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Archives for July 2012

Median Price for Existing Home at Highest Level Since 2008; Sales Drop in June to 8-Month Low

The median price of an existing single family home rose in June to the highest level since almost four years, the fifth straight month-month gain, the National Association of Realtors (NAR) reported Thursday. The median price was up 7.9 percent from June 2011. Existing home sales dropped to 4.37 million in June to the lowest level since last October, the NAR said. It was the fourth drop in the last five months. Economists had expected the sales pace to increase to 4.65 million from 4.62 million in … [Read more...]

Californian homeowners see surprise jump in property taxes

Tens of thousands of Californian homeowners are seeing the downside of the recovering real estate market: unexpected jumps in their property tax bills. Many homeowners believe their property taxes are limited to increases of no more than 2 percent annually because of Proposition 13, the landmark voter initiative approved in 1978. But fewer property owners know the details of Proposition 8, a companion ballot measure that passed the same year. Proposition 8 — not to be confused with the 2008 ballot measure … [Read more...]

FHA Dropping $1,000 Debt Rule that Would Have Delayed Closing

On July 1, borrowers wanting to take out an FHA-insured loan would have potentially experienced a closing day delay of 3 months or more if they had debt totaling or exceeding $1,000. Now, the FHA “credit-dispute” rule has been withdrawn, according to an agency letter released Friday. A HUD spokesperson said in an email that the decision to rescind the earlier proposal, which was first announced in February, was based on input received. “We plan to issue a new [Mortgagee Letter] shortly which will be … [Read more...]