Mortgage News

WASHINGTON (Associated Press) - The Federal Reserve has adopted a new plan intended to curb shady lending practices that sent home foreclosure rates to record highs.

The plan will:
●Prevent loans made without documentation of borrower's income
●Require lenders to escrow money to pay taxes and insurance for risky borrowers
●Limit - and, in some cases, ban - prepayment penalties
●Prohibit lenders from making a loan without considering a borrower's ability to repay a home loan from sources other than the home's value
●Require mortgage advertising to contain information about rates, monthly payments and other features of the loan
●Require that lenders credit a mortgage payment to a homeowner's account on the day it is received
●Forbid brokers and others from "coercing or encouraging" an appraiser to misrepresent the value of a home.

Most of the rules take effect Oct. 1. Escrow requirements will take effect April 1, 2010.More information is available on the Federal Reserve Board's website.

Hopefully these new rules and regulations will help the consumers in the future when it comes to making more educated decisions on their loans.

Twain Harte 4th of July Parade

The annual Twain Harte 4th of July Parade was attended by many, enjoyed by all!

Weekly Tuolumne County Market Statistics

Weekly Stats, Week Ending 5/18/08

RESIDENTIAL
Active: 549 Avg. DOM:146
Pending: 78 Avg. DOM: 114
Sold 5/12- 5/18: 4 Avg. DOM: 99 Avg Sales Price: $266,500
Sold YTD: 136 Avg. DOM: 153 Avg. Sales Price: $315,588

MOBILE/MANUFACTURED
Active: 82 Avg. DOM: 148
Pending: 7 Avg. DOM: 108
Sold 5/12-18: 0
Sold YTD: 21 Avg. DOM: 119 Avg. Sales Price: $60,442

LOTS/LAND
Active: 290 Avg. DOM: 226
Pending: 9 Avg. DOM: 143
Sold 5/12-18: 3 Avg. DOM: 156 Avg. Sales Price: $131,333
YTD Sold: 33 Avg. DOM: 268 Avg. Sales Price: $173,742

Information provided by Linda Olson, Realtor, Prudential California Realty. Call Linda at 209.533.3333 ext. 122.

Weekly Tuolumne County Market Statistics

Week Ending 5/11/08:

Residential
Active: 538 Avg. DOM: 148
Pending: 78 Avg. DOM: 94
Sold Last Wk: 5 Avg. DOM: 125
Sold YTD: 128 Avg. Dom: 158

Mobile Homes/Manufactured
Active: 80 Avg. DOM: 140
Pending: 5 Avg. DOM: 96
Sold Last Wk: 0
Sold YTD: 21 Avg DOM: 119

Lots/Land
Active: 285 Avg. DOM: 227
Pending: 11 Avg. DOM: 145
Sold Last Wk: 2 Avg. DOM: 279
Sold YTD: 30 Avg. DOM: 113

Thanks to Linda Olson, Realtor with Prudential California Realty, Sonora Office. Linda can be reached at 209.533.3333 ext. 122, linda@pcr1.com

Weekly Tuolumne County Market Statistics

Residential Homes:
Active: 530 Average Days On Market: 146
Pending: 71 Average Days On Market: 93
Sold last week: 9 Average Days On Market: 147
Sold YTD: 123 Average Days On Market: 160

Mobile/Manufactured Homes
Active: 72 Average Days On Market: 144
Pending: 7 Average Days On Market: 91
Sold last week: 2 Average Days On Market: 105
Sold YTD: 21 Average Days On Market: 105

Lots/Land
Active: 284 Avg. DOM:231
Pending: 13 Avg. DOM: 127
Sold last week: 0
Sold YTD: 28 Avg. DOM: 291

Information posted by Linda Olson, Sales Associate. To contact Linda, call 209.533.3333 ext. 122 or email linda@pcr1.com

THE LATEST FROM N.A.R.

The following was just released regarding existing home sales stats in February from the National Association of Realtors (N.A.R.)

"WASHINGTON, March 24, 2008 -
Sales of existing homes increased in February and remain within a fairly stable range, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.9 percent to a seasonally adjusted annual rate (1) of 5.03 million units in February from a pace of 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007. The sales pace has been in a fairly narrow range since last September.
Lawrence Yun, NAR chief economist, said the gain is encouraging. “We’re not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilizing,” he said. “Buyers taking advantage of higher loan limits for both FHA and conventional mortgages will unleash some pent-up demand. As inventories are drawn down, prices in many markets should go positive later this year.”
The national median existing-home price (2) for all housing types was $195,900 in February, down 8.2 percent from a year earlier when the median was $213,500. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively fewer sales in higher priced markets....Existing-home sales in the West slipped 1.1 percent to an annual rate of 920,000 in February, and are 29.2 percent below a year ago. The median price in the West was $290,400, down 13.4 percent from February 2007."

Locally, the market has picked up in Calaveras and Tuolumne counties. Although the prices are still dropping slightly, the numbers of listings has stabilized, and the Homebuyers are on the increase. Interest rates are still very good, so what are you waiting for? If you're thinking of purchasing a home in the Sierra Foothills anytime in the next year, don't hesitate--it may not get much better than it is right now!

Market Conditions

Real Estate is alive and well inTuolumne and Calaveras counties! Based on MLS statistics the pricing continues to drop slightly, the number of listings in both counties is up, and the days on market have dropped significantly since February 2008. In addition, the interest rates are still great. All this means is that there's no time like the present to be purchasing Real Estate in the Gold Country! Prices may not go much lower, we're beginning to experience multiple offers, so what are you waiting for? A year ago we could hardly find a residential listing under $300K, but now there are many, so if you're a first time homebuyer, I certainly wouldn't wait much longer!