Lake Tahoe Real Estate - Single Family - North Upper Truckee
Lake
Tahoe Real Estate - Condo/Townhouse - North Upper Truckee
Lake
Tahoe Real Estate - Multi Family - North Upper Truckee
Lake
Tahoe Real Estate - Land - North Upper Truckee
Lake
Tahoe Real Estate - Commercial - North Upper Truckee
HOMEBUYERS FAVOR SHORTER COMMUTES, WALKABLE NEIGHBORHOODS
A 2004 American Community Survey sponsored by NAR
and Smart Growth America shows that a commute time of 45 minutes
or less is a top priority for 79 percent of Americans when
deciding where to live. Other important decision-making criteria
include easy access to highways (75 percent) and having sidewalks
and places to walk (72 percent). When asked to choose between
two communities, six in 10 respondents chose a neighborhood
that offered a shorter commute, sidewalks and amenities like
shops, restaurants, libraries, schools and public transportation
within walking distance over a sprawling community with larger
lots, limited options for walking and a longer commute. The
survey also found that minorities are more likely than other
Americans to choose a neighborhood that has a shorter commute,
with 59 percent of women, 57 percent of Hispanics and 78 percent
of African Americans selecting such communities over those
with bigger lots and longer commute times.
LOAN APPLICATIONS POST SLIGHT DECLINE The
Market Composite Index of mortgage loan applications, a measure
of mortgage loan applications, stood at 703.9 for the week
ending Oct. 22, a decrease of 0.8 percent on a seasonally
adjusted basis from 709.9 one week earlier, according to a
report released today by the Mortgage Bankers Association
(MBA). On an unadjusted basis, the Index increased 10.1 percent
for the week ending Oct. 22 compared with the previous week
and up 8.1 percent compared with the same week one year earlier.
The refinance share of mortgage activity increased to 47.7
percent of total applications for the week ending Oct. 22
from 45.6 percent the previous week. The adjustable-rate mortgage
(ARM) share of activity increased to 34.9 percent of total
applications for the week ending Oct. 22 from 34.8 percent
the previous week.
LEADING INDICATORS FALL IN SEPT. The Conference
Board announced that the leading index experienced its fourth
consecutive decline in September, falling 0.1 percent to 115.6
(1996 = 100). Four of the 10 components comprising the index
increased, including real money supply, stock prices, orders
for non-defense capital goods, and building permits. Vendor
performance and average initial claims for unemployment benefits
were among the negative indicators. The leading index previously
declined 0.3 percent in August. Following a 0.1 percent increase
in August, the coincident index, an index of current economic
activity, increased 0.2 percent to 118 in September. All four
indicators increased, including personal income and employees
on non-agriculture payrolls. During the six-month period that
ended in September, the coincident index increased 1.0 percent.
The lagging index stood at 98.1 in September, remaining unchanged
from August. The Conference Board believes that the declines
in the leading index have not been large enough nor have they
persisted long enough to signal an end to the current economic
expansion.
MEDIAN PRICE OF A HOME IN CALIFORNIA INCREASED 21
PERCENT IN SEPT. The median price of an existing,
single-family detached home in California during September
2004 was $465,540, a 21 percent increase over the revised
$384,690 median for September 2003, C.A.R. reported on Monday.
The September 2004 median price decreased 1.7 percent compared
with a revised $473,360 median price in August. "Although
the median price of a home in California declined slightly
in September compared with the previous month, the trend of
year-over-year double digit gains continued," said C.A.R.
President Ann Pettijohn. Closed escrow sales of existing,
single-family detached homes in California totaled 626,220
in September at a seasonally adjusted annualized rate, according
to information collected by C.A.R. from more than 90 local
REALTOR® associations statewide. Statewide home resale activity
decreased 0.9 percent from the 631,880 sales pace recorded
in September 2003. The statewide sales figure represents what
the total number of homes sold during 2004 would be if sales
maintained the September pace throughout the year. It is adjusted
to account for seasonal factors that typically influence home
sales. "The higher inventory of homes for sale has mitigated
some of the upward pressure on home prices," said Leslie Appleton-Young,
C.A.R.'s vice president and chief economist. "Year-to-date
sales are up 4.5 percent, in line with our expectation that
sales for all of 2004 will post and increase above 2003's
record levels."
Information provided by - C.A.R. Newsline is published by
the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association
representing more than 135,000 REALTORS® statewide
