 2 full baths
-
$134,000 : 400 N NORMA ST, Ridgecrest2 beds, 1 full bath
-
$1,475 : 525 Randall ST, Ridgecrest4 beds, 2 full baths
-
3 beds, 0 baths
-
$192,000 : 120 S Silver Ridge, Ridgecrest3 beds, 2 full baths
-
2 beds, 0 baths
-
$84,900 : 5213 Chaparral DR, Ridgecrest3 beds, 2 full baths
-
$1,450 : 212 Kimberly LN, Ridgecrest3 beds, 2 full baths
-
$575,000 : 4423 Johnston, Ridgecrest12 beds, 0 baths
-
3 beds, 0 baths
-
$2,050 : 1221 Denise AVE, Ridgecrest4 beds, 2 full baths
-
$145,000 : 416 Valley ST, Ridgecrest3 beds, 2 full baths
-
$200,000 : 912 E California AVE, Ridgecrest6 beds, 0 baths
-
$79,900 : 216 W Robertson, Ridgecrest4 beds, 0 baths
-
$69,900 : 301 W Reeves, Ridgecrest2 beds, 2 full baths
-
$1,050 : 141 S Lilac ST, Ridgecrest2 beds, 2 full, 1 half baths
-
$1,450 : 109 Nancy AVE, Ridgecrest3 beds, 2 full baths
-
$285,000 : 1229 W Robert AVE, Ridgecrest3 beds, 2 full baths
-
$279,000 : 824 S Sunset ST, Ridgecrest3 beds, 2 full baths
-
$365,000 : 1261 N Carolyn ST, Ridgecrest5 beds, 3 full baths
-
$345,000 : 928 Randall ST, Ridgecrest4 beds, 2 full baths
-
$319,900 : 916 N Sierra View, Ridgecrest4 beds, 3 full baths
-
2 beds, 0 baths
-
$216,000 : 716 KINNETT AVE, Ridgecrest4 beds, 2 full baths
-
$1,325 : 815 N Downs #D ST, Ridgecrest0 beds, 1 half bath
-
$1,095 : 1331 N El Prado #A DR, Ridgecrest2 beds, 0 baths
-
$1,150 : 124 S Lilac ST, Ridgecrest3 beds, 1 full, 1 half baths
-
2 beds, 0 baths
-
$167,900 : 601 Cottonwood DR, Ridgecrest3 beds, 2 full baths
-
$340,000 : 223 Cielo AVE, Ridgecrest4 beds, 2 full, 1 half baths
-
$239,000 : 1145 Mayo, Ridgecrest2 beds, 2 full baths
-
$178,000 : 209 S American ST, Ridgecrest3 beds, 2 full baths
-
3 beds, 0 baths
-
$215,000 : 1625 Sims ST, Ridgecrest3 beds, 2 full baths
-
$265,000 : 640 W Sydnor AVE, Ridgecrest4 beds, 2 full, 1 half baths
-
$195,000 : 1611 S Rademacher WAY, Ridgecrest3 beds, 2 full baths
-
$395,000 : 1744 S Mahan ST, Ridgecrest2 beds, 2 full baths
-
$207,000 : 728 Alene AVE, Ridgecrest3 beds, 2 full baths
-
$1,250 : 227 E Upjohn AVE, Ridgecrest2 beds, 2 full, 1 half baths
-
2 beds, 0 baths
-
2 beds, 0 baths
-
$375,000 : 201 N Sanders, Ridgecrest3 beds, 0 baths
-
$1,350 : 604 Sherwood CT, Ridgecrest3 beds, 2 full baths
See all Real estate in the 93555 zip code.
(all data current as of
2/25/2020)
Listing information deemed reliable but not guaranteed. Read full disclaimer.