First time home buyer vocab cheat sheet

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A Seller’s Market? Consumers Express Diverging Sentiment on Home Buying and Selling in May

June 07, 2017

A Seller’s Market? Consumers Express Diverging Sentiment on Home Buying and Selling in May

Matthew Classick

202-752-3662

WASHINGTON, DC – The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 0.5 percentage points in May to 86.2. The slight decrease can be attributed to decreases in three of the six HPSI components being larger on net than the three increases. The net share of Americans who reported that now is a good time to buy a home reached a record low after falling 8 percentage points, while the net share who reported that now is a good time to sell a home reached a record high, increasing 6 percentage points. This is only the second time in the survey’s history that the net share of those saying it’s a good time to sell surpassed the net share of those saying it’s a good time to buy. Americans also expressed greater belief that mortgage rates will go down over the next 12 months, with that component increasing 5 percentage points. Finally, the net share of consumers who think home prices will go up fell by 5 percentage points this month.

“High home prices have led many consumers to give us the first clear indication we’ve seen in the National Housing Survey’s seven-year history that they think it’s now a seller’s market,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “However, we continue to see a lack of housing supply as many potential sellers are unwilling or unable to put their homes on the market, perhaps due in part to concerns over finding an affordable replacement home. Prospective homebuyers are likely to face continued home price increases as long as housing supply remains tight.”

HOME PURCHASE SENTIMENT INDEX – COMPONENT HIGHLIGHTS

Fannie Mae’s 2017 Home Purchase Sentiment Index (HPSI) decreased in May by 0.5 percentage points to 86.2. The HPSI is up 0.9 percentage points compared with the same time last year.

  • The net share of Americans who say it is a good time to buy a home fell 8 percentage points to 27%, reaching a new survey low
  • The net percentage of those who say it is a good time to sell increased by 6 percentage points to 32%, rising from last month’s decline to a new survey high.
  • The net share of Americans who say that home prices will go up decreased by 5 percentage points in May to 40%.
  • The net share of those who say mortgage rates will go down over the next twelve months rose 5 percentage points to -52%, following the trend from last month.
  • The net share of Americans who say they are not concerned about losing their job fell 6 percentage points to 71%, back near the level seen in March.
  • The net share of Americans who say their household income is significantly higher than it was 12 months ago rose 5 percentage points to 18% in May.

ABOUT FANNIE MAE’S HOME PURCHASE SENTIMENT INDEX

The Home Purchase Sentiment Index (HPSI) distills information about consumers’ home purchase sentiment from Fannie Mae’s National Housing Survey® (NHS) into a single number. The HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and decision making. The HPSI is constructed from answers to six NHS questions that solicit consumers’ evaluations of housing market conditions and address topics that are related to their home purchase decisions. The questions ask consumers whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier.

ABOUT FANNIE MAE’S NATIONAL HOUSING SURVEY

The most detailed consumer attitudinal survey of its kind, Fannie Mae’s National Housing Survey (NHS) polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts, six of which are used to construct the HPSI (findings are compared with the same survey conducted monthly beginning June 2010). As cell phones have become common and many households no longer have landline phones, the NHS contacts 60 percent of respondents via their cell phones (as of October 2014). For more information, please see the Technical Notes. Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future. The May 2017 National Housing Survey was conducted between May 1, 2017 and May 23, 2017. Most of the data collection occurred during the first two weeks of this period. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

DETAILED HPSI & NHS FINDINGS

For detailed findings from the May 2017 Home Purchase Sentiment Index and National Housing Survey, as well as a brief HPSI overview and detailed white paper, technical notes on the NHS methodology, and questions asked of respondents associated with each monthly indicator, please visit the Surveys page on fanniemae.com. Also available on the site are in-depth special topic studies, which provide a detailed assessment of combined data results from three monthly studies of NHS results.

To receive e-mail updates with other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here.

June 07, 2017 A Seller’s Market? Consumers Express Diverging Sentiment on Home Buying and Selling in May Matthew Classick 202-752-3662 WASHINGTON, DC – The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 0.5 percentage points in May to 86.2. The slight decrease can be attributed to decreases in three of the six HPSI components being larger on net than the three increases. The net share of Americans who reported that now is a good time to buy a home reached a record low after falling 8 percentage points, while the net share who reported that now is a good time to sell a home reached a record high, increasing 6 percentage points. This is only the second time in the survey’s history that the net share of those saying it’s a good time to sell surpassed the net share of those saying it’s a good time to buy. Americans also expressed greater belief that mortgage rates will go down over the next 12 months, with that component increasing 5 percentage points. Finally, the net share of consumers who think home prices will go up fell by 5 percentage points this month. “High home prices have led many consumers to give us the first clear indication we’ve seen in the National Housing Survey’s seven-year history that they think it’s now a seller’s market,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “However, we continue to see a lack of housing supply as many potential sellers are unwilling or unable to put their homes on the market, perhaps due in part to concerns over finding an affordable replacement home. Prospective homebuyers are likely to face continued home price increases as long as housing supply remains tight.” HOME PURCHASE SENTIMENT INDEX – COMPONENT HIGHLIGHTS Fannie Mae’s 2017 Home Purchase Sentiment Index (HPSI) decreased in May by 0.5 percentage points to 86.2. The HPSI is up 0.9 percentage points compared with the same time last year. The net share of Americans who say it is a good time to buy a home fell 8 percentage points to 27%, reaching a new survey low The net percentage of those who say it is a good time to sell increased by 6 percentage points to 32%, rising from last month’s decline to a new survey high. The net share of Americans who say that home prices will go up decreased by 5 percentage points in May to 40%. The net share of those who say mortgage rates will go down over the next twelve months rose 5 percentage points to -52%, following the trend from last month. The net share of Americans who say they are not concerned about losing their job fell 6 percentage points to 71%, back near the level seen in March. The net share of Americans who say their household income is significantly higher than it was 12 months ago rose 5 percentage points to 18% in May. ABOUT FANNIE MAE’S HOME PURCHASE SENTIMENT INDEX The Home Purchase Sentiment Index (HPSI) distills information about consumers’ home purchase sentiment from Fannie Mae’s National Housing Survey® (NHS) into a single number. The HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and decision making. The HPSI is constructed from answers to six NHS questions that solicit consumers’ evaluations of housing market conditions and address topics that are related to their home purchase decisions. The questions ask consumers whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier. ABOUT FANNIE MAE’S NATIONAL HOUSING SURVEY The most detailed consumer attitudinal survey of its kind, Fannie Mae’s National Housing Survey (NHS) polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts, six of which are used to construct the HPSI (findings are compared with the same survey conducted monthly beginning June 2010). As cell phones have become common and many households no longer have landline phones, the NHS contacts 60 percent of respondents via their cell phones (as of October 2014). For more information, please see the Technical Notes. Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future. The May 2017 National Housing Survey was conducted between May 1, 2017 and May 23, 2017. Most of the data collection occurred during the first two weeks of this period. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae. DETAILED HPSI & NHS FINDINGS For detailed findings from the May 2017 Home Purchase Sentiment Index and National Housing Survey, as well as a brief HPSI overview and detailed white paper, technical notes on the NHS methodology, and questions asked of respondents associated with each monthly indicator, please visit the Surveys page on fanniemae.com. Also available on the site are in-depth special topic studies, which provide a detailed assessment of combined data results from three monthly studies of NHS results. To receive e-mail updates with other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here.

AVOCADOES

AVOCADO

B/W sketch

Persea species

Lauraceae

Common Name: Avocado, Alligator Pear (English); Aguacate, Palta (Spanish)

Origin: The avocado probably originated in southern Mexico but was cultivated from the Rio Grande to central Peru before the arrival of Europeans.

Species: Guatemalan (Persea nubigena var. guatamalensis L. Wms.), Mexican (P. americana var. drymifolia Blake), West Indian (P. americana Mill. var. americana). Hybrid forms exist between all three types.

Related species: Coyo (Persea schiedeana Nees), Anay (Beilschmiedia anay Kosterm)

Adaptation: Avocados do well in the mild-winter areas of California, Florida and Hawaii. Some hardier varieties can be grown in the cooler parts of northern and inland California and along the Gulf Coast. The northern limits in California is approximately Cape Mendocino and Red Bluff. Avocados do best some distance from ocean influence but are not adapted to the desert interior. West Indian varieties thrive in humid, tropical climates and freeze at or near 32° F. Guatemalan types are native to cool, high-altitude tropics and are hardy 30 – 26° F. Mexican types are native to dry subtropical plateaus and thrive in a Mediterranean climate. They are hardy 24 – 19° F. Avocados need some protection from high winds which may break the branches. There are dwarf forms of avocados suitable for growing in containers. Avocados have been grown in California (Santa Barbara) since 1871.

DESCRIPTION

Growth Habit: The avocado is a dense, evergreen tree, shedding many leaves in early spring. It is fast growing and can with age reach 80 feet, although usually less, and generally branches to form a broad tree. Some cultivars are columnar, others selected for nearly prostrate form. One cultivar makes a good espalier. Growth is in frequent flushes during warm weather in southern regions with only one long flush per year in cooler areas. Injury to branches causes a secretion of dulcitol, a white, powdery sugar, at scars. Roots are coarse and greedy and will raise pavement with age. Grafted plants normally produce fruit within one to two years compared to 8 – 20 years for seedlings.

Foliage: Avocado leaves are alternate, glossy, elliptic and dark green with paler veins. They normally remain on the tree for 2 to 3 years. The leaves of West Indian varieties are scentless, while Guatemalan types are rarely anise-scented and have medicinal use. The leaves of Mexican types have a pronounced anise scent when crushed. The leaves are high in oils and slow to compost and may collect in mounds beneath trees.

Flowers: Avocado flowers appear in January – March before the first seasonal growth, in terminal panicles of 200 – 300 small yellow-green blooms. Each panicle will produce only one to three fruits. The flowers are perfect, but are either receptive to pollen in the morning and shed pollen the following afternoon (type A), or are receptive to pollen in the afternoon, and shed pollen the following morning (type B). About 5% of flowers are defective in form and sterile. Production is best with cross-pollination between types A and B. The flowers attract bees and hoverflies and pollination usually good except during cool weather. Off-season blooms may appear during the year and often set fruit. Some cultivars bloom and set fruit in alternate years.

Fruits: West Indian type avocados produce enormous, smooth round, glossy green fruits that are low in oil and weigh up to 2 pounds. Guatemalan types produce medium ovoid or pear-shaped, pebbled green fruits that turn blackish-green when ripe. The fruit of Mexican varieties are small (6 – 10 ounces) with paper-thin skins that turn glossy green or black when ripe. The flesh of avocados is deep green near the skin, becoming yellowish nearer the single large, inedible ovoid seed. The flesh is hard when harvested but softens to a buttery texture. Wind-caused abrasion can scar the skin, forming cracks which extend into the flesh. “Cukes” are seedless, pickle-shaped fruits. Off-season fruit should not be harvested with the main crop, but left on the tree to mature. Seeds may sprout within an avocado when it is over-mature, causing internal molds and breakdown. High in monosaturates, the oil content of avocados is second only to olives among fruits, and sometimes greater. Clinical feeding studies in humans have shown that avocado oil can reduce blood cholesterol.

CULTURE

Location: Avocados will grow in shade and between buildings, but are productive only in full sun. The roots are highly competitive and will choke out nearby plants. The shade under the trees is too dense to garden under, and the constant litter can be annoying. In cooler areas plant the tree where it will receive sun during the winter. Give the tree plenty of room–up to 20 feet. The avocado is not suitable for hedgerow, but two or three trees can be planted in a single large hole to save garden space and enhance pollination. At the beach or in windy inland canyons, provide a windbreak of some sort. Once established the avocado is a fairly tough tree. Indoor trees need low night temperatures to induce bloom. Container plants should be moved outdoors with care. Whitewashing the trunk or branches will prevent sunburn.

Soil: Avocado trees like loose, decomposed granite or sandy loam best. They will not survive in locations with poor drainage. The trees grow well on hillsides and should never be planted in stream beds. They are tolerant of acid or alkaline soil. In containers use a planting mix combined with topsoil. Plastic containers should be avoided. It is also useful to plant the tub with annual flowers to reduce excess soil moisture and temperature. Container plants should be leached often to reduce salts.

Irrigation: Avocado trees may not need irrigation during the winter rainy season, but watch for prolonged mid-winter dry spells. Over irrigation can induce root which is the most common cause of avocado failure. To test to see if irrigation is necessary, dig a hole 9 inches deep and test the soil by squeezing. If it is moist (holds together), do not irrigate; if it crumbles in the hand, it may be watered. Watch soil moisture carefully at the end of the irrigating season. Never enter winter with wet soil. Avocados tolerate some salts, though they will show leaf tip burn and stunting of leaves. Deep irrigation will leach salt accumulation.

Fertilization: Commence feeding of young trees after one year of growth, using a balanced fertilizer, four times yearly. Older trees benefit from feeding with nitrogenous fertilizer applied in late winter and early summer. Yellowed leaves (chlorosis) indicate iron deficiency. This can usually be corrected by a chelated foliar spray of trace elements containing iron. Mature trees often also show a zinc deficiency.

Frost Protection: It is important to choose a cultivar that is hardy in your area. Mexican types are the best choice for colder regions. Plant above a slope for air drainage, or near the house for added protection. In youth, protect with rugs, towels and such spread overhead on a frame. For further protection heat with light bulbs and wrap the trunk with sponge foam. These measures also permit tender cultivars to become established in borderline locations; established trees are much hardier than young ones. The upper branches can also be top worked with hardy Mexican types, which will protect a more tender cultivar on lower branches, as well as serving as a pollinator. Harvest fruit before the frost season begins. Cold-damaged fruit turns black. Avocados are often in bloom at the time of frost and the flowers are killed, but the tree tends to rebloom. This is especially true of Mexican types.

Pruning: Columnar cultivars require pinching at early age to form a rounded tree. Others need no training. Current orchard practice avoids staking. The best results are obtained by fencing the tree with plastic mesh for the first two to three years. Container and dwarf trees will need constant staking. The skirts of avocado trees are sometimes trimmed to discourage rodents, otherwise the trees are usually never pruned. Branches exposed to sun by defoliation are extraordinarily susceptible to sunburn and will surely die. Such branches should always be whitewashed. It is better to avoid any pruning. Most cultivars are ill-adapted to espalier. They are too vigorous. Avocado fruit is self-thinning.

Propagation: Desired clonal rootstocks can be be propagated by a method known as the etiolation technique. The largest seed are planted in gallon cans and the seedlings are then grafted to a root rot tolerant clonal scion. When the stem of the graft reaches about 1/4 inch in diameter, the top is cut off leaving a whorl of buds just above the graft. A 4 inch band of black tar paper is formed into an extension of the can and filled with vermiculite and placed in a dark box with high temperature and humidity. When growth is some 3 – 4 inches above the vermiculite, the plant is removed into the light where the upper portion quickly assumes a green color. The tar paper collar is removed, the shoot is severed from the seed and then placed in flats where the cuttings are rooted in the conventional manner. Any seed may also be used for rootstock, but Mexican types make the strongest growth and are the most often used. Plant cleaned seeds as soon as they are ripe. The seedling plants are ready to bud the following year. Budding is done in January, when suitable buds are available. Larger stocks are worked by bark grafts in the spring. Scions are collected Dec – Jan after the buds are well-formed. Paint and cover the graft with a moistened plastic bag and place a vented paper bag over the whole.

Pests and diseases: Rats and squirrels will strip the fruit. Protect with tin trunk wraps. Leaf-rolling caterpillars (Tortrix and Amorbia) may destroy branch terminals. Avocado Brown Mite can be controlled by powdered sulfur. Six-spotted Mite is very harmful; even a small population can cause massive leaf shedding. A miticide may be required if natural predators are absent. Snails can be a problem in California.

Two fungi and one virus cause more damage than any pests. Dothiorella (Botryosphaeria ribis) canker infects the trunk, causing dead patches that spreads to maturing fruit, causing darkened, rancid smelling spots in the flesh. Flesh injury begins after harvest and is impossible to detect on outside. Mexican types are immune to trunk cankers but the fruit is not. The disease is rampant near the coast and has no economical control. Root Rot (Phytophthora cinnamomi) is a soil-borne fungus that infects many plants, including avocados. It is a major disease problem in California. Select disease-free, certified plants and avoid planting where avocados once grew or where soil drainage is poor. The disease is easily transported by equipment, tools and shoes from infected soils. Once a tree is infected (signs include yellowing and dropping leaves), there is little that can be done other than cut back on water. Sun Blotch is a viral disease that causes yellowed streaking of young stems, mottling and crinkling of new leaves and occasional deformation of the fruit. It also causes rectangular cracking and checking of the trunk, as if sunburned. It has no insect vector but is spread by use of infected scions, contaminated tools and roots grafted with adjacent trees. It is important to use virus-free propagating wood.

Harvest: The time of harvest depends upon the variety. Commercial standards requires fruit to reach 8% oil content before harvesting. Mexican types ripen in 6 – 8 months from bloom while Guatemalan types usually take 12 – 18 months. Fruits may continue enlarging on the tree even after maturity. Purple cultivars should be permitted to color fully before harvest. Guatemalan types can be stored firm, at 40 – 50° F. for up to six weeks. Mexican types discolor quickly and require immediate consumption.

Miscellaneous: Leaf and seed extracts have been used for a variety of medical application, including treatment of diarrhea and dysentery and as an antibiotic.

CULTIVARS

Anaheim
Origin Otto Keup, Anaheim, 1910. Guatemalan. Tree columnar, productive. Fruit very large, to 24 oz., elongated glossy green, seed small, oil 15%. Tenderest of cvs. for coast only. To 32° F. Season July.
Bacon
Origin James Bacon, Buena Park, 1954. Hybrid. Tree broad, productive. Fruit small to medium, to 12 oz., round-ovoid, smooth green. Flesh only fair, almost colorless,seed cavity molds rapidly. Hardy for Bay Area, Central Valley. To 25° F. Season December.
Creamhart
Origin Orton Englehart, Escondido,1969. Hybrid. Seedling of Reed. Tree open, upright, branching. Fruit medium, to 14 oz., skin green flesh extraordinarily pale,buttery, nearly fiberless. Not alternate bearing. To 30° F. Season April – July.
Duke
Origin Bangor (Oroville), 1912. Tree vigorous, open, resists wind. Fruit small, 12 oz., elongated pyriform, waxy green, skin paper-thin. Flesh excellent, oil 21%. Seeds commonly used for rootstocks, resist root rot. Extraordinarily hardy, recovers quickly from freeze, to 22° F. Season October
Fuerte
Origin Atlixco, Mexico, intro. Carl Schmidt, 1911. Hybrid. Tree open, spreading, tall. Fruit large to very large, 16 oz., elongated pyriform, skin dark green with numerous small raised pale spots, waxy bloom, skin thin. Flesh good, oil 18%, seed medium. Formerly standard cv. of California industry. Tends to bear in alternate years, unproductive near coast or in north. To 26° F. Season December.
Ganter
Origin Albert Rideout, Whittier, 1905. Mexican. Tree tall, spreading, open. Fruit small, to 8 oz., long pyriform, skin paper-thin, pale waxy green. Flesh good, oil 18%. Oldest avocado cv. in California. Quite hardy, for Central Valley floor and far north. To 23° F. Season October.
Gwen
Origin Riverside, Robert Whitsell, 1982, patented. Seedling of Hass. Tree dwarf, to 14 ft., low vigor. Fruit small, to 8 oz., a Hass look alike, elongated green, flesh good. Most productive of dwarf avocados, best dwarf for outdoor use, also for containers, greenhouse. Not hardy, to 30° F. Season February – October.
Hass
Origin Rudolph Hass, La Habra Heights, 1926. Seedling of Lyon. Guatemalan. Tree rather open, not tall. Fruit medium, to 12 oz., pyriform, skin thick, pebbled, coppery purple. Flesh good, oil 19%, seed fairly small. Currently the standard of the industry. To 26° F. Season July.
Jim
Origin John Reinecke, San Diego, 1939. Hybrid. Tree upright. Fruit small to medium, to 10 oz., olive green, with long neck, oil 12%. To 26° F. Season June.
Lula
Origin George Cellon, Miami, 1919. West Indian. Tree dense, broad, prolific. Fruit round, slightly pyriform, to 20 oz., slightly rough glossy green, oil 12%. Only West Indian type recommended for California, rather hardy, to 28° F. Season April.
Lyon
Origin R. Lyon, Hollywood, 1908. Central American. Tree columnar, slow growing, difficult to propagate, often scion incompatible. Fruit commonly over 24 oz., dark glossy green, rough, pyriform, oil 21%. High quality. Tender, to 30° F. Season April.
Mexicola
Origin Coolidge, Pasadena, 1910. Mexican. Tree tall and spreading, vigorous. Fruit small, 5 oz., round pyriform, skin paper-thin, purplish black, waxy bloom. Flesh highest quality, seed very large. Hardiest cv. known, seedlings useful as rootstocks in far north. Recovers rapidly from freeze. Defoliated at 20° F, trunk killed at 17° F. Season September.
Mexicola Grande
Seedling selection of Mexicola. Mexican. Tree tall and spreading similar to Mexicola. Fruit 15% – 25% larger than Mexicola and somewhat rounder in shape with better seed/flesh ratio. Skin paper-thin, purple-black. High quality flesh with high oil content. Hardy to about 18° F.
Murrieta Green
Origin Colima, Mexico, intro. by Juan Murrieta, 1910. Hybrid. Tree slow growing, easily trained. Fruit large, to 18 oz., oblate, green, resembling Fuerte. Flesh exceptional, oil 18%. Only cv. readily adaptable to espalier. For coast and intermediate. To 27° F. Season September.
Nabal
Origin Antigua, Guatemala, intro. by F.W. Popenoe, 1917. Tree dense, columnar. Fruit handsome, large pyriform, to 17 oz., green, skin resembles Fuerte. Flesh exceptionally high quality, oil 16%. Young trees require pinching to force low branching. Tends to bear alternate years. To 27° F. Season July.
Pinkerton
Origin John D. Pinkerton, Saticoy, 1972, patented. Guatemalan. Tree dense, productive. Fruit variable in size, 7 to 12 oz., skin thick, pebbled, green. To 30° F. Season November.
Queen
Origin Antigua, Guatemala, intro. by E.E. Knight, 1914. Guatemalan. Tree broad. Fruit exceptionally large, to 24 oz., elongated, purple, flesh excellent, oil 13%. Fairly hardy for large cv., worth trying in Bay Area. To 26° F. Season August.
Puebla
Origin Atlixco, Mexico, intro. by Carl Schmidt, 1911. Mexican. Tree broad, high branching. Fruit beautiful, medium to large, to 18 oz., ovoid, skin thin, lacquered maroon purple. Flesh excellent, oil 20%. Least hardy Mexican type, to 29° F. Season December.
Reed
Origin James S. Reed, Carlsbad, 1948. Hybrid. Tree columnar. Fruit large, to 15 oz., round, skin thick, pebbled, green. Flesh good. To 30° F. Season August.
Rincon
Origin Carlsbad, Sam Thompson, 1944. Hybrid. Tree small. Fruit small to medium, 10 oz., green, resembling Fuerte. Flesh good. For coast, Santa Barbara and Ventura. To 27° F. Season January.
Ryan
Origin Albert Rideout, Whittier, 1927. Hybrid. Tree low, spreading. Fruit medium, to 14 oz., elongated, otherwise resembles Hass, skin thick, pebbled, purple. Flesh good, oil 25%. For Inland Empire, Bay Area. To 26° F Season August.
Spinks
Origin E. Bradbury, Bradbury, 1911. Hybrid. Tree spreading. Fruit medium, to 15 oz., round with small neck, tangelo shaped. Lacquered, coppery purple, outstanding flavor, oil 16%. To 27° F. Season April.
Topa Topa
Origin E.S. Thatcher, Ojai, 1912. Mexican. Tree columnar, vigorous. Fruit handsome, elongated pyriform, small to medium, 8 oz., smooth dark purple with white waxy bloom. Skin paper-thin. Flesh rather poor, oil 15%, seed elongated. Seedlings commonly used for rootstocks. Hardy, for far north. To 23° F.
Whitsell
Origin Robert Whitsell, Riverside,1982, patented. Hybrid. Hass seedling. Tree dwarf, to 12 feet, low vigor. Fruit small, 6 oz., elongated Hass look alike. Flesh good. Bears in alternate years. For containers and greenhouse only, not hardy. To 30° F. February to October.
Wurtz (syn. Littlecado)
Origin Roy Wurtz, Encinitas, 1935. Hybrid. Tree prostrate, difficult to train, low vigor. Fruit dark green, medium, to 10 oz. For containers and greenhouse. To 26° F. Season July.
Zutano
Origin R.L. Ruitt, Fallbrook, 1926. Hybrid. Tree columnar. Fruit small to medium, to 10 oz. elongated smooth green, resembles Fuerte but inferior, has fibers. Hardy for Bay Area, Central Valley. To 25° F. Season November.

Which Loan is right for your home?

Which Loan is Right for Your Home [Infographic] Some Down Payment requirements vary with the lender.

California housing market bounces back in May as sales and median home price perk higher

California housing market bounces back in May as sales and median home price perk higher

– Existing, single-family home sales totaled 430,060 in May on a seasonally adjusted annualized rate, up 5.4 percent from April and 2.6 percent from May 2016.

– May’s statewide median home price was $550,200, up 2.3 percent from April and up 5.8 percent from May 2016.

– At the regional level, the San Francisco Bay Area, Inland Empire, and Los Angeles metro area all registered year-to-year sales increases of 4.9 percent, 9 percent, and 6.9 percent, respectively.

LOS ANGELES (June 20) – California’s housing market rebounded in May as existing home sales and median home price recorded strong gains on both a monthly and annual basis, a trend in every major region of the state, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
Closed escrow sales of existing, single-family detached homes in California remained above the 400,000 benchmark for the 14th consecutive month and totaled a seasonally adjusted annualized rate of 430,060 units in May, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2017 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The May figure was up 5.4 percent from the revised 408,030 level in April and up 2.6 percent compared with home sales in May 2016 of a revised 419,000.

“Mortgage rates dropping to the lowest level since November could have been a motivating factor for the sales increase in May,” said C.A.R. President Geoff McIntosh. “The low interest rate environment, however, may not last long as the Federal Reserve’s gradual rate hike and plan to reduce its balance sheet will likely lead to higher rates, and could change the momentum of the market.”

The statewide median price stayed above the $500,000 mark for the third straight month and reached the highest level since August 2007. The median price was up 2.3 percent from a revised $537,920 in April to reach $550,200 in May, and was 5.8 percent higher than the revised $519,930 recorded in May 2016. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling, as well as a general change in values.

“Despite a solid performance thus far in the spring housing market, the continued mismatch between buyers and available homes for sale that’s driving up home prices remains an issue,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “Stubbornly low supply levels will continue to propel prices higher and, when combined with imminently higher interest rates, will worsen an already dismal affordability issue in the housing market.”

Other key points from C.A.R.’s May 2017 resale housing report include:

• The May sales increase was wide reaching as every major region in the state posted an increase over the previous year. The Inland Empire experienced the largest sales gain with a 9 percent increase in existing home sales from last May, followed by an increase of 6.9 percent in the Los Angeles Metro Area, and a 4.9 percent rise in the San Francisco Bay Area.

• New statewide active listings declined for the 23rd month in May, falling 12.4 percent from a year ago.

• The increase in sales, coupled with the double-digit decline in active listings, worsened May’s housing inventory outlook. C.A.R.’s Unsold Inventory Index fell from 3.3 months in April to 2.9 months in May. The index measures the number of months needed to sell the supply of homes on the market at the current sales rate. The index stood at 3.4 months in May 2016.

• At the county level, 42 of 51 reported counties experienced a drop in the unsold inventory index compared to a year ago. Alameda, San Mateo, and Santa Clara counties had the lowest inventory (1.7 months), followed by San Francisco County (1.9 months) and Sacramento (2.0 months), all in either the Bay Area or a neighboring county to the region, where supply constraints remain a serious issue.

• The median number of days it took to sell a single-family home nudged down from 24.2 days in April to 22.4 days in May and was down from 27.4 days in May 2016.

• C.A.R.’s sales-to-list price ratio* was 100 percent of listing prices statewide in May, 100 percent in April, and 99.7 percent in May 2016.

• The average price per square foot** for an existing, single-family home statewide was $267 in May, $259 in April, and $251 in May 2016.
• San Francisco County had the highest price per square foot in May at $918/sq. ft., followed by San Mateo ($875/sq. ft.), and Marin ($696/sq. ft.). Counties with the lowest price per square foot in May included Lassen ($122/sq. ft.), and Siskiyou and Del Norte ($127/sq. ft.).

• Mortgage rates continued to dip lower since early this year. The 30-year, fixed-mortgage interest rate averaged 4.01 percent in May, down from 4.05 percent in April but up from 3.6 percent in May 2016, according to Freddie Mac. The five-year, adjustable-rate mortgage interest rates dipped in May to an average of 3.12 percent from 3.15 percent in April but was up from 2.81 percent in May 2016.

Graphics (click links to open):

• May sales at-a-glance infographic.
• Calif. historical existing home sales.
• Calif. historical median home price.
• Share of sales by price range.
• Calif. price per square foot.
• Calif. sales to list price ratio.

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state, and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage.  A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property.  It is calculated as the sale price of the home divided by the number of finished square feet.  C.A.R. currently tracks price-per-square foot statistics for 39 counties.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
# # #

 

May 2017 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

May-17 Median Sold Price of Existing Single-Family Homes Sales
State/Region/County May-17 Apr-17 May-16 Price MTM% Chg Price YTY% Chg  Sales MTM% Chg  Sales YTY% Chg
CA SFH (SAAR) $550,200 $537,920 r $519,930 r 2.3% 5.8% 5.4% 2.6%
CA Condo/Townhomes $440,890 $436,390 r $411,120 r 1.0% 7.2% 13.7% 4.5%
Los Angeles Metro Area $488,720 $482,420 r $469,090 r 1.3% 4.2% 21.4% 6.9%
Inland Empire $340,710 $338,010 $315,980 0.8% 7.8% 18.4% 9.0%
S.F. Bay Area $899,730 $895,490 $848,580 0.5% 6.0% 21.8% 4.9%
S.F. Bay Area
Alameda $862,000 $875,000 $828,000 -1.5% 4.1% 23.9% 2.7%
Contra Costa $653,000 $653,690 $595,000 -0.1% 9.7% 21.1% 4.2%
Marin $1,315,000 $1,325,000 $1,237,500 -0.8% 6.3% 11.1% 3.1%
Napa $673,250 $685,000 $645,770 -1.7% 4.3% 34.1% 17.3%
San Francisco $1,501,680 $1,402,500 $1,360,000 7.1% 10.4% 10.9% 11.5%
San Mateo $1,480,000 $1,500,000 $1,392,500 -1.3% 6.3% 26.4% 8.4%
Santa Clara $1,200,000 $1,160,000 $1,100,000 3.4% 9.1% 26.2% 6.0%
Solano $415,000 $400,000 $385,500 3.8% 7.7% 10.8% 4.4%
Sonoma $625,000 $608,000 $580,000 2.8% 7.8% 24.8% 0.5%
Southern California
Los Angeles $492,040 $480,230 $467,290 2.5% 5.3% 24.9% 7.3%
Orange $795,000 $775,000 $731,750 r 2.6% 8.6% 22.6% 5.9%
Riverside $375,000 $379,000 $355,000 r -1.1% 5.6% 18.7% 10.3%
San Bernardino $272,200 $260,050 $245,080 4.7% 11.1% 17.8% 6.7%
San Diego $605,000 $590,000 $565,000 r 2.5% 7.1% 16.1% 4.1%
Ventura $657,890 $659,310 r $617,740 r -0.2% 6.5% 12.8% -6.3%
Central Coast
Monterey $617,000 $569,000 $540,000 8.4% 14.3% 27.3% 3.6%
San Luis Obispo $569,000 $572,500 $540,000 r -0.6% 5.4% 22.0% 11.7%
Santa Barbara $725,000 $745,000 $689,000 -2.7% 5.2% 16.8% 13.9%
Santa Cruz $875,000 $815,000 $800,000 7.4% 9.4% -2.2% -19.2%
Central Valley
Fresno $250,000 $240,000 $232,000 r 4.2% 7.8% 10.4% 9.9%
Glenn $200,000 $230,000 $175,000 r -13.0% 14.3% 22.2% 100.0%
Kern $230,000 $236,750 $225,000 r -2.9% 2.2% 12.7% -4.6%
Kings $211,000 $232,000 $215,000 r -9.1% -1.9% 17.1% -6.8%
Madera $255,000 $240,000 $213,500 r 6.3% 19.4% -12.7% -23.6%
Merced $243,500 $247,910 $223,500 r -1.8% 8.9% 44.9% 14.5%
Placer $460,000 $460,000 $427,000 r 0.0% 7.7% 33.5% 14.9%
Sacramento $342,100 $326,000 $317,950 r 4.9% 7.6% 13.8% 5.7%
San Benito $520,000 $521,000 $479,000 -0.2% 8.6% 4.4% 0.0%
San Joaquin $331,950 $340,000 $320,000 r -2.4% 3.7% 12.6% 7.8%
Stanislaus $290,000 $283,000 $265,000 r 2.5% 9.4% 21.2% 12.3%
Tulare $225,000 $214,900 $205,000 r 4.7% 9.8% 21.4% 6.1%
Other Counties in California
Amador $350,000 $327,000 $268,500 r 7.0% 30.4% 18.0% 34.1%
Butte $308,000 $302,900 $271,000 r 1.7% 13.7% 5.9% -11.8%
Calaveras $300,000 $318,500 $287,500 r -5.8% 4.3% 20.7% 6.7%
Del Norte $220,000 $239,000 $189,500 r -7.9% 16.1% -15.8% -27.3%
El Dorado $469,000 $474,500 $429,500 r -1.2% 9.2% 14.9% -6.5%
Humboldt $289,500 $300,000 $270,000 r -3.5% 7.2% 5.2% 0.0%
Lake $240,000 $248,470 $238,000 r -3.4% 0.8% 14.3% 39.1%
Lassen $192,500 $175,500 $134,450 9.7% 43.2% -25.0% -37.5%
Mariposa $271,000 $273,000 $299,000 r -0.7% -9.4% 17.6% 17.6%
Mendocino $410,000 $358,000 $330,000 r 14.5% 24.2% 20.8% -3.3%
Mono $627,500 $516,250 $585,000 21.5% 7.3% 20.0% -7.7%
Nevada $389,000 $424,000 $354,000 r -8.3% 9.9% 39.4% 33.3%
Plumas $285,000 $239,000 $225,000 19.2% 26.7% 25.9% 47.8%
Shasta $255,000 $243,250 $229,000 r 4.8% 11.4% 7.4% 1.2%
Siskiyou $211,500 $200,000 $175,000 r 5.8% 20.9% 54.3% 31.7%
Sutter $283,000 $249,500 $235,000 r 13.4% 20.4% 31.8% 13.0%
Tehama $203,000 $207,000 $170,000 r -1.9% 19.4% 85.7% 26.8%
Tuolumne $299,000 $270,000 $242,500 r 10.7% 23.3% 1.3% 18.2%
Yolo $453,450 $386,750 $398,000 r 17.2% 13.9% 31.9% 11.1%
Yuba $255,570 $267,500 $225,000 r -4.5% 13.6% 18.7% 2.3%

r = revised
NA = not available

 

May 2017 County Unsold Inventory and Time on Market
(Regional and condo sales data not seasonally adjusted)

May-17 Unsold Inventory Index Median Time on Market
State/Region/County May-17 Apr-17 May-16 May-17 Apr-17 May-16
CA SFH (SAAR) 2.9 3.3 3.4 22.4 24.2 27.4 r
CA Condo/Townhomes 2.4 2.5 2.8 21.0 23.0 27.3 r
Los Angeles Metro Area 3.2 3.7 3.8 24.5 29.0 r 45.0 r
Inland Empire 3.2 3.9 4.2 27.1 36.8 46.7 r
S.F. Bay Area 2.1 2.4 2.5 20.0 20.1 20.2 r
S.F. Bay Area
Alameda 1.7 2.0 2.2 17.7 17.4 17.5
Contra Costa 2.1 2.4 2.4 18.6 18.8 18.0
Marin 2.6 2.8 2.8 26.2 24.9 25.2
Napa 3.8 5.0 5.0 43.9 49.5 42.0
San Francisco 1.9 1.8 2.5 19.9 20.2 21.1
San Mateo 1.7 2.0 2.1 17.5 17.5 17.8
Santa Clara 1.7 2.0 2.2 17.6 17.3 17.9
Solano 2.3 2.5 2.9 32.0 36.2 34.3
Sonoma 3.0 3.4 3.2 35.7 33.1 40.8
Southern California
Los Angeles 3.0 3.4 3.6 22.3 26.1 40.5 r
Orange 3.1 3.7 3.6 22.2 27.1 49.0
Riverside 3.2 3.9 4.1 28.1 38.7 50.7
San Bernardino 3.4 3.9 4.2 25.5 32.7 38.2
San Diego 2.6 2.9 3.1 20.4 20.5 22.1
Ventura 5.0 3.9 4.5 r 46.4 46.9 r 51.3 r
Central Coast
Monterey 4.2 5.1 4.5 24.0 33.1 24.8
San Luis Obispo 3.6 4.0 4.4 23.7 26.4 25.9
Santa Barbara 4.0 4.5 4.4 24.0 28.6 28.8
Santa Cruz 4.0 3.4 3.3 21.4 21.5 22.4
Central Valley
Fresno 3.1 3.5 3.8 22.8 22.3 25.8
Glenn 3.7 4.8 6.8 40.7 31.0 20.9
Kern 3.3 3.6 3.7 25.1 23.4 26.4
Kings 3.0 3.5 2.9 23.8 25.8 25.5
Madera 6.4 4.9 5.3 45.5 34.2 57.1
Merced 2.7 3.9 3.5 23.4 23.2 39.0
Placer 2.2 2.8 3.0 19.3 20.7 21.1
Sacramento 2.0 2.1 2.5 18.3 18.8 18.9
San Benito 3.7 3.6 4.4 23.0 28.2 19.9
San Joaquin 2.3 2.5 2.6 20.2 21.4 20.9
Stanislaus 2.4 2.8 2.9 21.1 22.7 22.0
Tulare 3.5 4.1 3.6 26.8 26.4 28.6
Other Counties in California
Amador 3.8 4.9 5.8 29.5 39.3 28.7
Butte 2.9 2.7 3.0 19.3 22.9 25.3 r
Calaveras 4.8 5.6 5.8 27.1 37.7 33.8
Del Norte 9.4 6.6 6.9 80.3 112.8 91.0
El Dorado 4.2 4.0 4.1 23.9 27.4 29.0
Humboldt 5.0 4.7 4.2 23.4 25.3 25.2
Lake 4.6 4.7 7.2 37.8 61.0 75.5
Lassen 10.9 6.6 NA 64.6 80.3 77.6
Mariposa 4.2 4.4 6.1 26.0 21.5 86.4
Mendocino 5.8 6.6 6.8 72.6 46.6 50.8
Mono 8.4 9.9 NA 130.7 129.3 123.1
Nevada 3.2 4.1 4.8 24.0 25.7 29.5
Plumas 10.4 10.7 17.7 125.4 127.0 71.9
Shasta 4.3 4.3 4.7 23.7 25.6 36.4
Siskiyou 5.1 7.3 7.1 31.0 43.1 48.7
Sutter 2.4 2.9 2.8 22.0 21.4 27.0
Tehama 4.3 7.3 5.6 39.7 82.8 58.6
Tuolumne 5.0 4.5 7.0 41.6 68.3 25.7
Yolo 2.2 2.7 2.5 19.6 20.9 19.0
Yuba 2.3 2.8 2.5 20.9 20.1 22.4

r = revised
NA = not available

How Long Does It Take an Avocado Pit Plant to Grow?

How Long Does It Take an Avocado Pit Plant to Grow?

Avocado seeds are easy to sprout, but the plants take a long time to mature.

Members of the Persea genus, avocado plants grown indoors from seed often have to be discarded after two or three years because they outgrow their space. If you grow them indoors from seed, they may take more than 20 years to bear avocados or they may not bear fruit at all. Avocado trees that grow outdoors from seed typically yield fruit in seven to 15 years.

Time Needed to Sprout

Whether you germinate an avocado seed in water or soil, it will typically sprout within two to three months. To sprout a seed in water, wash it and insert several toothpicks around the sides. Place the seed in a glass of water, resting on the toothpicks with the bottom quarter of the seed covered with water and the pointed end facing up. As the seed sprouts, roots will first appear on the bottom; a stem will later emerge from the top. Remove the toothpicks when the roots are 2 to 3 inches long. Fill a 6- to 8-inch pot with a commercial potting mix and put the seed in the center of the pot with the top of the seed level with the potting mix. To grow a seed in soil, cut about 1/4 inch from the tip and place it in potting soil with the cut end just above the soil. Moisten the soil and keep it moist.

Time Before Transplanting

Maintain the water level in the glass as it evaporates, but do not change the water. The pit may grow more than one stem; leave these alone. To induce a bushy, leafy plant, prune it to 3 inches high when it reaches 6 inches. Within three weeks after pruning, remove the toothpicks and plant the seeds in light, sandy soil in a large clay pot. When you transplant a seedling to a pot, leave the top of the seed exposed for new stems to grow.

Cultivating Indoors

Avocados will grow indoors with a minimum temperature of 60 degrees Fahrenheit. Give the plant frequent light watering to keep the soil moist, but not soggy. If the leaves turn yellow, let the soil dry out for a few days. Keep the plant in good light and near a window in the winter. Since avocados are tropical plants, misting them in the winter will help maintain the humidity they like. An accumulation of salt in the soil will cause the leaves to turn brown and curl at the tips. To remove the salt, leach the soil by running water into the pot for several minutes. Pruning and pinching can help control the size of indoor avocado trees with branches that spread up to 6 feet wide.

Outdoor Growing Climate

The growing climate of the three major avocado species vary. If you plan to transplant your sprouted seed outdoors, choose a species that matches your climate. Guatemalan avocados such as the small, pebble-skinned Hass avocado (Persea nubigena var. guatamalensis “Hass”) will grow in U.S. Department of Agriculture plant hardiness zones 9b through 11. Mexican avocados including the large, dark-skinned Fuerte (Persea américana var. drymifolia “Fuerte”) will grow in USDA zones 9a through 11. Less frequently grown West Indian avocados, such as the large, glossy Lula (Persea américana var. américana “Lula”) will grow in USDA 10b through 11. A tree grown from seed tends to taste differently than the fruit of its parent seed. Hass avocados and other favorite varieties grown in nurseries are grafted onto root stock to preserve their characteristics.

Pricing your home

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