Itâ€™s Tuesday News Day and these are this weeks hot topics concerning the real estate market, the financial market, general market conditions, and interest rates.
As home prices continue to recover and interest rates remain at near-record lows, many houses are receiving multiple offers and to win the bid, buyers need to stand out from the crowd. According to the CALIFORNIA ASSOCIATION OF REALTORSÂ®â€™ most-recent housing report, the median number of days it took to sell a single-family home decreased to 29.4 days in March.
Los Angeles TimesÂ â€“Â Home prices gain again in February
The Standard & Poorâ€™s/Case-Shiller home price index of 20 American cities rose 0.3 percent in February and was up 9.3 percent compared with February 2012. All of the cities covered by the index have risen year-over-year for two consecutive months.
San Diego Union TribuneÂ â€“Â More homeowners can get mortgage reduced
Chase and Wells Fargo are the latest two banks that have agreed to slash mortgage balances as much as up to $100,000 for certain clients through the state program Keep Your Home California.
So-called â€œspecâ€ homes, short for speculative, were all the rage for builders during the housing boom, but certainly not during the bust, when demand disappeared. Now, it seems that spec building is back.
The New York TimesÂ â€“Â The seller chooses the lender
Some sellers are finding lenders willing to provide financing for an eventual sale even before they put their homes on the market; they then add language to the sales contract requiring buyers at least obtain preapproval from the sellerâ€™s preferred lender.
DSnewsÂ â€“Â Completed foreclosures rise in March
In its most-recent foreclosure report, CoreLogic reported 55,000 homes were lost to foreclosure in March, up 6 percent from 52,000 completed foreclosures in February.
San Diego Union TribuneÂ â€“Â Are foreclosure laws hurting the market
The Homeowners Bill of Rights, which went into effect Jan. 1, forces banks to stop dual tracking, the process of starting the foreclosure process while a loan modification has been submitted or being reviewed by the bank. The effects of the bill may already be apparent. Experts weigh in on whether the end of dual tracking is good or bad for the market.
If you have any questions about the current real estate market give me a call atÂ (408) 840-3852Â or shoot me an email atÂ Thomas.Feng@gmail.comÂ to discuss your situation and how to get the most out of the current real estate housing market.
Because of the many legal and tax situations that can arise through the sale and purchase of real estateALWAYSÂ consult with yourÂ ATTORNEYÂ orÂ ACCOUNTANTÂ before makingÂ ANYÂ decisions inÂ ANYÂ transaction
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* THIS ARTICLE WAS POSTED ATÂ Thomas Fengâ€™s Bay Area ConnectÂ *