Daily Real Estate News
Deadline passes for California's new-home tax credit
They're gone – for now.
The California Franchise Tax Board announced the end Thursday to new applications for a $10,000 state tax credit that was snapped up faster than expected by buyers of new, unoccupied houses.
Sacramento Bee
Eligibility for home refinance program is expanded
Reporting from Washington and Los Angeles -- The Obama administration eased eligibility rules Wednesday for its Home Affordable Refinance program, lifting the maximum loan-to-value ratio to 125% from 105%.
Los Angeles Times
U.S. Mortgage Rates Drop to 5.32%, Freddie Mac Says
The average 30-year rate dropped to 5.32 percent from 5.42 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. The 15-year rate was 4.77 percent.
Bloomberg.com
The real estate short sale dilemma
In a Short Sale, the existing lender agrees to take less than the amount owed and then releases the mortgage lien so the house can be sold. If a homeowner falls behind in his mortgage payments...
The real estate short sale dilemma
Fannie, Freddie to Refinance Larger Underwater Loans
July 1 (Bloomberg) -- Fannie Mae and Freddie Mac will begin refinancing mortgages with loan-to-value ratios of as much as 125 percent as the Obama administration seeks to boost participation in its anti-foreclosure programs.
Bloomberg.com
U.S. pending home sales rise 0.1 percent in May
WASHINGTON (Reuters) - Pending sales of previously owned U.S. homes rose slightly in May, the fourth straight monthly gain, a real estate trade group said on Wednesday.
Construction spending falls more than expected
The Commerce Department said Wednesday that construction spending dropped 0.9% in May, nearly double the 0.5% decline that economists expected. Adding to the signs of weakness, activity in the past two months was revised lower.
Los Angeles Times
U.S. MBA Mortgage Applications Index Fell 19 Percent Last Week
The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped 19 percent to 444.8 in the week ended June 26 from 548.2 the prior week. The group’s refinancing gauge declined 30 percent, while the index of purchases fell 4.5 percent.
Bloomberg.com
U.S. home prices still falling, but not quite as steeply
U.S. home prices continued to fall sharply in April but are no longer doing so at a record-breaking pace, according to a widely followed index released Tuesday.
Home prices in 20 metropolitan areas were down 18% in April compared with the same month last year, according to the S&P/Case-Shiller home price index.
Los Angeles Times
Chase: 138k mortgages modified in past 3 months
The company started processing the modifications April 6, as part of President Obama's Making Home Affordable program.
Of the mortgage modifications approved, Chase said 87,100 were through Making Home Affordable. The program seeks to reduce mortgage payments to 31 percent of income, usually by reducing the interest rate or extending the length of the loan
New Online Educational Seminar Helps CalSTRS Members and Employees of California Public School Districts and Community Colleges Understand the CalSTRS 80/17 Home Loan Purchase Program
"This is seriously one of the most empowering loan programs I've ever worked with. CalSTRS was very careful to structure this loan with the flexibility of a low down payment option with the affordability and the purchasing power of utilizing a 17% second mortgage to help folks afford more home for their buck. To qualify for a CalSTRS home loan, you must be a member of CalSTRS and/or a California public school district or California community college employee. CalSTRS loans are available to any employee of a California public school," says Scott Schang, Branch Manager and Webinar Presenter.
MarketWatch
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