Category Archives: Area Info

Foreclosure Rescue Scams…

With the recent rise in foreclosures, foreclosure-related scams have exploded onto the real estate scene. These so-called “foreclosure rescue companies” claim they will help save your home, but in reality are out to make a profit — at your expense.

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California Housing Market Turns Corner…

California, one-time hub of subprime mortgage lending and the nation’s leader in home foreclosures, has turned the corner toward a housing recovery, according to the state Association of Realtors.Single-family home prices in California rose for the eighth consecutive month in October. The median cost of an existing, detached house gained 0.3 percent from the previous month to $297,500. Prices dropped about 3.2 percent from a year earlier, compared with annual declines of 7.3 percent in September and 17 percent in August.

“California has hit and passed the bottom of this real estate cycle,” Leslie Appleton-Young, vice president and chief economist of the Los Angeles-based Realtors group, said in a statement today.

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Percentage of homes with negative equity declines

The percent of single-family homes with negative equity declined 21 percent in the third quarter, down from 23 percent in the second quarter, as home values stabilized in the short term and a greater number of underwater homeowners lost their homes to foreclosure, according to the third quarter Zillow Real Estate Market Reports.

Year-to-year home values declined 6.9 percent in the third quarter, the 11th consecutive quarter of year-to-year declines, according to the Zillow Home Value Index.  However, the rate of year-to-year decline shrank for the third consecutive quarter.

Foreclosure resales remained high, accounting for 21.4 percent of all U.S. home sales in September, and represented the majority of sales in several MSAs including Merced, Calif., 74.2 percent; Stockton, Calif., 69.3 percent; Madera, Calif., 68.7 percent; and El Centro, Calif., 68.1 percent.  Additionally, 26.9 percent of home sales nationwide sold for less than what the seller originally paid, according to the report.

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2010 Real Estate Economic Forecast…

Here is a good video from CAR Chief Economist Leslie Appleton-Young on the 2010 Economic Forecast.

Watch it now…

2010 new laws affecting the real estate…

Member Legal Services at C.A.R has published a new legal article, 2010 New Laws (November 12, 2009). This chart includes summaries of the 2010 new federal and state laws affecting the real estate industry including the 2009 emergency legislation. Since over 700 laws have been passed by the California legislature and signed by the governor, this chart may be further updated to include additional statutes of interest to real estate licensees.

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Consumer interest in investing doubles…

Affordable prices and foreclosures are attracting investors to the housing markets today, and the number of consumers interested in investing in real estate has doubled since March 2009, according to the new Move.com Homeownership Survey released today.  Low prices and foreclosure bargains have also become the most important reasons motivating buyers today to purchase a home.

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Cali Fast Facts…

 

Calif. median home price – September 09: $296,090 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region September 09: Santa Barbara So. Coast $750,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region September 09: High Desert $117,820 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index – Second Quarter 2009: 67 percent (Source: C.A.R.)
Mortgage rates – week ending 10/29/09 30-yr. fixed: 5.03% Fees/points: 0.7% 15-yr. fixed: 4.46% Fees/points: 0.6% 1-yr. adjustable: 4.57% Fees/points: 0.6% (Source: Freddie Mac)