San Jose, 95120 Summary
The median sales price for homes in ZIP code 95120 for Aug 11 to Oct 11 was $802,500. This represents a decline of 6.1%, or $52,500, compared to the prior quarter and a decrease of 8.9% compared to the prior year. Sales prices have depreciated 22.3% over the last 5 years in 95120, San Jose. The median sales price of $802,500 for 95120 is 102.14% higher than the median sales price for San Jose CA. Average listing price for homes on Trulia in ZIP code 95120 was $1,004,753 for the week ending Nov 02, which represents a decline of 2.9%, or $30,047 compared to the prior week and a decline of 1.9%, or $19,614, compared to the week ending Oct 12. Average price per square foot for homes in 95120 was $367 in the most recent quarter, which is 25.26% higher than the average price per square foot for homes in San Jose.
Some encouraging news form late last week, the Senate passed an amendment to an appropriation bill that would reinstate the conforming loan limits to $729,750 through December 2013. The Senate and House now are working out the differences between the Senate and the House bill, which the House passed earlier this year. C.A.R. also is working with the California Congressional Delegation to ensure this provision is included in the final bill.
NAR worked tirelessly to keep this issue alive and collaborated with senators to explain the negative impact the lower loan limits are having on the market. California Sen. Dianne Feinstein played an instrumental role in ensuring the loan limit amendment was included in the bill.
Lets hope the congress comes together to support this important issue and gets it passed.
Banks reporting of suspicious activity involving possible mortgage fraud were up 88% in the second quarter of 2011, compared with the same quarter a year ago.
Mortgage fraud reports to the Treasury Department have jumped 88% in the second quarter of this year. This is mainly because banks are reexamining loans from the housing boom and finding many problems.
California has led the way in this trend as reported by Treasury’s Financial Crimes Enforcement Network division in a quarterly report released Wednesday.
The agency reported that the mortgage-collection arms of banks filed 29,558 suspicious activity reports involving possible loan fraud in the quarter that ended June 30. This compares with 15,727 that the mortgage servicers filed in the same quarter of 2010.
Most of the mortgages suspected of fraud closed during the height of the real estate bubble, the financial crimes division said. The report added that 81% of the complaints involved suspicious activities before 2008, and 63% described what appeared to be fraud occurring four or more years ago.
The Financial Crimes Enforcement Network said that California had more reports of suspected mortgage fraud on a per-capita basis than any other state. Six of the top 10 metropolitan-area hotbeds of mortgage fraud were in the Golden State. Fraud continues in new loans, albeit at a lower level and with misrepresentations of income, occupancy, or debts and assets the most common violations.
San Jose, 95125 Summary
The median sales price for homes in ZIP code 95125 for Jun 11 to Aug 11 was $660,000. This represents an increase of 7.3%, or $45,000, compared to the prior quarter and an increase of 1.7% compared to the prior year. Sales prices have depreciated 11.6% over the last 5 years in 95125, San Jose. The median sales price of $660,000 for 95125 is 65.00% higher than the median sales price for San Jose CA. Average listing price for homes on Trulia in ZIP code 95125 was $745,967 for the week ending Sep 21, which represents an increase of 0.4%, or $3,102 compared to the prior week and a decline of 1.1%, or $8,601, compared to the week ending Aug 31. Average price per square foot for homes in 95125 was $388 in the most recent quarter, which is 32.88% higher than the average price per square foot for homes in San Jose.
