There appears to be a new catch phrase among aging homeowners and that is “aging in place.” Instead of selling their homes and moving into retirement villages or assisted-living quarters, a growing number of older Americans are modifying their homes to make them more user-friendly as they age. This concept has caught on so successfully that there is even a National Aging in Place Week, which falls on Oct. 11-16 this year. The reasons for the aging-in-place trend are demographic, economic and cultural. Baby boomers now reaching retirement age tend to be healthier and more independent than previous generations, and are not ready to give up home ownership when they retire. The weak economy means fewer Americans can afford the move into retirement facilities — even if they manage to sell their homes in this depressed market. And among some fast-growing ethnic groups, including Hispanic and Asian, it is traditional for older family members to share living quarters with the younger generations.
Lender Repossessions have climbed 38 percent in the first six months of 2010 compared to 2009 and were up 5 percent from the first quarter, foreclosure listing service RealtyTrac has reported. In all, lenders repossessed nearly 528,000 homes in the first six months of the year. If that rate continues through the end of the year, repossessions will likely top 1 million in 2010, up 100,000 from 2009. Historically, about 100,000 homes per year in total are repossessed according RealtyTrac. Also reported is that more than 7.3 million home loans are in the foreclosure process, with one in 78 U.S. homes receiving a foreclosure warning in June. On average, it takes home owners 15 months to actually lose their property after they receive the initial warning, reports Lender Processing Services Inc. It appears we may still have a ways to go before the foreclosure problem slows down.
| Housing Inventory Snapshot |
June 27, 2010 |
|
Average List Price |
Median List Price |
Average Days On Market |
| Santa Clara County, CA |
| Single Family under $1M |
$598,373 |
$595,000 |
58 |
| Single Family over $1M |
$2,190,878 |
$1,698,000 |
71 |
| Condo/Townhome under $600K |
$353,696 |
$340,000 |
70 |
| Condo/Townhome over $600K |
$818,549 |
$738,000 |
62 |
| San Mateo County, CA |
| Single Family under $1M |
$652,218 |
$629,000 |
61 |
| Single Family over $1M |
$2,698,798 |
$1,789,000 |
75 |
| Condo/Townhome under $600K |
$403,893 |
$414,000 |
72 |
| Condo/Townhome over $600K |
$836,541 |
$790,000 |
81 |
| Santa Cruz County, CA |
| Single Family under $1M |
$605,553 |
$619,000 |
72 |
| Single Family over $1M |
$2,076,529 |
$1,649,000 |
99 |
| Condo/Townhome under $600K |
$339,686 |
$315,000 |
106 |
| Condo/Townhome over $600K |
$878,860 |
$835,000 |
100 |
| Monterey County, CA |
| Single Family under $1M |
$485,220 |
$449,000 |
79 |
| Single Family over $1M |
$2,745,861 |
$1,995,000 |
113 |
| Condo/Townhome under $600K |
$306,510 |
$260,000 |
93 |
| Condo/Townhome over $600K |
$1,198,925 |
$850,000 |
82 |
| San Benito County, CA |
| Single Family under $1M |
$418,781 |
$365,000 |
77 |
| Single Family over $1M |
$2,055,501 |
$1,599,999 |
95 |
| Condo/Townhome under $300K |
N/A** |
N/A** |
N/A** |
| Condo/Townhome over $300K |
N/A** |
N/A** |
N/A** |
| Alameda County, CA |
| Single Family under $1M |
$471,697 |
$449,000 |
66 |
| Single Family over $1M |
$1,844,799 |
$1,499,900 |
93 |
| Condo/Townhome under $600K |
$288,255 |
$275,000 |
72 |
| Condo/Townhome over $600K |
$711,026 |
$649,999 |
73 |
| Contra Costa County, CA |
| Single Family under $1M |
$406,931 |
$340,000 |
70 |
| Single Family over $1M |
$1,921,431 |
$1,549,000 |
96 |
| Condo/Townhome under $600K |
$239,536 |
$195,000 |
78 |
| Condo/Townhome over $600K |
$737,187 |
$699,000 |
66 |
| MORTGAGE. National Averages (June 27, 2010)* |
| 30-year fixed |
Rate – 4.62% |
APR – n/a% |
| 15-year fixed |
Rate – 4.05% |
APR – n/a% |
| 5/1 ARM |
Rate – 3.69% |
APR – n/a% |
|
* Mortgage rates were collected from publicly available sources (yahoo.com) on the date stated. The accuracy of the information and the availability of these rates are not guaranteed by the publisher. Rates are provided for informational purposes only and are subject to change without notice. Actual market interest rates may vary.
** There are not enough listings in this category to compile comparative analysis.
*** MLS doesn’t provide access to this data.
