Maggie Moore's – Short Sale Scene

The New York Times
Customized mortgages aren’t new, but industry experts say they are seeing more and more borrowers opt for fixed-rate loans with terms other than the standard 30 or 15 years, especially when it comes to refinancings.
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http://www.nytimes.com/2012/02/12/realestate/mortgages-loan-terms-made-to-order.html?_r=1&ref=realestate

Zillow’s Home Value Index declined 1.1 percent in the fourth quarter, the company recently announced.  For all of 2011, the Index declined 4.7 percent.
The newly released Zillow Home Value Forecast predicts home values will continue declining through December 2012, but with smaller declines in 2012 than 2011. While home values in some individual markets are likely to reach a bottom this year, Zillow does not forecast a definitive national bottom until 2013. The Forecast calls for a national decline of 3.7 percent in 2012.
Metropolitan statistical areas (MSAs) like Los Angeles, Riverside, Calif., and Phoenix, which were among the hardest-hit in the housing downturn, will likely reach a bottom in home values and will experience home value increases or stability in 2012, according to the Forecast. Other markets that are likely to reach a bottom and see home values increase or remain flat in 2012 are the Baltimore and Washington D.C. MSAs. Markets which may end 2012 without significant increases in home values, but which are likely candidates to see a bottom late in the year are the Dallas, Denver, Miami-Fort Lauderdale, Fla., New York, Pittsburgh, San Diego, San Francisco and Tampa, Fla. MSAs.
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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/

The Mercury News

Mortgage interest rates, near all-time lows, are likely to remain attractive throughout 2012.  That means opportunities for new home buyers and for homeowners who want to refinance.
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http://www.mercurynews.com/real-estate/ci_19683720

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)

Home values in the United States were essentially unchanged in November, decreasing a marginal 0.1 percent from October, according to this month’s Zillow Real Estate Market Reports. Annually, the Zillow Home Value Index fell 4.6 percent from November 2010 to $147,800 and has returned to late 2003 levels.

Regionally, home values appreciated or remained flat from October to November in 60 percent of the 165 housing markets covered by Zillow, compared with 24 percent the year prior. Major metropolitan statistical areas (MSAs) that experienced flat or increasing home values include Los Angeles, Washington, Miami-Ft. Lauderdale, Fla., San Francisco, and Detroit. On an annual basis, the median home value is down for nearly all (90 percent) of the 165 MSAs covered by Zillow, although the rate of annualized depreciation has slowed significantly in the majority of the markets.

“Even with the anticipated increase in foreclosures, look for 2012 to be a transitional year in which home values fall modestly followed by a prolonged period of flat home values,” said Zillow Chief Economist Dr. Stan Humphries. “We’re still three to five years away from ‘normal’ housing market conditions.”

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The Wall Street Journal
The Justice Department faces the daunting task of tracking down more than 210,000 alleged victims and determining how to compensate them, following last week’s $335 million fair-lending settlement with Bank of America Corp.’s Countrywide unit.

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http://online.wsj.com/article/SB10001424052970203686204577116860378024808.html?mod=WSJ_RealEstate_LeftTopNews

Instances of financial abuse and fraud against the elderly increased from November 2010 to January 2011, according to a recent report from MetLife, which found overall investment fraud targeted towards older Americans is on the rise.

Americans over the age of 65 lost nearly $3 billion to financial abuse from April to June 2010, up 12 percent from the same period in 2008, according to the report. During that time, 51 percent of the fraud cases reported were perpetrated by strangers, 34 percent by family, friends, and neighbors and 12 percent by businesses.  In a separate look at the holidays, MetLife reports fraud by family and friends increased to 45 percent.

The Wall Street Journal

Mortgage rates are expected to remain very low at least through mid-2012, while housing activity improves slightly, according to Freddie Mac’s economic and housing outlook.

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http://blogs.wsj.com/developments/2011/12/14/freddie-low-mortgage-rates-to-hang-around-next-year/?mod=WSJBlog&mod=WSJ_Real Estate_BLOGSDEVELOPMENTSFEED

More than half of respondents to a recent survey by HouseLogic.com, the consumer website from NAR, said that jobs and unemployment will have the greatest impact on their vote in 2012.  Housing came in second at 27 percent.

Respondents were asked “What issue area will have the greatest impact on your vote in 2012?” National security, healthcare, and energy/environment trailed housing and unemployment by wide margins:

• Jobs/unemployment – 54 percent
• Housing – 27 percent
• National security – 8 percent
• Healthcare – 4 percent
• Energy/Environment – 2 percent
• Other – 4 percent

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