Below is your MAY 2012 monthly update for the beautiful Big Bear Real Estate market as of 5/13/2012...
AGAIN & AGAIN CONSISTENT is what continues for Big Bear area sales. Consistent sales pending each month average over 150 to 200 every month here. If you have been thinking about purchasing or selling a home or 2nd home or investment property, call or email me to learn more. Or forward this newsletter on to someone you know who may benefit. Thanks.
Right Now there are apx 179 (UP) in escrow pending sales. Inventory for sale is down which drives prices up. Combined with the data below it seems we may have already seen the bottom of the prices ....
Here are those on the local Big Bear MLS market (there are others from outside the area so just call me): *591-RESIDENTIAL, 385-VACANT LAND,11-MOBILE HOMES, 26-CONDOS, 15-GOVERNMENT LEASE, 70-COMMERCIAL & RESIDENTIAL OR COMMERCIAL/BUSINESS & 15-BUSINESS OPPORTUNITIES .......TOTAL ** Pending Home Sales are now UP 13.9% over a year ago.. Last week's housing reports supported the fact there are great opportunities in today's real estate market, as long as you don't look at just part of the data and jump to conclusions. For example, February Pending Home Sales, measuring contracts on existing homes, were off 0.5% for the month. But wait a second, Pending Home Sales are now UP 13.9% over a year ago!
In the same vein, the S&P/Case-Shiller Home Price Indices slipped a non-seasonally adjusted 0.8% for January and 3.8% from a year ago. But the seasonally-adjusted index of home prices in the 20 largest metro areas was unchanged for the month. And nine of the twenty metros showed price increases! The National Association of Realtors (NAR) expects home prices to rebound in 2012 with existing home sales up 7%-10%, to their highest level in five years.
Last month:
This article below may "feel" like just another political "babble on" in an election heating up but we brokers in the business have known its turning for some time as all the indicators are there. We that have been in the business long enough to have experienced the ups and the downs more than once know that when rates are down and prices start to creep upward and lending starts to loosen.... its coming again. The public is "cautious" yet it will be irresistible once the mainstream press starts to "talk" about real estate again. Afterall...it is the foundation of wealth building in this country.
*3/14/2012.... Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.
Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters. However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes "the clearest sign yet of an improvement in mortgage credit conditions."
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
*Call me now with any questions... Chuck Hurd 909-866-5348 jointhehurd@aol.com www.BigBearTopAgent.com
* Sources: BBLMLS/SoCalMLS data only; CAR Market matters; News Genius, Case-Shiller, Kiplinger Consumer Sentiment This information is deemed reliable but not guaranteed
ZIP Code: 92386
Approximate Location Boundaries: Hwy 38 to Hwy 18
Location Characteristics: Big Bear Valley is composed of numerous small towns. A true four season resort with winter skiing and summer lake activities. The area is driven by weekend and holiday visitors. As many as 100,000 visitors will flock to it's beauty during the 1st snow expected around the 1st week of November or 4th of July weekend or for annual carshows or snowboarding events. It is the only year round vacation area within 2-3 hour driving distance of LA, Orange, Riverside, San Diego Counties and is swiftly earning the nickname of "the next little Aspen" The Big Bear area is made up of primarily 2nd or 3rd homeowners and varies in price from around $25,000 to 6.5 million. Few areas offer year round vacation activities combined with real property appreciation and excellent portioned rental incomes allowing the owner use and enjoyment as well as tax advantages.
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About Chuck Hurd: CHUCK HURD A #1 Selling Broker Top 10% Internationally Platinum Club Award Presidents Club Award Executive Club Award 100% Club Award Hall of Fame Qualified Diamond Award Qualified Double Diamond Award Why call anyone else? "JointheHurd" Chuck Hurd Team The Real Estate Office Of Big Bear
ZIP Code: 92315 Approximate Location Boundaries: Apx 100 miles from LA, Orange,San Diego, Riverside Counties
Location Characteristics: Big Bear Valley is comprised of numerous small towns. A true four season resort with winter skiing and summer lake activities. The area is driven by weekend and holiday visitors. As many as 100,000 visitors will flock to it's beauty during the 1st snow expected around the 1st week of November or 4th of July weekend or for annual carshows or snowboarding events. It is the only year round vacation area within 2-3 hour driving distance of LA, Orange, Riverside, San Diego Counties and is swiftly earning the nickname of "the next little Aspen" The Big Bear area is made up of primarily 2nd or 3rd homeowners and varies in price from around $25,000 to 6.5 million. Few areas offer year round vacation activities combined with real property appreciation and excellent portioned rental incomes allowing the owner use and enjoyment as well as tax advantages.
About Chuck Hurd:
CHUCK HURD A #1 Selling Broker Why go anywhere else? Top 10% Internationally Platinum Club Award Presidents Club Award Executive Club Award 100% Club Award Hall of Fame Qualified Diamond Award Qualified Double Diamond Award "JointheHurd" Chuck Hurd Team The Real Estate Office Of big Bear
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
