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Hi gloriabb@posterous.com Gloria Bumanglag saw “Understanding Real Estate Representation,” on REALTOR(R) Content Resource and thought you might be interested. Message from sender: Enjoy. From, Gloria Bumanglag © Copyright 2011 NATIONAL ASSOCIATION OF REALTORS

Existing Home Sales up in California and most states in First Quarter

From CAR (California Association of Realtors) and NAR (National Association of Realtors)-

Existing-home sales rise in most states in first quarter

Existing-home sales rose 8.3 percent to a seasonally adjusted annual rate of 5.14 million units in the first quarter, an increase from 4.75 million in the fourth quarter, but are 0.8 percent below the 5.18 million recorded during the same period in 2010, NAR reported.
The national median existing single-family home price was $158,700 in the first quarter, down 4.6 percent from $166,400 in the first quarter of 2010. Distressed homes, typically sold at a discount of about 20 percent, accounted for 39 percent of first quarter sales, up from 36 percent a year earlier.

Investors accounted for 21 percent of first-quarter transactions, up from 18 percent a year ago, while first-time buyers purchased 32 percent of homes, down from 42 percent in the first quarter of 2010 when a tax credit was in place. Repeat buyers accounted for a 47 percent market share in the first quarter, up from 40 percent a year earlier.

Regionally, existing-home sales in the West, which includes California, rose 13.5 percent in the first quarter to a level of 1.29 million and are 2.1 percent above a year ago. The median existing single-family home price in the West declined 4.7 percent to $197,400 in the first quarter compared with the first quarter of 2010.

http://www.realtor.org/press_room/news_releases/2011/05/state_firstquarter

Fast Facts  (Local OC median prices will be posted soon)
Calif. median home price: March 2011: $286,010 (Source: C.A.R.)
Calif. highest median home price by region/county March 2011: Marin $826,700 (Source: C.A.R.)
Calif. lowest median home price by region/county March 2011: Lake County $94,170 (Source: C.A.R.)

Calif. Pending Home Sales Index: March 2011: 128.7 (Source: C.A.R.)
 
Calif. First-time Buyer Affordability Index: Fourth quarter 2010: 69 percent (Source: C.A.R.)

A Better Neighborhood

Layout 1.pdf Download this file

Make your neighborhood a better place with these 12 tips.

Saving the Mortgage Interest Deduction for Homeowners and Future Homeowners

If you are a homeowner or thinking of owning a home in the future, stay up to date on the recent activity of plans for our legislature to reduce and eventually eliminate the Mortgage Interest Deduction, MID.

http://www.usatoday.com/money/perfi/taxes/2011-04-14-tax-breaks-under-fire.htm

http://www.ibtimes.com/articles/140363/20110502/congress-federal-income-tax-credit-mortgage-interest-deduction-mid.htm

 

Write, email or call your congressmen and women to let them know you want to save the M.I.D.  They are listening. 

Facebook has a page you can follow. http://www.facebook.com/SaveMyMID?v=wall&sk=wall#!/SaveMyMID?sk=app_4949752878

 

New Podcasts on itunes from Fannie Mae

Fannie Mae has created podcasts to assist homeowners in avoiding foreclosure.  Click on the link for the current list for valuable information.

http://itunes.apple.com/us/podcast/fannie-maes-homepath-podcast/id364316370

 

First quarter 2011 Orange County and surrounding counties

You will notice that the Orange County graph shows the most stable compared to neighboring counties.

Traditional Sales-  Standard Sale with the homeowners as sellers.

Short Sales- List price is less than the loan amount and costs associated to sell the home in this current market.  Homeowners are the sellers but the banks holding the note (lien holders) must approve the sale.

REO Sales- Bank owned property (Real Estate Owned)

Auction Sales- Homes sold at the county courthouse.

FNT_quarter_1_2011.pdf Download this file

Graphs from Corelogic