California housing affordability rises in Q3

Housing affordability increased in 22 of the state’s 28 metropolitan areas in the third quarter, according to the California Building Industry Association’s Housing Opportunity Index (HOI). On a statewide basis, the HOI found that a family earning the median income could have afforded 63.5 percent of the new and existing homes that were sold during …

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Most refinancing borrowers choose fixed-rate mortgages

In the third quarter of 2011, fixed-rate loans accounted for more than 95 percent of refinance loans, based on the Freddie Mac Quarterly Product Transition Report. Refinancing borrowers clearly preferred fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate. An increasing share of refinancing borrowers chose to shorten …

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Home prices expected to slide another 8%

The robo-signing controversy is just another issue that the already sluggish housing market didn’t need — but most analysts do not think it will have far-reaching impact. Nevertheless, the housing market still faces many problems: a weak economy, sluggish hiring, tight mortgage underwriting, falling home prices, and slowing sales. Then there’s the potentially disastrous number …

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Foreclosure Activity Up in 65% of U.S. Metros in Q3

Data released by RealtyTrac Thursday shows that foreclosure activity rose in 65 percent of the nation’s major metropolitan areas during the third quarter. Cities in California, Florida, Nevada, and Arizona once again claimed the nation’s highest foreclosure rates, accounting for 19 of the top 20 metros at the top of RealtyTrac’s list. The only exception …

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