San Francisco Bay Area Real Estate Market Trends – March 2011

Best March in 4 years for San Francisco Bay Area Real Estate A total of 7,051 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 41.3 percent from 4,991 in February and up 0.2 percent from 7,040 in March 2010, according to San Diego-based DataQuick. Last month sales count was the highest for a March since 8,317 homes sold in March 2007. The median price paid for all new and resale houses and condos in the Bay Area was $360,000 last month, up 6.7 percent…continue reading →

Santa Clara County Real Estate Market Report – March 2011

Real Estate Prices and Sales Bounce Back in March in Santa Clara County Sales of single-family, re-sale homes continued to gain ground last month in Santa Clara County, rising 52.1% from February, and up 11.8% year-over-year.The median price for single-family, re-sale homes in Santa Clara County was up 7.1% from February, but down 5.4% year-over-year. This is the fifth month in a row the median price has been lower than the year before. The average price was up 14% from February and posted a 3.8% year-over-year gain. The rise in the average price…continue reading →

Bay Area Real Estate Market Report for February 2011

Bay Area home's median sale price fell below the year-ago level for the fifth consecutive month while the sales volume remained virtually unchanged from a year ago. The share of homes sold to investors and Cash Buyers continued to be at record levels. A point to note is that January and February are usually the slow months and may or may not provide any accurate indication for the rest of the year. A total of 4,991 new and resale houses and condos sold in the nine-county Bay Area last month. That was up…continue reading →

California Mortgage Rates Outlook for Purchase and Refinance Loans

California Mortgage Rates for Refinance and Home Purchase Loans have been all over the place this year. According to Freddie Mac Primary Mortgage Market Survey 30 Year Fixed Rate started at 4.77%, went over 5% in week 2 of February and since started the climb down to be now at exactly the same level where they started at the beginning of the year (see chart below). Most of the climb down in recent weeks have been caused by impact on stock markets due to uncertainties in Japan and Libya (and most part of…continue reading →

Santa Clara County Real Estate Market Report – February 2011

In this post you will find the snapshot of the Santa Clara County Real Estate Market including Median Price, Homes for Sale and Inventory for February, 2011. Home Sales in Santa Clara County were up in February: Sales of single-family, re-sale homes continued to gain ground last month, rising 3.3% year-over-year. The 633 sales were the largest number of sales in February since 2007. The median price for single-family, re-sales homes in Santa Clara County was off 3.6% from last February. This is the fourth month in a row the median price has…continue reading →

San Mateo County Real Estate Market Report for February 2011

In this post you will find the Real Estate Market Report for San Mateo County. The report includes Sales, Median Price, Available Homes for Sale for Single Family and Condos. San Mateo County Home Sales were up in February 2011 compared to one year ago. Sales of single-family, re-sale homes rose for the third month in a row in February. Home sales were up 1.5% compared to February 2010. The median price for single-family, re-sales homes in San Mateo County fell, year-over-year, for the fifth month in a row. The median price was…continue reading →

California FHA Mortgage Insurance Premium goes up – AGAIN!

FHA recently announced an increase to the Annual Mortgage Insurance Premium on standard California FHA loan programs. This is a second increase in less than 6 months. FHA earlier increased Annual Mortgage Insurance Premium in October 2010. **The information to this post has been updated. Read our complete guide for FHA mortgage insurance premium for the latest information. Click here to go to that post.** Here are the 6 things you need to know about these changes: These changes are effective April 18th, 2011. The Annual Insurance Premium will increase .25% for standard…continue reading →

Changes to California FHA Streamline Refinance Loan Programs

FHA announced changes to California Streamline refinance transactions. The FHA issued Mortgagee Letter provides guidance on the changes as well as clarification on existing streamline refinance guidelines. *** To Read the Complete Guide on California, Washington and Oregon FHA Streamline Refinance and to request a mortgage rate quote go to my new blog post -  https://www.mortgageblog.com/fha-loans-streamline-refinance-and-mortgage-rates-a-complete-guide/**** Here are the 6 things you need to know about these clarifications and changes: Borrower must be current on their mortgage for the month of closing AND the month prior to closing (The payment due the month…continue reading →

Mortgage Rates at the highest levels in 10 months – Over 5% Now

30 Year Fixed, 15 Year Fixed and 5/1 ARM California Mortgage Interest Rates continue to rise.According to Freddie Mac Primary Mortgage Market Survey® both long- and short-term mortgage rates rose last week too. 30-year fixed-rate mortgage (FRM) averaged 5.05 percent with an average 0.7 point for the week ending February 10, 2011, up from last week when it averaged 4.81 percent.15-year FRM this week averaged 4.29 percent with an average 0.7 point, up from last week when it averaged 4.08 percent.5-year adjustable-rate mortgage (ARM) averaged 3.92 percent this week, with an average 0.6…continue reading →

CalHFA helps California First Time Home Buyers to buy with 1% Down Payment

CalHFA 1st mortgage + CHDAP 2nd mortgage = 99% LTV or 1% downpayment loan for California First Time Home Buyers. Here's how it works: CalHFA (California Housing Finance agency) FHA loan offers financing up to 96.5%. California Homebuyer's down payment assistance program (CHDAP) provides a deferred payment junior loan (2nd mortgage) up to 3% of the purchase price; 2.5% of which can be used towards downpayment and the rest .5% can be used towards closing cost. See below: How to qualify for CalHFA FHA loan and the Downpayment Assistance Program: You have to…continue reading →