The revival and subsequent acceleration of the Arroyo Grande real estate market began in April 2012. “It was like somebody flipped a switch,” said realtor Mary McNally, who specializes in San Luis Obispo County residential real estate and investment properties. Continue reading “2013 Arroyo Grande Real Estate Profile: Home Sales, Home Prices, and Market Trends” »
Inflation dropped 0.4% in April from the previous month. Year-over-year, inflation was up 1.1%.
Excluding food and energy, “core” inflation actually rose 0.1% monthly and 1.7% over the previous year.
Energy (down 4.3%) and gasoline (down 8.1%) accounted for the largest downward movement.
After consecutive weeks of significant drops that brought unemployment claims numbers to a recovery-low level, filings for benefits spiked during the May 11 week.
- 360,000 unemployment claims (+32,000)
- Four week average: 339,250 (+1,250)
- Continuing claims: 3.009 million (-4,000)
A CNBC article pointed out that the increase in claims could be a reflection of government austerity measures beginning to show up.
After reaching a five-year high in March, construction activity dropped off in April due in large part to variation for multi-family housing starts. The pace of construction is now at a five-month low.
- Housing starts fell 16.5% monthly to a 853,000 unit pace, rose 13.1% yearly
- Multi-family starts down 38.9% monthly
- Single-family starts down 2.1% monthly
Permitting activity made large strides in April, suggesting that the summer will be a healthy one for construction.
- Issued permits rose 14.3% monthly to a 1.017 million unit pace, rose 35.8% yearly
- Single-family permits rose 3.0% monthly to a pace of 617,000
Mortgage rates continue to tick up in the middle of the week, although they are still at historically low levels. Keep reading for the full 10-program CCL Rate Tracker, including graphs of the most recent two-week movement. Read more
Miss a recent episode of the popular San Luis Obispo County radio show Mortgage Matters? Individual episodes are now available for download and offline use on the Central Coast Lending Soundcloud page.
Co-owner Jason Grote was joined by Wes Burk of Patterson Realty as a co-host in Dan Podesto’s absence on the most recent airing of Mortgage Matters Radio. During the first hour of the show our co-hosts discussed the recent trends in the housing market, what the decreasing employment rate really means, and current consumer outlook. Jason was later joined by Julia Ogden of Habitat for Humanity as Julia expanded on Habitat for Humanity’s history, goals, and how to get involved.
Catching up on a busy day of economic indicators…
Industrial production fell by 0.5% in April:
- Market expectation was 0.2% decline
- March production rose 0.3% over February
- Durable good production dropped 0.6%
- Slowdown likely due to recession in Europe and diminished demand in Asia
- New York area manufacturing activity contracted 1.43% in May, according to the Empire State index
The producer price index (PPI) dropped 0.7% in April from the previous month, suggesting little inflation at producer level:
- Year-over-year, inflation rose 0.7%
- Less food and energy, the PPI was up 0.1% monthly and 1.7% yearly.
- Food prices fell 0.8% in April, energy fell 2.5%, and gasoline dropped 6.0%.
The National Association of Homebuilders (NAHB) index rose 3 points to 44 in May, where readings above 50 represent optimism for the housing market. The strongest component was the six-month sales outlook, which rose one point to 53.
I have always enjoyed the marketing of the Central Coast wine region. SLO County and the surrounding areas have always had a bit of a Wild West flair, with strong roots in its farming, vaqueros, and frontiersman. Today, however, vineyards are omnipresent on our low-rolling hills
Though winemaking isn’t necessarily the most rugged of endeavors, the marketing of the local wine industry draws on that past. For one, intriguing (and hilarious) Paso Robles “Wine Man” is the most interesting wine man in the world.
Another examples comes with the upcoming “Roll Out the Barrels” event in San Luis Obispo (right). Check out the boots, jeans, and plaid shirts!
Roll Out the Barrels is in its 23rd year, and the festival includes several events from June 20 to June 23. From its Thursday tasting, to Friday food pairing, and a weekend vineyard adventures, the event is a dream for lovers of wine.
For more information click here and check out the video below!
If you’re looking to refinance your home, an appraisal of the property is generally required to determine that the house is adequate collateral for the loan. Although there’s not much you can do to drastically increase your homes’ appraised value (without making significant home renovations and improvements), there are some basic tips homeowners should follow to assure the appraisal will run smoothly:
- De-clutter the house.
Although it may seem like a no-brainer, having a clean, de-cluttered house with all rooms and areas easy for the appraiser to access makes the process run a lot quicker.
- Spruce up the yard.
Similarly, have a nice looking yard gives the appraiser a good first impression of the house. Simple things like mowing the grass and sweeping the sidewalk show that the property is maintained and taken care of.
- Research similar properties in the area that may be on the market or have sold recently.
This can help aid the appraiser with comparable properties to base your appraisal off of. It’s also good to be informed of the local housing market to make sure your home is getting a reasonable appraisal.
- Prepare a list of any recent improvements made to the home.
These can increase your home value, and it’s good to make sure the appraiser is aware of them.
- Have the proper documents on hand before the appraiser arrives. These include:
- A survey or plot map of the home (if available)
- A copy of the title policy (if available), with information on encroachments
- Your most recent real estate tax bill and/or legal description of the property
- Any recent inspection reports, such as septic, termite, etc.
- If your home is a condo, a copy of the “Homeowners Associations” agreements
- Be sure your home meets all state housing laws and regulations.
For instance, a CO2 sensor is required by law in all homes. This needs to be installed and working in order for your home to pass an appraiser’s inspection.
Following these basics steps can assure your appraisal goes smoothly, and your refinance loan processes in a timely manner. And, considering the recent changes to the appraisal process, any steps a homeowner can take to assure the appraisal process is hassle-free will certainly be appreciated by all parties involved.
For all you Avila Beach-ers and travelers taking advantage of the summer sun, a new restaurant is coming to the water front in July. Ocean Grill Avila Beach is brought to you by Dan Harper, formerly of Cabo San Luis, and Chef Michael Reyes, a Cal Poly alumni.
From the press release:
Set to open in July, the new restaurant will offer expansive ocean views with both indoor and outdoor dining experiences and feature Coastal California Cuisine relying heavily on local farms, fisheries and wines.