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Fannie Mae Housing Survey Show Housing Doubts Persist

The Good News: Consumers’s confidence in US economy grows
The Bad News: Household income fallen in last year 14% of Americans

“Americans are growing more and more cheery when it comes to the state of the economy, but their feelings regarding the housing sector remain tepid, according to survey results released Tuesday.

“Out of a group of 1,000 Americans polled in Fannie Mae’s December National Housing Survey, 41% said they now believe the economy is “on the right track,” up from 36% in November, the company reported. While the share of consumers saying the economy is headed in the wrong direction is still high at 51%, it continued to trend downward in December, marking five consecutive months of declines.

“Only 61% of consumers said they would buy a house if they were going to move anytime soon—a survey low.”

“Given the kind of long-term commitment homeownership represents, Duncan said he isn’t surprised that the housing sector is lagging behind the rest of the economy in terms of consumer confidence,” states Doug Duncan, SVP and chief economist at Fannie Mae.

“On one bright note, the share of consumers who think it would be easy to get a mortgage today increased to match the all-time survey high of 52%, while the share saying it would be difficult to get a loan dropped to a low of 44%.”

Clint Patterson (BRE #01877253) with Berkshire Hathaway Homes is real estate profiessional specializing in Rolling Hills, Palos Verdes Peninsula and Los Angeles South Bay beach cities, and a member CALIFORNIA REALTORS®.

CALIFORNIA REALTORS® applaud lowering of FHA mortgage insurance premium

LOS ANGELES – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) responded to President Obama’s upcoming announcement to cut the Federal Housing Administration’s (FHA) mortgage insurance premiums by 50 basis points with the following:

“Reducing FHA mortgage insurance premiums will make it easier for hundreds of thousands of home buyers to get a mortgage and provide greater access to homeownership for historically underserved groups and credit worthy families,” said C.A.R. President Chris Kutzkey. “Moreover, this shift in policy will also increase the volume of borrowers using FHA-backed loans, while continuing to contribute to the solvency of FHA’s Mutual Mortgage Insurance (MMI) Fund and making the dream of homeownership a reality for millions more Americans.”

The NATIONAL ASSOCIATION OF REALTORS® (NAR) estimates that in 2013, nearly 400,000 creditworthy borrowers were priced out of the housing market because of high FHA insurance premiums. Over the past four years, the share of first-time home buyers using FHA-backed loans shrank from 56 percent to 39 percent.

Read the California Realtors R press release here.

Clint Patterson (BRE #01877253) with Berkshire Hathaway Homes is real estate profiessional specializing in Rolling Hills, Palos Verdes Peninsula and Los Angeles South Bay beach cities, and a member CALIFORNIA REALTORS®.

Theresa Sardisco Recipient of 2014 SNP/LA Award

Clint Patterson was honored to escort and introduce Theresa Sardisco at the 2014 SNP/LA Awards Ceremony. Sardisco was recognized for her contributions to The Spay Neuter Project of Los Angeles. Sardisco founded Pedro Pet Pals, a non-profit organization dedicated to raising funds to help find homes for homeless animals and to reduce the number of strays through spaying and neutering.

Clint Patterson, a dedicated animal-lover, is a founding member of Pedro Pet Pals and a current Board Member.

Watch video below to learn more about Sardisco, Patterson and Pedro Pet Pals.

View Virtual Tour of Crest Road Home with Amazing Views

Once in a Generation Opportunity

List Price: $7,000,000
Bedrooms: 5
Bathrooms: 4.5
Home Size: 5,253 sq. ft. (taped)
Lot Size: 3.78 acres(assessor)
Property Type: Single Detached
Community: Rolling Hills

Property Description

Rarely does a property such as this become available. Last on the market in the 1970’s, this well maintained home offers the most treasured views available in Rolling Hills. Travel up the elegant driveway, framed by Palos Verdes stone walls, and you will approach the traditional pilasters and ample parking areas prior to arriving at the stately front entrance.

The front of this Classic California Ranch home faces the Pacific and Catalina, while the back looks out over Santa Monica and San Gabriel Mountains, Santa Monica Bay, Downtown and twinkling city lights. This private setting, atop a premier street, includes a 5253 square foot home (taped) with 5 bedrooms and 4.5 baths, in addition to a three car attached garage.

There are large, open entertaining areas, including a formal living room (with fireplace) and formal dining room. There is also a spacious family room (also with fireplace) that is perfect for family gatherings or relaxing. The original kitchen is well situated, with a casual eating area and breakfast bar.

The light and bright master suite has a marble fireplace, built in shelving, and is complemented by “his and her” bathrooms and dressing areas. Four additional bedrooms plus a sunroom and office can accommodate a large family with ease. Approximately four acres, with gentle slopes and terraces, provide for future corrals, a stable, guest house or other options. In addition, over 60 mature fruit trees populate this property which has additional room for orchards and gardens.

The in-ground pool and spa decks provide for resort style living with spectacular views ranging from Malibu to the Hollywood sign, downtown and most of the Los Angeles basin.

Picture Perfect Views:

  • Catalina
  • Queen’s Necklace
  • Mountain
  • City Lights
  • Canyon and Pastoral

Premiere street and location with double sided, North/South views Split floor plan may be renovated or re-developed for a truly personalized estate Master suite features dual bathrooms and dressing areas Both formal and casual living areas to accommodate today’s lifestyles.

» For more information and to view photo gallery, please visit the property site.