The Laguna Beach real estate market, a more expensive section of the larger Orange County housing market, showed signs of improvement, although not as strongly as the rest of the region. According to a June 14, 2010 article in the Orange County Register, “From a Laguna Beach perspective, the latest Orange County home inventory report from Steve Thomas at Altera Real Estate – as of June 10 – shows these conditions vs. countywide trends.” The piece went on to state that “The newest ‘market time’ of Laguna Beach – Thomas’ math that tracks [the] theoretical time it would take to sell all listed homes at the pace of new escrows opened – is 10.06 months. That is -27.6% (or roughly 115 days) in a year. Over two years, it’s -27% or 111 days. ‘Market time’ of Laguna Beach is +206 days vs. Orange County’s overall time to sell.”
A larger number of Laguna Beach homes were facing foreclosure or distressed sales in recent months. According to a June 15, 2010 article from the Orange County Register, “The distressed inventory continued its slow climb this year, adding an additional 89 homes in the prior two weeks and now totaling 3,080, a 3% increase. The inventory has not surpassed the 3,000 mark since June of last year.” The article, based heavily off the analysis of Steve Thomas and composed by Marilyn Kalfus, continued to state that “Last year at this time, there were 3,062 distressed homes on the market, representing 33% of the active inventory. The number of foreclosures within the active listing inventory dropped by three homes in the past two weeks from 533 to 530. The expected market time for foreclosures is 1.45 months, an extremely hot seller’s market.”
The overall Orange County housing market, including the Laguna Beach real estate market, also improved substantially. According to a June 15, 2010 article in the OC Metro, “Orange County’s median home price and sales numbers got a welcome boost in May, partly due to government tax credits, low mortgage rates and more activity in higher-priced areas, according to a new report from MDA DataQuick.”
The Irvine housing market, a small portion of the Orange County real estate market, may see an increase in median price in the next few years. According to a June 3, 2010 article from the Orange County Register, “Chapman U. professors are out with their semiannual economic forecast for Orange County! Here’s what they said about home prices: After price losses for Orange County single-family homes – by their mat that’s tied to resale medians – of 0.9% in 2007; 23.2% in 2008; and 12.3% in 2009…O.C. prices will rise 6% in 2010 and 5.3% in 2011. (Or a combined 11.6% gain in 2 years!)” The piece by Jon Lansner went on to state that “Future affordability will be lower as higher mortgage rates will overwhelm weak projected increases in median family income.”
The average price of an Irvine home for sale increased in the latest tracking period, according to a June 4, 2010 article from the Orange County Register. That piece said that “For the 22 business days ending May 18 – DataQuick’s latest real estate buying report – Orange County saw…$440,000 median selling price that is up 12.8% vs. a year ago yet -32% below June 2007’s peak of $645,000.” The article continued to state that “A median of $440,000 was last seen in Orange County in August 2008. The most recent median is 19% above the cyclical low hit in January 2009 at $370,000 – a current bottom that was 43% below the peak. The median selling price of an Orange County single-family home is 30% less than their peak pricing (June ’07) while condos sell 37% below their peak in 2006.”
The overall economic climate of Orange County should aid the eventual recovery of Irvine real estate. According to a June 3, 2010 article from the OC Metro, “Attendees got what they came for with news that an uptick in new jobs, consumer confidence and median home prices all point to a ‘weak but sustained recovery through 2011.’ The lagging construction industry, however, is expected to stall a more robust rebound. Typically, GDP growth is in the 6 percent range following a recession. Chapman’s forecast last December called for a mild recovery – around 3 percent.”
The Campbell real estate market, a portion of the larger Silicon Valley and Santa Clara County real estate markets, showed some limited signs of improvement in the most recent tracking period. According to a May 31, 2010 article in the San Jose Mercury News, “The local housing market continues to show improvement in sales and value of homes, though overall home sales in the nine-county Bay Area and the state as a whole, showed mixed results during the month of April, according to [the] latest real estate sales and price reports.” The piece, written by Rose Meily, continued to say that “MDA DataQuick reports sales for all new and resale homes and condos in Santa Clara in Santa Clara County rose 3.1 percent in April compared with the same period last year. A total of 1,656 homes sold in April, up from 1,606 sold in April 2009. The median home price for all homes jumped 20.7 percent from $405,000 in April of 2009 to $489,000 this year.”
The effect of foreclosures on Campbell homes for sale may be muted as that rate declines. According to a May 11, 2010 article in the Mercury News, “Default filings also declined in Santa Clara County, as well as statewide. In Santa Clara County, 32 percent fewer notices of default were filed last month than during April 2009, for a total of 923 notices. That figure represented a 15 percent decline from March 2010.” The piece, written by Sue McAllister, went on to say that “Despite the hopeful signs in the ForeclosureRadar report, about 1,600 homes in San Mateo County and nearly 4,800 homes in Santa Clara County remain in the pipeline for foreclosure, the company said. Owners of these homes have received at least a notice of default but have not received a notice that their property was sold at auction.”
Low interest rates in the Santa Clara region may potentially boost the Campbell real estate market, according to a Santa Clara County Association of Realtors press release. This report found that “Record-low interest rates continue to fuel the Santa Clara County housing market, boosting home prices and spurring brisk sales…Rock-bottom interest rates and lower housing prices make homes more affordable than they have been for years.”
The Folsom real estate market, a fairly small subsidiary market falling under the larger Sacramento region, continued to show weakness, contrary to the trend of the Sacramento area at large. According to a June 3, 2010 article from the Sacramento Business Journal, “Sacramento’s home prices have gone up by 11.7 percent on average over the past year, according to a report released Thursday from Clear Capital, a Truckee-based provider of real estate valuation and risk assessment or financial services companies. The price rebound was higher than that of Modesto’s, where prices have rebounded 9 percent over the past year, but lower than that of Stockton, where prices have gone up 13.6 percent on average during that time.” The piece, written by Michael Shaw, continued to note that “The number of bank-owned properties in the Sacramento metropolitan area, which includes Sacramento, Placer, El Dorado and Yolo counties, has continued to decline, dropping approximately 2 percentage points over the past three years.”
This disconnect in the average price of a Folsom home for sale as compared with Sacramento properties is consistent with statistics mentioned earlier by a May 25, 2010 report from KXJZ News. This piece noted that “The California Association of Realtors says the median home price – meaning half the homes sold for more, the other half for less – increased to $188,000 in April. That’s about $20,000 more than what has been considered the bottom of the market. But the figure has created a bit of an unusual situation, since only Sacramento County enjoyed higher prices compared to April 2009.” The article, which was aired on All Things Considered, “El Dorado, Placer and Yolo counties reported modest price declines in April compared to a year ago. But sales dropped 8 percent to 484,000 homes, that’s the fewest homes sold in 19 months.”
Realtor Alex Villacorta noted that the median price level of Folsom real estate have remained drastically low compared to a few years ago. He said that “In fact, for the Sacramento market, prices have fallen 54% since the market peak back in late 2005. So even though we’ve seen a nice gain over the year, we are still very low compared to where prices were in the peak of the market.”
Boston real estate seems to be showing signs of stabilization after the economic struggles faced over the past year as a result of the economic recession of 2008. Despite slight declines during the fourth quarter of 2009, the Boston real estate market fared much better that the national market and posted greater increases as well. Home sales have increased and housing values are on their way up, but real estate experts are also wary that Boston may not be out of the woods yet, given the inconsistent improvements. Nevertheless, many local realtors and experts expect the Boston real estate market to make a significant recovery in the coming months and activity begins to pick up and prices begin to rise again.
According to the Boston Globe, the Boston real estate market suffered from a slight decline in home values during the months of September and October 2009. However, the declines were very small and were to be expected since historical data trends have shown a dip in the Boston real estate during the beginning of the winter season. Furthermore, real estate experts believe that the declines were to small to suggest that the market would continue to decline. Many people believe that the real estate in Boston has hit bottom, so the only direction it can go in is up. Despite the slight decline, home values are still about 6 percent above that of March of 2009, when the home values reached the lowest levels seen since September of 2005. Many realtors are hopeful that the federal tax credit will play a major role in spurring the growth of the real estate market in Boston and promote a speedy recovery.
dBusiness News has also reported the strength and optimistic views of the Boston real estate market, given its performance above that of the national average. Boston has shown 17.2 percent increase in median sales prices from about $393,000 in December of 2008 to about $461,000 in December of 2009. Other positive signs seen in the Boston real estate are the 4 percent increase in year-over-year home sales, as well as an 18.7 percent decline in unsold home inventory, leaving it at only a 6 month supply. Many expect the market to show significant signs of recovery in the coming months.
A relaxing Hawaiian vacation does not start until visitors step foot on one of the state’s islands. This is because traveling to the Hawaiian islands is an unavoidable worry that can sometimes be the most stressful part of the trip for people trying to reach their Hawaii vacation rental. Most of Hawaii’s major islands receive major commercial service from the mainland U.S. Honolulu International Airport on Oahu and Kahului International Airport on Maui receive multiple daily frequencies from Los Angeles and San Fransisco amongst a number of other airline hubs on the U.S. mainland, including Las Vegas, Phoenix, Denver, Seattle, Dallas/Fort Worth, Atlanta, and Newark. Lihue Airport on Kauai and Kona’s Keahole International Airport on the Big Island also receive regular service to major hubs on the mainland.
International travelers also have many options to flying into Hawaii. Visitors to the Big Island from Japan can take advantage of Japan Airlines’ non-stop flight from Tokyo to Kona while all other international visitors must first arrive into Honolulu or connect via a point on the U.S. mainland. International service into Honolulu is operated from Tokyo, Osaka, Nagoya, Seoul, Sydney, Auckland, Tahiti, Pago Pago, and Vancouver on a number of quality international airlines. Hawaiian Airlines, based in Honolulu, also operates over 180 flights a day to and from Hawaii as well as within the islands.