Home Prices In California Decline 4.9% Statewide In Past Twelve Months To March 2011 On Heavy Distressed Home Sales And Loss Of Federal Tax Credit

21 04 2011

 

  • The statewide median price of an existing, single-family detached home sold in California increased 5.4% in March compared with February to $286,010
  • But prices declined 4.9% compared with March 2010’s median price of $300,900
  • The decline in prices year over year is attributed to an increase in distressed sales
  • It is clear that prices and sales in 2010 benefitted from the federal home buyer tax credit
  • The pace of sales for the first three months of this year is in line expectations for all of 2011, according to C.A.R.

March 2011 County Sales and Price Activity
Regional and Condo Sales Data Not Seasonally Adjusted

March-11 Median Price of Existing Single-Family Homes
State/Region/County Mar-11 Feb-11   Mar-10   MTM% Chg YTY% Chg
CA SFH (SAAR) $286,010 $271,320   $300,900 r 5.4% -4.9%
CA Condo/Townhomes $232,130 $236,360   $263,310 r -1.8% -11.8%
Los Angeles Metropolitan Area $272,600 $266,830   $280,160   2.2% -2.7%
Inland Empire $172,730 $174,040   $177,910   -0.8% -2.9%
S.F. Bay Area $487,060 $444,020   $498,980 r 9.7% -2.4%
               
S.F. Bay Area              
Alameda $480,250 $458,060   $476,560   4.8% 0.8%
Contra-Costa (Central County) $567,310 $516,670   $587,690   9.8% -3.5%
Marin $826,700 $632,580   $790,620   30.7% 4.6%
Napa $332,610 $354,760   $351,560   -6.2% -5.4%
San Francisco $679,770 $606,560   $720,390   12.1% -5.6%
San Mateo $695,000 $623,000   $800,000   11.6% -13.1%
Santa Clara $561,500 $525,250   $590,000   6.9% -4.8%
Solano $193,480 $191,790   $211,540   0.9% -8.5%
Sonoma $325,910 $315,340   $359,050   3.4% -9.2%
Southern California              
Los Angeles $282,170 $286,220   $290,000 r -1.4% -2.7%
Orange County $523,610 $496,540   $550,420 r 5.5% -4.9%
Riverside County $201,520 $203,630   $201,100   -1.0% 0.2%
San Bernardino $130,690 $131,470   $137,590   -0.6% -5.0%
San Diego $383,620 $367,770   $393,600   4.3% -2.5%
Ventura $443,920 $389,650   $444,890   13.9% -0.2%
Central Coast              
Monterey $260,000 $239,950   $245,000   8.4% 6.1%
San Luis Obispo $362,700 $328,750   $377,680 r 10.3% -4.0%
Santa Barbara $422,730 $380,000   $381,820 r 11.2% 10.7%
Santa Cruz $475,950 $451,000   $525,000   5.5% -9.3%
Central Valley              
Fresno $138,120 $141,360   $150,960   -2.3% -8.5%
Kern (Bakersfield) $129,900 $125,000   $136,000   3.9% -4.5%
Kings County $137,270 $154,000   $154,290   -10.9% -11.0%
Madera $133,530 $149,230   $146,000   -10.5% -8.5%
Merced $115,290 $117,270   $108,080   -1.7% 6.7%
Placer County $253,750 $269,670   $292,210   -5.9% -13.2%
Sacramento $168,250 $168,800   $183,330   -0.3% -8.2%
San Benito $247,500 $285,000   $275,610   -13.2% -10.2%
Tulare $121,950 $120,340   $145,140   1.3% -16.0%
Other Counties in California              
Amador $170,000 $200,000   $186,000   -15.0% -8.6%
Butte County $222,370 $190,000   $250,000   17.0% -11.1%
Humboldt $250,000 $238,890   $270,650   4.7% -7.6%
Lake County $94,170 $123,330   $155,000   -23.6% -39.2%
Mariposa And Tuolumne $154,440 $187,500   $204,690   -17.6% -24.5%
Mendocino $192,500 $200,000   $295,000   -3.8% -34.7%
Shasta $154,810 $162,110   $175,500   -4.5% -11.8%
Siskiyou County $112,500 $140,000   $150,000   -19.6% -25.0%
Tehama $125,000 $83,330   $132,860   50.0% -5.9%
             
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Fannie Mae And Freddie Mac Will Require “Electronic Appraisals” For Home Loans Originated After Dec 1, 2011 Featuring “Standardized Condition And Quality Ratings” For Properties

13 04 2011
 
 

 

  • Fannie Mae and Freddie Mac will roll out a new electronic appraisal system on June 27, 2011
  • The Uniform Collateral Data Portal (UCDP) has been in development for several years
  • All Fannie Mae appraisals delivered on or after March 19, 2012 must be submitted to UCDP if the loan was originated after Dec. 1, 2011
  • Lenders are being given nine months to adopt the system
  • Lenders and agents will access the system through the web to upload and browse files
  • Many lenders will interface the UCDP through their own systems
  •  As part of the new UCDP system, properties will be rated based on a “Standardized Condition and Quality” basis:





    HUD “Good Neighbor Next Door” Homes: 2-Bedroom Condo In San Diego Is Available For $50,000 (50% Discount) And $100 Down Payment With FHA 203k Renovation Financing To Eligible Teacher, Police Officer, Fire Fighter Or EMT

    4 03 2011

    CALL 800 385-3503 FOR FULL DETAILS





    HUD Condominium Approvals: FHA Financing On Condos Is Strict With Less Than 30% FHA Loans, 50% Owner-Occupied And Reserve Fund Of At Least 10% Of Budget All Required

    16 12 2010

    In order to qualify for FHA financing, condos must meet the following requirements for approval by the U.S. Department of Housing and Urban Development (HUD):

    • No one person or entity can own more than 10 percent of the units
    • Homeowner’s Association (HOA) must have adequate hazard, liability, and flood insurance
    • No more than 30 percent of units can have financing with FHA loans
    • Minimum 50 percent of units must be occupied by owners
    • No more than 15 percent of unit owners can be delinquent on their association dues

    The above restrictions are pretty straightforward. But these aren’t the ones that are giving condos headaches. It’s the financial requirements, which include:

    • The condo must have a budget that’s deemed adequate by HUD
    • The condo must have a reserve fund that’s at least 10 percent of the budget

    It’s this last one that’s the killer because, in many parts of the country, it’s common practice for condominiums not to have reserve funds. Instead, HOAs use assessments to pay for emergencies as they occur. While this may be a shortsighted method on the part of HOAs, many people elect not to contribute money each year to a reserve fund for an emergency that may or may not occur. This is especially true in places like Florida, where condos have a high turnover rate.

    Saving grace running out soon

    If your condo has not been approved, you still have one possibility: Your lender can go through the “spot approval” process. Some of the conditions for spot approval include:

    • Building must be fully completed
    • HOA must have adequate hazard, liability, and flood insurance
    • Owners should have unrestricted right to use all facilities and common areas
    • No legal restrictions on conveyance
    • Condo must be 90 percent sold
    • Minimum 51 percent of units should be occupied
    • Only 10 percent of condo can have FHA loans if more than 20 units; 20 percent if under 30 units




    FHA Condominium Approval Update: Condominium Associations And Developments Must Be “Re-Certified” By FHA By Dec. 7 To Be Eligible For FHA Financing And Research Shows Many Have Not Complied

    7 12 2010

    Without Project Approval, the FHA loan and other FHA backed loan products will no longer be available in non-approved condominium developments including loans for refinance, debt consolidation and reverse mortgages.

    Under guidance issued by FHA, developments granted project approval prior to January 1, 2008 had until December 7, 2010 to recertify or lose their approved status. Research reveals that to-date, most condos have not recertified.

    According to Orest Tomaselli, CEO of National Condo Advisors, LLC, a consulting firm specializing in condominium project approval, the elimination of FHA lending in condominium developments will make selling condominiums more difficult, especially in today’s already challenging real estate markets. “We are seeing a ‘Perfect Storm’ forming in the condominium market.”

    Tomaselli is referring to today’s lower number of transactions, lower prices, looming foreclosures and near-record unemployment. “When we see reduced lending in this sector of the housing market, we have to recognize that we will be facing harder times,” he said. “However, there is a solution.”

    “Without FHA Project Approval, lenders must decline loan applicants applying for FHA loans as FHA will no longer insure loans in that condominium. The solution will be for the condominium to re-certify their project approval. FHA loan products will become available immediately upon approval restoring the availability of credit within the development.”

    For more:  http://rismedia.com/2010-12-06/fha-project-approval-a-crucial-step-in-selling-condominiums/