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In The News

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June 2010

San Diego County Leads the Nation in Large Metro Area Price Appreciation
With 11 consecutive months of growth, San Diego County is leading the nation’s largest metro areas in home-price appreciation, the widely watched Standard & Poor’s/Case-Shiller Home Price Index showed.

May 2010

San Diego County Delinquency Rates Drop
San Diego County may have passed the peak in the distressed housing market, as the mortgage delinquency rate dropped for the first time in four years, new reports showed Wednesday.

San Diego New Homes Market Stabilizes
San Diego County’s supply of new homes has dropped back to more sustainable levels, as buyers scooped up reduced-priced properties in the first quarter of the year and took advantage of the just-ended federal homebuyer tax credit.

April 2010

San Diego County Real Estate Continues to Strengthen
San Diego County’s March median price rose to $330,000. This is $45,000, or 15.8 percent, higher than in March 2009 — the biggest percentage increase in five years — and up $8,000, or 2.5 percent, from February.

More Gains for Southland Real Estate Markets
Home sales and prices continued their steady climb up from the bottom in Southern California last month as buyers scrambled to take advantage of low prices and low mortgage interest rates.

FHA approves Electronic Signatures
e-signed third-party documents, including real estate contracts, are now being accepted by the Federal Housing Administration (FHA).

San Diego Near Top of Home Index
A national index of home prices rose unexpectedly in January, with California cities posting strong gains. San Diego was second in the S & P/Case-Shiller index of 20 cities with a .9% increase from December.

March 2010

February Housing Prices Rebound
San Diego County housing prices rebounded last month after dropping unexpectedly in January. MDA DataQuick reported that the county’s median price in February rose $17,000 from the previous month to $322,000. On a year-over-year basis, the median was up 13 percent, the best increase in five years.

New FHA measures to Take Effect April 1
Steps to shore up the agency's capital reserves will include raising mortgage insurance premiums and changing requirements for FICO credit scores and down payments for new home buyers.

Many Borrowers in Default Stay Put
Despite being months behind, many strapped residents are hanging on to their homes, essentially living rent-free. Pressure on banks to modify loans and a glut of inventory are driving the trend.

February 2010

Southern California home prices rise 8.6%
Home sale prices in Southern California showed fresh strength in January, bouncing 8.6% from the same month one year earlier -- a period when the market was inundated with steeply discounted bank-owned properties.

Home resales improved in fourth quarter of 2009
The seasonally adjusted annual rate of previously occupied homes sold jumped 13.9% from the third quarter, a Realtors group said. The national median price rose 2.9%.

Homeowner Equity Rises
According to the Fed's most recent "flow of funds" survey, homeowners' net equity grew by nearly $1 trillion from the recession's nadir in the first quarter of 2009 through the third quarter. From June - Sept, equity rose by $418 billion.

FHA Issues Waiver of 90-Day Anti-Flip Rule
FHA announced a Waiver of Requirements of 24 CFR 203.37a(b)(2), commonly called the “anti-flip” or “90 day rule.”

January 2010

Southern California housing market strengthens in December
In a typically sluggish month, the median sale price rises 4% over the same period a year earlier, and sales jump 12.1%. The pace of sales is the best since 2006, aided by tax credits.

New FHA measures will cost home buyers
Steps to shore up the agency's capital reserves will include raising mortgage insurance premiums and changing requirements for FICO credit scores and down payments for new home buyers.

Mortgage lenders exploit loophole in HUD's new GFE rules
Many are sidestepping the legal requirements for accurate disclosures of fees and settlement charges by using 'work sheets' and 'loan scenario' forms.

Government Modification Programs May Have Made Things Worse
The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.

December 2009

Southern California Homes Prices Continue to Improve in November
The Southland housing market continues gaining strength in the traditionally slow month of November. The median price paid for a Southern California home increased 1.8% in November from October, to $285,000. It's the seventh consecutive month in which prices have improved or held steady.

Obama Offers New Standardized Short Sale Plan
President Obama will roll out a standardized short-sale plan over the next several months that will attempt to streamline the time-consuming process by requiring lenders to use nationally uniform documents, timelines and financial incentives.

November 2009

Homebuyer Tax Credit Extended
President Obama signed a bill that includes an extension and expansion of the current home buyer tax credit as an important step in ensuring a real estate and economic recovery.

Conforming Loan Limits Extended Through 2010
The U.S. Congress passed a congressional resolution extending through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in California.

October 2009

California Homes Sales and Prices Continue Inching Upward
The state's housing market showed more signs of recovery in September, as the median sales price rose nearly 1% from August, to $251,000, a real estate research firm reported Thursday.

Schwarzenegger Signs Seven new Mortgage Laws
In a flurry of end-of-session bill signings, Gov. Arnold Schwarzenegger approved seven new laws that provide a range of consumer protections to home-mortgage holders and may allow some to hold on to their houses.

September 2009

US Home Resales Soar 7.2% in July
Home resales in July posted the largest monthly increase in at least 10 years as first-time buyers rushed to take advantage of a tax credit that expires this fall. Sales jumped 7.2 percent and beat expectations, according to the National Association of Realtors.

Southern California Homes Sales and Prices Rise in July
An MDA DataQuick report shows a sharp rise in home purchases and an increase in median prices for a third straight month -- suggesting that the two-year decline in home values may finally be over.

August 2009

Analysis - Housing Begins Long Rebound
By every measure, except foreclosures, the housing market has stabilized and many areas are recovering. Nationwide, home resales in June are up 9 percent from January, on a seasonally adjusted basis. Sales of new homes have climbed 17 percent during the same period.

New home Sales Soar 11 Percent in June
New U.S. home sales jumped in June by the largest amount in more than eight years as buyers took advantage of bargain prices, low interest rates and a federal tax credit for first-time homeowners.

July 2009

Home Buyer Tax Credit Program Cut Off by State
California is cutting off applications for a tax credit that was designed to promote sales of new homes.

Home Refinance Program Expands
The Obama administration eases rules, lifting the maximum loan-to-value ratio to 125%, in an attempt to make refinancing available to more people whose homes are worth less than their mortgages.

June 2009

Pending home sales rise 6.7 percent in April
The number of U.S. home buyers who agreed to buy a previously occupied home took the largest monthly jump in nearly eight years in April.

'Jumbo' mortgages more affordable but still tough to get
Rates for loans that exceed $729,750 have fallen, but many lenders are imposing stringent credit score, down payment and savings requirements.

May 2009

U.S. Expands Housing Aid Program
New guidelines aim to help homeowners avoid foreclosure and sell homes for less than they are worth.

HUD Secretary Announces Monetization of Homebuyer Tax Credit
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

House Hunting? It's Not a Buyer's Market Everywhere
The median price in Southern California may have plummeted, but in more desirable neighborhoods, home buyers are still engaging in bidding wars.

April 2009

Housing Index Posts Biggest Jump in 5 Years
An index of builders' confidence released Wednesday posted its biggest one-month jump in five years in April as many homebuyers seized on lower prices and incentives and took advantage of lower interest rates and tax credits.

Hope Stirs in Housing Market - Prices Steady
Home prices in Southern California held steady in February for the first time in nearly a year, figures released Tuesday show, as low prices brought buyers back into the market.

C.A.R. reports entry-level housing affordability increases to 59 percent
The percentage of households that could afford to buy an entry-level home in California stood at 59 percent in the fourth quarter of 2008, compared with 33 percent for the same period a year.

March 2009

CA existing Home Sales Jump 100% in February. San Diego up 139%
Home sales increased 100.8 percent in January in California compared with the same period a year ago, while the median price of an existing home fell 40.5 percent, the C.A.R. reported.

Obama Plan Won't Help Many California Homeowners
Nearly a third of the state's mortgage holders are underwater on their loans, many of them by amounts that would disqualify them for government-sponsored refinancing.

Treasury Announces Requirements for Making Homes Affordable Program
The Obama Administration announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan. Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners.

No More Commission Reductions for Fannie Mae Short Sales
Fannie Mae loan servicers can no longer require real estate brokers to reduce their commissions as a condition to a short sale approval. This new Fannie Mae policy takes effect on March 1, 2009.

True Tax Credit for Home Buyers
Stimulus bill increases the incentive to $8,000 and removes the all-important repayment requirement. Who will be able to make use of the new and improved version? And how long do buyers have to find a house and close the deal to qualify?

February 2009

State Foreclosures DOWN
Home foreclosures in California fell dramatically in January. The number of homes sold at foreclosure auctions was down 23% in January compared with a year earlier. Additionally, 11% fewer homeowners statewide received default notices in January than in the same month in 2008.

Down Payment Aid Resurfacing
A congressman wants to revive the housing program, killed last year over default-rate concerns, that helps low- and moderate-income families. Supporters say it helps more buyers enter the market.

Congress Looking to Make $7,500 Homebuyer Tax Credit more Attractive
Few consumers have tried to claim the credit because it had to be repaid over 15 years. But there's a good chance that they could be relieved of the repayment requirement.

January 2009

Home Sales Up as Bargain Hunters Snag Foreclosures
Sales of all homes rose 51% last month compared with a year earlier as bargain hunters continued to snap up foreclosures and other distressed properties.

Stock Market Slide Much Greater Than Housing
Wall Street closed out its worst year in more than seven decades, battered by a devastating credit crunch that smashed investor and consumer confidence.

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