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Real estate broker, civil engineer and general contractor.
Real Estate

4 Keys to Real Estate Recovery

Photo Courtesy of: http://onepicinspires.blogspot.com/
Photo Courtesy of: http://onepicinspires.blogspot.com/

In order to have a fully recovered housing market and economic recovery, economists point to the need for four positive indicators:

1. A healthy job market with low stable unemployment;

2. Mortgage delinquencies that have returned to historical averages;

3. Home prices consistent with an affordable mortgage payment–to–income ratio; and

4. Home sales that are in the range of historical norms.

So, is the housing market inching closer?

Freddie Mac’s U.S. Economic and Housing Market Outlook for January takes a look at how the housing market is performing among these four indicators. Economists note that the unemployment rate — while inching down — still remains high at 6.7 percent. Meanwhile, mortgage delinquencies have fallen to 5.88 percent — nearly half of their peak rate but still higher than the national average of about 2 percent, Freddie notes.

Home prices still have some room to grow without outpacing income growth, economists say.

“From 1999–2006, mortgage payments on a hypothetical 30-year fixed-rate mortgage would have increased by 50 percent more than income growth,” Freddie Mac notes in the report. “Currently, payment-to-income ratios are only 60 percent of the level we had in 1999, suggesting room for continued housing growth.”

Finally, home sales have risen over the past two years but remain below levels from a nearly a decade ago. Home sales, historically, average a rate of about 6 percent of the housing stock every year. They dropped to 4 percent during the housing crisis. Economists are predicting a 5.7 percent pace in 2014.

“As we start 2014, the housing recovery continues its steady pace,” Frank Nothaft, Freddie Mac’s chief economist. “House-price gains will likely moderate from last year’s pace but rise about 5 percent in national indexes. Home sales, as well as other key indicators, continue to trend in the right direction, although in some markets we are seeing the sales recovery strengthen while many others remain weak.”

Source: Freddie Mac and “Are We There Yet? Freddie Mac Says Recovery Has a Ways to Go,” Mortgage News Daily (Jan. 16, 2014)

Read More

A Real Estate Lion’s Miraculous Tale of Recovery
FHA: Unsung Hero of the Recovery

 

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John J. O’Dell Realtor® GRI
O’Dell Realty
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Real Estate

More Than 3 Million Regained Equity in 2013

Stacked housing; Photo courtesy of http://www.funnypica.com/
Stacked housing; Photo courtesy of http://www.funnypica.com/

Home prices rebounded in 2013, helping more than 3 million home owners regain long-lost equity, according to CoreLogic’s latest MarketPulse report.

“We’re encouraged by the improvements of the past year and have every reason to be cautiously optimistic about continued progress in 2014. That said, monitoring the current and potential headwinds the industry faces is critical,” says Anand Nallathambi, president and CEO of CoreLogic.

More than two-thirds of all homes with a mortgage now have at least 20 percent equity, giving home owners more options in the housing market in the new year and increasing their employment mobility.

Still, 6.4 million residential properties have negative equity, and a third of those are concentrated in five states: Nevada, Florida, Arizona, Ohio, and Georgia.

Some of the biggest jumps in home prices over the last six months has occurred in Chicago and Raleigh, N.C., CoreLogic reports.

“That acceleration is consistent with our prior analysis, which showed that Chicago has had the most rapid growth of any market for owner-occupied purchase transactions in the past two years,” the report said.

Source: “CoreLogic: 2013 marks year of rapid transition,” HousingWire (Dec. 30, 2013)
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Bits & Pieces

Public Memorial for Bill Schultz

Bill Schultz: Photo courtesy of http://www.raystoneseniors.com/
Bill Schultz: Photo courtesy of http://www.raystoneseniors.com/

PUBLIC MEMORIAL SERVICE FOR BILL SCHULTZ

Service scheduled for Saturday, January 11, at the Nevada County Fairgrounds.The family of Bill Schultz has planned a Public Memorial Service in his honor on Saturday, January 11, from 1 – 3 pm at the Main Street Center at the Nevada County.

Bill, who passed away on November 27, was a long-time resident of Nevada County and extremely active in the community. He served on the Nevada County Fair’s Board of Directors for almost seven years. He also served as a director on the Fairgrounds Foundation Board, for eight years with the Nevada County Board of Supervisors, as a board member of the Nevada County Council on Alcoholism, as a member and past president of the Grass Valley Rotary, and a member of the Grass Valley Chamber of Commerce. Bill had a tremendous love for Nevada County, and he will be greatly missed.

His family invites the public to attend the memorial service on Saturday, January 11, in honor of Bill.

 

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Real Estate

Housing Affordability Declines as Interest Rates Go UP

Picture courtesy of http://www.treadstonemortgage.com/
Picture courtesy of http://www.treadstonemortgage.com/

The majority of housing markets remain affordable to the average family, but rising mortgage rates and rising housing prices are causing more families to have to stretch financially, according to Freddie Mac’s U.S. Economic and Housing Market Outlook for December.

“Rising mortgage rates and rising housing prices over the past six months are making it more challenging for the typical family to purchase a home without stretching beyond their means, especially in the Northeast and along the Pacific Coast,” says Frank Nothaft, Freddie Mac’s chief economist. “Like most, we expect mortgage rates to rise over the coming year, so it’s critical we start to see more job gains and income growth in the coming year. This will help to keep payment-to-income ratios in balance — an important factor not only for first-time buyers but for sustaining homeownership levels among existing owners.”

According to Freddie Mac’s report, more than 70 percent of the nation’s housing stock remained affordable to the typical family in the third quarter at a 4.4 percent interest rate for a 30-year fixed-rate mortgage. However, that percentage decreases to about 63 percent at a 5 percent mortgage rate;  55 percent at a 6 percent interest rate; and 35 percent at a 7 percent interest rate.

Source: Freddie Mac

 

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John J. O’Dell Realtor® GRI
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BRE# 00669941

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nevada county fair

Win $250 in Artwork Design Contest – Nevada County Fair

Winner 2012 artwork design by Sandy Gold of Grass Valley

Winner 2012 artwork design by Sandy Gold of Grass Valley

Submit the winning artwork for the 2014 Nevada County Fair and you could win $250

The Nevada County Fairgrounds is sponsoring a contest to find the best artwork to illustrate the 2014 Nevada County Fair theme. This year, we have two themes to choose from – “Simply Fun” OR “Lambs, Ham, Quilts and Jams.”  The winning art will determine which of these two themes we choose for the 2014 Nevada County Fair. If you’re a talented artist, and you’d like $250, this is the contest to enter!

The contest, which is open to Nevada County residents only, takes place now through Friday, January 17.  If you submit the winning artwork, you will win $250 and a 2014 Nevada County Fair package that includes admission tickets, parking and carnival coupons. Additionally, the winning artwork will be used on various Fair promotional pieces, print ads, buttons, banners, posters, and flyers.

Interested artists may use any medium and can submit up to three entries, which must be on 8-1/2 by 11-inch paper. Artists can submit artwork for either or both themes. Entries can be delivered to the Fairgrounds Office at 11228 McCourtney Road or mailed to the Fair Office at PO Box 2687, Grass Valley, CA  95945. A complete set of rules can be found on the Fair’s website at NevadaCountyFair.com, or by calling the Fair Office at (530) 273-6217.

Dawn Narvaez of Penn Valley submitted the theme of “Simply Fun,” and Carol Jarosik of Grass Valley submitted the theme of “Lambs, Hams, Quilts and Jams.” Both theme names were chosen from the more than 185 theme names submitted during our community contest to determine the theme for the 2014 Nevada County Fair, held August 6 – 10.
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John J. O’Dell Realtor® GRI
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nevada county fair

Nevada County Fair Country Christmas Faire Results

Best of Show 2013 Cathy Rogers of Browns Valley, CA
Best of Show 2013 Cathy Rogers of Browns Valley, CA

Gingerbread House Competition Results and Canned Food Drive Results

A successful canned food drive, more than 120 vendors, and 42 gingerbread houses built made the 29th Annual Country Christmas Faire at the Nevada County Fairgrounds a success.

The 11th Annual Gingerbread House Competition was once again a crowd favorite, with 42 entries received. Of those entries, the Best of Show winner was Cathy Rodgers of Browns Valley, and the People’s Choice Award went to Joanne Perilman and Crew of Grass Valley. The Best of Show is chosen by the judges, and the People’s Choice is selected through ballots cast by individuals who attend the Craft Faire.

People’s Choice winner Joanne Perilman and Crew of Grass Valley
People’s Choice winner Joanne Perilman and Crew of Grass Valley

First place winners in the traditional categories include Bailey Ingalis and Jillian Beaver (age 5 & under); Willow West, Hunter Casteel, and Finn Becker (age 6-8); Owen Strolle, Nate Becker, and Molly Becker (age 9-12); Jenna Deutschman (age 13-17); Tina Ennis (age 18 -64); Joan Morton (age 65 & over); Keith Wemple (special needs); Girl Scout Troup 1024, The Awesomes, Sunday School Class, S. Lemons 3rd Grade Class, GVSD 4th Grade, GVSD 2nd Grade, and 1st Grade Clear Creek School (group – children); Yvonne Read (family); and Andres Price (Adult/Group – ages 18 and over).

The first place winner in the non-traditional categories is Cathy Rodgers (adult/group – ages 18 and over).

With the help of Grass Valley Elks, Sunday’s canned food drive collected enough food to feed 30 Nevada County families during the Christmas season.

The names of all the Gingerbread House Competition winners can be found on the Fairgrounds’ website at www.NevadaCountyFair.com. The 2014 Country Christmas Faire is planned for Thanksgiving weekend, November 28, 29, and 30.

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John J. O’Dell Realtor® GRI
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Real Estate

Had Your House Foreclosed? You May Have a Second Chance for Homeownership Soon

Photo courtesy of Highland Home Inspections. http://highlandhomeinspections.net/contact-us.php.
Photo courtesy of Highland Home Inspections. http://highlandhomeinspections.net/contact-us.php.

 

Those who lost their home due to financial hardships may get another shot at being home owners again soon. The Federal Housing Administration recently announced that they would shorten the waiting period for qualified borrowers who’ve had a bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale who want to buy a home again. Under the FHA’s Back-to-Work program, home owners must show that they have their finances back in order and they must receive counseling from a HUD-approved agency. Those who meet the requirements can apply to buy a property in as little as a year.

“The Back to Work program is a great opportunity for us to help those impacted by the recent housing crisis,” Heather Shanahan, a representative with a HUD-approved housing counseling agency called Springboard, told HousingWire. “Our goal in our counseling sessions is to enable the borrower to better understand their loan options and the obligations.”

Counselors provide borrowers with a customized action plan that reflects household budgets and shows borrowers how they can meet their financial obligations to prevent default again in the future.

The Back-to-Work program is also helping borrowers purchase their first homes, in some cases.

Source: “Springboard helps formerly distressed borrowers get back on track,” HousingWire (Nov. 19, 2013)

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John J. O’Dell Realtor® GRI
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(530) 263-1091
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BRE#00669941

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