California’s housing market has shown signs of stabilization since early last year. Sales of existing, single-family homes bottomed out in August 2007, and the median home price reached its lowest point in February 2009.
In December 2009, California’s median home price was 25.1 percent above the low for the current cycle and the median price of an existing, single-family home rose to $306,820, an 8.4 percent rise year-over-year. This is the second consecutive year-over-year increase, and the 10th consecutive month-over-month increase.
Although home buyers should not focus solely on future home price appreciation, homeowners who purchase a median-priced house, live in their home for at least five years, and sell it at the then current median price, have averaged an annual rate of return of more than 11 percent, according to data collected by California Association of Realtors over the last 40 years.
Program encourages borrowers to pursue loan modifications
Freddie Mac and 13 national and local non-profit organizations recently announced the launch of Freddie Mac Borrower Help Centers, including one in San Bernardino.
The centers are designed to encourage delinquent borrowers to pursue mortgage workouts. At the centers, Freddie Mac borrowers will receive free, confidential one-on-one mortgage counseling.
The company also is launching a separate Borrower Help Network which will offer similar counseling services over the phone to targeted Freddie Mac borrowers.
The centers are designed to encourage delinquent borrowers to pursue mortgage workouts. At the centers, Freddie Mac borrowers will receive free, confidential one-on-one mortgage counseling.
The company also is launching a separate Borrower Help Network which will offer similar counseling services over the phone to targeted Freddie Mac borrowers.
Eligible for a Loan Modification?
If you can no longer afford to make your monthly mortgage payment, you may qualify for a loan modification.
Millions of borrowers who are current but having difficulty making their monthly payments, as well as borrowers who have already missed one or more loan payments may be eligible for a mortgage modification under the Home Affordable Plan.
To find out if you are eligible, click here.
Millions of borrowers who are current but having difficulty making their monthly payments, as well as borrowers who have already missed one or more loan payments may be eligible for a mortgage modification under the Home Affordable Plan.
To find out if you are eligible, click here.
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