A new report out today says housing prices will not make a comeback this year. The report suggests it’s going to take at least two years before median home prices return to levels from the first quarter of this year.
Former real estate executive Michael Lyon has been released to home detention, according to Sacramento Sheriff’s Dept.
Home prices and sales dipped in California from year-ago levels as “short sales” and sales of foreclosed homes accounted for more than half of home resales in the state.
The California Association of Realtors has taken out full page ads in seven of the state’s largest newspapers to urge banks, government officials and others with a stake in the housing market to make so-called short sales easier, faster and more efficient.
Home construction rose at the fastest rate in 20 months, pushed up by a spike in apartment building. But construction of single-family homes declined, a sign that demand for housing remains weak.
The pilot acclaimed for safely landing a plane in New York’s Hudson River has filed a lawsuit over a real estate deal in Northern California.
Mortgage default notices in California dropped in the fourth quarter of 2010 to their lowest level in more than three years.
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California Attorney General Jerry Brown says Wells Fargo Bank N.A. has agreed to modify adjustable-rate loans made to nearly 15,000 Californians by lenders that it acquired.
California’s median home price dipped more than 2 percent last month to $255,000 from $261,000 in November 2009, as slow sales in the state’s higher-priced markets tipped the balance toward cheaper homes.
Home prices are falling faster in the nation’s largest cities, and a record number of foreclosures are expected to push prices down further through next year.
As Americans downsize in the aftermath of a colossal real estate bust, at least one tiny corner of the housing market appears to be thriving.