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July 23, 2012

Falling inventory levels in California leads to increase in asking prices.

Filed under: General,Real Estate Market Data — Tags: , — admin @ 8:47 am

This article orginally appeared in The Wall Street Journal.

With low supply, asking prices rise for fifth straight month
The number of homes listed for sale rose by 0.5 percent in June from May and was down 19.4 percent from a year ago, according to Realtor.com. Compared with one year ago, listings were down in all but two of the 146 markets tracked by Realtor.com. Inventory has fallen by nearly 58% in Oakland, Calif.; by 49% in Fresno, Calif.; by 47% in Bakersfield, Calif.; and by 43% in Seattle.

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California housing market improving, prices at 2010 high

Filed under: General,Real Estate Market Data — Tags: , , — admin @ 8:17 am

This article orginally appeared in The Daily Breeze.

State housing market improving, housing prices at 2010 high
California’s housing market continued to show signs of improvement in June, as home sales experienced solid gains annually and home prices reached their highest level since August 2010, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said this week.

Making sense of the story

  • June sales rose 8.5 percent from June 2011’s revised 478,040 pace. Closed escrow sales of existing, single-family detached homes in California declined 8.6 percent from May’s revised 567,330 to a seasonally adjusted annualized rate of 518,460 in June.  The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the June pace throughout the year and is adjusted to account for seasonal factors that typically influence home sales.
  • June’s price rose 1.3 percent from a revised $316,410 in May and 8.1 percent from a revised $296,410 recorded in June 2011. The June 2012 figure was 30.7 percent higher than the cyclical bottom of $245,230 reached in February 2009.  The median price has posted above the $300,000 level for the third straight month after remaining below that mark for 15 months. 
  • California’s housing inventory remained flat in June, with the Unsold Inventory Index for existing, single-family detached homes remaining at 3.5 months in June, consistent with the inventory level reported in May.  June’s housing inventory was down from a revised 5.1 months in June 2011.  The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate.  A 7-month supply is considered normal.

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July 10, 2012

Speeding up refinances

Filed under: Loans,Real Estate Market Data — Tags: , , , , , , , , , — admin @ 7:28 am

The New York Times

Speeding up refinances
While many large financial institutions are facing backlogs of mortgage applications as more homeowners take advantage of low interest rates and the government-sponsored Home Affordable Refinance Program (HARP), borrowers looking to accelerate the refinancing process are finding some relief from brokerages and community banks that are not servicing HARP loans.

Making sense of the story

  • HARP borrowers typically refinance with the banks that originally serviced their loans, because those banks already have their information and, according to the Mortgage Bankers Association, “There’s potential for it to be a less painful process.”
  • Still, tighter lending standards precipitated by the mortgage crisis have made for an arduous application process.
  • Mortgage brokers are reporting an increase in business from those looking to streamline the process.  According to one broker, a benefit of working with a mortgage broker is that they have direct contact with the banks and can keep track of the application as it goes through many hands at the bank.
  • Borrowers also might want to consider refinancing with a community bank, especially those that do not service HARP-eligible borrowers and are able to respond quicker to non-HARP refinance requests.

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July 8, 2012

California Homeowner Bill of Rights.

Filed under: General,Loans — Tags: , , , , , , , , , — admin @ 5:50 pm

San Francisco Chronicle

Homeowner Bill of Rights plans move forward
On Wednesday, a so-called “Homeowner Bill of Rights” moved a step closer to passing, with housing advocates claiming the bill would help people stave off foreclosures. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) opposes provisions in this measure which will allow anyone to stop the foreclosure process by filing a lawsuit, merited or not.

Making sense of the story

  • C.A.R. agrees that careful and balanced reforms to the foreclosure process are necessary. However, C.A.R. opposes AB 278 because it will further delay the housing recovery by inviting bad-faith lawsuits and defaults, making it difficult for even well-qualified borrowers to obtain financing.
  • The legislation would ban the practice of dual-tracking, in which a bank continues foreclosure proceedings while a homeowner is seeking a loan modification; require banks to provide a single of point – either a person or a team – for struggling borrowers; and give borrowers the right to sue their lenders for “significant, material” violations of the new law.
  • The bills also require lenders to give a clean explanation when they reject borrowers for a loan modification, to verify mortgage documents before a foreclosure, and to provide copies to borrowers upon request.  Lenders can be fined up to $7,500 per loan for filing and recording unverified documents.  The bills’ provisions apply to first-lien mortgages for owner-occupants.
  • For more information about C.A.R.’s opposition to AB 278 and to learn how to take action, visit http://www.car.org/governmentaffairs/getinvolved/redalert4/.

 

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