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Daily Real Estate News | January 12, 2011 |Top 10 Most Searched Markets at Realtor.com When Web visitors come to Realtor.com, they most often are looking in the sunshine states for real estate, according to a list of the most searched real estate markets at Realtor.com for 2010. Realtor.com, operated by Move Inc. and an official Web site of the National Association of REALTORS®, based its list on the number of visitors at Realtor.com that viewed properties in each metro area in the United States from January 2010 to December 2010.
Here are the top 10 most searched for cities at Realtor.com for 2010:
1. Las Vegas
2. Los Angeles
3. Orlando
4. San Antonio
5. Miami
6. Phoenix
7. San Diego
8. Austin, Texas
9. Tampa
10. Chicago
"Online search is a critical measure of interest in real estate, especially now that more than 90 percent of buyers search for their homes online," says Realtor.com President Errol Samuelson. "Changing conditions throughout 2010 in the sunshine states resulting from foreclosures, the tax credit, interest rates, and other factors created more interest in real estate compared to other states that we hope leads to increased activity and sales in 2011."
Source: "2010 Top Ten Most Searched Real Estate Markets Released by Realtor.com

Move Inc. (Jan. 11, 2011)


OCTOBER 22, 2010  LOS ANGELES CA
SOURCE CAR.ORG
New California Real Estate Laws to Take Affect In 2011
The recent end of the 2009-10 legislative session has brought the end of short sale deficiency judgments for first loans, and other new laws affecting REALTORS® and their clients.  To view the full text of the following bills, go to www.leginfo.ca.gov
        No Short Sale Deficiencies: Starting January 1, 2011, a seller's first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale.  Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan.  This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower.  Senate Bill 931.  Governor Schwarzenegger vetoed Senate Bill 1178, our sponsored bill, which would have extended California's anti-deficiency protection to refinance loans.
        Energy Audit in Home Inspection Report: Beginning January 1, 2011, a home inspection and inspection report may, upon a client's request, include an audit of the energy efficiency of a home, according to the standards of the Home Energy Rating Systems (HERS).  REALTORS® are also strongly encouraged to give the newly released HERS booklet to residential buyers, because doing so provides a valuable shield from liability.  Delivery of the booklet will be deemed to be adequate to inform the buyer about the statewide HERS program.  Assembly Bill 1809 and California Civil Code section 2079.10.
        Restriction on Adverse Possession Claim: Effective January 1, 2011, a claim for adverse possession requires, among other things, certified records of the county tax collector showing that all state, county, or municipal taxes have been timely paid for the five-year period the property has been occupied and claimed.  Existing law merely requires proof that taxes have been paid for the five-year period, not certified proof of timely payments.  Assembly Bill 1684.
        Enforcement of MLO Requirements: Effective January 1, 2011, anyone acting as a mortgage loan originator (MLO) without an MLO license endorsement will be guilty of a crime punishable by six months imprisonment, plus a $20,000 fine.  Furthermore, a broker cannot employ or compensate a real estate licensee for MLO activities unless that licensee has a license endorsement.  This law has also given the Department of Real Estate (DRE) the authority to deny or revoke a MLO license endorsement or take other action.  This law also amends the MLO requirements for finance lenders and residential mortgage lenders under the Department of Corporation.  Senate Bill 1137.
        Post-Foreclosure Protection for Tenants: Commencing January 1, 2011, a notice to terminate a residential tenant who remains after a foreclosure sale must generally include a statutory notice of the tenant's rights.  This requirement, which sunsets on January 1, 2013, applies to an immediate successor-in-interest for one year after a foreclosure sale.  The tenant's rights must be on a separate cover sheet or, for a 90-day termination, incorporated into the notice to terminate.  Another provision of this bill protects a residential tenant's credit by generally prohibiting the court clerk from revealing unlawful detainer court records unless the plaintiff prevails at trial.  Senate Bill 1149.
        Tenant Protection for Domestic Violence Victims: Starting January 1, 2011, a residential landlord cannot terminate or fail to renew a tenancy based on domestic violence against the tenant or tenant's household members as specified.  This law applies if the person restrained from contact with the tenant by court order or named in a police report is not also a tenant of the same dwelling unit.  If the protected tenant subsequently allows the person restrained to visit the property, or the landlord reasonably believes the person restrained poses a physical threat to others or to quiet possession by other tenants, the landlord may serve a three-day notice to correct or quit.  To further ensure safe housing for domestic violence victims, this law also requires that, for leases entered into after January 1, 2011, a landlord changes the exterior locks of a protected tenant's dwelling unit within 24 hours after the tenant provides a written request and supporting court or police documentation as specified.  Senate Bill 782.
        Protections Against Real Estate Fraud: Effective January 1, 2011, new laws protecting consumers from real estate fraud include, without limitation, the following: (1) Expanding the foreclosure consultant law to include someone who performs a forensic audit of a residential mortgage loan (Assembly Bill 2325); (2) Requiring any mailed solicitation that offers to provide a copy of an owner's grant deed or other title records for a fee to include a prominent statutory disclosure that the copy service is not associated with any governmental agency and that the homeowner can obtain such records from the county recorder (Assembly Bill 1373); and (3) Increasing the criminal punishment for renting out a residential dwelling without the owner's consent from six months imprisonment plus a $1,000 fine, to one year imprisonment, plus a $2,500 fine (Assembly Bill 1800).
        Other Laws: Some of the other laws that may interest REALTORS® include, but are not limited to, revisions to the mechanics' lien law (Senate Bill 189); clarification that the prohibition against discrimination of tenants based on source of income pertains to lawful and verifiable income (Senate Bill 1252); extension of the CalVet Home Loan program to include 2-to-4 residential units (Assembly Bill 2087); and lien enforcement by a municipal utility district for a tenant's delinquent charges (Senate Bill 1035).

 


LOS ANGELES - Source CAR.org
California home sales edged up 1.8 percent from July, but were down 14.9 percent from August 2009, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. The statewide median home price also increased 1.2 percent from July and was up 8.6 percent from a year ago.
"Buyers who are holding out should consider the opportunities in today's market," said C.A.R. President Steve Goddard. "Favorable home prices and interest rates at or near historic lows make housing affordability the best in recent memory. Anyone who is in a position to buy a home should do so before either of these key factors rise."
Closed escrow sales of existing, single-family detached homes in California totaled 447,530 in August at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 14.9 percent from the revised 526,110 sales pace recorded in August 2009. Sales in August 2010 increased 1.8 percent compared with July.
The statewide sales figure represents what would be the total number of homes sold during 2010 if sales maintained the August pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The statewide median home price posted its 10th consecutive year-over-year gain in August. The median price of an existing, single-family detached home sold in California during August 2010 was $318,660, an 8.6 percent increase from the revised $293,400 median price recorded in August 2009, C.A.R. reported. The August 2010 median price was up 1.2 percent compared with July's $314,850 median price.
"The housing market is transitioning from the conclusion of the housing tax credits as is evidenced by stronger home sales in the higher-price range and weaker sales in entry-level homes and condominiums, which are typically favored by first-time home buyers," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "As a result of the strength in the upper-end market and inventory levels that are higher but still lean by average, we're seeing home prices holding steady."
Highlights of C.A.R.'s resale housing figures for August 2010:
  • C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in August 2010 rose to 6.1 months compared with 4.6 months in August 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
  • Thirty-year fixed-mortgage interest rates averaged 4.43 percent during August 2010 compared with 5.19 percent in August 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.53 percent in August 2010 compared with 4.72 percent in August 2009.
  • The median number of days it took to sell a single-family home was 47.1 days in August 2010 compared with 34.8 days for the same period a year ago.
Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 176 of the 339 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for August may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible online through C.A.R. at<http://www.car.org/marketdata/historicalprices/2010medianprices/aug2010/>.
  • Statewide, the 10 cities with the highest median home prices in California during August 2010 were: Los Altos, $1,795,000; Saratoga, $1,420,000; Coronado, $1,331,250; Manhattan Beach, $1,275,000; Palo Alto, $1,216,250; Newport Beach, $1,187,500; Calabasas, $1,030,000; Los Gatos, $962,500; Cupertino, $940,000; and La Canada Flintridge, $935,000.
  • Statewide, the 10 cities with the greatest median home price increase in August 2010 compared with the same period a year ago were: Palm Springs, 60.5 percent; Coronado, 56.6 percent; Rohnert Park, 31.5 percent; Placentia, 26.1 percent; San Bernardino, 25 percent; Santee, 21.9 percent; Norco, 21.3 percent; Lake Forest, 21.3 percent; Auburn, 20 percent; Banning, 20 percent; Lompoc, 20 percent; Pittsburg, 18.8 percent; and Pomona, 18.4 percent.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

CalHFA offers new 30-year mortgage SACRAMENTO September 7, 2010 12:30pm
Source Central Valley Business Times
The California Housing Finance Agency announced Tuesday the launch of a new fixed rate, 30-year FHA-insured mortgage to help low and moderate income California families purchase their first home.
The mortgage, done in partnership with the Federal Housing Administration, provides low and moderate income, first-time homebuyers access to mortgages with below market interest rates, affordable down payments and other benefits, the agency says.
"This new program will help open the door to first-time homeownership for many California families," says Steven Spears, executive director of CalHFA. "With this program, CalHFA will return to being a significant provider of financing for first-time homebuyers and build on our 35-year track record on behalf of more than 155,000 California families."
Mr. Spears says that while California real estate prices today are attractive for first-time homebuyers, many cannot meet the loan requirements that conventional lenders are imposing.
"With the disruption in the credit markets over the last two years, we have been limited in our ability to help finance home purchases. This new program offers California families another way to purchase their first home with reliable, fixed rate financing," he says.
Under federal law, first-time homebuyers are defined as not having owned and occupied a home for the past three years. In addition to first-time homebuyers, qualified veterans under the Heroes Earnings Assistance and Relief Tax Act are also eligible.
The CalHFA FHA program includes upfront mortgage insurance. Borrowers are eligible to use the California Homebuyer's Downpayment Assistance Program, which can provide up to 3 percent of the purchase price of the home for down payment or closing cost assistance.
Borrowers must meet a number of eligibility requirements to qualify for this CalHFA program including:
? CalHFA's income limits, which vary by county and family size. For a family of four in Los Angeles County, for example, income must be less than $111,020 per year.
? Purchasing homes that are within FHA's loan limits and CalHFA's sales price limits. Mortgage loans are limited to $417,000 under FHA guidelines. CalHFA's sales price limits vary by county.
? Meeting the minimum credit score requirements with maximum debt-to-income ratios.
? Completion of a HUD-approved homebuyer education program.
"California's real estate market remains fragile as our state faces high unemployment and a continued disruption in housing prices," says Mr. Spears. "This new, 30-year fixed rate FHA mortgage is one piece of a broader effort to address California's housing needs."

Daily Real Estate News | September 9, 2010 |
FDIC Head Calls for Tighter Lending Standards Banks seeking government guarantees for mortgage debt should be required to hold borrowers to tight and consistent standards, Federal Deposit Insurance Corp. Chair Sheila Bair said in a CNBC interview.Bair said standards should include "very robust" income documentation, proof of a borrower's ability to repay standard loans, and a significant down payment."Clearly there is a strong correlation between the amount of skin in the game a borrower puts in up front and how that loan performs," Bair said. "Do you put 20 percent down? You're committed to that house. You walk away from that house, you're going to lose a lot of the money that you put in up front."Source: CNBC.com (09/09/2010)


HUD SECRETARY ANNOUNCES NATIONAL FIRST LOOK PROGRAM TO HELP COMMUNITIES STABILIZE NEIGHBORHOODS HARD-HIT BY FORECLOSURENation's top lenders agree to give NSP grantees first crack at buying foreclosed homes

September 1, 2010 -WASHINGTON - U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan today announced an unprecedented agreement with the nation's top mortgage lenders to offer selected state and local governments, and nonprofit organizations a "first look" or right of first refusal to purchase foreclosed homes before making these properties available to private investors.
The National First Look Program is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust). In collaboration with national servicers, Fannie Mae, and Freddie Mac, the First Look program is intended to give communities participating in HUD's Neighborhood Stabilization Program (NSP) a brief exclusive opportunity to purchase bank-owned properties in certain neighborhoods so these homes can either be rehabilitated, rented, resold or demolished.
"This groundbreaking agreement will help rebuild neighborhoods that have been struggling with blight and declining home values due to foreclosures," said HUD Secretary Shaun Donovan. "Local communities will now get an exclusive option to buy foreclosed properties in targeted neighborhoods so they can turn the homes into affordable housing or, in some cases, tear them down. This agreement helps us level the playing field to give communities a better chance to stabilize these neighborhoods."
"The Stabilization Trust is delighted to be working with HUD Secretary Donovan on the National First Look Program," said Craig Nickerson, President of the NCST. "By serving as the operations 'engine' behind the First Look Program, the Stabilization Trust can facilitate the transfer of more foreclosed property for participating financial institutions to local community buyers, thereby accelerating the road to neighborhood recovery."
HUD's NSP grantees, which include state and local governments and non-profit organizations, often find themselves competing with private investors for real estate-owned (REO) properties, which can hinder their efforts to stabilize neighborhoods with high foreclosure activity. With today's announcement, HUD and the Stabilization Trust, working with national servicers, Fannie Mae, and Freddie Mac, will standardize the acquisition process for NSP grantees, giving them an exclusive option to purchase foreclosed upon homes in certain targeted neighborhoods.
The Stabilization Trust pioneered the 'First Look' model to create a transparent and streamlined process to facilitate the transfer of foreclosed and abandoned properties from key financial institutions to local government housing providers. First piloted in 2008, the model has gained recognition as a critical tool for positively tipping the scale in neighborhoods hard hit by foreclosures. NSP grantees will also be aided by REOMatch™, a web-based mapping and acquisition management tool developed by the Stabilization Trust. REOMatch will assist NSP grantees easily identify REO properties and make more strategic decisions about which properties to acquire, based on real-time data on an interactive mapping platform.
The nation's leading financial institutions are participating in the National First Look Program, representing approximately 75 percent of the REO marketplace. Participating institutions include: Bank of America, Chase, Citi, Deutsche Bank, GMAC, Nationstar Mortgage, Ocwen Financial Corporation, Saxon Mortgage Services, U.S. Bank, Wells Fargo, Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA).
The National First Look Program will allow NSP grantees the exclusive opportunity to purchase available REO properties located within the defined boundaries of NSP target areas. NSP grantees will be immediately notified when a property becomes available and will have 24-48 hours to express interest in pursuing a specific property. Furthermore, these institutions will provide NSP purchasers with the opportunity to purchase REO properties at a discount their appraised value, reflecting the cost savings of a quick sale. NSP grantees may acquire these properties with the assistance of NSP funds for any eligible use.
After expressing interest in a property, the First Look Period will last approximately five to 12 business days during which the NSP Grantee will conduct inspections and establish costs to repair in anticipation of the financial institution's price offer. In the event that no NSP grantee exercises its preference to purchase an REO property during the First Look period, the financial institution will follow its normal process to sell the home on the open market.
Currently, the Federal Housing Administration (FHA) offers a complementary pilot program in which NSP grantees receive an exclusive option to purchase so-called 'HUD Homes' at a discount prior to those homes being made available to the investor community. The FHA pilot, alongside today's agreement expands the opportunity for NSP grantees to gain access to REO properties through a national first-look standard option.
HUD's http://www.hud.gov/nspta">Neighborhood Stabilization Program was created to address the housing crisis, create jobs, and grow local economies by providing communities with the resources to purchase and rehabilitate vacant homes. NSP grants are helping state and local governments, as well as non-profit developers, acquire land and property; demolish or rehabilitate abandoned properties; and/or offer downpayment and closing cost assistance to low- to middle-income homebuyers. Grantees can also stabilize neighborhoods by creating "land banks" to assemble, temporarily manage, and dispose of foreclosed homes. To date, HUD has allocated nearly $6 billion in funding to state and local governments and non-profit housing developments. In the coming weeks, HUD will allocate an additional $1 billion in NSP funding, which was provided through the Dodd-Frank Wall Street Reform and Consumer Protection Act.
 

Tuesday, Aug. 24, 2010
C.A.R. reports July median price increased 10.4 percent; home sales decreased 20.8 percent
Multimedia:
Click here view a video of C.A.R. Chief Economist Leslie Appleton-Young discuss highlights of the July sales and price report.
Quick Facts:
Existing, single-family home sales decreased 20.8 percent in July to a seasonally adjusted rate of 440,370 units on an annualized basis compared with July 2009.
  • The statewide median price of an existing single-family home increased 10.4 percent in July to $314,850 compared with July 2009.
  • C.A.R.'s Unsold Inventory Index rose to 5.8 months in July compared with 4.0 months in July 2009.
    • LOS ANGELES (Aug. 24) - California home sales decreased 20.8 percent in July compared with the same period a year ago, while the median price of an existing home rose 10.4 percent from July 2009, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
    "July's sales decrease was not unexpected, given the strong sales activity we saw in May when buyers took advantage of expiring federal and state home buyer tax credits," said C.A.R. President Steve Goddard. "This likely pulled forward sales that otherwise would have closed in June or July. "Even without tax incentives, buyers waiting on the sidelines should take advantage of historically low interest rates and current home prices," he said.
    Closed escrow sales of existing, single-family detached homes in California totaled 440,370 in July at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 20.8 percent from the revised 555,780 sales pace recorded in July 2009. Sales in July 2010 decreased 10.9 percent compared with the previous month.
    Trough vs. Current Price - July 2010
    Region Trough Month Trough Price Jul-10 Median % Chg From Trough San FranciscoBay Area Feb-09 $399,040 $607,510 52.2% Monterey Region Feb-09 $241,130 $344,740 43.0% Santa Clara Feb-09 $445,000 $630,000 41.6% Palm Springs/Lower Desert Apr-09 $150,140 $194,320 29.4% CALIFORNIA Feb-09 $245,230 $314,850 28.4% Ventura Feb-09 $359,630 $444,230 23.5% Riverside/San Bernardino Apr-09 $156,840 $190,870 21.7% Orange County Jan-09 $423,100 $514,180 21.5% High Desert May-09 $106,210 $128,950 21.4% San Diego Mar-09 $326,830 $389,440 19.2% Northern Wine Country Feb-09 $310,950 $367,690 18.2% Los Angeles Mar-09 $295,100 $345,410 17.0% San Luis Obispo Apr-09 $338,160 $383,720 13.5% Sacramento Apr-09 $167,340 $186,180 11.3% Northern California May-10 $243,200 $247,520 1.8%
    The statewide sales figure represents what the total number of homes sold during 2010 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
    The year-over-year statewide median home price posted its ninth consecutive gain and seventh consecutive double-digit gain in July. The median price of an existing, single-family detached home in California during July 2010 was $314,850, a 10.4 percent increase from the revised $285,310 median for July 2009, C.A.R. reported. The July 2010 median price was up 0.9 percent compared with June's $311,950 median price.
    Peak vs. Current Price - July 2010
    Region Peak Month Peak Price Jul-10 Median % Chg From Peak High Desert Apr-06 $334,860 $128,950 -61.5% Monterey Region Aug-07 $798,210 $344,740 -56.8% Riverside/San Bernardino Jan-07 $415,160 $190,870 -54.0% Sacramento Aug-05 $394,450 $186,180 -52.8% Palm Springs/Lower Desert Jun-05 $393,370 $194,320 -50.6% CALIFORNIA May-07 $594,530 $314,850 -47.0% Northern California Aug-05 $440,420 $247,520 -43.8% Northern Wine Country Jan-06 $645,080 $367,690 -43.0% Los Angeles Aug-07 $605,300 $345,410 -42.9% San Luis Obispo Jun-06 $620,540 $383,720 -38.2% Ventura Aug-06 $710,910 $444,230 -37.5% San Diego May-06 $622,380 $389,440 -37.4% Orange County Apr-07 $747,260 $514,180 -31.2% San FranciscoBay Area May-07 $853,910 $607,510 -28.9% Santa Clara Apr-07 $868,410 $630,000 -27.5%
    "The statewide median home price continues to hold steady, thanks to strong sales in the upper-price range, said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "However, we will likely see a slowdown in price appreciation for the remainder of the year as weaker sales will drive inventory higher," she said.Unsold Inventory Index (Months)
    Price Range (Thousand) Jul-10 Jun-10 Jul-09 $1 million+ 10.4 9.2 10.1 $750-1 million 6.7 5.9 5.4 $500-750,000 6.0 4.8 4.0 $300-500,000 5.5 4.2 3.7 $0-300,000 5.1 3.0 3.3
    Highlights of C.A.R.'s resale housing figures for July 2010:
    C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in July 2010 rose to 5.8 months, compared with 4.0 months in July 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
  • Thirty-year fixed-mortgage interest rates averaged 4.56 percent during July 2010, compared with 5.22 percent in July 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.73 percent in July 2010, compared with 4.82 percent in July 2009.
  • The median number of days it took to sell a single-family home was 44.2 days in July 2010, compared with 39.9 days for the same period a year ago.
    • Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 209 of the 352 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for July may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at <http://www.car.org/marketdata/historicalprices/2010medianprices/jul2010/>.
    Statewide, the 10 cities with the highest median home prices in California during July 2010 were: Beverly Hills, $1,677,500; Los Altos, $1,560,000; Saratoga, $1,490,000; Manhattan Beach, $1,490,000; Palo Alto, $1,317,500; Palos Verdes Estates, $1,200,000; Newport Beach, $1,187,000; Los Gatos, $1,147,500; Mill Valley, $972000; Rancho Palos Verdes, $920,000; Santa Monica, $920,000; and Cupertino, $885,000.
  • Statewide, the cities with the greatest median home price increases in July 2010 compared with the same period a year ago were: Banning, 50 percent; San Bernardino, 45.7 percent; Poway, 35.5 percent; Encinitas, 30.4 percent; Colton, 30 percent; Tulare, 27 percent; Compton, 25.9 percent; La Puente, 25.7 percent; Glendale, 25 percent; and Lake Forest, 24.3 percent.
    • Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
    ###
    July 2010 Regional Sales and Price Activity*Regional and Condo Sales Data Not Seasonally Adjusted
    Median Price Percent Change in Price from Prior Month Percent Change in Price from Prior Year Percent Change in Sales from Prior Month Percent Change in Sales from Prior Year Jul-10 Jun-10 Jul-09 Jun-10 Jul-09 Statewide Calif. (sf) $314,850 0.9% 10.4% -10.9% -20.8% Calif. (condo) $259,660 -3.0% 0.0% -16.3% -13.3% C.A.R. Region High Desert $128,950 2.7% 16.5% -17.6% -40.0% Los Angeles $345,410 3.2% 1.8% -16.8% -20.3% Monterey Region $344,740 1.9% 21.5% -15.0% -28.7% Monterey County $270,000 -1.5% 17.4% -20.1% -32.0% Santa Cruz County $510,000 0.5% -4.7% -3.9% -21.8% Northern California $247,520 0.0% -7.7% -18.7% -8.5% Northern Wine Country $367,690 0.8% 2.0% -17.8% -16.4% Orange County $514,180 -0.7% 2.8% -14.5% -12.6% Palm Springs/Lower Desert $194,320 -2.1% 19.2% -17.2% -22.2% Riverside/San Bernardino $190,870 -0.5% 15.4% -13.4% -29.9% Sacramento $186,180 -5.1% 1.3% -23.2% -26.3% San Diego $389,440 -2.1% 4.5% -13.7% -15.5% San Francisco Bay $607,510 1.9% 11.3% -14.0% -17.0% San Luis Obispo $383,720 -12.8% -2.7% -6.9% -5.5% Santa Barbara County $386,360 -3.4% 2.1% 5.7% -5.1% Santa BarbaraSouth Coast $871,250 -4.8% -1.3% 2.4% 2.4% NorthSanta Barbara County $232,350 -7.5% -4.6% 7.4% -10.5% Santa Clara $630,000 -0.5% 7.3% -8.4% -18.5% Ventura $444,230 -1.5% -2.7% -8.2% -7.5%
    na - not available
    * Based on closed escrow sales of single family, detached homes only (no condos). Movements in sales prices should not be interpreted as measuring changes in the cost of a standard home. Prices are influenced by changes in cost and changes in the characteristics and size of homes actually sold.sf = single family, detached homeSource: CALIFORNIA ASSOCIATION OF REALTORS® Median Prices By Region - Current Month vs. Year Ago
    Jul-10 Jun-10 Jul-09 Statewide Calif. (sf) $314,850 $311,950 $285,310 r Calif. (condo) $259,660 $267,740 $259,710 r C.A.R. Region High Desert $128,950 $125,620 $110,650 Los Angeles $345,410 $334,800 $339,430 Monterey Region $344,740 $338,460 $283,650 Monterey County $270,000 $274,000 $230,000 Santa Cruz County $510,000 $507,500 $535,000 Northern California $247,520 $247,550 $268,250 r Northern Wine Country $367,690 $364,740 $360,390 Orange County $514,180 $517,620 $500,210 Palm Springs/Lower Desert $194,320 $198,570 $163,080 Riverside/San Bernardino $190,870 $191,900 $165,460 Sacramento $186,180 $196,220 $183,840 San Diego $389,440 $397,910 $372,640 San Francisco Bay $607,510 $595,980 r $545,810 San Luis Obispo $383,720 $440,000 $394,440 Santa Barbara County $386,360 $400,000 $378,260 r Santa BarbaraSouth Coast $871,250 $915,000 r $882,500 NorthSanta Barbara County $232,350 $251,140 $243,480 Santa Clara $630,000 $633,000 $587,000 Ventura $444,230 $450,930 $456,440
    na - not availabler - revisedSource: CALIFORNIA ASSOCIATION OF REALTORS®


    The best moves for home buyers and sellers
    By Beth BravermanAugust 25, 2010: 8:55 AM ET

    (Money Magazine) -- Plenty of forces, from overly cautious lenders to inaccurate appraisals, are wrecking real estate deals right now. But one of the biggest roadblocks to getting a house sold these days is the disconnect between buyers and sellers.
    In general, sellers have gotten more realistic in pricing their homes than they were right after the housing bubble burst, but agents say that many still don't grasp how much they must concede to close a deal. And buyers are still spraying lowball offers around in hopes that sellers will be desperate enough to bite.
    WASHINGTON, DC AUGUST 17, 2010
    Fed: Give Borrowers Time to Change Their Minds     The Federal Reserve released a proposal Monday to give mortgage applicants three days to change their minds.The proposal was part of a 930-page document that clarifies and finalizes the new financial reform law. The Fed's document says that for closed-end loans secured by real property or a dwelling, a creditor must:? "Refund any appraisal or other fees paid by the consumer (other than a credit report fee), if the consumer decides not to proceed with a closed-end mortgage transaction within three business days of receiving the early disclosures (fees imposed after this three-day period would not be refundable); and? "Disclose the right to a refund of fees to consumers before they apply for a closed-end mortgage loan."The Fed says this proposal will make it easier and cheaper for consumers to comparison shop. It also acknowledged that borrowers who want to close a transaction in a hurry would be handicapped because most lenders will delay sending out an appraiser for a few days.Other proposals affecting home buyers included:? A ban on yield-spread premiums, which encourage mortgage brokers to push buyers toward more profitable mortgages.? A requirement for lenders to tell borrowers when their mortgage is sold or transferred.? An explanation of the effects of balloon payments, adjustable loan payment fluctuations, and minimum payments on loan balances.Source: Bankrate.com, Holden Lewis (08/17/2010)
    WASHINGTON, DC AUGUST 17, 2010
    Geithner Calls for Cooperation to Modify GSEs     Treasury Secretary Timothy Geithner told attendees at a housing summit on Tuesday that the U.S. government will continue to guarantee mortgages, but its role will be revised to avoid making it a primary backer if Fannie Mae and Freddie Mac face another meltdown.Geithner urged Democrats and Republicans to work together to rebuild Fannie and Freddie to avoid another crisis. He called remaking the mortgage market one of the most important and complicated economic policy problems the U.S. faces today."There is nothing we can do to decrease the significant losses Fannie and Freddie incurred ahead of this crisis. All we can do is to minimize the risk that they get worse," Geithner said.Source: The Wall Street Journal, Nick Timiraos (08/17/2010)


    WASHINGTON, DC AUGUST 11, 2010
    Treasury Public Affairs (202) 622-2960 HUD Public Affairs (202) 708-0980FOR RELEASE Wednesday August 11, 2010
    OBAMA ADMINISTRATION ANNOUNCES ADDITIONAL SUPPORT FOR TARGETED FORECLOSURE-PREVENTION PROGRAMS TO HELP HOMEOWNERS STRUGGLING WITH UNEMPLOYMENT Treasury's Hardest Hit Fund Will Provide $2 Billion of Additional Assistance in 17 states and the District of Columbia; HUD to Launch a New $1 Billion Program to Help Unemployed Borrowers in Other Areas
    WASHINGTON - The Obama Administration today announced additional support to help homeowners struggling with unemployment through two targeted foreclosure-prevention programs. Through the existing Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets (the Hardest Hit Fund), the U.S. Department of the Treasury will make $2 billion of additional assistance available for HFA programs for homeowners struggling to make their mortgage payments due to unemployment. Additionally, the U.S. Department of Housing and Urban Development (HUD) will soon launch a complementary $1 billion Emergency Homeowners Loan Program to provide assistance - for up to 24 months - to homeowners who are at risk of foreclosure and have experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition.
    "We remain committed to helping struggling homeowners, and this program will provide additional assistance to states hit hardest by unemployment," said Assistant Secretary for Financial Stability Herb Allison. "This is part of the Administration's comprehensive housing policy that has helped to stabilize a fragile housing market and allows responsible homeowners the chance to reduce their monthly mortgage payments to affordable levels."
    "HUD's new Emergency Homeowner Loan Program will build on Treasury's Hardest Hit initiative by targeting assistance to struggling unemployed homeowners in other hard hit areas to help them avoid preventable foreclosures," said Bill Apgar, HUD Senior Advisor for Mortgage Finance. "Together, these initiatives represent a combined $3 billion investment that will ultimately impact a broad group of struggling borrowers across the country and in doing so further contribute to the Administration's efforts to stabilize housing markets and communities across the country."
    Hardest Hit Fund
    President Obama first announced the Hardest Hit Fund in February 2010 to allow states hit hard by the economic downturn flexibility in determining how to design and implement programs to meet the local challenges homeowners in their state are facing.
    Under the additional assistance announced today, states eligible to receive support have all experienced an unemployment rate at or above the national average over the past 12 months. Each state will use the funds for targeted unemployment programs that provide temporary assistance to eligible homeowners to help them pay their mortgage while they seek re-employment, additional employment or undertake job training.
    States that have already benefited from previously announced assistance under the Hardest Hit Fund may use these additional resources to support the unemployment programs previously approved by Treasury or they may opt to implement a new unemployment program. States that do not currently have Hardest Hit Fund unemployment programs must submit proposals to Treasury by September 1, 2010 that, within established guidelines, meet the distinct needs of their state.
    The states eligible to receive funds through this additional assistance, along with allocations based on their population sizes, are as follows:
    Alabama$60,672,471California$476,257,070Florida $238,864,755Georgia$126,650,987Illinois$166,352,726Indiana$82,762,859Kentucky$55,588,050Michigan$128,461,559Mississippi$38,036,950Nevada$34,056,581New Jersey$112,200,638North Carolina$120,874,221Ohio $148,728,864Oregon$49,294,215Rhode Island $13,570,770South Carolina$58,772,347Tennessee $81,128,260Washington, DC$7,726,678
    HUD Emergency Homeowners Loan Program
    This new program will complement Treasury's Hardest Hit Fund by providing assistance to homeowners in hard hit local areas that may not be included in the hardest hit target states. Those areas are still being determined.
    The program will work through a variety of state and non-profit entities and will offer a declining balance, deferred payment "bridge loan" (zero percent interest, non-recourse, subordinate loan) for up to $50,000 to assist eligible borrowers with payments on their mortgage principal, interest, mortgage insurance, taxes and hazard insurance for up to 24 months.
    Under the program, eligible borrowers must:
    Be at least three months delinquent in their payments and have a reasonable likelihood of being able to resume repayment of their mortgage payments and related housing expenses within two years;
    Have a mortgage property that is the principal residence of the borrower, and eligible borrowers may not own a second home;
    Demonstrate a good payment record prior to the event that produced the reduction of income.
    HUD will announce additional details, including the targeted communities and other program specifics when the program is officially launched in the coming weeks.


    San Diego, Ca, August 12, 2010
    Click to See PDF of local Market Activity by zip code. http://www.sandicor.com/statistics/stats2010/06-2010/Res-Detached-062010.pdf

    ATANTA, GA AUGUST 06,2010
    CNN Reported -     "Estimated that 40% of workers will be independent contractors or freelancers within the next few years. 
    Real Estate is a great way to supplement your income.  With home prices at record lows we all Know someone looking to buy.  We have have had part time agents add $20k plus to their income.  The advantage we offer at Slavens Realty is we take care of all the back  office for you.  You end up openning doors for your friends while we prepare the offers and process the files for you in the background.  It's less than $1,000 to get set up.  Learn More..

    San Diego August 04, 2010

    Construction spending rises in June    Construction spending rose 0.1 percent in June compared with May to a seasonally adjusted annual rate of $836 billion, according to a report released Monday by the U.S. Census Bureau and the Dept. of Commerce. The June figure is 7.9 percent below the June 2009 estimate of $907.7 billion.
    Residential construction spending declined 0.8 percent to a seasonally adjusted annual rate of $258.3 billion in June compared with May; spending on private construction decreased 0.6 percent to a seasonally adjusted annual rate of $527.6 billion; and nonresidential construction declined 0.5 percent to a seasonally adjusted annual rate of $269.3 billion.
    -CAR.org


    San Diego August 04, 2010

    Foreclosure activity increases nationwide    A new report shows 154 of the 206 U.S. metropolitan areas with a population of 200,000 or more posted year-over-year increases in foreclosure activity.  The report by RealtyTrac® also showed nine of the 10 metro areas with the highest foreclosure rates experienced declines.  Four states-Florida, California, Nevada, and Arizona-accounted for the top 20 metro foreclosure rates. Florida led the way, with nine of the top 20 metro foreclosure rates, followed by California with eight, Nevada with two, and Arizona with one.   
    With 4.59 percent of its housing units (one in 22) receiving a foreclosure filing, Modesto, Calif., posted the nation's third highest metro foreclosure rate. Other California cities in the top 10 were Merced at No. 4 (4.47 percent of housing units); Riverside-San Bernardino-Ontario at No. 5 (4.37 percent); Stockton at No. 6 (4.37 percent); and Vallejo-Fairfield at No. 9 (3.91 percent).

    San Diego July 28, 2010

    Consumer Confidence Index declines in July    The Conference Board's Consumer Confidence Index declined to 50.4 in July (1985=100) compared with 54.3 in June, the Conference Board reported yesterday. The Present Situation Index decreased to 26.1 in July from 26.8 in June, and the Expectations Index declined to 66.6 from 72.7 last month, according to the report.
    "Consumer confidence faded further in July as consumers continue to grow increasingly more pessimistic about the short-term outlook," said Lynn Franco, director of The Conference Board Consumer Research Center.  "Concerns about business conditions and the labor market are casting a dark cloud over consumers that is not likely to lift until the job market improves. Given consumers' heightened level of anxiety, along with their pessimistic income outlook and lackluster job growth, retailers are very likely to face a challenging back-to-school season."
    Consumers' assessment of current conditions also was more pessimistic in July, with those claiming business conditions are "bad" increasing to 43.6 percent in July compared with 41 percent in June, while those claiming conditions are "good" increasing to 9 percent in July compared with 8.4 percent in June. Consumers' appraisal of the job market also was more pessimistic, according to the report.
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