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WASHINGTON (January 27, 2015) – The following is a statement by National Association of Realtors® President Chris Polychron: “Realtors® support responsible lending to qualified buyers, which is essential for building strong communities. The new low down payment mortgage program introduced last month by Federal Housing Finance Agency Director Mel Watt will safely… Read More

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For release:
February 17, 2015

International home-buying activity remains strong in California, C.A.R. survey finds
China, Canada, and Mexico were top countries of origin of international buyers

LOS ANGELES (Feb. 17) – Despite a slowing in the California housing market and appreciation of the U.S. dollar in 2014, international home-buying activity continued its momentum, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) "2014 International Home Buyers Survey." The survey showed that one of six (14 percent) participating REALTORS® closed a transaction with an international client, unchanged from the previous year.

More than one in three international buyers (36 percent) were from China and their purchases remained very cash-strong. Two-thirds (66 percent) of international buyers paid all cash, down slightly from 69 percent in 2013. Those who purchased homes below $500,000 had the greatest tendency to pay all cash (66 percent), compared to those who purchased homes costing $500,000 to $1 million (57 percent).

Being more affluent than the average California home buyer, overseas buyers purchased more expensive homes at a median price of $490,000, compared to 2014’s single-family median home price of $447,000.

Those who purchased homes below $500,000 had the highest percentage of investment purchases (40 percent), compared to those who purchased homes between $500,000 and $1 million (17 percent for investment) or those who purchased homes over $1 million (34 percent for investment reasons).

Other findings from C.A.R.’s 2014 International Home Buyers Survey include:

• Thirty-six percent of international buyers in California were from China, 11 percent were from Canada, and 9.1 percent were from Mexico. The United Kingdom and India round out the top five countries of origin, with both under 5 percent.
• Nearly half of overseas buyers purchased a home in the suburbs. The percentage who purchased in a city center or urban area declined from 38 percent in 2013 to 33 percent in 2014, while purchases in small towns/rural areas increased from 9 percent to 10 percent over the same period.
• Of international buyers who obtained financing in the U.S., 85 percent said the source of their down payment came from their personal savings; 11 percent cited proceeds from a sale of a previous property; 7 percent received a gift; and 5 percent from the sale of personal assets, excluding real property.
• Two-thirds (67 percent) of international buyers bought single-family detached homes, and 23 percent purchased a condominium or townhome.
• International buyers in 2014 intend to keep their property for a median of 7 years, compared to 5 years in 2013.
• The percentage of first-time international buyers in the U.S. declined from 59 percent in 2013 to 54 percent in 2014.
• Three-fourths (75 percent) of overseas buyers said they only considered buying in the U.S., primarily to be closer to family and friends, for investment and tax reasons, or because of a child attending college in the U.S.
• Those who purchased homes over $1 million bought primarily for investment/tax advantages, because they have a business in the U.S., or because they have children in school here. Those who purchased homes under $1 million bought primarily to be closer to family and friends.

International Home Buyers Survey slides (click to open):

• Cash buyers by price range
• International cash buyers
• Why the U.S.?
• International buyers’ countries of origin

The International Home Buyers Survey was conducted via email to a random sample of California REALTORS® statewide who worked with international home buyers (one who is not a citizen or permanent resident of the U.S.). Eligible respondents all closed escrow on their homes within the 12 months prior to November 2014. Access the full report on the survey findings here: http://ift.tt/1pXPAgv and view the webinar presentation here: http://ift.tt/1h8w53n.

Leading the way?® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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WASHINGTON (February 17, 2015) – Technology is transforming the way Realtors^® conduct business and connect with clients, and staying up-to-date on new and emerging technologies is an essential part of the real estate profession. To help Realtors^® stay a step ahead of the latest mobile and online technologies, the National Association of Realtors^® is continuing its one-day technology conference series, NAR Tech Edge.

NAR Tech Edge events will take place in cities across the U.S. this spring. NAR speakers and local technology experts… Read More

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For release:
February 12, 2015

California housing affordability inches up from third quarter, slips from year ago.

Nineteen regions see improvement, with Santa Barbara, Contra Costa, Napa, and Los Angeles counties leading the way

LOS ANGELES (Feb. 12) – California housing affordability improved from third-quarter 2014 but dipped when compared to a year ago, as lower interest rates failed to offset higher home prices, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in fourth-quarter 2014 edged up to 31 percent from the 30 percent recorded in the third quarter of 2014 but was down from a revised 32 percent in fourth-quarter 2013, according to C.A.R.’s Traditional Housing Affordability Index (HAI). This is the seventh consecutive quarter that the index was below 40 percent and is near the mid-2008 level of 29 percent. California’s housing affordability index hit a peak of 56 percent in the first quarter of 2012.

C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The Index is considered the most fundamental measure of housing well-being for home buyers in the state.

Home buyers needed to earn a minimum annual income of $91,550 to qualify for the purchase of a $452,140 statewide median-priced, existing single-family home in the fourth quarter of 2014. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,290, assuming a 20 percent down payment and an effective composite interest rate of 4.2 percent. The effective composite interest rate in third-quarter 2014 was 4.23 percent and 4.43 percent in the fourth quarter of 2013.

The median home price was $467,280 in third-quarter 2014, and an annual income of $94,880 was needed to purchase a home at that price.

Key points from the fourth-quarter 2014 Housing Affordability report include:

• Compared to affordability in third-quarter 2014, 19 regions saw an improvement in housing affordability, three saw declines, and nine were unchanged.
• Only San Francisco, Madera, and Merced counties saw a drop in affordability due to price increases from the previous quarter.
• Santa Barbara, Contra Costa, Napa, and Los Angeles counties saw the greatest quarter-to-quarter improvement in housing affordability due to price declines.
• During the fourth quarter of 2014, the five most affordable counties in California were Kings (64 percent), San Bernardino (57 percent), Tulare (56 percent), Madera (56 percent), Merced (53 percent), and Fresno (53 percent). • San Francisco (14 percent), San Mateo (15 percent), Marin (15 percent), and Santa Cruz (17 percent) counties were the least affordable areas of the state.

Housing Affordability slides (click link to open)

Affordability peak versus current*
Annual income peak versus current*
PITI peak versus current*

CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index

CALIFORNIA ASSOCIATION OF REALTORS®
Traditional Housing Affordability Index

Leading the way?® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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WASHINGTON (February 15, 2015) – National Association of Realtors® President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Arkansas, issued the following statement about new proposed rules for unmanned aircraft systems issued today by the Federal Aviation Administration:

“The proposed rules announced today for the commercial use of… Read More

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	Section 1031 Like-Kind Exchanges: An Update Evan Liddiard of the National Association of REALTORS® describes the importance of the section of the tax code that allows like-kind exchanges of property in this conversation with NAR's Erin…	From: NAREALTORS Views: 7 0 ratings
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