Recent improvements in the overall economy, combined with extremely low interest rates lifted California home sales from both the prior month and year in February, according to data from C.A.R. The median price dipped fr om January but is beginning to show signs of stabilization.

“While the median home price dipped in February, the year-over-year decline was the smallest recorded since December 2010,” said C.A.R. President LeFrancis Arnold. “This may be a signal of a possible stabilization in home prices, which should bode well for prospective buyers who have been on the sidelines waiting for prices to level out and may entice them to jump into the market.”

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 528,010 in February, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. February’s sales were up 2.1 percent from January’s revised pace of 517,120 and up 5.5 percent from the revised 500,480 sales pace recorded in February 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide median price of an existing, single-family detached home dipped 0.6 percent to $266,660 in February from January’s $268,280 median price. The median price was down 1.7 percent from the revised $271,370 median price recorded in February 2011.

Santa Clarita Valley & California Home Sales Post Higher In February is a post from: SantaClaritaHomefinder.com

Home sales in California showed signs of improvement for February compared to the previous month of January and year before in February 2011, according to data from the California Association Of Realtors (C.A.R.).

For February, sales were up 2.1 percent from January’s revised 517,120 and up 5.5 percent from the revised 500,480 sales pace recorded a year ago. The statewide sales figure represents the total number of homes sold during 2012 if sales maintained the February pace throughout the year, with adjustments for seasonal factors.

While the state followed the national trend of declining home prices, C.A.R. reported other signs are pointing towards stabilization.

“While the median home price dipped in February, the year-over-year decline was the smallest recorded since December 2010,” said C.A.R. President LeFrancis Arnold. “This may be a signal of a possible stabilization in home prices, which should bode well for prospective buyers who have been on the sidelines waiting for prices to level out and may entice them to jump into the market.”   Home inventory is moving in Santa Clarita.

Santa Clarita Real Estate Update-Sales in California Up in February, Median Prices Down is a post from: SantaClaritaHomefinder.com

Through $225 billion in mortgage backed securities (MBS) investments, the U.S. Department of the Treasury announced a return of $25 billion for taxpayers through its portfolio. The Treasury invested in the MBS between 2008 and 2009 through the Housing and Economic Recovery Act of 2008. The purchases were made to preserve access to mortgage credit during the financial crises. Overall, total cash returns yielded $250 billion through sales, principal, and interest. “The successful sale of these securities marks another important milestone in the wind down of the government’s emergency financial crisis response efforts,” said Assistant Secretary for Financial Markets Mary Miller. “This program helped support the housing market during a critical moment for our nation’s economy and delivered a substantial profit for taxpayers.” In March 2011, the Treasury announced it would begin the gradual sale of the purchased securities, all of which have been sold off now.

Treasury Announced a $25B Return Through its MBS Portfolio is a post from: SantaClaritaHomefinder.com

Americans’ concerns about key economic and housing issues are beginning to subside, according to results from Fannie Mae’s February 2012 National Housing Survey. Consumers’ attitudes have stabilized across most indicators – including personal finances, housing, and employment – demonstrating their sense that downside risks have abated somewhat compared with late summer and fall of 2011.

Highlights of the survey include:

• The rise in confidence in the economy’s  direction continued in February, with 35 percent responding that they think the economy is on the right track, a 5 percentage point increase  from January. The percentage of respondents who say the economy is on the wrong track dropped to 57 percent, a decline of 6 percentage points.

• On average, Americans expect home prices to increase by 0.8 percent over the next 12 months (down slightly since last month).

• Twenty-eight percent of respondents expect home prices to increase over the next 12 months (consistent with last month), while 15 percent say they expect home prices to decline (down 1 percentage point since last month).  Fifty-three percent say prices will stay the same.

• The percentage of respondents who say it is a good time to sell rose by 3 percentage points to 13 percent, the highest level in more than a year, while the percentage of respondents who say it is a good time to buy dropped 1 percentage point to 70 percent this month.

• Sixty-five percent of respondents say they would buy their next home if they were going to move, up 1 percentage point since last month, while 29 percent say they would rent, down 1 percentage point versus last month.

Positive Outlook for Santa Clarita Real Estate – Consumers’ attitudes stabilize in February is a post from: SantaClaritaHomefinder.com

Median Home Prices for Valencia vs Average Days on Market is a post from: SantaClaritaHomefinder.com

Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed a bill addressing the issue of short sales timelines on Feb. 17.

The legislation, also known as the Prompt Notification of Short Sale Act, will require a written response from a lender no later than 75 days after receipt of the written request from the buyer.

The lender’s response to the buyer must specify acceptance, rejection, a counter offer, need for extension, and an estimation for when a decision will be reached. The servicer will be limited to one extension of no more than 21 days.

The bill will also allow the buyer to be awarded $1000, plus “reasonable” attorney fees if the Act is violated.

In April 2011, a similar bill was introduced by Reps. Tom Rooney (R-Florida) and Robert Andrews (D-New Jersey), but this version requested a response deadline of 45 days instead of 75 from lenders. The legislation never came up for debate before a House committee.

Santa Clarita Real Estate-Short Sale Soundoff: Proposed bill to speed up short sale process is a post from: SantaClaritaHomefinder.com

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago. Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters. However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings. Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.” In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV. While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan. Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.   This news is a potential boost for home sales in the Santa Clarita Valley.

Santa Clarita Real Estate News – Housing Crisis to End in 2012 as Banks Loosen Credit Standards is a post from: SantaClaritaHomefinder.com

Showing properties 1 - 6 of 6. See more 91355 zip code real estate.
(all data current as of 5/19/2012)

1. $1,125,000 : 27016 Woodlands Drive, Valencia
   
   5 beds, 5 full baths

   Home size: 4,305 sq ft

   Lot size: 16,557 sqft

   Year built: 2002

   Parking spots: 3

   Days on market: 44

   Walk Score®: 45
2. $1,250,000 : 24821 Los Altos Drive, Valencia
   
   5 beds, 6 full baths

   Home size: 4,567 sq ft

   Lot size: 9,862 sqft

   Year built: 2000

   Parking spots: 3

   Days on market: 45

   Walk Score®: 38
3. $1,099,000 : 24204 Oak Vale Drive, Valencia
   
   5 beds, 3 full baths

   Home size: 3,901 sq ft

   Lot size: 21,932 sqft

   Year built: 1987

   Parking spots: 6

   Days on market: 60

   Walk Score®: 48
4. $1,175,000 : 27066 Island Road, Valencia
   
   4 beds, 5 full baths

   Home size: 3,816 sq ft

   Lot size: 8,306 sqft

   Year built: 2000

   Parking spots: 5

   Days on market: 122

   Walk Score®: 57
5. $1,199,000 : 25539 Via Paladar, Valencia
   
   4 beds, 4 full baths

   Home size: 4,092 sq ft

   Lot size: 23,490 sqft

   Year built: 1980

   Parking spots: 2

   Days on market: 204

   Walk Score®: 48
6. $1,290,000 : 25438 ALTOS Drive, Valencia
   
   4 beds, 3 full, 1 part baths

   Home size: 5,417 sq ft

   Lot size: 32,250 sqft

   Year built: 1991

   Parking spots: 2

   Days on market: 521

   Walk Score®: 52

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Million Dollar Homes Listed In Valencia! is a post from: SantaClaritaHomefinder.com

Now is an excellent time to buy a home in Santa Clarita due to consumer home price expectations continuing an upward trend.  Fannie Mae’s latest National Housing Survey shows that the majority of Americans continue to expect no change in mortgage rates over the next 12 months. However, their expectations for home prices have improved for the fourth month in a row, with respondents expecting prices to go up by 1 percent, on average, during the year.

Of the consumers surveyed, 44 percent expect their personal financial situation to improve, up from 40 percent a month ago, and 30 percent of Americans believe the economy is on the right track, up from 22 percent last month and up for the third straight month since November 2011.

Highlights of the monthly survey include:

Twenty-eight percent of respondents expect home prices to increase over the next 12 months (up 2 percentage points since last month), while 16 percent say they expect home prices to decline (down 2 percentage points since last month). Fifty-one percent say prices will stay the same.

Only 8 percent of Americans say that mortgage rates will go down in the next 12 months, down 2 percentage points from December.

The percentage of respondents who say it is a good time to buy stayed at 71 percent in January, while the percentage who say it is a good time to sell dropped by 1 percentage point to 10 percent.

Now Is An Excellent Time To Buy A Home In Santa Clarita! is a post from: SantaClaritaHomefinder.com

Housing Market Picture Brightens with Job Gains:

The pace of job creation surged in January, with the US economy generating 243,000 new positions while the unemployment rate dropped to 8.3 percent, according to government data released Friday.

Both numbers were far better than the consensus estimates, which expected a growth of 150,000 jobs and a steady unemployment rate of 8.5 percent.

Job gains have been concentrated primarily in the service sector, particularly in retail and the food and beverage industries. Warehousing, manufacturing, mining and health care also have participated.

True to form, services were responsible for 162,000 of the January swell, with manufacturing payrolls growing 50,000. Government cuts subtracted 14,000 from the total. Retail has added 390,000 jobs since December 2009, while durable goods manufacturing is up 418,000 over the past two years, according to government figures.

Housing demand is driven primarily by two factors (neither is interest rate): Consumer Sentiment and Employment Stability.  So, the surprisingly strong Nonfarm Payroll data is certainly good news for the housing industry.

Housing Market Picture Brightens in Santa Clarita Real Estate is a post from: SantaClaritaHomefinder.com