NAR recently issued a Call For Action urging REALTORS® to contact Congress and clearly communicate that Congress needs to prevent conforming loan limits from expiring on Sept. 30. Unless Congress acts, the current loan limits will expire on Sept. 30, and the cost of a mortgage could rise significantly.  More than 30,000 California families will face higher down payments, higher mortgage rates, and stricter loan qualification requirements if conforming loan limits on mortgages backed by the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac are reduced beginning
October 1, 2011, according to analysis by C.A.R.

Despite the Obama administration claiming it will support a one-year extension of the current loan limits, Bank of America already has lowered its loan limits for new loans, and others will follow suit.

Please contact Congress today and communicate clearly that a housing recovery depends on keeping mortgages affordable and that Congress needs to prevent these higher loan limits from taking effect.

From C.A.R. Newsline

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

California home sales rose in January, marking three consecutive monthly increases and posting their highest level since May 2010, while the statewide median price declined to its lowest level since June 2009, according to data C.A.R. 

“With lower home prices and rates edging up from their historic lows of late last year, prospective home buyers should consider the opportunities in today’s market,” said C.A.R. President Beth L. Peerce.

California home sales rose 5.1 percent in January compared with December, to a revised pace of 520,080 units.  Sales also increased 2.5 percent in year-over-year comparisons, marking the first year-over-year sales increase since May 2010.  The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the January pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.

Reprinted from C.A.R. Newlines. 

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®

Calif. median home price: December 2010: $301,850 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region December 2010: Santa Barbara So. Coast $778,500 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region November 2010: High Desert $125,480 (Source: C.A.R.)

From C. A. R. Newsline

California home sales rose in December, posting their highest level since May, according to data from C.A.R.  The statewide median price increased from November, but was down from a year ago.

“December’s sales increase reflects buyers taking advantage of rock bottom interest rates and improved affordability since the first half of the year, when prices were higher,” said C.A.R. President Beth L. Peerce.  “Most of December’s sales opened escrow in October and November.  Rates hit their absolute lowest in October but began edging higher in November, prompting buyers to get off the fence,” she said.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 520,680 in December.  December’s sales were up 5.9 percent from November’s revised pace of 491,590 but were down 6.8 percent from the revised 558,840 sales pace recorded in December 2009. 

Following three consecutive monthly declines, the median price of an existing, single-family detached home sold in California increased 1.7 percent from a revised $296,690 in November but was down 1.6 percent from the revised $306,860 median price recorded for the same period a year ago.

From C. A. R. Newsline

Highlights of C.A.R.’s resale housing figures for August 2010:

• California home sales edged up 1.8 percent from July, but were down 14.9 percent from August 2009, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.  The statewide median home price also increased 1.2 percent from July and was up 8.6 percent from a year ago.
• C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in August 2010 rose to 6.1 months compared with 4.6 months in August 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
• Thirty-year fixed-mortgage interest rates averaged 4.43 percent during August 2010 compared with 5.19 percent in August 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.53 percent in August 2010 compared with 4.72 percent in August 2009.
• The median number of days it took to sell a single-family home was 47.1 days in August 2010 compared with 34.8 days for the same period a year ago.

Stats for last 7 days

new listing 3, price reduced 1, sale pending 1,  sold 0

Median prices, average days on market

current for sale           33 med price $849,000; avg days on market 173

current sale pendings  2  med price $625,500; avg days on market 43

sold in last 6 months   10 med price $677,000; avg days on market 228

New Listings

We're sorry, but we couldn't find MLS # 21026131 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 21026239 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 21025789 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Price Reductions

We're sorry, but we couldn't find MLS # 21016753 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Sale Pendings

We're sorry, but we couldn't find MLS # 21024959 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Solds none

STATS FOR LAST 7 DAYS

new listing 1, price reduced 3, sale pending 0,  sold 1

new listing         1866 Oak Cir, $789,000, 3 br 2 ba, 1,666 sf

price reduced  5 Tallent Ln, $749,000, 3 br 3 ba, 2,222 sf

1 Grant Ln, $779,000, 3 br 2 ba, 1,754 sf

n/a, $1,700,000, 3 br 3 ba, 2,198 sf

new pending

new sold             6464 Washington St, $1,140,000, 5 br 3 ba, 3,130 sf

median prices, average days on market

current for sale             32 med price $907,000; avg days on market 178

current sale pendings  2  med price $570,500; avg days on market 196

sold in last 6 months   11 med price $689,000; avg days on market 215

Facts, numbers, SF from BAREIS and/or Napa County tax records,  accuracy is not guaranteed

STATS FOR LAST 7 DAYS

new listing 5, price reduced 5, sale pending 1, sold 4

new listing       562 Community Hall Ln, $465,000, 1 br 2 ba, 1,000 sf

15 Christine Ct, $695,000, 3 br 2 ba, 1,893 sf

765 Hunt Ave, $995,000, 3 br 3 ba, 1,683 sf

n/a, $1,685,000, 3 br 3 ba, 2,381 sf

1475 Inglewood Ave, $2,950,000, 4 br 4 ba, 3,790 sf

price reduced n/a, $439,000, 1 br 1 ba, 1,309 sf

n/a, $749,000, 4 br 3 ba, 1,873 sf

n/a, $870,000, 3 br 3 ba, 2,085 sf

808 Zinfandel Ln, $2,295,000, 4 br 4 ba, 2,702 sf

n/a, $7,900,000, 5 br 6 ba, 6,345 sf

new pending    1459 Whitehall Ln, $1,795,000, 4 br 4 ba, 3,559 sf

new sold            1093 Mariposa Ln, $460,000, 3 br 2 ba, 1,316 sf

1837 Spring Mtn Ct, $535,000, 3 br 2 ba, 1,384 sf

1350 Andrea Ave, $675,000, 2 br 1 ba, 1,376 sf

1800 Adams St, $1,906,250, 3 br 3 ba, 2,931 sf

median prices, average days on market

current for sale              99 med price $1,685,000; avg days on market 158

current sale pendings   6 med price  $947,000; avg days on market 126

sold in last 6 months   39 med price  $800,000; avg days on market 124

STATS FOR LAST 7 DAYS

new listing 2, price reduced 4, sale pending 1,  sold 3

new listing         1413 Earl St, $359,000, 2 br 1 ba, 940 sf

n/a , $2,50,000, 2 br 2 ba, 2,200 sf

price reduced  1624 Oak St, $425,000, 3 br 2 ba, 1,300 sf

3485 Old Lawley Toll Rd, $995,000, 4 br 4 ba, 3,189 sf

207 High St, $1,290,000, 4 br 2 ba, 1,884 sf

3120 Old Lawley Toll Rd, $3,750,000, 3 br 3 ba, 2,912 sf

new pending     580 Lommel Rd, $415,000, 2 br 2 ba, 2,500 sf

new sold             226 High St, $965,000, 2 br 2 ba, 2,250 sf

1801 Greenwood Ave, $2,225,000, 3 br 3 ba, 2.824 sf

1411 Diamond Mtn Rd, $4,425,000, 5 br 7 ba, 7,100 sf

median prices, average days on market

current for sale               67 med price $1,099,000; avg days on market 188

current sale pendings    5 med price $359,000; avg days on market 161

sold in last 6 months    33 med price $639,000; avg days on market 208

STATS FOR LAST 7 DAYS

new listing 0, price reduced 1, sale pending 0,  sold 0

new listing

price reduced  204 Vista Ct, $599,950, 2 br 2 ba, 1,154 sf

new pending     16 Ivy Ct, $679,000, 2 br 2 ba, 1,150

new sold

median prices, average days on market

current for sale             32 med price $907,000; avg days on market 176

current sale pendings   2  med price $570,500; avg days on market 189

sold in last 6 months   10 med price $677,000; avg days on market 210

Facts, numbers, SF from BAREIS and/or Napa County tax records,  accuracy is not guaranteed

median prices, average days on market

current for sale              96 med price $1,662,500; avg days on market 157

current sale pendings  13 med price  $995,000; avg days on market 177

sold in last 6 months   33 med price  $899,000; avg days on market 126