Firm: Calif median home price rises in month

By JACOB ADELMAN Associated Press Writer

Posted: 04/16/2010 05:07:26 AM PDT

Updated: 04/16/2010 05:07:27 AM PDT

 San Ramon —The median home price in California increased 14 percent last month from March 2009, its highest year-over-year increase in more than four years, a tracking firm reported Thursday.

The increase was driven by a boost in sales in expensive coastal markets and a drop in lower-cost inland communities, San Diego-based MDA DataQuick said.

The median for the state rose to $255,000 from $223,000 in March 2009. Last month's median was up about 2 percent from $249,000 in February.

It was the state's fifth consecutive month of year-to-year price increases after more than two year of declines, and it's highest percentage year-to-year increase since November 2005.

But DataQuick president John Walsh cautioned that the data revealed a shift in the sales mix toward higher-end homes, not an across-the-board increase in prices.

"It's a statistical quirk," he said. "A variety of data indicate prices in many communities have more or less flattened out or risen modestly, while they remain soft in others."

DataQuick said nearly 37,300 homes were sold in March, up almost 33 percent from February.

The firm stressed that it is normal for sales to rise sharply between February and March. Increases in that period have averaged almost 37 percent since DataQuick began keeping records in 1988.

The firm also said sales were up 3 percent from about 36,200 in March 2009.

Statewide foreclosures comprised nearly 41 percent of all resales last month, their lowest level since November 2009, DataQuick said.

In the nine-county region of Northern California, sales jumped about 11 percent to 6,990 in March from a year earlier. That figure rose 5 percent to more than 20,000 in a six-county region of Southern California.

The median home price in Northern California increased 31 percent to $380,000 last month from $290,000 in February 2009, reaching a three-year high. In Southern California, the median price rose 14 percent to $285,000, up from $250,000 in the year-ago period.

Walsh said the future stability of the state's housing market would depend heavily on the strengthening of the broader economy, which faced several risks.

"Government housing stimulus is fading, and there are threats from higher mortgage rates, more distressed properties hitting the market and continued job losses," he said.

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Know Your ARV Members » Using your IRA as an Instrument to Invest in Real Estate

Many investors have become disenchanted with recent stock market volatility, stories of corporate scandal and corruption. In addition to impacting retirement account values, these events have also strained investor confidence. It is no wonder then that more and more investors are pushing their advisers to offer Self-Directed IRAs (SDIRAs) that allow them to invest in alternative assets which they believe will provide greater diversification and control over their retirement nest eggs.

While the list of alternative investments includes a wide-ranging group of assets including private equities, hedge funds and mortgages, one area that has captured the greatest level of interest is real estate.

I believe, that falling prices, combined with increasing inventory, is creating new investment opportunities in real estate. As prices have fallen, the pendulum has swung past center to create oversold conditions, providing opportunities to buy real estate at low prices. Some areas in the U.S. have been experience this phenomenon for almost three years now.

Another factor to consider is that many real estate investors are being squeezed out of the market due to the current credit crisis. This has created a unique opportunity for cash-rich retirement plan investors. These investors are either purchasing the real estate outright, using a partnership or LLC. It is estimated that the first of more than 78 million baby boomers will begin to retire this year. This group controls more than $14 trillion dollars in retirement plan assets. These assets are being “rolled-over” from employer-based plans to individual retirement accounts. Many baby boomers have already begun to shift away from traditional equity investments to those that generate income, such as, income producing property. Add these factors with the possibility of equity appreciation, and it is clear why real estate is growing in popularity.

Just like doing all your research to select the perfect property to purchase includes knowing the market, good real estate comps, and knowing an exit strategy; finding the right SDIRA takes a little expertise. After the proper SDIRA custodian has been selected, the investor should request and complete the appropriate forms for their Traditional, Roth, SEP, Simple, Individual 401(k) or other qualified plan(s). The good SDIRA adviser will guide you through this process and make the process seamless for investors.

Ongoing market volatility, combined with the need of baby boomers to generate income, and retire securely, is causing investors of all shapes and sizes to take a hard look at their investment allocations to ensure there is a proper mix of opportunity and risk. As investors needs change, alternative assets and self-directed retirement accounts will become important tools to diversify and grow retirement wealth.

via knowyourarv.com

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