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Friday, October 27, 2023 • B3
DOWN MARKET?
Years of soaring prices, limited home sale inventory drive profits for sellers
Alex Veiga AP BUSINESS WRITER
LOS ANGELES — Despite a housing slump going back more than a year, soaring home prices in recent years and a stubborn shortage of properties on the market are helping to drive solid profit gains for sellers. The profit margin on median-priced single-family homes and condos nationally soared to 59 percent in the July-September quarter, according to a report released Thursday by real estate information provider Attom. The profit margin in a home sale represents the percent difference between the original purchase price and what it was sold for. “Prices and profits around the U.S. got another boost over the summer as the housing market continued recovering from last year’s setbacks,” said Attom CEO Rob Barber. The third quarter increase followed profit margin gains of 56.6 percent in the April-June period and 55.2 percent in the January-March quarter. Even so, home sellers in the third quarter didn’t fare as well as in the same quarter last year, when the profit margin on a median-priced home was 62 percent, just below the alltime high on records going
Prices and profits around the U.S. got another boost over the summer as the housing market continued recovering from last year’s setbacks.” Rob Barber Attom CEO
—— they sell now. And the longer they owned their home, the more the potential profit margin. Homeowners who sold in the third quarter had owned their homes an avDAMIAN DOVARGANES / ASSOCIATED PRESS erage of 7.86 years, which marked the second highest A home for sale is shown in Los Angeles on Thursday, Oct. 19, 2023. The profit margin on median-priced point since 2000, accordsingle-family homes and condos nationally soared to 59 percent in the July-September 2023 quarter, acing to Attom. cording to a report released by real estate information provider Attom on Thursday, Oct. 19, 2023. Still, when looking only at seller gross profits — back to 2008. costs have discouraged The nationwide median borrow. That led to bidHome prices have remany homeowners who home price rose 2 percent ding wars and homebuyers not the profit margin — their gains are bit more locked in rates around 3 paying sometimes hunin the third quarter to an mained resilient even as percent just two years ago all-time high $350,000, acthe housing market has dreds of thousands of dol- modest. The median U.S. home sale gross profit in from selling now, limiting slowed sharply under the cording to Attom’s data. lars above the seller’s the third quarter was the already near historweight of surging mortBy some measures, asking price. home prices soared more Many homeowners who $129,900, a 3.2 percent gage rates, which have ic-low level of homes on gain compared with the than 40 percent during the bought their home before held above 7 percent since the market. That, in turn, this superheated period in same quarter last year and August, crushing homehas stoked competition for pandemic as mortgage rates hit rock bottom, exthe market, are in the posi- a 5 percent improvement buyers’ purchasing power. fewer homes, keeping since the second quarter, prices from falling signifiThe sharply higher panding how much home- tion to potentially reap a home loan borrowing hefty profit margin should Attom found. cantly. buyers could afford to
Long-term mortgage rate rises for the 7th straight week ASSOCIATED PRESS NEW YORK — The average rate on the benchmark 30-year home loan rose for the seventh straight week, creating an increasingly high bar to home ownership for Americans. The rate on the 30-year fixed mortgage is at 7.79 percent, up from 7.63 percent last week, Freddie Mac said Thursday. A year ago the rate was 7.08 percent. As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. They also discourage homeowners who locked in far low rates two years ago, when they were around 3 percent, from selling. The national median mortgage payment was $2,155 in September, up 11 percent, or $214, from a year ago, according to the Mortgage Bankers Association. Sales of previously occupied U.S. homes in September fell for the fourth month in a row, grinding to their slowest pace in more than a decade. The rate on the 15-year loan rose to 7.03 percent from 6.92 percent. A year ago the rate on the loan, which is popular with homeowners their home loan, was at 6.36 percent. “Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory,” said Freddie Mac chief economist Sam Khater.
Page 4 Friday, October 27, 2023
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Interior Area: 869 sf Bedrooms/Baths: 2/2 Price: $588,000 MLS 704734
KEKAHA $1,300,000 2.30 Acres Mark Tanaka -RB 808-639-0367 MLS 654862
$747,500 3BED/1BATH 864 sqft Interior Mark Tanaka -RB 808-639-0367 Ashley Carvalho-RS 808-639-9307 MLS 702860
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Land Area: 8,523 sf Interior Area: 2,030 sf Bedrooms/Baths: 3/2.5 SALE PRICE: $1,500,000 MLS# 703483 Custom home in Pikake Subdivision.
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A petition having been duly filed by Elizabeth A. Hagen who is/are domiciled at 5312 Twitchell Road, Rushville, HY 14544 YOU ARE HEREBY CITED TO SHOW CAUSE before the Surrogate’s Court, Ontario County, at 27 North Main Street, Canandaigua, New York, on December 5, 2023 at 1:30 o’clock in the afternoon of that day, why a decree should not be made in the estate of James Roger Besig, aka James Besig aka James R. Besig lately domiciled at 5312 Twitchell Road, Rushville, New York 14544, United States admitting to probate a Will dated December 13, 2022, a copy of which is attached, as the Will of James Roger Besig deceased, relating to real and personal property, and directing that: Letters Testamentary issue to Elizabeth A. Hagen. Dated, Attested and Sealed, September 28, 2023
Barclay Damon LLP 100 Chestnut St. - 20th flr., Rochester, New York 14604 (585) 295-4321 bdehmler@barclaydamon.com (TGI1432752 10/6, 10/13, 10/20, 10/27/23)
Notices to Creditors
FIFTH CIRCUIT COURT NOTICE OF PROBATE AND NOTICE TO CREDITORS
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NOTICE IS HEREBY GIVEN that pursuant to the Provisions of Section 507-43, of the Hawaii Revised Statutes, the construction by Crispin S Aguano (Aguano Construction) of that certain Single Family Residence & Ohana Unit situated at 2156 Makaa St. Lihue, HI 96766, TMK: 4-3-3-017-109, has been completed. Thomas B Stephens Owner(s) (TGI1435061 10/27, 11/3/23)
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OWNER’S NOTICE OF COMPLETION OF CONTRACT
$1,550,000 7,500 sqft Mark Tanaka -RB 808-639-0367 Clifton Kukino -RB 808-639-1490 MLS 703878
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CITATION File No. 2023-234 SURROGATE’S COURT, ONTARIO COUNTY THE PEOPLE OF THE STATE OF NEW YORK, By the Grace of God Free and Independent TO: Frank Besig, (the sibling of James R. Besig) if living, but if dead, his distributees, legal representatives, assigns, and all persons who by purchase, inheritance or otherwise have or claim to have an interest in the estate of James R. Besig, deceased, derived through Frank Besig, whose address is unknown to the petitioner.
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FORECLOSURES
FORECLOSURES
ADVERTISEMENT NOTICE OF FORECLOSURE SALE GREG KAMM, Trustee of the Greg Kamm 401(k) Profit Sharing Plan, effective January 1, 2013, Plaintiff vs. JHMP LLC, a Domestic Limited Liability Company; Douglas Kroll; Joni Kroll; JOHN DOES 2-50; JANE DOES 2-50; DOE PARTNERSHIPS 1-50; DOE CORPORATIONS 1-50; DOE ENTITIES 1-50; and DOE GOVERNMENTAL UNITS 1-50, Defendants. Civil N0. 5CCV-22-0000078 (JKW) (Foreclosure)
P. No. 5CLP-23-0000119 Estate of GARY GRATON BENNETT, Deceased
Tax Map Key No. (4) 4-1-006-053, that certain parcel of land in Wailua, District of Puna, Island and County of Kauai, State of Hawaii. being a Consolidation of Lots 16-B-8, 16-B-9 and Parcel 2 of the “WAILUA HOUSE LOTS, 4TH SERIES; and
FILED, Petition of Probate of Will and Appointment of Personal Representative, showing property within the jurisdiction of this Court and asking that ALICIA RIDDICK, whose address is c/o Michael D. Scarbo, 4442 Hardy St., Ste. 201, Lihue, HI 96766 be appointed Personal Representative of said estate.
Tax Map Key No. (4) 4-1-006-013, an undivided one seventh (1/7) interest in and to that certain real property to be used by Lot 16-B-5, being a 15-foot roadway within Lot 16-B (collectively, “Properties”). The properties will be sold “as is” without warranty of title or any other warranty.
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Central Lihue Offices avail for lease 392/ That Tuesday, November 28, 2023 at 1:00 p.m. 548/736 sf, cam before the presiding Judge in Probate at who shall be included/ new bldg. sitting in probate in his/her courtroom at 3970 back of Rice Shop Ka‘ana Street, Lihu‘e, Hawai‘i, 96766 be the Ctr. Lyle Otsukaappointed date, time and place for hearing said AUCTION DATE: December 4, 2023 at 12:00 noon, Childs Realty petition and all interested persons. Fifth Circuit Court Building, 3970 Kaana Street, 808-635-3777 call/ OPEN HOUSES: The property is available for inspection at open houses, at the property on November 10, 2023 from 2:00 to 4 pm and on November 17, 2023, from 2:00 to 4:00pm.
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All creditors of the above-named estate are hereby notified to present their claims with proper vouchers or duly authenticated copies thereof, even if the claim is secured by a mortgage upon real estate, to said nominee at the address shown above within four months from the date of the first publication of this notice or they will be forever barred. Dated: Lihue, Hawaii, October 24, 2023. Doreena Olivas Brun Clerk of the Above-Entitled Court Michael D. Scarbo 4442 Hardy St., Ste.201 Lihue, HI 96766 Attorney for Personal Representative (TGI1435073 10/27, 11/3, 11/10/23)
Lihue, Hawaii 96766
text for info. RE# 60846
TERMS OF SALE: There is an Upset price of $350,000.00. Property sold “as is” condition at public auction with 10% of highest bid payable in cash, certified or cashiers check at close of auction. Sale may alternatively be by private sale in amount no less than $350,000. Buyer shall pay all costs of closing including escrow, conveyance and recordation fee, conveyance taxes and is responsible for securing possession of the property upon recordation. SALE SUBJECT TO COURT CONFIRMATION.
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For further information please contact: Robert Grinpas, Commissioner Telephone: (808) 822-4599 (808) 651-1206 e-mail: bob@bobstropicals.com (TGI1434564 10/27, 11/3, 11/10/23)
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