Monday, August 24, 2009

DQNews “California July Home Sales” (8-21-09)

“An estimated 45,079 new and resale houses and condos were sold statewide last month. That was up 2.1 percent from 44,167 in June, and up 14.1 percent from 39,507 for July 2008. Sales have increased on a year-over-year basis the last thirteen months. California sales for the month of July have varied from a low of 30,596 in 1995 to a peak of 71,186 in 2004, the average is 47,634. MDA DataQuick's statistics go back to 1988. Last month's sales were the highest for any month since 51,054 homes were sold in August 2006.”

DQNews “Bay Area home sales hit 4-year high; median price up again” (8-21-09)

“Bay Area home sales rose last month to the highest level for a July in four years as deals above $500,000 continued to accelerate. The median sale price climbed above the prior month for the fourth consecutive month, lifted by the combination of more high-end transactions and fewer sales of lower-cost, lender-owned foreclosures, a real estate information service reported.”

Financial Oven“10 Reasons why there will be no Recovery in 2010” (8-23-09)

“Now California has taken a large brunt of the decline on the chin. The economy is stumbling trying to maintain balance, the state budget seems to be in perpetual deficit, and housing prices seem to be falling into an abyss. Yet after a statewide drop in the median price of 50 percent, it does seem that prices are stabilizing. Much of this course is due to the large number of foreclosure re-sales occurring in more depressed areas. Of the 45,000 homes sold last month in the state 43 percent were distressed properties. Even in light of this, the median price ticked up to $250,000 when in the previous month it had been $246,000. The California housing market is so enormous that to paint with a broad brush misses the nuanced complexities of the actual market.”

Orange County Register“Fed triples support of commercial lending” (8-22-09)

“The Federal Reserve accepted $2.3 billion in investor requests for financing to purchase legacy commercial mortgage-backed securities at the second TALF subscription, up from $669 million at the first subscription in July. The Fed’s Term Asset-Backed Securities Loan Facility also provides financing for newly issued CMBS but there were no takers at the Thursday (Aug. 24) subscription. It is understood that several real estate investment trusts are gearing up to sell CMBS and may participate in the September TALF subscription. At the urging of commercial real estate interests, the Federal Reserve Board recently extended the CMBS TALF program until March 31 for legacy bonds and June 30 for newly issued bonds. The TALF program was due to expire at yearend.”

Reuters “Citi faces $44 bln loan losses over 18 months” (8-24-09)

“Fox-Pitt Kelton expects Citigroup Inc (C.N) to face another $44 billion in loan losses over the next 18 months, but said the embattled bank's capital is now strong following the "painfully dilutive" preferred conversion.”

Reuters “Fannie Mae to sell $2 bln bills Wednesday” (8-24-09)

“Fannie Mae (FNM.N), the largest U.S. home funding company, said on Monday it plans to sell $1.0 billion of three-month benchmark bills due Nov. 25, 2009, and $1.0 billion of six-month bills due Feb. 24, 2010, on Wednesday in a Dutch auction.”

Orange County RegisterSurf City’s distressed housing slips — just for now?” (8-24-09)

“Distressed homes have dropped to 17.4 % of the housing market in Huntington Beach, making it one of 7 cities or communities in Orange County where fewer than 1 in 5 homes for sale are short sales or in some stage of foreclosure.”

Orange County Register“Supply of O.C. homes for sale sliced in half” (8-24-09)

“The latest O.C. home inventory report from Steve Thomas at Altera Real Estate in Aliso Viejo shows that there were 8,531 homes officially listed for sale in Orange County last week — down 150 in two weeks (2% drop) and 52% below two years ago year at this time.”

Orange County Register“1-in-4 O.C. hotel rooms go empty” (8-24-09)

“Vacancies hit 25% in Orange County in June, PKF said, with South County having the highest vacancy rate (34.6%) among Orange County areas. Empty room comes despite deep discounting. Countywide, hotel rooms averaged $136.32 a night, down 14.6% from June 2008.”

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