Calif. median home price: December 2011: $285,920 (Source: C.A.R.)
Calif. highest median home price by region/county December 2011: Marin: $693,880 (Source: C.A.R.)
Calif. lowest median home price by region/county December 2011: Madera: $106,000 (Source: C.A.R.)
Calif. Pending Home Sales Index: December 2011: 91.6, an increase from the revised 82.5 recorded in December 2010
Calif. Traditional Housing Affordability Index: Fourth quarter 2011: 55 percent (Source: C.A.R.)
Mortgage rates: Week ending 2/9/2012 30-yr. fixed: 3.87% fees/points: 0.8% 15-yr. fixed: 3.16 fees/points: 0.7% 1-yr. adjustable: 2.78% Fees/points: 0.6% (Source: Freddie Mac)
The Los Angeles Times
On Monday, lawmakers pressed the regulator of Fannie Mae and Freddie Mac to write-down the principal on mortgages of underwater homes.
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http://www.latimes.com/business/money/la-fi-mo-principal-writedowns-20120206,0,6192746.story?track=rss
Freddie Mac soon will increase incentives paid for completed short sales, according to a spokesman for the government-sponsored enterprise.
Through HAFA, the Treasury currently provides $1,500 for servicers and up to $2,000 for investors who allow up to $6,000 of the short sale proceeds be paid to subordinate-lien holders.
But servicers completed only 27,600 short sales and deeds-in-lieu of foreclosure through December. Of those, only 1,600 were for GSE-backed mortgages, according to Treasury Department data released Monday.
Private investors approved more than 18,300, and the rest were held on the servicer portfolio.
Nearly two-thirds of HAFA activity occurred in three states. Roughly 43 percent of these transactions occurred in California, followed by 15 percent in Florida and 6 percent in Arizona.
According to the Freddie spokesman, the upcoming incentive changes are being constructed with the hope of boosting short sale volumes. Whether these higher payments will go to servicers, investors, or the subordinate-lien holders is unknown.
More info
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
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)
