Anita Acacio- Preventing Foreclosures

The Conference Board Consumer Confidence Index, which had declined slightly in March, was virtually unchanged in April. The Index now stands at 69.2 (1985=100), down slightly from 69.5 in March. The Expectations Index declined to 81.1 from 82.5, while the Present Situation Index improved to 51.4 from 49.9 last month.

Consumers’ assessment of current conditions improved in April, with those claiming business conditions are “good” increasing to 15.3 percent from 14.3 percent.  However, those claiming business conditions are “bad” edged up to 33.5 percent from 33.2 percent. Consumers’ appraisal of the job market remained mixed. Those stating jobs are “hard to get” declined to 37.5 percent from 40.7 percent, while those stating jobs are “plentiful” decreased to 8.4 percent from 9.0 percent.

http://www2.realtoractioncenter.com/site/R?i=P6nSEjfrh-oMmj9teJGwbg

Median rents rose 2 percent from February 2011 to February 2012, but home values declined 4.5 percent during that period, according to the February Zillow Real Estate Market Reports.

The Zillow Rent Index showed year-over-year gains for nearly 68 percent of metropolitan areas covered by the index. By contrast, only 8 percent of the metro areas covered saw home values rise.

Foreclosures continue to be a key driver in keeping home values down. Foreclosure resales accounted for 20.3 percent of all sales in February, slightly higher than their previous peak of 20.2 percent of all sales in March 2011. Foreclosure re-sales made up 19.1 percent of all sales in February 2011.

In the short term, national monthly rents declined slightly from January to February, falling 0.5 percent to $1,212. Home values fell 0.5 percent during the same period to $145,400.

http://zillow.mediaroom.com/index.php?s=159&item=269

Recent improvements in the overall economy, combined with extremely low interest rates lifted California home sales from both the prior month and year in February, according to data from C.A.R. The median price dipped from January but is beginning to show signs of stabilization.

“While the median home price dipped in February, the year-over-year decline was the smallest recorded since December 2010,” said C.A.R. President LeFrancis Arnold. “This may be a signal of a possible stabilization in home prices, which should bode well for prospective buyers who have been on the sidelines waiting for prices to level out and may entice them to jump into the market.”

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 528,010 in February, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. February’s sales were up 2.1 percent from January’s revised pace of 517,120 and up 5.5 percent from the revised 500,480 sales pace recorded in February 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the February pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The statewide median price of an existing, single-family detached home dipped 0.6 percent to $266,660 in February from January’s $268,280 median price. The median price was down 1.7 percent from the revised $271,370 median price recorded in February 2011.

http://www.car.org/newsstand/newsreleases/2012releases/Febsales

CNNMoney

During the three months that ended Dec. 31, homes that were either bank-owned or going through the foreclosure process accounted for 24 percent of all home sales, up from 20 percent in the previous quarter and down only slightly from a year earlier when foreclosures accounted for 26 percent of sales, RealtyTrac said.
Read the full story:
http://money.cnn.com/2012/03/01/real_estate/foreclosure-sales/index.htm?iid=HP_River

The Wall Street Journal

Consumer expectations for U.S. home prices perked up in December, according to a monthly survey from mortgage market firm Fannie Mae.

Read the full story
http://blogs.wsj.com/developments/2012/01/09/survey-mood-improves-on-home-prices/?mod=WSJBlog&mod=WSJ_Real Estate_BLOGSDEVELOPMENTSFEED