"the housing crisis to end this year, according to a report released Tuesday"
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Below is your March 2012 monthly update for the beautiful Big Bear Real Estate market as of 3/15/2012...
CONSISTENT is what comes to mind for Big Bear area sales. Consistent sales pending each month average over 150 to 200 every month here. If you have been thinking about purchasing or selling a home or 2nd home or investment property, call or email me to learn more. Or forward this newsletter on to someone you know who may benefit. Thanks.
Right Now there are 155 in escrow pending sales. Inventory for sale is down which drives prices up. Combined with the data below it seems we may have already seen the bottom of the prices ....
Here are those on the local Big Bear MLS market (there are others from outside the area so just call me): *573-RESIDENTIAL, 344-VACANT LAND,13-MOBILE HOMES, 29-CONDOS, 11-GOVERNMENT LEASE, 66-COMMERCIAL & RESIDENTIAL OR COMMERCIAL/BUSINESS & 17-BUSINESS OPPORTUNITIES .......TOTAL
This article below may "feel" like just another political "babble on" in an election heating up but we brokers in the business have known its turning for some time as all the indicators are there. We that have been in the business long enough to have experienced the ups and the downs more than once know that when rates are down and prices start to creep upward and lending starts to loosen.... its coming again.
The public is "cautious" yet it will be irresistible once the mainstream press starts to "talk" about real estate again. Afterall...it is the foundation of wealth building in this country.
*3/14/2012....
Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.
Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.
However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes "the clearest sign yet of an improvement in mortgage credit conditions."
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
*Call me now with any questions...
Chuck Hurd
909-866-5348
jointhehurd@aol.com
www.BigBearTopAgent.com
* Sources: BBLMLS/SoCalMLS data only; CAR Market matters; News Genius, Case-Shiller, Kiplinger Consumer Sentiment This information is deemed reliable but not guaranteed
ZIP Code: 92386
Approximate Location Boundaries: Hwy 38 to Hwy 18
Location Characteristics: Big Bear Valley is composed of numerous small towns. A true four season resort with winter skiing and summer lake activities. The area is driven by weekend and holiday visitors. As many as 100,000 visitors will flock to it's beauty during the 1st snow expected around the 1st week of November or 4th of July weekend or for annual carshows or snowboarding events. It is the only year round vacation area within 2-3 hour driving distance of LA, Orange, Riverside, San Diego Counties and is swiftly earning the nickname of "the next little Aspen"
The Big Bear area is made up of primarily 2nd or 3rd homeowners and varies in price from around $25,000 to 6.5 million.
Few areas offer year round vacation activities combined with real property appreciation and excellent portioned rental incomes allowing the owner use and enjoyment as well as tax advantages.
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About Chuck Hurd:
CHUCK HURD
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"JointheHurd"
Chuck Hurd Team
The Real Estate Office Of Big Bear
