|Current Actives||Pendings (Last 30 Days)||Market Time (In Months)||2-Weeks Ago||4-Weeks Ago||1-Year Ago||2-Years Ago||Average Active List Price|
|Corona Del Mar||80||9||8.89||5.67|
or Closing Costs?
It is well known that the primary barrier to homeownership for first-time home buyers has been saving enough money to make a sizeable down payment and cover closing costs. Now, thanks to Fannie Mae, you may not have to stress about this key factor in realizing your dream of homeownership...
Introducing, the 97% LTV Fixed-Rate Conventional Loan!
Fannie Mae now offers up to 97% LTV financing to help home buyers who would otherwise qualify for a mortgage but may not have the resources for a larger down payment, and to help borrowers with an existing Fannie Mae mortgage who may not be eligible to refinance using Refi Plus™ or DU Refi Plus™.
Fixed-rate loans having a 30 year term with…
Important to note about these 2 tax transfers initiatives is that Proposition 60 allows transfers of base year values within the same county (intra-county), while proposition 90 allows transfers from one participating California county to another (inter-county). San Bernardino County has adopted to participate in Prop 90 effective November 20th, 2014. Now the following 10 California counties will be the ones talking part in Prop 90 transfers: Alameda, El…
- California: $450,620
- Calif. highest median home price by region/county October 2014:
San Mateo, $1.07 million
- Calif. lowest median home price by region/county October 2014:
Calif. Traditional Housing Affordability Index: Second Quarter 2014: 30 percent (Source: C.A.R.)
Mortgage rates: Week ending 12/4/2014 (Source: Freddie Mac)
- 30-yr. fixed: 3.89 % fees/points: 0.5%
- 15-yr. fixed: 3.10% fees/points: 0.5%
- 1-yr. adjustable: 2.41% Fees/points: 0.4%
Although there are hundreds of millions of dollars available for down payment assistance, 70 percent of U.S. adults are unaware of these programs for middle-income home buyers in their community, according to findings from the second annual America at Home survey commissioned by NeighborWorks America.
NeighborWorks organizations provided 6,000 people with more than $100 million in such assistance last year, and expect to make even more available this year.
Down payment assistance is especially helpful for home buyers who are unsure about affordability because of student loan debt.
C.A.R. offers a resource to help buyers find down payment assistance programs. In California alone, there are more…
Hey Fullerton Renters,
As home prices continue to grow and housing affordability diminishes, a new report maintains that the cost of buying a home is still only about half the cost of renting.
Looking at trends in incomes, home values, and rental prices in the third quarter, Zillow estimates that U.S. homeowners spend on average 15.3 percent of their income on monthly mortgage payments. For younger homebuyers, who typically make smaller down payments, that figure is only slightly higher: 17.4 percent.
"Homes for younger buyers remain affordable thanks to continued low mortgage interest rates and their tendency to shop for less expensive homes," Zillow said in its latest home value report.
Renters, meanwhile, are spending 29.9 percent of their monthly
By lowering the down payment down to 3 percent, leaders from the GSEs and the Federal Housing Finance Administration (FHFA) hope to increase homeownership and particularly household formation by offering loans to those who can afford mortgages but lack resources to make a 20 percent down payment plus closing costs.
Those who have pushed for the lower down payment, such as FHFA Director Mel Watt, have endured criticism from lenders due to the perceived risk involved with making a mortgage loan such a high maximum loan-to-value ratio.
According to an annual survey of homebuyers by the National Association of REALTORS® (NAR), only 33 percent of total purchases this year were by first-timers, down from 38 percent a year ago. The long-term average, dating back to 1981, shows that 4 out of 10 purchases were by first-time buyers.
The reason? "Rising rents and repaying student loan debt makes saving for a down payment more difficult, especially for young adults who've experienced limited job prospects and flat wage growth since entering the workforce," said Lawrence Yun, the NAR’s chief economist. He added that a shortage of homes in affordable price ranges, competition from investors, tighter credit conditions and…
Last night the United States House of Representatives, extended the income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences. The bill containing the income tax exemption on forgiven mortgage debt and other expired tax provisions passed by a vote of 378 to 46. The United States Senate has not yet voted on the measure. Please encourage your members to contact their Senators if they have not yet done so. NAR will continue to ask members to send messages to United States Senators until the bill is passed or the scheduled end of the Lame Duck session on Friday, December 12*
If you have any questions regarding this update please call or email me.