CAR – “June sales and price report” (7-28-09)

“Existing, single-family home sales increased 20.1 percent in June to a seasonally adjusted rate of 514,110 on an annualized basis. The statewide median price of an existing single-family home increased 4.2 percent in June to $274,740, compared with May 2009. C.A.R.’s Unsold Inventory Index fell to 4.1 months in June, compared with 7.6 months in June 2008.”

Bloomberg – “U.S. Economy: Home Prices Rise, Consumer Confidence Declines” (7-28-09)

“A gauge of U.S. house prices posted its first monthly gain in three years, providing some solace to consumers shaken by rising joblessness. The S&P/Case-Shiller home-price index rose 0.5 percent in May from the prior month, the first gain since July 2006 and biggest since May of that year, the group said today in New York. A Conference Board report showed consumer confidence this month fell more than forecast.”

Orange County Register – “Homesellers get more than list price in 9 O.C. ZIPs” (7-28-09)

“Sellers in 9 Orange County ZIP codes typically got selling prices in excess of their asking price in the second quarter. New data from ZipReality shows buyers in mid-county neighborhoods in Santa Ana, Garden Grove and Anaheim paying average sales prices surpassing the average listing price, albeit slightly.”

Orange County Register – “Demand for foreclosures tops supply” (7-28-09)

“Steve Thomas at Altera Real Estate in Aliso Viejo reports that the number of O.C. distressed properties (homes listed by agents as foreclosures or short sales) was 2,616 last week, -150 vs. two weeks earlier or a -5% change.”

Inman – “Fed may ban loan-originator incentives” (7-28-09)

“The Fed says its proposed changes to Truth in Lending Act (TILA) loan disclosure forms would make them more compatible with another set of disclosures mandated by the U.S. Department of Housing and Urban Development under the Real Estate Settlement Procedures Act (RESPA). But the Fed's revisions, if finalized, would still fall short of meeting calls by the lending industry and lawmakers for regulators to draw up a single loan disclosure form that meets both TILA and RESPA requirements”

Inman – “Inventories of new homes shrinking” (7-28-09)

“Sales of newly-constructed single-family homes rebounded 11 percent from May to June, to a seasonally adjusted annual rate of 384,000, the U.S. Census Bureau reported. That's the fastest pace of new home sales since November, 2008, but represents a 21.3 percent decline from a year ago. At that rate, it would take 8.8 months for the 281,000 new homes on the market at the end of June to be sold, when six months of inventory is considered a more healthy balance between supply and demand.”

Realty Times – “California Realtors Offer Mortgage Protection Plan for First Time Homebuyers” (7-28-09)

“The California Association of Realtors® (CAR) has introduced a program designed to help allay the exacerbated worries of first-time buyers in this economy. It is the CAR Housing Affordability Fund Mortgage Protection Plan, more easily referred to as the Mortgage Protection Plan or MPP. Under the MPP, first-time homebuyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments.”

Realty Times – “Washington Report: Expiring Mortgage Limits” (7-28-09)

“a House subcommittee last week reported out a HUD appropriations bill that would extend the upper limits, close to $730,000 in the costliest markets, through September of 2010. The high-cost mortgage maximums all are scheduled to expire this coming December 31, absent congressional action. Realtors and builders say that would be disastrous in major markets that need FHA, Fannie and Freddie loans far beyond the previous limits of $417,000 and $625,000 in order to support a housing recovery.”