| From : orangecountyrealestatevoice.com
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Orange County Register
Distressed home sales rising 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... Read Full Story
| From : orangecountyrealestatevoice.com
Not yet published.
Pasadena Star News
Home prices drop in February
Following three months of sales gains, California home sales posted a weaker-than-expected performance and declined in February, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The statewide median price of an existing, single-family detached home sold in California also declined in February.
MAKING SENSE OF THE STORY
• Closed escrow sales of existing, single-family detached homes in California totaled a seasonally... Read Full Story
| From : orangecountyrealestatevoice.com
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Los Angeles Times
Banks drag feet on short sales, survey finds
The CALIFORNIA ASSOCIATION OF REALTOR® (C.A.R.) published its findings of a survey this week, which show that tedious lender requirements and poor communication hamper short sales.
MAKING SENSE OF THE STORY
• Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to C.A.R.’s survey, which gauged REALTORS... Read Full Story
| From : orangecountyrealestatevoice.com
Not yet published.
The Wall Street Journal
Five signs that say “buy”
Home buyers sitting on the fence wondering if now is the right time to buy should consider five factors when making this decision: Jobs, recent sales activity, construction, mortgage availability, and anecdotal evidence. Each of these issues can help consumers make the best choice for their situation and financial circumstance.
MAKING SENSE OF THE STORY
• Jobs: Although many areas of the country were deeply impacted by the recession... Read Full Story
| From : orangecountyrealestatevoice.com
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CNN Money
Should you pay off the house?
An increasing number of homeowners are considering paying off their mortgage early. While paying off debt generally is a sound strategy, homeowners also are aware that mortgage interest is tax-deductible, so paying off a mortgage early may not be in the best interest for all homeowners.
MAKING SENSE OF THE STORY
• Homeowners with credit card debt, and those who aren’t contributing the maximum amount to a 401(k), are advised to make those the first... Read Full Story
| From : orangecountyrealestatevoice.com
Published to mortgage industry
The Wall Street Journal
Banks push home buyers to put down more cash
Many economists and housing analysts blame lax lending standards – including no-down payment, no-document loans – for contributing to the challenges in the current real estate cycle. As a result, most lending institutions have increased minimum down payment requirements. Now, a new proposal by the Obama administration calls for gradually raising down payments to a minimum of 10 percent on conventional loans – those that... Read Full Story
| From : orangecountyrealestatevoice.com
Published to mortgage industry
New York Times
Online mortgage shopping made easier The vast amount of information available online about mortgages – such as interest rates, loan benchmarks, prepayment penalties, and the like – can cause home buyers to feel confused and overwhelmed when shopping for a mortgage. Most surprisingly, a recent survey found that only 61 percent of homeowners surveyed said they comparison shopped for a mortgage, and 39 percent said they took out a home loan based on just one quote.
MAKING... Read Full Story
| From : orangecountyrealestatevoice.com
Published to Real Estate
USA Today
Fees for home mortgages increase For the first time since 2009, Fannie Mae and Freddie Mac are raising risk fees charged to lenders on loans they buy for resale to investors. Fannie and Freddie also are adding risk fees to more loans offered to borrowers with exemplary credit. Although lenders could absorb the cost, most are expected to add the fees to loan costs.
MAKING SENSE OF THE STORY
• To avoid a fee or to receive a discount, most borrowers will need FICO scores of 740 or... Read Full Story
| From : orangecountyrealestatevoice.com
Not yet published.
Los Angeles Business Journal
California home sales hit seven-month high in December
California home sales rose in December, posting their highest level since May, according to a report from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), as the inventory of unsold homes dwindled.
MAKING SENSE OF THE STORY
• Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 520,680 units in December, according to information... Read Full Story
| From : orangecountyrealestatevoice.com
Not yet published.
Smart Money
Real Estate: Finally a good investment?
The housing market still looks pretty bleak: There were a record 1 million foreclosures last year, home prices are still falling in many regions, and the number of “underwater” properties is at a record high.
And things don’t look much better in other areas of real estate. The number of construction jobs continues to decline, even as other parts of the economy have added jobs. And mortgage rates have moved higher as long-term Treasury... Read Full Story
