Lake Tahoe Real Estate - Single Family - Heavenly Valley
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U.S. HOME SALES HIT RECORD IN NOVEMBER Sales
of existing single-family homes in the U.S. increased 2.7
percent in November 2004 to a seasonally adjusted annual rate
of 6.94 million units, NAR recently reported. The monthly
sales pace was 13.2 percent above the 6.13-million unit level
in November 2003 and marks the highest monthly sales pace
on record. The previous record was 6.92 million units in June
2004. There were a total of 2.48 million existing homes available
for sale at the end of November, which represents a 4.3-month
supply at the current sales pace. Regionally, the West experienced
the greatest increase in home resale activity, with sales
jumping 6.5 percent to an annual rate of 1.97 million units
in November. Existing-home sales also rose in the South and
Midwest, with sales increasing 1.8 percent and 0.7 percent,
respectively. The Northeast was the only region to experience
a decline in existing-home sales, where sales fell 1.3 percent.
ENERGY-EFFICIENT HOMES WEAKEN STRAIN OF RISING FUEL COSTS
Due to improved home energy efficiency, rising fuel prices
put less financial strain on American households in 2004 than
originally anticipated, Freddie Mac recently reported. According
to data analyzed by Freddie Mac economists, homes built in
recent years are nearly twice as energy-efficient compared
with the typical house built in the 1960s. Fuel costs amounted
to approximately 0.8 percent of home value between 2000 and
2003, versus 1.8 percent before 1960 and an average of 1.3
percent during the energy crisis of the 1970s. "Crude oil
prices have pulled back from a peak of $55.23 per barrel this
past October, but as the nation enters its coldest season,
oil prices are still considerably higher than the $30 a barrel
of West Texas crude cost a year ago," said Frank Nothaft,
Freddie Mac's chief economist. "And while we are certainly
feeling the increase in oil prices at the gas pump and maybe
even in our heating bills, the cost to families would be much
greater if not for improvements in home energy efficiency."
LOAN APPLICATIONS DECREASE 10.6 PERCENT The Market
Composite Index of mortgage loan applications, a measure of
mortgage loan applications, stood at 605.7 for the week ending
Dec. 31, a decrease of 10.6 percent on a seasonally adjusted
basis from 677.4 one week earlier, according to a report released
today by the Mortgage Bankers Association (MBA). On an unadjusted
basis, the Index decreased 9.4 percent for the week ending
Dec. 31 compared with the previous week but was up 0.2 percent
compared with the same week one year earlier. The refinance
share of mortgage activity increased to 48.0 percent of total
applications for the week ending Dec. 31 from 46.2 percent
the previous week. The adjustable-rate mortgage (ARM) share
of activity decreased to 32.6 percent from 33.8 percent the
previous week.
Information provided by - C.A.R. Newsline is published by
the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association
representing more than 155,000 REALTORS® statewide.
