Archive for February, 2011
Existing Home Sales Down 40% in the Last 6 Months
Home re-sales rose another 2.7 percent last month, according to the National Association of REALTORS® monthly Existing Home Sales report. An “existing home” is a home that’s been previously occupied and is not considered new construction. The number of existing homes sold on a rolling 12-month basis is now at its highest point since May [...]
California Home Buyer Grants Available – CHF Platinum
The CHF Platinum Grant Program will give a California home buyer 3% of the loan amount to pay down payment or closing costs. This program is, at this point, perpetually funded with no pre-determined limit to availability of the down payment or closing cost assistance. The CHF Platinum program is being administered by the National [...]
Are 30% Down Payments in Our Mortgage Future?
Wells Fargo wants borrowers to put down 30 percent on mortgages to avoid a new requirement that will require mortgage lenders to retain five percent of the loan if it’s securitized, according to the WSJ. This so-called “risk retention” is related to new regulations required by the Dodd‐Frank Wall Street Reform and Consumer Protection Act [...]
Southern California Home Sales at Lowest Level for a January in Three Years
Southern California home sales at lowest level for a January in three years The median price in the region, $270,000, represents the first year-over-year price drop since fall 2009, driven by a shift toward sales of cheaper properties and foreclosures. Southern California’s housing market extended its slump as sales hit the lowest level for a [...]
For Sale: 51 Don Quixote, Rancho Mirage CA – Rancho Las Palmas Country Club
51 Don Quixote, Rancho Mirage, CA Bed/Bath: 3 br, 3.00 ba Property Type: Condo Square Footage: 2,187 square feet Property Subtype: Condo Attached Asking: $575,000 Cross Street: Don Quixote Dr & El Toro MLS: #21420948 Map: click here to view map See Picture Gallery Below Virtual Tour: Click here to view Virtual Tour Beautiful custom [...]
Home Buying Surge Hits Orange County California Beach Communities
Beach cities had Orange County’s biggest sales gain in January. 342 homes sold in beach cities’ 17 ZIP codes in the most recent period, +18% from a year ago. Median selling price? $615,000 in these 17 ZIPs. Of course, the surge took some discounting. Median price change in the region was down 6.8% vs. a [...]
Orange County California Home Affordability Triples!
The percentage of households able to afford an Orange County starter home has tripled since the housing market peaked, the California Association of Realtors reported. By the Realtors’ math, 60% of Orange County households could afford to buy the typical “entry-level” house in Orange County in the fourth quarter of 2010. By comparison, just 21% [...]
Demand for Orange County Homes surge 26%
Demand, the number of new pending sales over the prior month, increased by 26% in the past two weeks, adding an additional 564 homes, and now totals 2,718 pending sales. Thus far this year, demand is a mirror image of 2009, prior to any artificial government stimulus. Last year, there were 530 additional pending sales; [...]
Mortgage Rate Update
Mortgage markets worsened last week as Wall Street came to terms with the expanding economy; and realized the Federal Reserve may be trying to induce inflation. Better-than-expected retail sales and positive job growth buoyed stock markets and sank bonds. Mortgage rates in California rose for the 4th time in 5 weeks last week, extending a [...]
Bank Of America Has Their Own Loan Modification Rules
Bank of America’s earnings power is expected to strengthen this year, as losses on loans ease and the national economy gradually recovers. But the foreclosure practices of Bank of America and other large mortgage servicers remain under investigation by all 50 state attorneys general, and that controversy is likely to continue to overshadow positive news [...]
