The California Association of Realtors®
A trade association representing 162,000 REALTORS(R) statewide.
Fast Facts
Calif. median home price: December 2011: $285,920 (Source:
C.A.R.)
Calif. highest median home price by region/county December 2011: Marin:
$693,880 (Source: C.A.R.)
Calif. lowest median home price by region/county December 2011: Madera:
$106,000 (Source: C.A.R.)
Calif. Pending Home Sales Index: November 2011: 109.8, an
increase of 11 percent compared with the prior year.
Calif. Traditional Housing Affordability Index: Third quarter
2011: 52 percent (Source: C.A.R.)
Mortgage rates: Week
ending 1/12/2012 30-yr. fixed: 3.89% fees/points: 0.7% 15-yr. fixed: 3.16
fees/points: 0.8% 1-yr. adjustable: 2.76% Fees/points: 0.6% (Source:
Freddie Mac)
Primary Mortgage Market Survey® (PMMS®)
California home sales rise in December, posting 11-month sales high
California
home sales rose for the third consecutive month in December, marking the
highest level since January 2011, according to data from C.A.R.
Sales also were up from a year ago, marking the sixth consecutive annual
increase.
Closed escrow
sales of existing, single-family detached homes in California totaled a
seasonally adjusted annualized rate of 520,940 in December, according to
information collected by C.A.R. from more than 90 local REALTOR®
associations and MLSs statewide. December’s sales were up 3.3
percent from November’s revised pace of 504,420 and were up 0.1 percent
from the revised 520,330 sales pace recorded in December 2010.
The statewide
median price of an existing, single-family detached home posted its second
consecutive monthly gain, increasing 1.8 percent to $285,920 in December,
up from a revised $280,960 in November. However, the median price
was down 6.2 percent from the revised $304,770 median price recorded in
December 2010.
Tip of the Week: Unexpected IRS refund Scam
If you receive an unsolicited email that appears to be from the IRS
requesting that you file a "tax refund request," do not fall victim to
this identity theft scheme.
Numerous people
are receiving unsolicited email informing them that a $9,390.55 IRS tax
refund is due to them if they complete a tax refund request form. The
email code will be forged to appear as if it originated from a trusted
source, usually the IRS or an IRS tax preparer, but viewing the "message
header" or "message source" will reveal its origin to be something else,
and the link will not lead to a trusted domain, but one controlled by
identity theft criminals.
If you file a tax
return and a refund is due, you will automatically receive your refund.
You will never be contacted by the IRS, and there is no tax refund request
form. Never disclose personal information to any unsolicited inquiry, as
compelling as the story may be.
Economic growth expected to be no greater than 2 percent through 2012
Economic growth is
expected to be no greater than 2 percent through the end of 2012 – a growth rate
that makes the economy very vulnerable to any external shock that could trigger
a downturn, according to Fannie Mae’s Economics & Mortgage Market Analysis
Group.
External factors,
coupled with uncertainty surrounding the degree of domestic fiscal austerity,
including the scheduled expiration of various tax cuts and unemployment
benefits, and the impact of forthcoming regulations, will determine how fast the
economy will grow.
“There’s been a
little seasonal cyclical pickup in housing activity recently, as spring and
summer sales are generally stronger than fall and winter, but leading indicators
point to housing sales bouncing near the bottom at least through the end of
2012,” said Fannie Mae Chief Economist Doug Duncan.
“Home prices are a key factor for any positive movement in the housing market, and the large inventory of distressed homes working their way through the market is putting downward pressure on prices. Now that we are entering a traditionally weak seasonal sales period, we expect home prices to show renewed declines after firming for several months,” Duncan stated.
