Real Estate

August Housing Scorecard - Home Prices continue to Improve

Mortgage Rates At Record Lows, Homes Remain Highly Affordable - Credit: HUD Obama's Housing Scorecard August 2012 report

(Best Syndication News) - The US Department of Housing and Urban Development (HUD) along with the US Department of the Treasury released the August 2012 report of the Obama Administration's Housing Scorecard. The latest report finds that home prices are improving, but caution remains for a frail market as it recovers slowly.

Because of the increased housing prices, around 1.3 million homeowners are now above water on their mortgages. HUD Acting Assistant Secretary Erika Poethig said that the median sales prices are the highest since the first months that the Obama Administration has been in office. The August 2012 housing prices are being forecast to be on an increasing trend and the prices are above the January 2009 forecast. The homeowners who were under water have dropped by 11 percent since the end of last year. Part of the reduction could be attributed to over half-a-million refinances that were completed so far this year through the government’s Home Affordable Refinance Program.

Obama Administration's July 2012 Housing Scorecard - Homeowners helped with Home Loan Modifications

High Rise Homes- BSN

(Best Syndication News) - The US Department of Housing and Urban Development (HUD), along with the US Department of the Treasury, released the July 2012 edition of the Obama Administration’s Housing Scorecard. The July Housing Scorecard found hints of recovery with foreclosure rates declining in June. The existing home inventories on the market were at low levels again.

The turnaround time to sell the existing houses for sale was reported to be at 6.6 months and new homes on the market was at 4.9 months. The report explained that market experts suggest that a six-month supply of homes is a sign of a balanced market.

San Bernardino County Property Values Increasing

San Bernardino County Map

(Best Syndication News) San Bernardino County property values are increasing, according to the county assessor’s office. The Assessor-Recorder Clerk, Dennis Draeger, signed the annual property assessment roll on Friday.

Draeger says the sum of property values hit $162,678,642,449 in 2012. That is up 0.8 percent from 2011. This is good news for homeowners who have seen their values plummet over the last few years – at least until they get their new property tax bill.

County revenue will be increasing, mostly because of the increase in the Proposition 13 inflationary factor, according to Draeger.

Median Home Price in Southern California reaches $300K - San Bernardino County values increased the most

Going up chart home prices - BSN

(Best Syndication News) - Housing prices have increased, and so have the number of homes sold in Southern California compared to the year-over-year (YOY) survey by DataQuick. The median home price increased in June 2012 to $300,000, which is up 5.3 percent from the June 2011 average price of $285,000.

Comparing May 2012 to June 2012 there was a 1.7 percent increase in the median home price, which was only $295,000 the month before.

There was also an increase of 7.5 percent in the number of homes sold. In June 2011 there were 20,532 homes sold, and in June 2012 there were 22,075 homes sold.

US Household Net Worth declined $36K on average

chart going down - BSN

(Best Syndication News) - According to the US Census Bureau, households in the US had a median decline in net worth of around 35 percent between 2005 and 2010. The net worth on average was $102,844 in 2005, and in 2010, it dropped down to $66,740. The main reason for the decline in net worth is from the reduced home values.

The US Census Bureau said that if you remove the home equity aspect, median household net worth actually increased by 8 percent between 2009 and 2010. The increase from the two years was $13,859 to $15,000, which is an additional $1,141 in net worth.

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