Maggie Moore's – Short Sale Scene

The Orange County Register
California house prices had the seventh-biggest price drop among U.S. states in November, falling 5.9 percent from year-ago levels, according to data firm CoreLogic
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http://lansner.ocregister.com/2012/01/10/156906/156906/

Calif. median home price: November 2011: $280,960 (Source: C.A.R.)
Calif. highest median home price by region/county November  2011: Marin: $736,410 (Source: C.A.R.)
Calif. lowest median home price by region/county November 2011: Madera: $103,330 (Source: C.A.R.)

Calif. Pending Home Sales Index: November 2011: 109.8, an increase of 11 percent compared with the prior year.

Calif. Traditional Housing Affordability Index: Third quarter 2011: 52 percent (Source: C.A.R.)

Mortgage rates: Week ending 1/5/2012 30-yr. fixed: 3.91% fees/points: 0.8% 15-yr. fixed: 3.23 fees/points: 0.8% 1-yr. adjustable: 2.80% Fees/points: 0.6% (Source: Freddie Mac)

The Wall Street Journal

CoreLogic reported that home prices in October declined by 1.3 percent from September and by 3.9 percent from one year ago.  A separate index by LPS Applied Analytics showed that home prices in September had dropped by 1.2 percent from August.

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http://blogs.wsj.com/developments/2011/12/06/why-home-prices-are-and-arent-stabilizing/

Calif. median home price: October 2011: $278,060 (Source: C.A.R.)
Calif. highest median home price by region/county October  2011: Marin: $781,250 (Source: C.A.R.)
Calif. lowest median home price by region/county October 2011: Lake County: $96,500 (Source: C.A.R.)

Calif. Pending Home Sales Index: September 2011: 118., an increase of 8.4 percent compared with a prior year.
 
Calif. Traditional Housing Affordability Index: Third quarter 2011: 52 percent (Source: C.A.R.)

Mortgage rates: Week ending 11/10/2011 30-yr. fixed: 3.99% fees/points: 0.7% 15-yr. fixed: 3.30 fees/points: 0.8% 1-yr. adjustable: 2.95% Fees/points: 0.6% (Source: Freddie Mac)

Economic growth is expected to be no greater than 2 percent through the end of 2012 – a growth rate that makes the economy very vulnerable to any external shock that could trigger a downturn, according to Fannie Mae’s Economics & Mortgage Market Analysis Group.External factors, coupled with uncertainty surrounding the degree of domestic fiscal austerity, including the scheduled expiration of various tax cuts and unemployment benefits, and the impact of forthcoming regulations, will determine how fast the economy will grow. “There’s been a little seasonal cyclical pickup in housing activity recently, as spring and summer sales are generally stronger than fall and winter, but leading indicators point to housing sales bouncing near the bottom at least through the end of 2012,” said Fannie Mae Chief Economist Doug Duncan.“Home prices are a key factor for any positive movement in the housing market, and the large inventory of distressed homes working their way through the market is putting downward pressure on prices. Now that we are entering a traditionally weak seasonal sales period, we expect home prices to show renewed declines after firming for several months,” Duncan stated.More info

Calif. median home price: August 2011: $297,060 (Source: C.A.R.)
Calif. highest median home price by region/county August  2011: Marin: $806,550 (Source: C.A.R.)
Calif. lowest median home price by region/county August 2011: Siskiyou County: $116,670 (Source: C.A.R.)

Calif. Pending Home Sales Index: August 2011: 125.3, an increase of 12.6 percent compared with a prior year.
 
Calif. Traditional Housing Affordability Index: Second quarter 2011: 51 percent (Source: C.A.R.)

Mortgage rates: Week ending 10/06/2011 30-yr. fixed: 3.94 fees/points: 0.8% 15-yr. fixed: 3.26 fees/points: 0.8% 1-yr. adjustable: 2.95% Fees/points: 0.5% (Source: Freddie Mac)

Calif. median home price: July 2011: $294,230 (Source: C.A.R.)
Calif. highest median home price by region/county July  2011: Marin: $761,030 (Source: C.A.R.)
Calif. lowest median home price by region/county July 2011: Madera $92,500 (Source: C.A.R.)

Calif. Pending Home Sales Index: July 2011: 117, a decrease of 1.7 percent compared with prior month.
 
Calif. Traditional Housing Affordability Index: Second quarter 2011: 51 percent (Source: C.A.R.)

Mortgage rates: Week ending 9/15/2011 30-yr. fixed: 4.09 fees/points: 0.7% 15-yr. fixed: 3.30 fees/points: 0.6% 1-yr. adjustable: 2.81% Fees/points: 0.6% (Source: Freddie Mac)

A total of 10.9 million homes with a mortgage were in a negative equity position at the end of the second quarter, constituting 22.5 percent of all residential properties with a mortgage, according to CoreLogic.

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http://www.latimes.com/business/realestate/la-fi-underwater-homes-20110914,0,95578.story

Closed escrow sales of existing, single-family detached homes in California dropped 4.1 percent to a seasonally adjusted 458,440 units in July, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.  July home sales were up 4.5 percent from the 438,850 units sold in July 2010.  The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the July pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

“Although July sales improved over last year, they were somewhat weaker than expected, given current prices and mortgage rates,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “Economic uncertainty and recent developments in financial markets have caused hesitation among buyers, the effects of which we may see in the coming months.  We must see sustained job and income gains along with an increase in consumer confidence before we can expect to see consistent improvement in the housing market.”

The statewide median price of an existing, single-family detached home sold in California dipped 0.3 percent in July to $294,230 from a revised $295,210 in June.  July’s median price was down 7.6 percent from the $318,550 recorded in July 2010.

“Despite the uncertain outlook, interest rates are at near-record lows, and home prices are favorable,” said C.A.R. President Beth L. Peerce.  “Well-qualified, motivated buyers who expect to own their home for more than a few years should carefully study their options now.”

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Pending home sales rose in February, as did the share of distressed properties sold, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week. 

MAKING SENSE OF THE STORY

• Pending home sales in California increased in February, according to C.A.R.’s Pending Home Sales Index (PHSI)*.  The index was 112.1 in February, rising 20.6 percent from January’s revised index of 93.0, based on contracts signed in February.  The index was down 1.6 percent from February 2010, when the presence of housing tax credits played a strong role in home sales.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market, according to C.A.R.
• “The increase in pending sales is typical for this time of year, as we usually see a seasonal improvement in the spring,” said C.A.R. President Beth L. Peerce. 
   
• The total share of all distressed property types sold statewide increased in February to 56 percent, up from 54 percent in January and up from 55 percent in February 2010.  Non-distressed sales made up the remaining share at 44 percent in February, down from 46 percent in January and down from 45 percent in February 2010.
• The statewide share of short sales increased to 23 percent in February, up from 22 percent in January and up from 19 percent in February 2010.

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