January 22, 2013 |
Sales of previously owned homes fell slightly in December from the previous month, an industry group said, but the national median home price rose the most in seven years. Sales fell 1.0% from November and were up 12.8% from December 2011, the National Assn. of Realtors said. In total, the group estimated that 4.65 million homes sold last year, up 9.2% from 2011. It was the highest level since 2007. Video: Experts discuss Southern California's housing market “Record low mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive mortgage underwriting standards are limiting sales,” the Realtors group's chief economist, Lawrence Yun, said in a news release.
January 15, 2013 |
Southern California's housing market ended the year with sharp gains, rounding out the first solid year of sustained improvement after nearly five years of real estate malaise - and helping set up further improvement in 2013. The region's median home price registered a sizable 19.6% pop in December compared with the same month last year to hit $323,000, real estate firm DataQuick reported Tuesday. A record level of cash buyers flooded into the market and more move-up homes sold last month.
January 2, 2013 |
House hunters looking for bargain properties in the new year will probably be disappointed. A new report by Santa Ana firm CoreLogic shows pending home supply declined again in October. This shadow inventory fell 12.3% from the year prior to stand at 2.6 million units, or a supply of about seven months. The housing recovery that began last year was spurred by tight inventory and strong demand from investors and buyers motivated by record-low mortgage-interest rates. Those factors have helped push up prices in recent months.
January 1, 2013 |
Lumber had a good end of the year, with an improving housing market and renewed export demand from China resulting in prices that hit an eight-year high. But lumber futures prices are expected to fall in 2013 as production ramps up, according to Forest Economic Advisors. On Monday, lumber contracts for March delivery were selling at $374.80 per 1,000 board feet on the Chicago Mercantile Exchange. That was down 6.1% from last week, when prices surged to almost $400 per 1,000 board feet.
December 18, 2012 |
Stuck with too many trucks, General Motors Co. is offering discounts of as much as $9,000 to drain its supply of Chevrolet Silverado and GMC Sierra pickups as it gets ready to launch a new generation of the vehicles next year. GM's truck inventory has ballooned to 139 days despite previous sales incentives designed to move the vehicles off dealer lots. Automakers like to keep supplies of an individual model at about 90 days. “This is more inventory than any car manufacturer would like to have,” said Thilo Koslowski, an analyst at Gartner Inc. Now the automaker will offer as much as $9,000 off remaining 2012 models and about $4,500 off 2013 model year trucks.
CALIFORNIA | LOCAL
November 29, 2012 |
When he died in 1974, George Abraham Simmons left a bulky legacy: boxes and boxes of drugstore pills, salves and potions - enough to fill multiple cargo containers. What to do with it all? His family was stumped. Pharmaceuticals and botanicals, rouges, deodorants and still-sealed packs of cigarettes - he'd accumulated around 85,000 items. Photos: New life for old corner drugstore To label Simmons a hoarder, though, would be oversimplifying. Take a moment to understand his world.