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July 2012 - Posts

Sunday, July 29, 2012 3:14 PM

June Fast Stats

Calif. median home price : June 2012: $320,540 (Source: C.A.R.) Calif. highest median home price by region/county June 2012: San Mateo, $825,000 (Source: C.A.R.) Calif. lowest median home price by region/county June 2012: Merced, $107, (Source: C.A.R.)
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Sunday, July 29, 2012 3:12 PM

Watch out for fraudulent insurance checks

The California Dept. of Insurance (CDI) has announced that some checks bearing the name of the department and purportedly signed by the Insurance Commissioner are fraudulent. According to the warning, checks have been circulated and presented as a “payment”
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Sunday, July 29, 2012 2:59 PM

Moody's analyzes impact of widespread use of eminent domain

After testing out different scenarios, Moody’s Investor Services concluded a widespread adoption of San Bernardino County’s proposed use of eminent domain will increase losses for Residential Mortgage-Backed Security (RMBS) pools by around
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Sunday, July 29, 2012 2:58 PM

Home prices rise, but sales decline in June

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums, and co-ops – declined 5.4 percent to a seasonally adjusted annual rate of 4.37 million in June from an upwardly revised 4.62 million
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Sunday, July 29, 2012 2:55 PM

Short Sale Soundoff: C.A.R. supports FHFH Act

C.A.R. is supporting and urging the swift passage of The Fast Help For Homeowners (FHFH) Act, a short sale bill that will require subordinate lien holders to respond to short sale offers within 45 days. The FHFH Act was introduced last week by Congressman
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Saturday, July 28, 2012 8:18 AM

Remodeling Contracts and Awareness

Talking Points As home sales increase and contractors see improving business conditions ahead, remodeling activity in the U.S. is expected to grow by the end of this year and into 2013, according to the Leading Indicator of Remodeling Activity (LIRA)
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Saturday, July 28, 2012 8:16 AM

Home values rise for first time in 5 years

CNNMoney Nationwide, home values rose 0.2 percent year-over-year to a median $149,300 during the second quarter, the first annual increase since 2007, real estate listing site Zillow reported. Prices were up 2.1 percent from the first quarter. Read the
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Saturday, July 28, 2012 8:14 AM

Pending home sales in California decline

Los Angeles Times The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week that contracts signed for previously owned homes in California took a dip in June. The decline in pending sales can be attributed to a lack of housing inventory.
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Sunday, July 22, 2012 4:58 PM

Seller Must Do's Before Listing Home For Sale

Talking Points Sellers who are considering listing their homes for sale are advised to do the following: Get rid of clutter and neutralize the home. Removing unnecessary furniture and painting rooms neutral colors will help potential buyers see themselves
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Sunday, July 22, 2012 4:57 PM

Here comes the catch in home equity loans

The New York Times Recent data suggests the housing market is coming back, but even a strong recovery is unlikely to rescue many homeowners who are groaning under the weight of multiple mortgages. Read the full story
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Sunday, July 22, 2012 4:56 PM

A bigger “jumbo” market

The New York Times The so-called jumbo mortgage market is strong, competitive, and growing, with more lenders, and more loan products now being offered, which means it’s more important than ever to comparison-shop. Read the full story
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Sunday, July 22, 2012 4:56 PM

U.S. consumer agency to oversee big credit reporting firms

Chicago Tribune The Consumer Financial Protection Bureau said it would begin this fall to supervise the 30 largest credit reporting companies. Read the full story
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Sunday, July 22, 2012 4:55 PM

With low supply, asking prices rise for fifth straight month

The Wall Street Journal 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. Read the full story
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Sunday, July 22, 2012 4:54 PM

Foreclosure crisis hits older Americans hard

San Francisco Chronicle More than 1.5 million older Americans already have lost their homes, with millions more at risk as the national housing crisis takes its toll on those who are among the worst positioned to weather the storm, a new AARP report says.
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Sunday, July 22, 2012 4:53 PM

More signs of a housing rebound

CNNMoney Housing starts rose 6.9 percent in June compared with May to an annual rate of 760,000, the highest level since October 2008, the Census Bureau reported Wednesday. Read the full story
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Sunday, July 22, 2012 4:51 PM

State housing market improving, housing prices at 2010 high

The Daily Breeze 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®
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Sunday, July 22, 2012 4:49 PM

Phony short sale approval letters

Homeowners and title insurance companies are being warned about counterfeit short sale approval letters from Bank of America. Scammers are simulating the lender’s approval letters, including the use of similar language and the bank's logo. In
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Sunday, July 22, 2012 4:47 PM

Foreclosure inventory continues to decline

Foreclosure sales in California were down 13.4 percent in June compared with May and 48.8 percent compared with a year earlier, according to a report by ForeclosureRadar. Notices of Default in the state were down 0.9 percent compared with the month prior.
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Sunday, July 22, 2012 4:46 PM

California’s housing market continues improvement in June

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, C.A.R. reported this week. Closed escrow sales of existing,
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Sunday, July 15, 2012 1:35 PM

New Anti-Deficiency Protection for Refinance Loans Made After January 1, 2013

Starting January 1, 2013, a new California law will protect homeowners who default on their refinance loans from personal liability for any deficiency following foreclosure. Existing anti-deficiency law protects a borrower from personal liability for
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Friday, July 13, 2012 7:15 AM

California Homeowner Bill of Rights signed into law

DSNews California Governor Jerry Brown signed into law yesterday the Homeowner Bill of Rights to help struggling Californians keep their homes. This law aims to avoid foreclosure where possible to help stabilize California's housing market and prevent
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Friday, July 13, 2012 7:14 AM

The U.S. housing bust is over

The Wall Street Journal The U.S. finally has moved beyond attention-grabbing predictions from housing experts that housing is bottoming. The numbers are now convincing. Read the full story
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Friday, July 13, 2012 7:13 AM

Close to a bailout? FHA’s mortgage delinquencies soar

CNNMoney Increasingly, FHA-insured loans are falling into foreclosure or serious delinquency, moving in the opposite direction of loans guaranteed by Fannie Mae and Freddie Mac or those held by banks, which are all showing signs of improvement. Read the
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Friday, July 13, 2012 7:12 AM

Two U.S. agencies try to get lenders to ease tough mortgage rules

The Los Angeles Times The Federal Housing Finance Agency and the Federal Housing Administration say many lenders’ underwriting restrictions go beyond what the agencies themselves require. Read the full story
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Friday, July 13, 2012 7:10 AM

Homeowners offered new earthquake policy options

San Francisco Chronicle The California Earthquake Authority, hoping to increase the small percentage of people who have quake insurance, has introduced a line of policies called Choice that gives homeowners more coverage and premium options. Read the
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Friday, July 13, 2012 7:09 AM

Fannie Mae: Optimism on homeownership improves in June

The Wall Street Journal A survey by Fannie Mae last month found that 73 percent of Americans believe it is a good time to buy a home, edging up from 72 percent of respondents in May. Read the full story
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Friday, July 13, 2012 7:08 AM

Increased interest in expanded HARP

The New York Times More homeowners who are “underwater” or owe more on their homes than they are worth, have been taking advantage of an expanded Home Affordable Refinance Program to refinance their loans and obtain lower interest rates, according
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Friday, July 13, 2012 7:06 AM

Rents increase as vacancies dry up

The Wall Street Journal Despite the sluggish economy, average rents increased in all 82 markets tracked by Reis Inc., a real estate data firm. Average rents are now at record levels in 74 of those markets and now top $1,000 a month on average in 27 of
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Friday, July 13, 2012 7:02 AM

Real Estate Knowledge and Negotiations

Talking Points It’s important that buyers and sellers keep in mind that real-estate health is not only a local market story, but it even can change by street. If a property is near a prestigious hospital, university, large government employer, or
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Sunday, July 08, 2012 4:13 PM

May Real Estate Stats

Calif. median home price : May 2012: $312,110 (Source: C.A.R.) Calif. highest median home price by region/county May 2012: Marin, $791,670 (Source: C.A.R.) Calif. lowest median home price by region/county May 2012: Merced, $119,410 (Source: C.A.R.) Calif.
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Sunday, July 08, 2012 4:11 PM

California cities propose use of eminent domain for underwater mortgages

A proposal by private entities and investors is being considered in the cities of San Bernardino, Fontana, and Ontario to use eminent domain to seize mortgage loans that are underwater and refinance them at the current mortgage principal. The proposal,
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Sunday, July 08, 2012 4:09 PM

Home rise for third consecutive month in May

Home prices nationwide, including distressed sales, increased 2 percent on a year-over-year basis in May 2012 compared with May 2011, according to CoreLogic’s May Home Price Index report. On a month-over-month basis, home prices, including distressed
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Sunday, July 08, 2012 4:09 PM

Completed foreclosures decline in May

CoreLogic released its National Foreclosure Report for May this week which provides monthly data on completed foreclosures and the overall foreclosure inventory. According to the report, there were 63,000 completed foreclosures in the U.S. in May 2012
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Sunday, July 08, 2012 4:05 PM

Short Sale Soundoff: FHFA announces next steps in REO Pilot Program

The FHFA announced yesterday that the winning bidders in a REO pilot initiative have been chosen and transactions are expected to close early in the third quarter. The FHFA said that market response has been robust with strong qualified bidder interest.
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Sunday, July 08, 2012 4:00 PM

Top Ten Legal Mistakes Home Sellers Make

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Sunday, July 08, 2012 3:56 PM

Taxes and Renting Second Homes

Talking Points Owners of vacation homes, or those thinking of renting out their second homes as vacation rentals, must know the tax rules on rental income from second homes. One of the best tax code’s freebies allows homeowners who rent out their
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Sunday, July 08, 2012 3:55 PM

Study: Mortgage modifications help borrowers with other loans

The Wall Street Journal According to a study by TransUnion, borrowers who received mortgage modifications after missing payments are more reliable borrowers in the future – for all types of loans, including credit cards and auto loans – than
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Sunday, July 08, 2012 3:54 PM

FHA rescinds tough new credit restrictions on loan applicants

Los Angeles Times In a policy switch that could be important to thousands of applicants seeking low-down-payment home mortgages, the Federal Housing Administration has rescinded tough new credit restrictions that had been scheduled to take effect July
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Sunday, July 08, 2012 3:53 PM

Rents keep rising, while home prices inch higher

CNNMoney U.S. rents rose an average of 5.4 percent over the 12 months ended June 30, according to real estate website Trulia. Demand from former homeowners displaced by foreclosure and potential home buyers who failed to qualify for mortgages have helped
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Sunday, July 08, 2012 3:52 PM

Bidding wars could signal home sale recovery

Orange County Register Foreclosure rates are falling, and inventory – the number of homes for sale – has dwindled to pre-recession levels, propelling hordes of smart buyers back into the market and creating bidding wars for the most desirable
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Sunday, July 08, 2012 3:51 PM

California lawmakers pass historic foreclosure protections

The Los Angeles Times California lawmakers have passed legislation that would provide homeowners with some of the nation’s strongest protections from foreclosure and such aggressive bank practices as seizing a home while the owner is negotiating
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Sunday, July 08, 2012 3:49 PM

Foreclosure reviews to offer cash, legal remedies

San Francisco Chronicle Federal regulators probing banks’ alleged mishandling of foreclosures said that some homeowners might get as much as $125,000 each in remediation and would retain the right to sue. Read the full story
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Sunday, July 08, 2012 3:48 PM

More homeowners get mortgage principal reduced, but number still small

The Wall Street Journal More than 10,400 homeowners received principal reductions from their lenders in the first three months of the year, the Office of the Comptroller of the Currency said last week. Read the full story
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Sunday, July 08, 2012 3:46 PM

Speeding up refinances

The New York Times 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
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