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» on homes has grown dramatically over the past 12 months. The academia report shows total dollars spent on single-family homes in September increased 16 percent compared to September 2012, while total dollars spent on townhouses and condos increased by 24 percent. Michael J. Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business, says the monthly drop in home sales is evidence that demand is weakening. The softening in buyer demand is especially apparent among lower-end homes. At the top end of the market, sales of single-family homes with price tags above $500,000 grew 51 percent annually in September. Sales of single-family homes priced below $150,000, however, plunged 45 percent. Orr says this decline was largely caused by the area's lack of distressed housing supply. There are far fewer bank-owned homes, short sales, and trustee sales available than there were in September 2012. The situation in Arizona has changed dramatically from September 2012 when the luxury market was 39 percent smaller than the low-end market in terms of dollars spent. In contrast, 56 percent more dollars were spent on homes priced above $500,000 in September 2013 than on homes under $150,000. However, this is partly because many homes that were valued at less than $500,000 in 2012 are now priced above that mark. Similarly, many homes that would have been under $150,000 last year are now priced well over $150,000. Orr says the demand for luxury homes has been stimulated by advances in the stock market and a significant increase in the availability of jumbo loans. Luxury homes grew their market share from 16 percent to 21 percent of the dollars spent on housing, while the lowest-priced homes fell sharply from 26 percent to 13 percent. The mid-range part of the market is more balanced, growing from 58 percent to 66 percent of dollars spent, but the buoyant sales in the mid-range are partly due to far more supply than last year. This mid-range is where almost all new construction is focused and, as active existing-home supply increases, the additional supply is highly concentrated in this price segment and is growing very fast. Demand for starter homes is limited by the difficulty first-time buyers encounter when trying to qualify for loans. In addition, this is the price range that is targeted by investors. It is therefore not surprising that first-time homebuyers are under-represented in home sales at the moment, according to Orr. VISIT US ONLINE @ DSNEWS.COM California Arkansas rank: 28 90+ Day Delinquency Rate Foreclosure Rate September 2013 3.5% Unemployment Rate 2.0% 7.4% year ago 4.5% 2.1% Joyce Essex 7.3% joyce@essexharvey.com www.EssexHarvey.com 310-777-6375 phone 310-922-7476 cell year-over-year change -23.8% -8.1% 1.4% Top County Pike CounTy 90+ Day Delinquency Rate Serving All Los Angeles County Foreclosure Rate September 2013 3.4% 4.8% year ago 6.0% 2.4% year-over-year change -43.5% 97.6% Top Core-Based Statistical Area HelenA-WeST HelenA, AR 90+ Day Foreclosure Delinquency Rate Rate September 2013 5.3% REO AND SHORT SALES SPECIALIST 3.9% year ago 6.1% 2.4% year-over-year change -13.7% 63.6% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the September 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary September 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. SOLD California rank: 43 90+ Day Delinquency Rate Foreclosure Rate September 2013 2.1% Unemployment Rate 1.0% GARY CARTER 20955 Pathfinder Road, Suite 100 Diamond Bar, CA 91765 d: 909-860-5540, c: 951-315-7327 f: 909-860-8470 mr.sold007@yahoo.com www.garycarterrealtor.com 8.7% year ago 3.1% 2.3% 10.2% year-over-year change -32.1% -57.5% -14.7% Top County Sierra CounTy 90+ Day Delinquency Rate Foreclosure Rate September 2013 2.8% 2.0% year ago 3.4% 2.6% IN THE NEWS year-over-year change -16.9% -22.6% Top Core-Based Statistical area SuSanville, Ca 90+ Day Delinquency Rate Foreclosure Rate September 2013 2.9% 2.0% year ago 2.8% 3.3% year-over-year change 3.5% -38.8% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the September 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary September 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. PCV Murcor Launches ValuationsDirect Platform PCV Murcor, a real estate valuations provider headquartered in Pomona, California, announced the launch of ValuationsDirect, an online appraisal ordering platform designed specifically for mortgage brokers and correspondents. 71