Mark Daya- Foreclosure Prevention/ Short Sale Specialist

The San Francisco Chronicle

Banks may seize more than 1 million U.S. homes this year after legal scrutiny of their foreclosure practices slowed actions against delinquent property owners in 2011, RealtyTrac said.

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http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/01/12/BUPF1MOFAU.DTL

CNN Money

Federal officials hope to launch a pilot program in early 2012 to convert government-owned foreclosures into rental properties.
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http://money.cnn.com/2012/01/09/news/economy/foreclosures_rental/index.htm?iid=HP_River

If you receive an unsolicited email that appears to be from the IRS requesting that you file a “tax refund request,” do not fall victim to this identity theft scheme.

Numerous people are receiving unsolicited email informing them that a $9,390.55 IRS tax refund is due to them if they complete a tax refund request form. The email code will be forged to appear as if it originated from a trusted source, usually the IRS or an IRS tax preparer, but viewing the “message header” or “message source” will reveal its origin to be something else, and the link will not lead to a trusted domain, but one controlled by identity theft criminals.

If you file a tax return and a refund is due, you will automatically receive your refund. You will never be contacted by the IRS, and there is no tax refund request form. Never disclose personal information to any unsolicited inquiry, as compelling as the story may be.

If you have questions or concerns about any IRS tax refund you may have due, you should access the official IRS “Where’s My Refund” online application at the following destination: http://www.irs.gov/individuals/article/0,,id=96596,00.html.

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)

HUD and the U.S. Dept. of the Treasury released the December edition of the Obama Administration’s Housing Scorecard this week.  Data in the Scorecard show some subtle improvements in the market over the past year, but underscore fragility as the overall outlook remains mixed. For example, new and existing home sales rose compared with the prior month and remain higher than a year ago, and homes are more affordable than they have been since 1971. Median-income families today have nearly double the funds needed to cover the cost of the average home.  However, home prices showed a slight dip from the prior month and remain below year ago levels.

The December Housing Scorecard features key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including:

• More than 5.5 million modification arrangements were started between April 2009 and the end of November 2011 – including more than 1.7 million HAMP trial modification starts and more than 1.1 million FHA loss mitigation and early delinquency interventions.
• Nearly 910,000 homeowners have received a HAMP permanent modification to date, saving an estimated $9.9 billion in monthly mortgage payments. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals more than 2.6 million proprietary mortgage modifications through November.

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