The Mercury News
The housing crisis has caught up with people whose wealth helped them hang onto their houses longer.
Read the full story:
http://www.mercurynews.com/business/ci_19899224
CoreLogic’s December Home Price Index (HPI®) report shows that, including distressed sales, home prices in the U.S. decreased 4.7 percent in 2011 compared with December 2010. The year-end report shows that home prices continued the trend of year-end decreases. 2011 was the fifth consecutive year with a decrease in the HPI. The HPI, excluding distressed sales, shows that home prices decreased by 0.9 percent in 2011, giving an indication of the impact of distressed sales on home prices in 2011.
The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.0 percent), Arizona (-51.9 percent), Florida (-50 percent), Michigan (-43.7 percent), and California (-43.5 percent).
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Orange County Register
Beginning with the 2012 tax bill (the one due in April 2013), the state Franchise Tax Board will require property owners to break down their property taxes into deductible and non-deductible portions.Read the full story:
http://economy.ocregister.com/2012/01/09/state-targets-property-tax-payers/101799/
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California pending home sales fell 9.1 percent in November but were up from a year ago, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 109.8 in November, based on contracts signed in that month, down from October’s index of a revised 120.9. However, the index was up 11 percent from November 2010, marking the seventh consecutive month that pending sales rose from the previous year.
At 55.1 percent, equity sales made up more than half of home sales in November, up from 53.9 percent in October and 54.4 percent in November 2010.
The total share of all distressed property types sold statewide fell to 44.9 percent in November, down from October’s 46.1 percent and 45.6 percent in November 2010.
Of the distressed properties sold statewide in November, 21 percent were short sales, up slightly from the previous month’s share of 20.7 percent and up from last November’s share of 19 percent.
At 23.5 percent, the share of REO sales was down from October’s 24.9 percent, and down from the 26.2 percent reported in November 2010.
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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: October 2011: 122., an increase of 3.1 percent compared with a prior year.
Calif. Traditional Housing Affordability Index: Third quarter 2011: 52 percent (Source: C.A.R.)
Mortgage rates: Week ending 12/15/2011 30-yr. fixed: 3.94% fees/points: 0.8% 15-yr. fixed: 3.27 fees/points: 0.8% 1-yr. adjustable: 2.81% Fees/points: 0.6% (Source: Freddie Mac)
