ByNick Timiraos

Sales of previously owned homes fell in March from February, but were still above last year’s levels.

Sales of previously owned homes fell by 0.6% in March from February, causing some analysts to second guess the housing rebound. What’s going on? Here are four takeaways from the National Association of Realtors’ report on Monday.

1) The problem for the housing market right now is a lack of supply—not a lack of demand. This isn’t a surprise to anyone who’s tried to buy a house in many parts of the country over the last year. The number of homes listed for sale rose by just 1.6% in March, meaning just 30,000 net new units hit the market. The 1.93 million homes for sale in March was down by 16.8% from one year ago and is the lowest inventory level for the month of March in 13 years. “Inventory is definitely gating demand,” says Glenn Kelman, chief executive of real estate brokerage Redfin. Monday’s report showed that sales were still 10.3% above last year’s levels on a seasonally adjusted basis, continuing a streak of 21 consecutive months in which home sales have increased from their year-ago level.

2) Rising demand and falling supply continue to push prices higher. The median home price in March rose 11.8% from one year ago to $184,300. (Changes in the median price often reflect a shift in the “mix” of homes being sold, meaning they can rise when more expensive homes transact in a given period.) In the West, median prices were up by 26.1% from one year ago, a clear sign that more homes are selling at higher price points. Median prices have risen from their year-ago levels in 13 straight months.

3) Buyers are getting frustrated, and some sellers are getting greedy. Some sellers are hearing that it’s a sellers’ market and are becoming more determined to ask for more. Inventory is low, of course, because many sellers aren’t willing or able to sell at prices that are down sharply from seven years ago. Some have a “reservation price”—a price at which they’ll sell. Ultimately, rising prices should lead more sellers to put their homes on the market. But until then, buyers may give up. “There are not enough homes to buy,” says Mr. Kelman. “We see so many people dropping out of the process because they’re tired of getting outbid.” Another problem: many sellers aren’t going to be willing to list until they’re more confident they can buy another home to move into.

4) The current market isn’t fun for real-estate agents, who make their living selling homes. But it is good for the home builders. If would-be buyers are motivated to buy now to take advantage of low prices and low mortgage rates but can’t find a home on the resale market, they’re likely to turn to the new-home market. Already, new home sales have rebounded from their depressed levels of a year ago, and Tuesday’s report for March sales will provide the latest indication of just how quickly builders are regaining market share that they surrendered as the foreclosure crisis worsened five years ago.

The New Mexico Museum of Art
Art on the Edge 2013

Presents the work of eight contemporary artists selected by Toby Kamps for this biennial juried show organized by Friends of Contemporary Art + Photography (FOCA+P). Jan 18 – April 14, 2013.

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Data through January 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1Home Price Indices, a leading measure of U.S. home prices, showed average home prices increased 7.3% for the 10-City Composite and 8.1% for the 20-City Composite in the 12 months ending in January 2013.

Home Prices Expected to Rise

The housing recovery is expected to grow at an annualized rate of 0.6 percent through the third quarter of this year, then gain momentum and prices are projected to grow 3.7 percent between the third quarters of 2013 and 2014 until settling down to 3.3 percent annual increases over the next three years according to Fiserv, a financial services technology provider using data from the Federal Housing Finance Agency (FHFA).

Both home prices and home sales volumes increased steadily last year, making 2012 the first positive year for both prices and sales since the housing market crash, excluding gains induced by the home buyer tax credits in 2009 and 2010.

“Although some recent real estate activity has been speculative, it seems as if buyers have more realistic expectations about housing market returns after having lived through the largest housing market crash in U.S. history,” says David Stiff, chief economist, Fiserv.

“2012 was the first year since 1997 that the housing market has resembled something recognizable as normal. For the past 15 years, home price changes and sales volumes have either been boosted by a bubble mentality or crushed by crash psychology,” continues Stiff.

“Back in 1997, housing prices grew 3 percent, just below the 5 percent long-term average rate of appreciation. From 1998 to 2006, prices appreciated at levels above 5 percent, with double-digit price increases in many of those years. Then, after 2006, the market collapsed as euphoria turned to panic. It took until the end of 2011 before housing markets finally started to stabilize. The latest Case-Shiller results show a return to a historically normal pace of price appreciation in the last year.”

The recovery in home prices has been solid and broad-based. At the end of the 2012 third quarter, prices were rising in approximately 62 percent of all U.S. metro areas, compared to 12.5 percent in the same period a year ago. Average U.S. home prices increased 3.6 percent from the third quarter of 2011 to the comparable period of 2012. Many of the metro areas that suffered the most severe declines during the housing market crash enjoyed the highest price increases in that period.

Fiserv Case-Shiller projects that by the end of 2013, home prices will be rising in nearly every metro area in the U.S. Some markets may experience short-term double-digit price jumps that could be partially reversed by price declines as large tranches of bank-owned inventory (REO) are liquidated. In other markets, price appreciation will slowly return to normal rates as home buyers regain confidence that the market has found its footing.

Stiff cautions that the parallels to previous years should not be overstated. Unlike in 1997, there are millions of homes with delinquent mortgages, in the foreclosure process, or in REO inventories listed for sale or waiting to be sold. But many trends are positive. With both prices and mortgage payments at historic lows relative to income, Fiserv Case-Shiller expects stronger demand for housing, and the sector once again having a positive impact on the economy.

“The number of new housing units being built per household is near a record low. As momentum in the housing market builds, we will see the residential real estate sector once again make large contributions to the economic recovery. If residential investment – which encompasses all direct spending on residential real estate construction and activity – returns to its 1997 level over the next two years, then housing will boost overall economic growth by 0.5 percentage points in 2013 and 2014,” Stiff continues.

“In all of the bubble-crash markets, foreclosures will have a persistent but diminishing drag on price appreciation. Since the timing of the disposition of foreclosed properties can be highly uncertain, we will witness choppy price movements as individual metro markets stabilize. For example, in late 2011, prices in Atlanta dropped sharply because of a substantial jump in REO sales, and it is possible that we will see similar, temporary price declines in other markets as subsiding waves of foreclosed properties buffet these markets. In other markets, investor demand is quickly absorbing listed REO properties, and as a result, foreclosures are no longer pulling home prices downward,” Stiff says.

The Fiserv Case-Shiller Indexes, which include data covering thousands of zip codes, counties, metro areas and state markets, are owned and generated by Fiserv. The historical and forecast home price trend information in this report is calculated with the Fiserv proprietary Case-Shiller indexes, supplemented with data from the FHFA. The historical home price trends highlighted in this release are for the 12-month period that ended September 30, 2012. One-year forecasts are for the 12 months ending on September 30, 2013. The Fiserv Case-Shiller home price forecasts are produced by Fiserv and Moody’s Analytics.

For more information, visit www.realestateeconomywatch.com.

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11 Camino Los Suenos
Price: $1,049,000
MLS: 201205602
Status: Active
Class: Residential
Acres: 2.5
Area: 25S- NW Quadrant-S
Bedrooms: 3
Baths: 4
Garage: 3
Guest House: No
Fireplace: Yes
Total Sqft: 3679

Captivating Sangre de Cristo Mountain views to the east and Jemez Mountain views to the west are premiered in this perfectly sited traditional Santa Fe home located on 2.5 acres in a private gated compound only minutes from the Plaza but with the desired feel of country living. Comfortable and spacious, this 3600+ sq. ft. home with natural travertine stone floors, diamond plaster walls and magnificent architectural design elements features a great room floor plan with 30′ long vigas supporting the 14′ high ceiling and a gourmet-style kitchen with granite counter tops, high-end stainless steel appliances, and walk-in pantry. Separate sleeping wings located on opposite sides of the home offer a secluded master suite and additional 3 bedrooms and 3 baths. A generous 1500 sq. ft. entertaining portal offers extended outdoor living areas, a built-in grill for outdoor kitchen, spa with custom stone deck, European-style fountains, mature landscaping and a mini-fruit orchard.

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1564 Cerro Gordo
Price: $1,250,000
MLS: 201300744
Status: Active
Class: Residential
Acres: 1.5
Area: 1-SF City Limits NE
Bedrooms: 5
Baths: 4
Guest House: Yes
Fireplace: Yes
Total Sqft: 5400

Upper Cerro Gordo beauty. Magnificent tranquility, park-like vistas and river valley views abound from this stunning main adobe, and separate guest house and separate studio on 1.5 acres in the Upper Canyon, minutes from the Plaza. 2 bed, 3 baths plus office and studio in main (2600 sq ft), 2 beds, 1.5 baths in guest (2100 sq. ft) and 700 sq ft studio. Beautifully crafted interiors, striking architectural features, perfect artist’s compound, serene and private yet close-in.

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New World Cuisine: The Histories of Chocolate, Mate y Más
In the Hispanic Heritage Wing through
January 5, 2014

This exhibition tells the tale of the earliest cultural mestizaje (mixing) to take place in the Americas through food. The exhibition highlights foods that originated in the New World and foods that were brought over from Europe via Spain and Asia via the Spanish Manila Galleons. Several special sections in the exhibition highlight specific food items. Two of these are chocolate and maté. The exhibition traces the origins of these two popular drinks, how they rose to popularity during the colonial period, and how they were introduced into European society and culture, and how they have become a strong component of popular culture today. More than 300 objects related to food harvesting, preparation, table settings, kitchen items and utilitarian and decorative implements illustrate the rich culinary traditions of the Americas. Interactive gallery activities include a scent station of new and old world herbs, shorts films about chocolate and mate, and a world map with food magnets, and a recipe exchange. Visitors are invited to take receipe cards, and write one of their own for inclusion on the New World Cuisine Facebook Page (Photo: by Kitty Leaken)

Public Programs:
Sunday May 19, 2013
1-4PM
Remedios /Remedies Explore New Mexican herbal salves, tinctures and other herbal remedies. By Museum admission. New Mexico residents free on Sundays!

Sunday September 15, 2013
Fall Harvest. By Museum admission, New Mexico residents free on Sundays!

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Back in the Saddle
February 8 – September 15, 2013
New Mexico artists have incorporated horses in their Southwestern imagery since the 1880s. These paintings, photographs, prints, and drawings capture the changing spirit of Southwest Art. Horse imagery during the twentieth century became an icon of the region, reflecting its ethnic diversity, and changing aesthetic styles.

New Mexico artists have incorporated horses in their Southwestern imagery since the 1880s. These paintings, photographs, prints, and drawings capture the changing spirit of Southwest Art. Horse imagery during the twentieth century became an icon of the region, reflecting its ethnic diversity, and changing aesthetic styles.

The exhibition is curated by John Torres Nez, Ph.D., Southwest Indian Art Association, and Joseph Traugott, Ph.D., New Mexico Museum of Art.

Image: Gerald Cassidy, The Passing Storm, Navajo Country, before 1934, oil on canvas. Collection New Mexico Museum of Art. Gift of Mrs. Emory Stedman in memory of her husband, 1941.

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March 23, 2012- April 7, 2013
One year cycle of small one person exhibitions featuring work being made in New Mexico right now. When the Museum of Art was established in 1917 the building was designed and built in a style to celebrate the historic qualities of New Mexico but the institution was created to exhibit artwork contemporary for that time.

On display March 23, 2012- April 7, 2013

The New Mexico Museum of Art to host a year-long cycle of alcove exhibitions

Alcove Shows 12.0 to highlight artwork being made in New Mexico right now

When this museum was established in 1917 the building was designed and built in a style to celebrate the historic qualities of the state. The institution itself was created to exhibit artwork contemporary to the time. Many of the artworks and artists who exhibited at that time now form the historic core of our permanent collection.

To celebrate the 100th anniversary of New Mexico’s statehood, and in anticipation of the New Mexico Museum of Art’s centennial, we are presenting a year-long cycle of alcove exhibitions. The format of these Alcove Shows can be traced back to the 1917 founding of the Art Gallery of the Museum of New Mexico. Small one-person exhibitions were held in the gallery alcoves through the 1950s, resuming in the mid-1980s and again in the early 1990s.

The museum is continuing this tradition with a cycle of nine exhibitions that will include forty-five artists from across the state. Five artists will exhibit for five weeks at a time from March of 2012 through early April of 2013. These artist-centered showcases feature new ideas, artists at all stages of their careers and artwork that is being made in New Mexico right now.

Alcove 12.1 will feature the art of Julia Barello, David Forlano, Jane Lackey, Ted Larsen, and Linda Swanson and will be on exhibition from March 23- April 29, 2012.

Alcove 12.2 will feature the art of Steve Fitch, Harmony Hammond, Terri Rolland, Robert M. Ellis, and August Muth and will be on exhibition from May 4- June 10, 2012.

Alcove 12.3 will feature the art of Susan Dopp, Michael Edge, Miguel Gandert, Rebekah Potter, and Todd Volz and will be on exhibition from June 15- July 29, 2012.

Alcove 12.4 will feature the art of Lucrecia Troncoso, Nancy Sutor, Paula Castillo, Nancy Judd, and Will Wilson and will be on exhibition from August 3- September 9, 2012.

Alcove 12.5 will feature the art of Tom Miller, Louis Schalk, Scuba (Sandra Wang and Crockett Bodelson), Toadhouse, and Susan York and will be on exhibition from September 14- October 21, 2012.

Alcove 12.6 will feature the art of Kate Carr, Michael Borowski, Lawrence Fodor, Karina Hean and Ellen Babcock and will be on exhibition from October 26- December 2, 2012.

Alcove 12.7 will feature the art of Marc Baseman, Matthew Chase-Daniel, Eric Garduno, Jeanette Pasin Sloan, and Jared Weiss and will be on exhibition from December 7, 2012 – January 13, 2013.

Alcove 12.8 will feature the art of Susanna Carlisle and Bruce Hamilton, Yoshiko Shimano, Cristina González, Diane Tintor, and Cedra Wood, and will be on exhibition from January 18 – February 24, 2013.

Alcove 12.9 will feature the art of Jeff Deemie, Teri Greeves, Joanne Lefrak, James Marshal, and Mary Tsiongas, and will be on exhibition from March 1 – April 7, 2013.

The New Mexico Museum of Art
It’s About Time: 14,000 Years of Art in New Mexico
May 11, 2012 – Jan 5, 2014
Traces art in the American Southwest from the earliest Clovis culture to the present. It’s About Time emphasizes the prime objects of artistic change as part of the centennial celebration of New Mexico statehood.

On display May 11, 2012 – Jan 5, 2014

It’s About Time traces art in the American Southwest from the earliest Clovis culture to the present. The exhibition and related publication include Native American, Hispanic and European American art. It’s About Time emphasizes the prime objects of artistic change as part of the centennial celebration of New Mexico statehood.

The exhibition begins with the changing nature of New Mexico art and includes Paleo Indian, Ancestral Pueblo, and Native and Hispanic art during the Spanish Colonial period. The chronology continues with art from the American colonial, early statehood, and post-World War II periods. The contemporary works in the final section look to the past but envision the future.

Viewers will note the interactions and artistic fusions that have occurred across ethnic divides over vast periods of time.

Well-known artists in the exhibition include T.C. Cannon, Judy Chicago, E. Irving Couse, Robert Henri, Marsden Hartey, Luis Jimenez, Raymond Jonson, Agnes Martin, Maria and Julian Martinez, Bruce Nauman, Georgia O’Keeffe, Patrick Oliphant, Agnes Pelton, Florence Miller Pierce, Diego Romero, and Luis Tapia.

A 300 page publication, with the same title, includes 240 full color reproductions will be published in
Spring, 2012.

The exhibition will open May 11, 2012 and run through January 2014.

The exhibition is generously funded by the New Mexico Humanities Council, Newman’s Own Foundation, and the Museum of New Mexico Foundation.

Raymond Jonson, American, 1891 – 1982
Variations on Rhythm N, 1932
Oil on canvas 37 1/2 x 32 1/2 in.
Gift of Raymond Jonson, 1936
New Mexico Museum of Art 287.23p

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Multiple Visions: A Common Bond
Long-term Exhibition, Girard Wing
This unique exhibition designed by the collector and donor, Alexander Girard». Since the opening in 1982, more than a million visitors have been delighted by the richly varied displays in numbered cases- toys, and traditional folk art from more than 100 countries. Take a tour with a Docent, or explore this text-free gallery on your own with the printed gallery guide or Ask about the NEW multimedia tour at the front desk!
Girard Art Projects»

Statehood: New Mexican Art 1912-2012 from the Permanent Collection
In Lloyd’s Treasure Chest, Neutrogena Wing
through March 31, 2013.
Centennial exhibition featuring objects from the permanent collection highlighting New Mexican Art and artists in the 20th and 21st Centuries, The exhibition illustrates traditional folk traditions as well as innovative expressions (Photo Collage by Paul Smutko)

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A major exhibition featuring over 850 works of art from the nineteenth and twentieth centuries. This diverse group of Andean folk arts includes weaving, embroidery, woodcarving, ceramics, painting, and metalwork, reflecting the interweaving of indigenous craft traditions with European art forms and techniques. (Photo, above: Woman’s Sidesaddle Stirrups, Argentina, early 19th century, Silver, 5″ x 8.75″. Photo by Blair Clark) The exhibition provides a window into the rich spirit and culture shared by the peoples of this highland region of South America through works ranging from costumes, jewelry, utilitarian items, and toys to those used in religious practices and festivals. The exhibit will be accompanied by a richly illustrated 300 page catalog». In addition, public programming related to the Andes will take place throughout the year. The exhibition closed in the Hispanic Heritage Wing September 9, 2012, and in the Bartlett Gallery on March 10, 2013. Funding for this exhibition was generously provided by the International Folk Art Foundation, the Friends of Folk Art of the Museum of New Mexico Foundation, Connie Thrasher Jaquith, and the Museum of International Folk Art Development Team.

PUBLIC PROGRAMS

Sunday March 10, 2013
10am to 5pm
Final day to see the Folk Art of the Andes exhibition.

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Two mysteries surround the spiral staircase in the Loretto Chapel: the identity of its builder and the physics of its construction.

Loretto Chapel staircaseWhen the Loretto Chapel was completed in 1878, there was no way to access the choir loft twenty-two feet above. Carpenters were called in to address the problem, but they all concluded access to the loft would have to be via ladder as a staircase would interfere with the interior space of the small Chapel.

Legend says that to find a solution to the seating problem, the Sisters of the Chapel made a novena to St. Joseph, the patron saint of carpenters. On the ninth and final day of prayer, a man appeared at the Chapel with a donkey and a toolbox looking for work. Months later, the elegant circular staircase was completed, and the carpenter disappeared without pay or thanks. After searching for the man (an ad even ran in the local newspaper) and finding no trace of him, some concluded that he was St. Joseph himself, having come in answer to the sisters’ prayers.

The stairway’s carpenter, whoever he was, built a magnificent structure. The design was innovative for the time and some of the design considerations still perplex experts today.

The staircase has two 360 degree turns and no visible means of support. Also, it is said that the staircase was built without nails—only wooden pegs. Questions also surround the number of stair risers relative to the height of the choir loft and about the types of wood and other materials used in the stairway’s construction.

Over the years many have flocked to the Loretto Chapel to see the Miraculous Staircase. The staircase has been the subject of many articles, TV specials, and movies including “Unsolved Mysteries” and the television movie titled “The Staircase.”

Bruce Krasnow | The New Mexican
Posted: Monday, January 07, 2013 – 1/7/13

Santa Fe has landed on Travel + Leisure magazine’s list for “America’s Best Girlfriend Getaways.”

It joins Austin, Texas; Maui, Hawaii; Charleston, S.C.; Scottsdale, Ariz., and other cities where BFFs can walk, stroll and spend time without the guys. “Girls’ getaways, while focused on fun and celebration, don’t have to be one big drinking fest like guys’ trips often are,” writes Terry Ward.

Of Santa Fe, Ward writes, “In this town that has drawn artists and healers to the foot of the Sangre de Cristo Mountains for decades, you can head out on the artisanal chocolate trail, stopping at Kakawa Chocolate House for Mesoamerican chocolate elixirs and at ChocolateSmith, where dark chocolate is the specialty. You can get pampered at the Ten Thousand Waves Mountain Spa, inspired by traditional Japanese hot springs resorts; the communal soaking tub is women only and clothing optional.”

The annual report from Atlas, the giant moving and transportation company, that tracks who goes and comes from each state shows immigration to New Mexico has slowed but that the state still has more people coming here than leaving. In 2012, there were 746 inbound trips, compared with 646 exits, and there have been more inbound trips to New Mexico every year in the past decade. But the largest difference was in 2004, when the state saw 536 more inbound trips than exits.

The top-five inbound states of 2012 were:

1. District of Columbia
2. Oregon
3. Nevada
4. North Carolina
5. South Carolina

To see the information, visit www.atlasvanlines.com/migration-patterns/pdf/2012_Migration_Patterns.pdf.

Ashley Leach, an economist with the state Department of Workforce Solutions, has put together an analysis of the top occupational growth areas by education level expected in New Mexico between now and 2020.

“As students and job seekers assess the types of work they are interested in, they can begin to match their interests with occupations. There are also times, however, when a job seeker is not currently expanding his/her educational level, and is looking for work. Knowing which occupations provide the greatest employment opportunities for their specific skill level can help in guiding them to some positions that may be a best bet for employment,” she writes.

For those with less than a high-school degree, the job of health care aide will see the most growth as the demand will swell more than 50 percent as baby boomers age. The average wage is about $20,000 a year. For those with a high-school degree, jobs related to heavy machinery and truck drivers will see 20 percent growth with wages reaching $39,000.

For those with more education, the teaching fields will remain a stable source of jobs as well as physical therapy, where salaries can reach $70,000 a year, according to the analysis.

The report is available at the DWS website, http://164.64.37.28/Portals/0/DM/LMI/lmrnov12.pdf. Contact Bruce Krasnow at brucek@sfnewmexican.com.

by Ruth Mantel

(MCT)—Sales of existing homes ticked down in December from the month before, while the total for 2012 hit the highest level in five years, according to data released Tuesday by the National Association of REALTORS®.

The pace of sales fell 1 percent in December to a seasonally adjusted annual rate of 4.94 million, according to NAR. For all of 2012, existing-home sales hit 4.65 million, the highest level since 2007 and up 9.2 percent from 2011.

“Record-low mortgage interest rates clearly are helping many home buyers, but tight inventory and restrictive mortgage underwriting standards are limiting sales,” says Lawrence Yun, the NAR’s chief economist.

The rate in November was revised to 4.99 million from an earlier estimate of 5.04 million, which was the highest rate since November 2009. Economists polled by MarketWatch had expected a rate of 5.1 million for December, with buyers eager to take advantage of relatively high affordability in a housing market that is gaining steam.

Buyers’ concerns about the “fiscal cliff” may be at least partially behind December’s sales decline, wrote Millan Mulraine, macro strategist at TD Securities, in a research note.

“Given this, we anticipate that sales activity could rebound in January following the tax deal, given the very supportive buying conditions and the increasing incentive for first-time buyers (who are currently sitting on the fence) to slowly move into the market as prices begin to firm,” Mulraine wrote.

By region, it was a mixed bag. December’s existing-home sales fell by 5.9 percent in the Midwest and by 3 percent in the South, compared with the prior month; sales rose by 5.1 percent in the West and by 3.2 percent in the Northeast.

Sales in each of the four regions were up from same period in the prior year.

Despite the decline in December, existing-home sales are up 12.8 percent from the same period in the prior year. The median existing-home price rose 11.5 percent from the prior year to $180,800.

Inventories fell 8.5 percent to 1.82 million units in December, representing at the current sales rate a 4.4-month supply, the lowest supply ratio since 2005. It’s typical for inventories to decline in winter. But Yun warns that persistently low inventory could lead to too much price growth in 2013.

“We don’t want to see a rapid appreciation in prices,” he says.

Meanwhile, the median price reached $176,600 in 2012, up 6.3 percent from the prior year for the highest annual growth since 2005.

Other recent housing data have also shown a market gaining strength but still has far to go.

A report on home-builder sentiment showed that confidence is holding at a more-than-six-year peak. Separately, a report showed that new home construction jumped 12 percent in December to the highest rate in more than four years, rushing past Wall Street’s expectations.

©2013 MarketWatch
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