According to MDA DataQuick, home sales decreased by 13.3 percent in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange County. The Federal Reserve plans to leave interest rates at the current record low. Research from Trulia and RealtyTrac shows that 43% of U.S. adults will consider buying foreclosed property. A survey from JBREC shows that 57 percent of home builders expect to receive more revenue in 2010 than 2009.
Gov. Schwarzenegger signed a bill which ensures that consumers may choose their own real estate service provider when purchasing a foreclosure. According to Zillow, Bay Area properties have lost 3 percent of their value during the first 11 months of 2009. 18 percent of FHA loans are either delinquent or in foreclosure. Statistics from Freddie Mac show that national home prices increased by .9 percent during the second quarter of this year.
The unemployment rate declined to 10 percent during November. As of September, less than 0.3 percent of all trial modifications have become permanent. The FDIC announced plans that may require some lenders to make principal reductions on mortgages, rather than forbearing payment and reducing interest rates.
A survey of 1,500 registered voters shows that most citizens are still pessimistic towards California’s financial future. Default notices doubled in Los Altos, Greenbrae and Alamo from 2008 to 2009. Zillow reports that the number of under water mortgages decreased in the U.S. decreased by 2 percent in the third quarter.
A government report shows that the Federal Reserve and the U.S. Treasury spent $1.2 trillion dollars on the U.S. mortgage market in fiscal 2009. The Department of Labor announced that the weekly unemployment claims decreased by 33,000. Statistics from Freddie Mac show thatmortgage rates for 30-year fixed U.S. home loans fell to 4.87 percent from 4.94 percent last week. Trulia reports that U.S. home sellers reduced their price by a total of $28.4 billion.
The Commerce Department reports that new home sales increased by .7 percent to a 429,000 annual pace. The Federal Reserve has decided to pump $1.25 trillion more dollars into the mortgage market. Freddie Mac’s 30 year fixed mortgage rates survey shows that rates are currently at an average of 5.04 percent.