Tag Archives: statistics

Money Monday: The housing affordability for good schools

For many in California, homes are not economically affordable in good-school areas.

“RealtyTrac analyzed school test scores for nearly 27,000 elementary schools in more than 7,200 U.S. zip codes, along with home price affordability in those same zip codes.” (RealtyTrac. http://www.realtytrac.com/news/home-prices-and-sales/realtytrac-2015-good-schools-and-affordable-homes/). Then they took a look at those zip codes with good schools; “‘good’ is defined as schools that post higher-than-average test scores for their given state” (http://money.cnn.com/2015/11/19/real_estate/neighborhoods-good-schools-affordable/index.html?section=money_realestate). In the 1,823 zip codes with at least one good school, they found that 65% (1,192 zip codes) were unaffordable for those with average incomes for the area, meaning that they would have to spend more than one-third of their income on housing.

For those in the San Diego – Carlsbad areas, the good school that RealtyTrac analyzed was Einstein Academy (with a 1.37 test score in 2014), and the relational zip code being 92102. At an average sales price of $320,000, homeowners spend an average of 40% of their income on housing.

San Diego Carlsbad sales price and test score

RealtyTrac’s Most Affordable Good-School Zips by Metro map, focused in on San Diego.

If you are interested in reading more on this, go to RealtyTrac’s article on the information they found here: www.realtytrac.com/news/home-prices-and-sales/realtytrac-2015-good-schools-and-affordable-homes.

CoreLogic’s 2012 Housing Market Prediction

Where’s the real estate market going in 2012?  Well, according to CoreLogic–nowhere. Is flat growth really in housing’s future? Read the following article and decide for yourself.

Two prominent home-price indices continued to show declines in September and October, with one outlook indicating no more than flat growth in the next two years.

A home-price index report from loan data aggregator Lender Processing Services showed the national average sales price for single-family homes fell 4.4 percent year over year and 1.2 percent month to month in September, to $202,000.

LPS’ Home Price Index, launched in July, tracks monthly sales in more than 13,500 ZIP codes. Within each ZIP code, the index shows historical price changes for five home-price levels, including entry-level, middle-market and high-end homes.

Prices declined on a monthly basis in all ZIP codes covered by LPS. The top 20 percent of homes (selling for more than $317,000) saw a slightly smaller monthly decline, 1.2 percent, than the lowest 20 percent (selling for less than $102,000), which saw a 1.4 percent drop.

housing market forecast“Home prices in September were consistent with the seasonal pattern that has been occurring since 2009,” said Kyle Lundstedt, LPS Applied Analytics’ managing director, in a statement.

“Each year, prices have risen in the spring, but revert in autumn to a downward trend that has not only erased the gains, but has led to an average 3.7 percent annual drop in prices to date. The partial data available for October suggests a further approximate decline of 1.1 percent.”

A report released by property data firm CoreLogic bears out the monthly decline in October. For the third straight month, nationwide single-family home prices fell on both a monthly and yearly basis, dropping 1.3 percent from September and 3.9 percent from October 2010. Excluding distressed sales (short sales and real estate owned home sales, also known as REOs), October’s index fell 0.5 percent from a year ago.

“Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance. Looking forward, our forecasts indicate flat growth through 2013,” said Mark Fleming, chief economist for CoreLogic, in a statement.

The index was down 32 percent in October from an April 2006 peak. Excluding distressed sales, the drop was 22.4 percent. CoreLogic’s index is based on 30 years of data for repeat sales transactions, and “price, time between sales, property type, loan type and distressed sales.”

Among the 10 most populous metropolitan areas in the country, six saw index declines in October. Only Washington, D.C., and New York-White Plains-Wayne, N.Y.-N.J., saw index increases above 1 percent. When distressed sales were excluded, six experienced index increases.

Most states, 34, experienced year-over-year index drops in October. Ten states and Washington, D.C., saw index rises of more than 1 percent. West Virginia led the way with a 4.8 percent annual rise.

At the other end of the spectrum, Nevada was the only state to see a double-digit index drop in October, down 12.1 percent. When distressed sales were excluded, 28 states and Washington, D.C., saw flat or rising home prices. South Carolina posted the biggest increase, up 4.6 percent.

Read more concerning CoreLogic’s real estate prediction here: Research and Trends.

Foreclosure Activity Counts

Foreclosure Activity Counts – U.S. | RealtyTrac