Active single-family residential listings as of November 24, 2010
Big Sur – 40
Carmel – 154
Carmel Valley – 117
Marina – 34
Monterey – 91
Pacific Grove – 89
Pebble Beach – 97
Seaside – 56
For More Information: ZGoldmanRealEstate.com
Tag Archives: monterey real estate for sale
Fast Facts
Calif. median home price: October 2010: $304,220 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region October 2010: Santa Barbara So. Coast $864,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region October 2010: High Desert $125,060 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index – Third quarter 2010: 64 percent (Source: C.A.R.)
Mortgage rates: Week ending 11/18/2010 30-yr. fixed: 4.39 Fees/points: 0.9% 15-yr. fixed: 3.76% Fees/points: 0.7% 1-yr. adjustable: 3.26% Fees/points: 0.6% (Source: Freddie Mac)
For More: ZGoldmanRealEstate.com
Fast Facts
Calif. median home price: September 2010: $309,900 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region September 2010: Santa Barbara So. Coast $879,750 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region September 2010: High Desert $124,960 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index – Third quarter 2010: 64 percent (Source: C.A.R.)
Mortgage rates: Week ending 11/04/2010 30-yr. fixed: 4.17 Fees/points: 0.8% 15-yr. fixed: 3.57% Fees/points: 0.8% 1-yr. adjustable: 3.26% Fees/points: 0.7% (Source: Freddie Mac)
New program helps homeowners pay for energy-saving improvements
HUD is launching a new pilot program that will offer credit-worthy borrowers low-cost loans to make energy-saving improvements to their homes. Backed by the Federal Housing Administration (FHA), these new FHA PowerSaver loans will offer homeowners up to $25,000 to make energy-efficient improvements of their choice, including the installation of insulation, duct sealing, doors and windows, HVAC systems, water heaters, solar panels, and geothermal systems.
PowerSaver loans will be backed by the FHA – but with significant “skin in the game” from private lenders. FHA mortgage insurance will cover up to 90 percent of the loan amount in the event of default. Lenders will retain the remaining risk on each loan, incentivizing responsible underwriting and lending standards. FHA will provide streamlined insurance claims payment procedures on PowerSaver loans. In addition, lenders may be eligible for incentive grant payments from FHA to enhance benefits to borrowers, such as lowering interest rates.
First-time buyer housing affordability improves slightly in Q3
Housing affordability among first-time home buyers improved slightly in the third quarter of 2010, both on a quarter-to-quarter and year-to-year basis, according to C.A.R.’s First-time Buyer Housing Affordability Index (FTB-HAI). The percentage of first-time buyers who could afford to purchase an entry-level home in California stood at 66 percent in the third quarter of 2010. In the second quarter of 2010, the Index was a revised 65 percent and was 64 percent in the third quarter of 2009.
“With interest rates at historic lows, which have led to lower monthly mortgage payments, affordability continues to remain at near record-high levels in California,” said C.A.R. President Beth L. Peerce. “Another high point for first-time buyers is the current ratio between the California median price and the California median household income. During the third quarter, the ratio stood at 5 to 1 and was at a level we haven’t seen in the last 10 years. This is opening many doors for potential first-time buyers.”
First-time buyers, who tend to purchase homes equal to 85 percent of the prevailing median price, needed to earn a minimum annual income of $42,300 to qualify for an entry-level home of $266,620 during the third quarter of 2010. The monthly payment, including taxes and insurance, was $1,410, assuming a 10 percent down payment and an adjustable effective interest rate of 3.66.
Foreclosure activity rises 65 Percent in Q3
Foreclosure activity increased 65 percent nationwide year-over-year, according to RealtyTrac’s Q3 2010 Metropolitan Foreclosure Market Report. The report showed that cities in California, Florida, Nevada, and Arizona once again accounted for all top 10 foreclosure rates in the third quarter among metropolitan areas with a population of 200,000 or more, while cities outside those four states accounted for many of the biggest increases in metro foreclosure activity. California, Florida, Nevada, and Arizona cities also accounted for 19 of the top 20 metro foreclosure rates.
With one in every 36 housing units receiving a foreclosure filing during the third quarter, Modesto, Calif., posted the nation’s third highest metro foreclosure rate, despite a nearly 18 percent decrease in foreclosure activity from the third quarter of 2009. Other California metro areas in the top 10 were Stockton at No. 4; Merced at No. 5; Riverside-San Bernardino-Ontario at No. 6; Bakersfield at No. 9; and Vallejo-Fairfield at No. 10, according to the report.
A total of 48,849 properties in Los Angeles-Long Beach-Santa Ana area received a foreclosure filing in the third quarter, the second highest metro total, despite a nearly 3 percent decrease from the previous quarter and a nearly 30 percent decrease from the third quarter of 2009.
El Dorado Realty Company 