San Jose, 95124 Summary
The median sales price for homes in ZIP code 95124 for Jan 12 to Mar 12 was $535,500. This represents a decline of 6.1%, or $34,500, compared to the prior quarter and a decrease of 6.9% compared to the prior year. Sales prices have depreciated 23.5% over the last 5 years in 95124, San Jose. The median sales price of $535,500 for 95124 is 40.18% higher than the median sales price for San Jose CA. Average listing price for homes on Trulia in ZIP code 95124 was $656,717 for the week ending Apr 11, which represents an increase of 0.7%, or $4,591 compared to the prior week and an increase of 3.6%, or $22,927, compared to the week ending Mar 21. Average price per square foot for homes in 95124 was $353 in the most recent quarter, which is 23.86% higher than the average price per square foot for homes in San Jose.
The median price for an existing, single-family home in California rose 1.6 percent in March
compared with the year before, marking the first year-over-year increase in 16 months, the
CALIFORNIA ASSOCIATION OF REALTORS® reported Monday.
Making sense of the story
The statewide median price of an existing, single-family detached home jumped 9.2
percent to $291,080 in March from February’s $266,660 median price and was up 1.6
percent from a revised $286,550 recorded in March 2011. The month-to-month increase
was the largest since March 2004.
Closed escrow sales of existing, single-family detached homes in California totaled a
seasonally adjusted annualized rate of 505,360 units in March, according to information
collected by C.A.R. from more than 90 local REALTOR® associations and MLSs
statewide. Sales in March were down 4.5 percent month-over-month and 2.3 percent
year-to-year.
The statewide sales figure represents what would be the total number of homes sold
during 2012 if sales maintained the March pace throughout the year. It is adjusted to
account for seasonal factors that typically influence home sales.
“Housing inventory remains extremely tight throughout the state and at levels severely
under normal market conditions,” said C.A.R. Vice President and Chief Economist Leslie
Appleton-Young. “In areas, such as Los Angeles and Riverside counties, where the
Federal Housing Finance Agency (FHFA) wants to implement the REO bulk sale pilot
program, inventory is running at levels well below the long-run average. These low
inventory levels demonstrate that the pilot program is not necessary in California.”
The pilot program calls for the sale of more than 600 Fannie Mae-owned foreclosed
homes in Los Angeles and Riverside counties to institutional investors.
Read the full story at:
http://on.car.org/Ia6UtV
As of April 1, potential borrowers with ongoing credit disputes totaling more than $1,000 are no longer eligible for mortgages insured by the FHA.
Under the rule, borrowers must either pay off the outstanding balance on these collections accounts or document a payment arrangement that the lender must then submit to the FHA before closing. The payment arrangement will be counted into the debt-to-income ratio for the new home loan.
The rule excludes disputed accounts from more than two years ago, along with those related to theft. But the lender must document an identity theft or police report on the fraudulent charges.
An FHA spokesman said the rule was designed as another protection for the FHA emergency fund. The fund levels slipped to 0.2 percent of at-risk insurance last year, well below the 2 percent mandated by Congress. The FHA raised insurance premiums on April 1 as well to boost the fund by $1 billion.
Read the full story at:
http://www.housingwire.com/news/fha-deny-mortgage-backing-credit-disputes-above-1000
