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A Tribute to the Residential Real Estate Community

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A Tribute to the Residential Real Estate Community November 24, 2008 • An Advertising Supplement to the Los Angeles Business Journal Urban Living A TRIBUTE TO THE RESIDENTIAL REAL ESTATE COMMUNITY This special advertising supplement did not involve the reporting or editing staff of the Los Angeles Business Journal. 22 AN ADVERTISING SUPPLEMENT TO THE LOS ANGELES BUSINESS JOURNAL NOVEMBER 24, 2008 The Housing Market During Difficult Economic Times By ADAM CONTOS HAT should we make of the news of a significant upswing in hous- Wing activity in Southern Califor- nia? Home sales have been increasing for sev- eral months, not only here but in other once-hot markets that had collapsed in the last few years: Florida, Arizona, Las Vegas. The AP-RE/MAX National Housing Report shows that in the L.A. metro area – Los Angeles, Orange, Riverside, San Bernardino and Ventura counties – sales of residences in September were up 91.6 percent over September 2007. Simply put, a lot of homes are moving: a total of 17,078 in September, preceded in August by 17,311 sales. The inventory of unsold homes was down by nearly 19,000 from August to September. Of course, the flip side of this is that prices are falling. The median price in the percent from August to September, accord- ruptcy laws to allow judges to modify five-county area for September was ing to RealtyTrac.com. Bank of America, in mortgages for at-risk homeowners. Obama $295,000, down 36.6 percent from a year a settlement with attorneys general in 11 has also said that if Congress doesn’t pass ago and nearly 5 percent just from the pre- states, including California, agreed to lower an economic stimulus package before Jan- vious month. Bargain-hunters are taking interest rates and forgive penalties on some uary, that will be his first priority upon advantage of the huge number of foreclosed 400,000 loans it acquired with its purchase taking office. homes on the market, some of which are of Countrywide Financial. J.P. Morgan The NAR would also like to see: selling for half or less of what they would Chase & Co. recently announced that it • A modification to the first-time buyer tax have commanded only a few years ago. would halt foreclosures for 90 days and take credit that removes the repayment require- Lower-priced properties are selling very well; other steps to aid 400,000 homeowners ment and expands it to repeat buyers of pri- higher-end homes, not so well. with $70 billion in loans. Citigroup has mary residences. While declining property values are announced a similar program. • A refocusing by the Federal Housing obviously painful for homeowners – espe- The California Department of Corpora- Finance Agency on restoring strength to the cially those who need to sell right now – tions reported that state-licensed lenders mortgage-backed security market, which it’s a necessary, if unfortunate, step toward had modified more than 38,000 loans in NAR believes would lead to lower interest the normalization of the market. the third quarter – up 85 percent from the rates. The association’s analysis indicates The market won’t recover until fore- first quarter. that a reduction of only 1 percent in inter- closed properties cease being a drag on Fannie Mae and Freddie Mac rolled out est rates would result in 840,000 additional prices. The National Association of REAL- plans earlier this month to modify mort- home sales nationwide, reducing unsold TORS cautions that those who bought gages held by homeowners who are more inventory by as much as 20 percent. homes in California, Florida and other hot than 90 days behind on their payments. “These changes would help stabilize markets in the peak years – 2004 and 2005 The action may aid 300,000 homeowners. home values and the housing market,” – may have to wait five to seven years to see All this should help keep hundreds of said NAR President Richard Gaylord, with a full recovery. thousands of families in their homes and be RE/MAX Real Estate Specialists in Long Recent developments are good for buy- somewhat effective in the short-term. Yet, Beach. ers, and perhaps for communities as a while a full economic recovery certainly A little historical perspective is now whole. The idea that a well-paid office requires a stable housing market, the called for. Over the last 30-plus years, hous- worker in downtown L.A. would have to reverse is also true. ing activity has always recovered in the year commute several hours each way to be able Perhaps the most troublesome aspect of following a recession, ranging from a 35 to afford a home was never appealing. The the current economy is the failure to create percent increase in existing-home sales fact that many U.S. cities were becoming so jobs – unemployment nationwide stood at from 1982 to 1983 to a 5.5 percent gain stratified – with only the super-rich or the a 14-year high of 6.5 percent in October, from 2001 to 2002. very poor living in them – was distressing. with 1.2 million jobs lost through the first Of course, making a similar prediction The potential arrest of those trends is a pos- 10 months of the year. Some economists about the current market is a fool’s errand. itive development. say the rate may hit 8.5 percent by the end If the recession deepens and broadens, and Housing is at its most affordable level of 2009 – and perhaps rise even higher in unemployment rises even more, and the since 2003. NAR says that the Housing the next year. The jobless rate in California stock market continues to plunge, and con- Affordability Index as of October was 130, was at 7.7 percent early in November, and sumer confidence remains low, we could be meaning a family earning the median word out of Sacramento is that the unem- in for an even bumpier ride. income has 130 percent of the income nec- ployment insurance fund may go belly-up Still, the bottom line at this minute is essary to qualify for a conventional 30-year in the next year unless the state govern- this: If I were a potential homebuyer or loan on a median-priced home. A year ago, ment takes action soon. investor, I wouldn’t hesitate to contact a that figure was 120. If the job situation improves, it would go realtor, get my finances in order and jump When you add in the still-low interest a long way toward facilitating a rebound in into the housing market. The values are out rates, the recently enacted $7,500 federal housing. there and money is available for those with tax credit for first-time buyers and the pre- While the U.S. is clearly in a recession, good credit. Once we’re able to look back, election bailout designed to stabilize finan- we don’t know how long or how deep it the market we’re in now will likely look like cial markets, you have the foundation for a will be. the opportunity of a lifetime. recovery. The incoming Obama administration Further, some banks are taking steps to wants to institute a 10 percent mortgage Adam Contos is Vice President and Regional slow down the flood of foreclosures. tax credit for homeowners who don’t Director of RE/MAX California and Hawaii. Nationwide, foreclosure activity declined 12 itemize their taxes, as well as change bank- NOVEMBER 24, 2008 AN ADVERTISING SUPPLEMENT TO THE LOS ANGELES BUSINESS JOURNAL 23 COLDWELL BANKER RESIDENTIAL BROKERAGE Proudly Salutes our Nominees for this year’s LOS ANGELES BUSINESS JOURNAL Residential Real Estate Awards Elyse Arbour Brentwood West Excellence in Marketing Award Fiora Aston Brentwood West Global Image Leader Award Gloria Blancett Santa Monica Wilshire Outstanding Mentor Award Joan Bothast San Marino Real Estate Industry Leader Award Kate Bransfield Santa Monica Montana Excellence in Marketing Award Joe Breckner Studio City Real Estate Industry Leader Award Linda Chang San Marino Global Image Leader Award Cindy Chew Palos Verdes Beach Cities Community Service Award Laurie Cohn Studio City Community Service Award Michael Collins Beverly Hills East Community Service Award Ron de Salvo Beverly Hills North Global Image Leader Award Keith Endow Westwood Community Service Award Marlene Evans San Marino Community Service Award Valerie Fitzgerald Beverly Hills North Excellence in Marketing Award Matt Fonda Studio City Global Image Leader Award Lisa Ginsberg Studio City Green Agent Award Kimberly Grant Brentwood West Community Service Award Paul Grisanti Malibu East Real Estate Industry Leader Award Madison Hildebrand Malibu West Excellence in Marketing Award Vera Hofer Santa Monica Montana Community Service Award Tammy Jerome Studio City Excellence in Marketing Award Sally Forster Jones Beverly Hills East Excellence in Marketing Award David Kaptain Sunset Strip Excellence in Marketing Award Linda May Beverly Hills North Community Service Award Kathy Mehringer Brentwood Real Estate Industry Leader Award Jade Mills Beverly Hills South Community Service Award Sherri Noel Brentwood Court Real Estate Industry Leader Award Charles Pence Santa Monica Montana Excellence in Marketing Award Green Agent Award Real Estate Industry Leader Award Joyce Rey Beverly Hills South Global Image Leader Award Christine Rodgerson Malibu West Community Service Award Tregg Rustad Beverly Hills East Green Agent Award Carole Schiffer Brentwood Court Community Service Award Mike Schwartz Santa Monica Wilshire Community Service Award Outstanding Mentor Award Linda Semon Santa Monica Wilshire Community Service Award Janet Siderman Malibu West Green Agent Award Lydia Simon Brentwood/Malibu Real Estate Industry Leader Award Chrys Stamatis Brentwood West Real Estate Industry Leader Award Marcia Taylor Beverly Hills East Community Service Award Real Estate Industry Leader Mimi and Jon Torp Brentwood Court Green Agent Award Randy Troup Brentwood West Outstanding Mentor Award Mary Beth Woods Brentwood West Real Estate Industry Leader Award Michael Zemenick Studio City Outstanding Mentor Award www.californiamoves.com ©2008 Coldwell Banker Real Estate LLC.
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