REAL ESTATE NEWS...New home sales rise 6.8 per cent

New home sales rise 6.8 per cent
April saw a 6.8 per cent increase in sales of single-family homes. The seasonally-adjusted figures from the US Census Bureau and HUD show 517,000 units were sold. There were large regional variations with a 36.8 per cent rise in the Midwest and a 5.8 per cent increase in the South; sales declined by 5.6 per cent in the Northeast and by 2.3 per cent in the West. National Association of Home Builders’ chief economist David Crowe noted: “Following an unusually low sales report in March, the numbers are consistent with other data we’ve seen recently and indicate a continuing, gradual improvement in the housing market.”
 
Senator forced to put curb on “greedy” home speculators on hold
California Senator Mark Leno has been forced to postpone a bill that challenged the 1986 Ellis Act which allows landlords to evict tenants without cause. Leno and San Francisco Mayor Ed Lee wanted to make it a condition that a property must be owned for five years before the act could be used for evictions. The duo want to clamp down on “greedy speculators” who use the Ellis Act to empty properties so that they can flip them for a large profit. However their bill did not get enough votes to proceed and will now be on hold until January. The SF Gate reports that opponents to the bill say that sellers rather than buyers will use the Ellis Act to evict tenants before the sale as a way round the proposed amendment.
 
Rise in home listings in Orange
Orange County’s home listings are above 6,000 for the first time this year. A report from Steve Thomas of ReportsOnHousing.com says that there were 6,104 listings on the Orange County MLS last Thursday, up 675 in two months. The total number is over 900 less than a year ago but is the highest number for 6 months. The number of homes going into escrow has fallen slightly while the time taken to sell has increased. Thomas says the market is currently favouring homebuyers.

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Jonas family sell Beverly Hills mansion
The parents of pop stars Nick, Kevin and Joe Jonas have sold their Toluca Lake mansion for $1.8 million. The home is a red brick property built in 1938 and was bought by the Jonas family in 2012. The home features open-plan living areas and beamed ceilings and is set behind gates and wrought iron fencing. The buyer was represented by Paul Figueiredo of Teles Properties.