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California’s Home Inventory Shrinks To 5-Year Low

California’s inventory of unsold, previously owned homes shrank to a five-year low in December, in another sign that the state may be coming out of its worst housing slump in decades. The supply of unsold single-family homes dropped to 3.8 months from 5.6 months a year ago and 16.6 months in January 2008, when inventories Read More

Mortgage Rates Back Below 5%, Freddie Mac Says

Freddie Mac’s widely watched survey of the mortgage market is out this morning with another round of good news for borrowers: The third straight week of falling interest rates has taken the 30-year fixed loan below 5% again. It’s hard not to wonder how long this can last. According to Freddie Mac, the rate on Read More

California Home Prices Inch Up In December

California home prices ticked up 1.1% in December from the month prior, according to data released today, continuing a slow but steady trend of improvement for the Golden State’s housing market. The median price paid for a home in December was $264,000, up from $261,000 in November, and up 6% from $249,000 for December 2008, Read More

Going to sell the house? Don’t wait for ‘spring’ in February

PASADENA – Two years ago, owning a three-bedroom craftsman home in Pasadena was a dream Arturo and Olga Avon could never hope to attain. Today, with the median home price lower than it has been for at least five years, the Pasadena couple – and many others like them – got a rare crack at Read More

U.S. Home Prices Are Flat, With Bay Area Showing Most Improvement

San Francisco and Tampa, Fla., sit at opposite corners of the country and at opposite ends of the housing recovery. As home prices are picking up nationally, the San Francisco Bay Area has shown improvement for seven consecutive months and posted the strongest gains in home prices in October out of 20 metropolitan regions, according Read More

Nine Consecutive Gains for Pending Home Sales

Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors. The Pending Home Sales Index (“PHSI”), a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, Read More

October Home Sales Rise 10.1% From September

Home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit. Home sales nationwide are now up nearly 37 percent from their bottom in January, data showed, though they are still 16 percent Read More

Rates On 30-year Mortgages Remain Below 5%

Rates on 30-year mortgages stayed below 5 percent this week but remained above the record set earlier this year, Freddie Mac said Thursday. The average rate for a 30-year fixed mortgage fell to 4.83 percent, down from 4.91 percent last week, the mortgage company said. Last year at this time, 30-year mortgages averaged 6.04 percent. Read More

Loan Ceiling Extended

Buyers of homes in high-priced markets have some reason to cheer: the federal government recently extended through 2010 the maximum dollar amount for “conforming loans.” This will probably mean better options for borrowers who might otherwise have had to take out “jumbo” mortgages. Conforming loans meet all the guidelines of Fannie Mae and Freddie Mac, Read More

September Sales & Price Report

Home sales increased 2.1 percent in September in California compared with the same period a year ago, while the median price of an existing home declined 7.3 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. “The market’s momentum continued in September, as many home buyers took advantage of the federal tax credit for first-time Read More

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