Ventura County economy and home value confidence seems to be on the rise, according to Fannie Mae's April National Housing Survey.

Americans continue to expect home prices to go up, with the projection averaging 1.3 percent over the next 12 months, the highest value recorded.

A high percentage (71%) of Americans still say it is a good time to buy while the percentage (15%) who said it is a good time to sell was up 1 point from March.

Doug Duncan, Fannie Mae's chief economist, says "consumer views of housing market conditions have become more supportive of home purchases, and sustained healthy hiring is required to help realize these improved expectations."

Ventura County Economy Appears to be Increasing

The percentage of Americans who believe the economy is on the right track rose to 37 percent, a 2 point increase from the previous month and the highest level in the survey's two-year history. Still, an even greater 56 percent believe the economy is moving in the wrong direction.

Also, 23 percent of Americans reported their household income is significantly higher than it was a year ago, while 36 percent said their household expenses are significantly higher since the same time period. Both categories rose 2 percentage points compared to March.

The expectation for average rental prices decreased slightly to 3.6 percent; in March, respondents expected rent to go up by 4.1 percent over the next 12 months.

If respondents were to move, 32 percent said say they would rent while 64 percent said they would buy. The percentage of those who said they would rent increased 2 points and reached the highest level since November 2011.

With the Ventura County economy and home value confidence apparently increasing, would you say things are on the right track, or moving in the wrong direction? We'd love to hear your thoughts.

Mortgages are netting households the biggest cost savings relative to rent in at least 20 years in Ventura County. And with home prices as low as they may ever be again, now may be the ideal time for would-be home buyers to consider throwing in the towel on rent, and take advantage of all the home ownership perks afforded by owning vs. renting.

Mortgages Higher Than Rent Since 1991

According to data compiled by Deutsche Bank from the National Association of Realtors and the REIS Inc. information service, those with home loans are benefiting from mortgages costing 0.8 percentage points less in last year's fourth quarter after being about the same as rents during the first three quarters. Mortgages have been 3.1 points higher on average since 1991.

Analysts John Perry and Nishu Sood noted in their report that falling home prices and still-rising rents accounted for the fourth-quarter gap. The median price of a single-family house fell 5.8 percent in the quarter, while rent payments rose 0.5 percent on average.

Rents averaged 14.9 percent more than mortgages during the last three months of 2011. The gap widened from the third quarter by 8.1 points, and rentals were more costly for the fifth consecutive quarter.

The differential points toward a rebound in homebuilding and a slowing of rent increases.

If you've been renting, with Ventura County mortgages being at or below record low rates, now may be the time for you to make the move and buy a home. We'd be happy to discuss the market with you, and talk to you about whether now would be the best time for you or not. Just contact us for a no-obligation consultation.

Use the comment form to contact us. Although your name and email address are required in order to comment, rest assured that your privacy will be protected. We never publish email addresses on this site.

Ventura County housing inventories are down. The National Association of Realtors (NAR) reports that inventories fell by 1.3 percent in March, leaving inventories 21.8 percent below their year-earlier levels.

Home sales have now posted year-over-year gains in each of the last nine months. But in almost all of those months, the number of homes for sale has declined.

3 Reasons to Explain Why Ventura County Housing Inventories Have Fallen:

1. With home prices down by one-third from their peak, who wants to sell a house right now if they don't have to? That's especially true for the roughly 15% of homeowners who are underwater on their mortgage.
    
2. Banks have decelerated the foreclosure process after they were caught routinely passing off bogus documents to demonstrate ownership. That has slowed the pace at which they're putting Ventura County homes back up for sale.
    
3. While investors initially were buying up Ventura County foreclosures that could be fixed and flipped, or resold, for a quick profit, over the past two years, more investors have been buying inexpensive homes that can be rented out. Those homes are, for the most part, out of the for-sale pool for the near-term.

Ventura County Housing Inventories Down Only Temporarily?

Of these three reasons for Ventura County housing inventories to be down, the first two would imply that the downturn in listings is artificial, and possibly temporary. But the role of investors in today's market could make the drop more lasting.

The NAR report also showed that the West was the only part of the country to see a year-over-year decline in sales during the month of March. The drop was almost solely concentrated around properties priced below $100,000, where sales were down 19 percent.

Are there any other reasons you can think of that would be causing Ventura County housing inventories to be unusually low right now? We'd love to hear your comments.

Ventura County foreclosures continue to be the main reason why it's a tough time to sell. Fannie Mae is selling foreclosed Ventura County homes, but not to the general public.

If you have questions about Ventura County foreclosures, or Ventura County homes for sale, please don't hesitate to contact us or post them using our comment form.

Flood insurance in Ventura County is something some people might say is a waste of money, but floods are obviously quite common in low lying areas that are surrounded by water. In these areas, especially around Ventura County, not having flood insurance is like playing financial Russian Roulette in the event of a serious storm.

Flood Insurance If You're Not Near Water?

What about homes that are not situated right in front of a water source? Do they still need to be insured against the potential for flooding?

Of course they do. As it turns out, there are many claims for flooding that come from some of the most unlikely areas. It's not just a function of simple flooding that puts your Ventura County home at risk.

First, think about what would happen to your home even if just two or three inches of water covered your floors. How much of your personal belongings touch the floor and how many electrical cords and extension cords do you have throughout your home just an inch or two off the floor, or worse, lying directly on the floor? How many of these things will put your entire home at risk if there was even just a small flood in your home?

Ground water can start to meet the rain water when the ground is saturated. It doesn't take much to start noticing a significant rise in innocuous bodies of waters such as streams and ponds. It doesn't take much for the overly saturated ground to start siphoning off rain water, which in turn creates flooding.

Floods can happen thanks to saturation of the ground just as easily as it can happen when ground water and rain water meet to cause excessive rain runoff which can lead to flooding. No matter where you live, you may very well find that you are suddenly noticing there is an increase in water saturation after heavy rain. Just ask anyone who was in a non-flood plain area in the path of Hurricane Floyd in 1999, or anyone in non-flood prone areas where Hurricane Katrina wrecked havoc.

Every region runs the risk of flood waters these days, even in the Ventura County area. Flood insurance is not expensive and it is a simple way to protect your home in the event of a serious disaster. It takes very little water to do a tremendous amount of damage that can cost you thousands upon thousands of dollars right out of your pocket if you don't have flood insurance. Flood waters can creep up on you quickly and be right at your front door before you know it. One simple flood insurance policy can mean the difference between being financially wiped out and being able to rebuild.

If you have questions about flood insurance, check out the information at the FEMA website about The National Flood Insurance Program.