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Posts Tagged ‘ Housing Purchase ’

California home sales post higher in February

Monday, March 26th, 2012

March 26, 2012

Recent improvements in the overall economy, combined with extremely low interest rates lifted California home sales from both the prior month and year in February, according to data from C.A.R. The median price dipped from January but is beginning to show signs of stabilization.

“While the median home price dipped in February, the year-over-year decline was the smallest recorded since December 2010,” said C.A.R. President LeFrancis Arnold. “This may be a signal of a possible stabilization in home prices, which should bode well for prospective buyers who have been on the sidelines waiting for prices to level out and may entice them to jump into the market.”

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 528,010 in February, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. February’s sales were up 2.1 percent from January’s revised pace of 517,120 and up 5.5 percent from the revised 500,480 sales pace recorded in February 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide median price of an existing, single-family detached home dipped 0.6 percent to $266,660 in February from January’s $268,280 median price. The median price was down 1.7 percent from the revised $271,370 median price recorded in February 2011.

Fast Facts
Calif. median home price: February 2012: $266,660 (Source: C.A.R.)
Calif. highest median home price by region/county February 2012: Marin, $732,140 (Source: C.A.R.)
Calif. lowest median home price by region/county February 2012: Tehama, $85,000 (Source: C.A.R.)

Calif. Pending Home Sales Index: January 2012: 102.4, an increase from the revised 93.1 recorded in January 2011

Calif. Traditional Housing Affordability Index: Fourth quarter 2011: 55 percent (Source: C.A.R.)

Mortgage rates: Week ending 3/15/2012 30-yr. fixed: 3.92% fees/points: 0.8% 15-yr. fixed: 3.16 fees/points: 0.8% 1-yr. adjustable: 2.79% Fees/points: 0.6% (Source: Freddie Mac)

Information provided by California Association of REALTORS®


California to Receive $18 Billion in Mortgage Settlement

Monday, February 13th, 2012

On February 9, Attorney General Kamala D. Harris announced thatCaliforniasecured up to $18 billion for its distressed homeowners as part of a $25 billion national multistate settlement with the country’s five largest loan servicers. More than $12 billion will be used to offer short sales or write down loans over the next three years for about 250,000 underwater homeowners inCalifornia, according to the attorney general. Relief will go to areas hardest hit by the foreclosure crisis within the first year of the settlement.

Although the actual settlement has not yet been released, the attorney general has stated that other financial benefits for California include $849 million for refinancing 28,000 borrowers who are underwater but current on their payments; $279 million restitution for 140,000 homeowners who were foreclosed upon between 2008 and 2011; $1.1 billion for unemployed homeowners, transitional assistance, and repairing blight; $3.5 billion to extinguish unpaid loans that remain after foreclosure for 32,000 homeowners; and $430 million to the state attorney general’s office for costs and fees. As part of aCaliforniaguarantee, if the lenders fail to reduce principal balances by a minimum of $12 billion, they will be required to pay fines up to $800 million to the state.

The loans involved in this settlement are those owned or serviced by Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial Inc. The settlement releases the five named lenders from certain federal and state claims pertaining to robo-signing and other foreclosure misconduct by the lenders. It does not affect any individual’s rights to bring legal action against a lender. It also does not apply to the majority of mortgage loans, which are those owned by Fannie Mae or Freddie Mac.

This mortgage settlement does not change any homeowner’s existing financial relationship with a settling lender. It does not relieve homeowners from any obligation. It does not require a settling lender to stop any foreclosure.

Homeowners seeking relief under the settlement agreement should contact their loan servicer or a HUD-approved housing counselor. More information including detailed FAQs is also available from the California Attorney General’s website, or visit the National Mortgage Settlement website.



How To Buy A Home

Tuesday, December 15th, 2009

The road to home ownership can be exhilarating, but also complicated. For any successful real estate transaction to occur, several vital steps must be executed, which may include choosing a REALTOR® who can help guide you through the process, to contacting a reputable lender to establish your borrowing power, to selecting a home, then closing escrow and preparing for the move into your new home!

Here’s a 10-step home buyer’s checklist to help you keep on track toward acquiring your new home:

  • Select a REALTOR®: Choose a REALTOR® to assist you through the complex process of looking for the right home, conducting neighborhood research, analyzing home prices, negotiating with sellers, signing documents, and reviewing disclosure forms,among other things.
  • Get an Education: You may want to find out what first-time buyer incentive programs are available through your city and county municipalities. Often these include financial assistance for those who complete home-buying educational courses, deferred loans, and other forms of support. Your REALTOR®can help you with this information.
  • Paint Your Financial Picture: You may want to obtain a copy of your credit report and credit score and attempt to resolve any errors or other credit issues that might impact your ability to obtain the best loan and interest rate possible.
  • Get Pre-approved: Make an appointment to meet with a qualified local mortgage lender to determine what price range you can afford and obtain a pre-approval letter, which demonstrates your buying power.
  • Find a Home: Using the services, knowledge, and expertise of a REALTOR®, establish your priorities for size, location, and style, and start shopping for a home that fits your lifestyle, budget, and long-term goals.
  • Make the Offer: When you find the home that’s right for you, work with your REALTOR® to write an offer and complete a purchase agreement, detailing all of the terms and conditions of the sale between you and the seller.
  • Make a Deposit: When you write an offer, you will need to provide a “good-faith” deposit showing the seller your intent to buy the home.
  • Get Financing: Once you’ve selected a home and you and the seller have agreed upon a price, choose a local lender who can help you obtain a loan that best suits your immediate and long-term needs. A local lender will be knowledgeable about the area where you intend to buy.
  • Hire an Inspector: A home inspection is recommended in order to reveal potential safety or other issues with the home that you may want to address before completing your purchase transaction.
  • Close the Deal: Wrapping up your purchase transaction may include meeting with your REALTOR® to conduct a final walk-through of the property, signing final documents, and getting the loan funded, among other things. Courtesy of California Association of Realtors

We hope you find this information useful!

Your Bass Lake Realty Team

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