Southland Home Sale Update

Latest trends for Southern California housing – David

http://dqnews.com/Articles/2013/News/California/Southern-CA/RRSCA130912.aspx

Homebuyers scramble as mortgage rates jump - Builder Magazine

Homebuyers are suddenly realized that rates have jumped 1/4% and are on their way up. So the best strategy for homebuyers is lock in a rate and a purchase while home prices are still near their 7-year lows. Rates are still excellent (around 5.25%), but there's no reason to ride them back up and wish you'd taken advantage of the waning buyer's market, especially in the South Bay where prices stabilized at the beginning of 2010. - David

Castles for the Common Man - WSJ.com

For a little while longer, while rates remain low and jumbo mortgage credit remains tight, outstanding bargains will continue to be available at the upper end of the market for those with the cash to afford them, even in the Beach Cities!  - David

$18,000 in Combined Homebuyer Tax Credits for a Limited Time - California Ass'n of Realtors

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up

Outrage over California tax credit [not shared by your blogger] | Inman News

One real estate agent in the South Bay is "outraged" and "ashamed" at the California homebuyer tax credit legislation recently signed into law by Gov. Schwarzenegger. His letter to the editor appears here, Outrage over California tax credit Inman News, as does your blogger's refutation of its seriously naive reasoning!

I'd call it a little self-defeating when a seller's agent argues against a program designed to stimulate the California economy by helping buyers purchase his sellers' homes, but there it is. Hopefully a few of them are reading this! - David

Southern California home prices rise 10% in February - latimes.com

Here's the regional info we want to see. Southern California home prices rise 10% in February!  Foreclosures are down in the area as well.

What's missing?  Stated income jumbo loan financing, which remains nonexistent in any real sense.  So self-employed purchasers looking to purchase larger, more expensive homes must come up with enormous down payments or work with a mortgage broker with access to nontraditional financing sources (ask me for a referral!). - David

Where does your state rank? - CNNMoney.com

Curious how California is faring compared to other states with respect to unemployment and home foreclosures? Here's a map with the answers: Employment - we're one of the hardest hit; foreclosures - not quite as bad. - David

Southern California Home Buyer's Fair March 13-14: Anyone Interested in Attending?

Here's the Home Page of the Southern California Homebuyer's Fair coming to the LA Convention Center Mrch 13-14 of this year.  Anyone want to attend with me? - David