How walkable is your community? How much value does it add to your home?

The Winter 2010 issue of "On Common Ground" published by the National Association of REALTORS® looks closely at how walkable your neighborhood is. Real close. On Common Ground writes that "more and more buyers are asking for - even demanding - homes in walkable neighborhoods."

In some cities, people "are willing to pay more for a home - or accept less in terms of square footage and amenities - in exchange for proximity to shopping, entertainment, work and school."

Just how walkable is your neighborhood?

Check out WalkScore.com, a free Web site that will take your address - anywhere in the United States - and map it with local amenities to show just how walkable (or not) it is. A score of 49 or less is "Car-Dependent", while a score of 90 or more is a "Walker's Paradise". A survey of 15 markets around the country found that "for each typical metropolitan area, each additional point of Walk Score was associated with a $700- to $3,000-increase in home values."

How walkable is the South Bay? Check out these scores, and then type in your own address:

El Segundo.....91
Carson.....68
Gardena.....91
Harbor City.....74
Hawthorne.....86
Hermosa Beach.....83
Lawndale.....83
Lomita.....75
Manhattan Beach.....82
Redondo Beach.....88
San Pedro.....95
Torrance.....69
Wilmington.....69


(Here's what it means):
90–100 = Walkers' Paradise
70–89 = Very Walkable
50–69 = Somewhat Walkable
25–49 = Car-Dependent
0–24 = Car-Dependent (Driving Only)

Fannie Mae launches new Spanish Web site

Fannie Mae last week launched a Spanish version of its HomePath.com Web site designed to help more potential homeowners who speak Spanish purchase Fannie Mae-owned properties.
The new Spanish Web site mirrors the English version of HomePath.com, featuring an interactive search tool of Fannie Mae-owned properties nationwide, details about HomePath® financing, a mortgage payment calculator, property alerts, and information on foreclosure prevention and the Making Home Affordable program.

For more information about HomePath, visit www.HomePath.com and click "En Español", or for direct access to the Web site in Spanish, visit www.es.HomePath.com.

-- source: California Association of REALTORS®

Case-Shiller index improves for second consecutive quarter

Home prices improved in the third quarter of 2009, posting their second quarter-over-quarter gain in three years, according to the S&P/Case-Shiller U.S. National Home Price Index, released yesterday.

The index, which covers all nine U.S. census divisions, recorded an 8.9 percent decline in the third quarter of 2009 compared with the third quarter of 2008, but an improvement over the 14.7 percent decline in the second quarter of the year. The 10-City and 20-City Composites recorded annual declines of 8.5 percent and 9.4 percent, respectively. These two indices generally have seen improvements in their annual rates of return every month since the beginning of the year.

“We have seen broad improvement in home prices for most of the past six months,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “The U.S. National Composite rose by 3.1 percent in both the second and third quarters of 2009. Both the 10-City and 20-City Composites posted their fifth consecutive monthly increase with September’s report. However, the gains in the most recent month are more modest than during the seasonally strong summer months.”

-- source: California Association of REALTORS®

Quick Federal Tax Credit Update

The U.S. Senate voted today 98-0 to pass the Expanded Homebuyer Tax Credit (within the Unemployment Insurance Bill). It now goes to the House of Representatives. If Democratic leadership places the bill on a fast track for passage on Thursday, it could get to the President on Friday. Watch this space for more updates on this important tax credit!