The South Bay Association of REALTORS® today announced its support for a number of candidates running for mayor or city council on November 3, 2009 in three South Bay cities, as indicated below.
“We appreciate the efforts of local citizens who want to give back to their communities by running for office,” said Sheri Fejeran, president of the South Bay Association of REALTORS®. “At the same time, as REALTORS® we are also active in our communities and we want to keep informed of the issues as we vote on November 3.”
Support announced for each South Bay City is as follows:
Hawthorne Mayor:
Larry Guidi
Hawthorne City Council:
Angie Reyes English
Olivia Valentine
Alex Vargas
Hermosa Beach City Council:
Kit Bobko
Howard Fishman
Michael Keegan
Lomita City Council:
Tim King
James Thompson
For more information, go to www.SouthBayAOR.com/governmentaffairs.
Wednesday, October 28, 2009
Tuesday, October 27, 2009
South Bay housing prices are up in September; mixed results in the market overall
We just released our September 2009 housing statistics for the South Bay market. In brief: In September 2009 as compared to September 2008, median price is up while the average price is down. Months supply of nventory is way down while average days on market is generally flat. This may suggest a stabilizing lower end of the market even as the higher end is tapering off somewhat. Our full press release is available here. More information in the Daily Breeze, including data from the California Association of REALTORS®, is available here.
Monday, October 19, 2009
Chuck Bookhammer, 61: Former Hawthorne Councilmember and L.A. County Official
With great sadness we note the passing of Chuck Bookhammer, 61, who had a long career in politics and government policy in Los Angeles County and the South Bay for several decades. In addition to his seat on the Hawthorne City Council, he served for many years on the staff of former Los Angeles County Supervisor Yvonne Brathwaite Burke. Following Supervisor Burke's retirement in 2008, Chuck started working in government affairs at the Los Angeles County Board of Realtors. Our condolences go out to Chuck's family as well as to his former and current colleagues in and around the South Bay.
Monday, October 12, 2009
Help Plan the Future of the Harbor Subdivision
You are invited to attend a project update on the Harbor Subdivision Transit Corridor Alternatives Analysis (AA). In April and May 2009, Metro held public meetings to obtain your feedback on the four project alternatives to be carried forward through the duration of the study. Based on comments received at those meetings as well as more detailed technical analysis, Metro has completed the AA and will present the results at a series of community meetings this fall
Learn more about the project and share your comments with us at one of the following meetings:
October 19, 2009, 11am-1pm
Metropolitan Water District, Room 2-145
700 N Alameda St
Los Angeles , CA
October 19, 2009, 6-8pm
Lawndale Community Center Annex
14616 ½ Grevillea Av
Lawndale , CA
October 20, 2009, 6-8pm
Carson Community Center
801 E Carson St
Carson , CA
October 21, 2009, 6-8pm
Jackie Robinson Academy Auditorium
2750 Pine Av
Long Beach , CA
October 22, 2009, 6-8pm
Hyde Park-Miriam Matthews Library
2205 Florence Av
Los Angeles , CA
Meeting Agenda:
Open House: 30 minutes
Project Update Presentation: 30 minutes
Question and Answer Session: 60 minutes
Content presented at each meeting will be identical, so please attend at the time and location most convenient for you. For more information, call 213.922.4004 or visit metro.net/harborsubdivision.
Learn more about the project and share your comments with us at one of the following meetings:
October 19, 2009, 11am-1pm
Metropolitan Water District, Room 2-145
700 N Alameda St
Los Angeles , CA
October 19, 2009, 6-8pm
Lawndale Community Center Annex
14616 ½ Grevillea Av
Lawndale , CA
October 20, 2009, 6-8pm
Carson Community Center
801 E Carson St
Carson , CA
October 21, 2009, 6-8pm
Jackie Robinson Academy Auditorium
2750 Pine Av
Long Beach , CA
October 22, 2009, 6-8pm
Hyde Park-Miriam Matthews Library
2205 Florence Av
Los Angeles , CA
Meeting Agenda:
Open House: 30 minutes
Project Update Presentation: 30 minutes
Question and Answer Session: 60 minutes
Content presented at each meeting will be identical, so please attend at the time and location most convenient for you. For more information, call 213.922.4004 or visit metro.net/harborsubdivision.
How has the First-time Home Buyer Tax Credit Impacted Nationwide?
The National Association of Realtors® has two surveys that measure the share of first-time home buyers in the market. The Home Buyer and Seller Survey is a robust survey of about 10,000 buyers conducted annually. The 2009 survey will be available in November, but preliminary data is available.
In October 2008, NAR expanded a survey of Realtor® members, the Realtors® Confidence Index, to ask about firsttime sales. Both the Realtors® Confidence Index and the Home Buyer and Seller survey indicate a 6 – 6.5 percent increase in the share of first‐time home buyers in the market when the six months following the tax credit enactment is compared with the six months prior. The Realtors® Confidence Index shows first‐time sales increasing from 33 to 39 percent of sales. Preliminary data from the 2009 Home Buyer and Seller survey shows first‐time sales increasing from 45.1 to 51.5 percent of sales. The Home Buyer and Seller survey has shown that first‐time buyer sales are consistently near the 40 percent mark through the years. However, long‐term trends are not always the best guide.
Given that tight credit markets and poor job conditions have dominated markets this year, one could expect that the share of first‐time buyers would have been much lower than 40 percent without the help of the tax credit. Seasonally adjusted home sales were 4.79 million in the six months prior to the stimulus package. By contrast, they are forecast to be 4.97 million in 2009. Multiplying the change in market share by the annual sales rate and forecast annual sales, we see an extra 357,000 to 398,000 annual first‐time sales in 2009.
Because the tax credit is currently legislated to apply only to the first 11 months of the year, the expected increase in sales as a result of the tax credit is 327,000 to 365,000. This increase is greater than was anticipated when projections were made when the credit was adopted in early 2009.
In October 2008, NAR expanded a survey of Realtor® members, the Realtors® Confidence Index, to ask about firsttime sales. Both the Realtors® Confidence Index and the Home Buyer and Seller survey indicate a 6 – 6.5 percent increase in the share of first‐time home buyers in the market when the six months following the tax credit enactment is compared with the six months prior. The Realtors® Confidence Index shows first‐time sales increasing from 33 to 39 percent of sales. Preliminary data from the 2009 Home Buyer and Seller survey shows first‐time sales increasing from 45.1 to 51.5 percent of sales. The Home Buyer and Seller survey has shown that first‐time buyer sales are consistently near the 40 percent mark through the years. However, long‐term trends are not always the best guide.
Given that tight credit markets and poor job conditions have dominated markets this year, one could expect that the share of first‐time buyers would have been much lower than 40 percent without the help of the tax credit. Seasonally adjusted home sales were 4.79 million in the six months prior to the stimulus package. By contrast, they are forecast to be 4.97 million in 2009. Multiplying the change in market share by the annual sales rate and forecast annual sales, we see an extra 357,000 to 398,000 annual first‐time sales in 2009.
Because the tax credit is currently legislated to apply only to the first 11 months of the year, the expected increase in sales as a result of the tax credit is 327,000 to 365,000. This increase is greater than was anticipated when projections were made when the credit was adopted in early 2009.
How has the First-time Home Buyer Tax Credit Impacted California?
In California, the home buyer tax credit has brought in an additional 33,000 buyers into the market and 227,600 first‐time buyers will be able to take advantage of the tax credit. Detailed, state‐by‐state information is not available on first‐time buyers, but using national information from the 2009 Home Buyer and Seller Survey available in preliminary format, we can estimate the impact in a state.
According to NAR, California existing home sales in the second half of 2008 were 530,800 at a seasonally adjusted annual rate. In the first half of 2009 they were 492,400. If sales continue this trajectory—as they are expected to do nationally—they could reach 523,800 for the year in California in 2009. If the share of first time home buyers in the market is similar to the national share, first time buyers will have purchased 212,320 homes at a seasonally adjusted annual rate in the second half of 2008 and will purchase 231,428 for the year 2009.
Because the tax credit is only in effect for 11 months out of the year, the estimated impact of the credit is an increase of 33,000 first‐time buyers. 227,600 first‐time buyers in the state of California are expected to be able to take advantage of the credit.
According to NAR, California existing home sales in the second half of 2008 were 530,800 at a seasonally adjusted annual rate. In the first half of 2009 they were 492,400. If sales continue this trajectory—as they are expected to do nationally—they could reach 523,800 for the year in California in 2009. If the share of first time home buyers in the market is similar to the national share, first time buyers will have purchased 212,320 homes at a seasonally adjusted annual rate in the second half of 2008 and will purchase 231,428 for the year 2009.
Because the tax credit is only in effect for 11 months out of the year, the estimated impact of the credit is an increase of 33,000 first‐time buyers. 227,600 first‐time buyers in the state of California are expected to be able to take advantage of the credit.
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