Jennifer Ross - Realtor
Father's Day coming up this Sunday I'll miss my Dad. He was
born in Los Angeles in 1929, spent part of his childhood growing up
in Ohi Ca. After his Dad passed he went to live with his
Basque Grandmother in Bakersfield, then an Uncle in Sonoma where he
attended high school and worked to help support his Mom and younger
brother. In 1950 he graduated from Los Angeles City College
where he was president of a fraternity and a member of the water polo
and dive teams. He later defined "Entrepreneur" always
working in the insurance industry in addition to owning
restaurants, a car wash, rental car agencies, a Laundromat, a tile
store, apartments (which my brothers had to paint each time tenants
exited), a toilet and sink production company, ran for city council,
and sold annuities (I'm sure I left many of his endeavors out).
He lost a lot of money and made a lot of money, but he truly enjoyed
working and making the deal! He was an avid tennis player
into his 80's and loved spending the last 35 years in Santa
Barbara. Fond memories.
Happy Father's Day to all you Dads and Grandpas.
The Winner of This Month's
and Schuyler Fenton
Schuyler have won a $50 Cohn restaurant gift card.
The next drawing will be in a few weeks......
It's sort of
deja vu all over again. Yet another report shows the impact tight
inventories is having on home prices. "Home price growth
continues to surprise to the upside with an impressive 12.1 percent
gain year over year in May. Increasing demand for new and existing
homes, coupled with low inventory, has created a virtuous cycle for
price gains, most clearly seen in the Western states with
year-over-year gains of 20 percent or more," said Mark Fleming,
chief economist at CoreLogic. Home prices have now increased for 14
consecutive months and should continue to increase into the
foreseeable future as there is little likelihood the supply of
housing is going to miraculously increase and buyers, worried about
rising mortgage rates, rush to lock in before the cost of borrowing
goes up significantly.
More good news in the housing market. A report from CoreLogic
says 850,000 more residential properties returned to positive equity
in the first quarter of this year. The report says 19.8 percent of
all properties with mortgages are still underwater, down from 2
percent at the end of 2011. No city in California is on the list of the
25 largest metropolitan areas with the highest mortgaged properties
in negative equity. "We are still far below peak home price
levels, but tight supplies in many areas coupled with continued
demand for single family homes should help us close the gap,"
said economist Mark Fleming.
Dream of Owning Home Lives On, Even for Young
Americans' dream of owning a home is alive and well, evidenced by the
fact that most Americans own a home and plan to continue to do so
(56%), or don't own a home but plan on buying one in the next 10
Overall, 62% of Americans say they own their primary residence, with
34% renting and the remainder having other arrangements. Both
homeowners and non-homeowners were asked questions about their future
plans. The results give little indication of a desire on the part of
current American homeowners to sell their home and begin renting, and
an apparently strong desire on the part of U.S. non-homeowners to buy
a home in the future.
A considerably larger 81% own a home and express a desire to continue
to do so, or don't own a home but express a desire to buy one within
the next 10 years. These results certainly suggest that the
"American Dream" of owning a home is still very much alive,
and that the real estate industry should expect a continuing demand
for homeownership in the years ahead.
A number of additional factors could affect the future trajectory of
homeownership in the U.S. There will be a continuing stream of young
people entering the 18 and older segment of the population going
forward, and it is possible that they will have a different attitude
toward homeownership than those who came before them. Also, changes
in the economy and culture could lead to changes in the way Americans
look at their housing, particularly among the huge baby boom
generation now entering its senior years.
Americans Highly Likely to Say They Plan on Buying a House
Nearly 7 in 10 Americans aged 18 to 29 currently do not own a home,
but plan on buying one within the next 10 years. Coupling this with
the 21% of younger Americans who say they already are homeowners
leaves few adults under 30 who say they don't own a home and have no
plans on buying one.
The majority of those aged 30 to 49 own their home, and most of the
rest say they plan on buying a home in the future. Few (9%) in this
age group say they have no plans to buy in the foreseeable future.
The 71% of those aged 50 to 64 who own a home and plan on continuing
to own a home in the future is the largest across age groups. Most in
this group who want to buy a house apparently have already done so;
few (5%) say they don't own a home but are going to buy one. A larger
15% don't own and don't plan on changing that status, while 3% say
they will move from homeowner to renter status in the future.
Although it might be expected that a significant number of those 65
and older who currently own a home might plan on selling it in the
future and move to renting status, that doesn't appear to be the
case. In fact, seven in 10 Americans aged 65 and older own a home and
say they will continue to own for the foreseeable future. Although
the 7% who plan on selling and becoming renters is the highest of any
age group, it's still low on a relative basis.
Highly Related to Income
Income is a major predictor of homeownership. Three-quarters of those
making at least $75,000 a year own their home and plan on continuing
to own, while another 15% say they will buy a home within the next 10
Still, it is apparent that the hope of being able to buy a house is
relatively strong even in the minds of those with below-average
incomes, given that between 35% and 40% of Americans making less than
$50,000 a year say that while they currently don't own a home, they
plan on buying one in the future. About a third of those making less
than $20,000 a year say they don't own and have no plans to.
Listings and Coming Soon
studio loft boasts spectacular downtown views, European cabinets,
granite counters, spacious bathroom, 9' floor to ceiling windows,
interior laundry, view balcony. Enjoy your morning coffee and watch
the cruise ships dock. Beautiful Fitness Center, Rooftop terrace with
Soon - New Listing
Gorgeous 3 Bedroom, 2.5 Bath, Gourmet Kitchen $675,000.
of the Month
The Song Of Graduation
you've attended a graduation recently, you may have heard Tom Rush's
version of "Child's Song." It's become a classic,
with its lyrics about a
child moving on. "I couldn't get through it from top to
bottom for about six months," he said. "I had to toughen up
so that I didn't burst into tears...somewhere around the third
always, feel free to give me a call 800-913-7677 with your real
estate needs. I appreciate your referrals.
Over 24 years in
Real Estate sales
Serving all of San Diego
yr fixed: 3.28%