Arnold CA Blog – Real Estate Advice & Editorials

California home sales rose for the third consecutive month in December, marking the highest level since January 2011, according to data from C.A.R.  Sales also were up from a year ago, marking the sixth consecutive annual increase.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 520,940 in December, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  December’s sales were up 3.3 percent from November’s revised pace of 504,420 and were up 0.1 percent from the revised 520,330 sales pace recorded in December 2010. 

The statewide median price of an existing, single-family detached home posted its second consecutive monthly gain, increasing 1.8 percent to $285,920 in December, up from a revised $280,960 in November.  However, the median price was down 6.2 percent from the revised $304,770 median price recorded in December 2010.

Homeowners who had a mortgage loan on a primary residence and who believe were financially harmed during the mortgage foreclosure process by GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage, or EMC Mortgage in 2009 or 2010 can request an independent review and potentially receive compensation.

The review is intended to determine if borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies that may have occurred during the foreclosure process. The servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes.

A number of servicers supervised by the Office of the Comptroller of the [...]

NAR recently reported on legislation signed into law by President Obama that taxes housing to pay for the extension of the payroll tax, and maintain Medicare payments and unemployment benefits.

Despite NAR’s strong opposition to the diversion of housing resources to pay for non-housing uses, increases in Guarantee Fees on Fannie/Freddie mortgages and premium charges for FHA loans are being used to pay for the extensions. These increases will translate into additional costs for housing consumer and will divert fees needed to minimize the loss exposure of
the government-sponsored enterprises, investors, and ultimately, the taxpayer.

C.A.R. recently sent comments letters to the California [...]

The Wall Street Journal- Just as in 2011, in 2012 many will be trying to figure out where housing is headed.  While the housing market didn’t worsen in 2011, it also didn’t stabilize either.  This year, the story will be about local markets.  While many housing markets rose and fell together, they’re recovering at difference paces so talking about housing on a national level is not beneficial.

Confidence and jobs: Housing is more affordable than it has been in decades, but many would-be buyers are worried about buying today if prices are going to be lower tomorrow.  Still, others don’t want [...]

Instances of financial abuse and fraud against the elderly increased from November 2010 to January 2011, according to a recent report from MetLife, which found overall investment fraud targeted towards older Americans is on the rise.

Americans over the age of 65 lost nearly $3 billion to financial abuse from April to June 2010, up 12 percent from the same period in 2008, according to the report. During that time, 51 percent of the fraud cases reported were perpetrated by strangers, 34 percent by family, friends, and neighbors and 12 percent by businesses.  In a separate look at the holidays, MetLife [...]

The Acting FHA Commissioner has extended a temporary waiver of FHA’s anti-flipping regulation through 2012.

“This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said Carol J. Galante.  “FHA remains a critical source of mortgage financing and stability, and we must make every effort to promote recovery in every responsible way we can.”

With certain exceptions, FHA rules prohibit insuring a mortgage on a home owned by the seller for less than 90 days.  In 2010, however, FHA temporarily waived this regulation through Jan. 31, 2011, and later [...]

U.S. house prices fell 0.2 percent on a seasonally adjusted basis from September to October, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 0.9 percent increase in September was revised downward to reflect a 0.4 percent increase. For the 12 months ending in October, U.S. prices fell 2.8 percent. The U.S. index is 19.2 percent below its April 2007 peak and roughly the same as the February 2004 index level.

The FHFA monthly index is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie [...]

Sales of new single-family houses rose 1.6 percent in November to a seasonally adjusted annual rate of 315,000, according to estimates released jointly today by the U.S. Census Bureau and the Dept. of Housing and Urban Development.

The median sales price of new houses sold in November was $214,100; the average sales price was $242,900. The seasonally adjusted estimate of new houses for sale at the end of November was 158,000. This represents a supply of 6 months at the current sales rate.