Calif. median home price: March 2012: $291,080 (Source: C.A.R.)
Calif. highest median home price by region/county March 2012: San Mateo, $677,900 (Source: C.A.R.)
Calif. lowest median home price by region/county March 2012: Tehama, $108,000 (Source: C.A.R.)

Calif. Pending Home Sales Index: March 2012: 143.7, an increase from the revised 126.5 recorded in February.

Calif. Traditional Housing Affordability Index: First quarter 2012: 56 percent (Source: C.A.R.)

Mortgage rates: Week ending 5/10/2012 30-yr. fixed: 3.83% fees/points: 0.7% 15-yr. fixed: 3.05 fees/points: 0.7% 1-yr. adjustable: 2.73% Fees/points: 0.5% (Source: Freddie Mac)

National vacancy rates in the first quarter of 2012 were 8.8 percent for rental housing and 2.2 percent for homeowner housing, according to the Department of Commerce’s Census Bureau. The rental vacancy rate of 8.8 percent was 0.9 percentage points lower than the rate recorded in first quarter 2011 and 0.6 percentage points lower than the previous quarter. The homeowner vacancy rate of 2.2 percent was 0.4 percentage points lower than first quarter 2011 and 0.1 percentage point lower than the fourth quarter rate.

The homeownership rate of 65.4 percent was 1 percentage point lower than the first quarter 2011 rate (66.4 percent) and 0.6 percentage points lower than the rate fourth quarter 2011 (66 percent).

In the first quarter of 2012, the median asking rent for vacant rental units was $721, and the median asking sales price for vacant for-sale units was $133,700.

The homeowner vacancy rates in principal cities (2.5 percent) and outside MSAs (2.6 percent) were higher than in the suburbs (1.9 percent). The homeowner vacancy rates in principal cities and in the suburbs were lower than a year ago, while the rate outside MSAs was not statistically different from the corresponding first quarter 2011 rate.

For the first quarter of 2012, the homeowner vacancy rate was higher in the South than the Northeast, but not statistically different from the rates in the Midwest and West. The homeowner vacancy rates in the Midwest, South, and West were lower than a year ago, while the rate in the Northeast was not statistically different from first quarter 2011 rates.

Approximately 86.1 percent of the housing units in the United States in first quarter 2012 were occupied, and 13.9 percent were vacant. Owner-occupied housing units made up 56.3 percent of total housing units, while renter-occupied units made up 29.8 percent of the inventory in first quarter 2012.

http://www2.realtoractioncenter.com/site/R?i=lhkhWdZXmt2I-ONdajSXew

Los Angeles Times
A year ago, 1 out of 10 REALTORS® surveyed said houses were receiving low-ball offers.  In the latest survey, there were hardly any.  Instead, the focus ha shifted to declining inventory levels.

Read the full story
http://www.latimes.com/business/realestate/la-fi-harney-20120422,0,7259627.story

Los Angeles Times

A new statistical analysis, based on a large sample of all mortgage applications approved and denied in recent months, offers valuable benchmakers for anyone thinking about refinancing a home purchase or refinancing an exisiting loan.
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http://www.latimes.com/business/realestate/la-fi-harney-20120415,0,7325165.story

The New York Times
Mortgage rates are near historic lows, but they are rising, leading some borrowers to consider locking in their rate.  When borrowers lock in their interest rate, it freezes the terms of the loan while it is being processed, potentially saving borrowers thousands of dollars over the life of the mortgage.

Making sense of the story

• Locking in a rate may be especially important for those who are refinancing, where even a quarter of a percentage point could skew a borrower’s calculations and make a refinancing less financially desirable.
• Rate locks can provide buyers with some peace of mind, not to mention one less thing to think about in an otherwise onerous application process.
• Lenders typically will give loan rate guarantee agreements when a borrower has a purchase agreement, but a few will provide them to those who are preapproved for a mortgage.
• The cost of reserving an interest rate depends both on the duration of the lock and the amount of the loan.  The longer the lock, the more costly it is.  Most locks are for 30, 45, or 60 days, but some lenders will go as long as six months.
• Most lenders offer some version of a free lock, though it may be only for 30 days. Others charge points – or fractions thereof – based on the loan size, which could amount to several hundred dollars.  One point is equal to 1 percent of the loan amount.  Sometimes these charges are refundable at closing.
• Borrowers may want to skip a rate lock, or delay taking one, if they are unsure when their home purchase will close.
• Knowing how long to lock in a rate requires a clear picture of the mortgage process, and a good estimate from the lender on how long it will take to approve the loan and complete all the paperwork and other requirements. For some lenders handling refinancing, this can be 15 or 20 days; others take longer.

Read the full story
http://www.nytimes.com/2012/04/08/realestate/mortgages-locking-in-peace-of-mind.html?_r=1&ref=realestate

CNNMoney

Renting used to be cheaper than buying, but in many U.S. cities that’s no longer the case as rent continue to climb and home prices stagnate.

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http://money.cnn.com/2012/04/05/real_estate/buy-rent-home-prices/index.htm?iid=HP_LN

Washington Post

With U.S. borrowers owing a collective $700 billion more on their mortgages than their homes are worth, and foreclosures ramping up again in many places, it might seem surprising that experts are increasingly optimistic.

Read the full story:
http://www.washingtonpost.com/business/economy/housing-experts-optimistic-despite-dismal-data/2012/03/26/gIQA7UH2eS_story.html

USA Today

Housing appears to be rated a “buy” these days, especially among investors, who see a ripe and rising rental market and big potential for income.

Read the full story:
http://www.usatoday.com/money/economy/housing/story/2012-03-04/cnbc-real-estate-is-it-time-to-buy/53338660/1

The Wall Street Journal

As more people refinance home mortgages, some are getting tripped up by tax-deduction rules.  Those who decide to borrow more than they owe on their existing mortgage often assume they can write off interest on the whole new loan, but in many cases they can’t.
Read the full story
http://online.wsj.com/article/SB10001424052970203960804577239152801934074.html?mod=WSJ_RealEstate_MIDDLETopNews

Americans’ concerns about key economic and housing issues are beginning to subside, according to results from Fannie Mae’s February 2012 National Housing Survey. Consumers’ attitudes have stabilized across most indicators – including personal finances, housing, and employment – demonstrating their sense that downside risks have abated somewhat compared with late summer and fall of 2011.

Highlights of the survey include:
The rise in confidence in the economy’s direction continued in February, with 35 percent responding that they think the economy is on the right track, a 5 percentage point increase from January. The percentage of respondents who say the economy is on the wrong track dropped to 57 percent, a decline of 6 percentage points.
On average, Americans expect home prices to increase by 0.8 percent over the next 12 months (down slightly since last month).
Twenty-eight percent of respondents expect home prices to increase over the next 12 months (consistent with last month), while 15 percent say they expect home prices to decline (down 1 percentage point since last month). Fifty-three percent say prices will stay the same.
The percentage of respondents who say it is a good time to sell rose by 3 percentage points to 13 percent, the highest level in more than a year, while the percentage of respondents who say it is a good time to buy dropped 1 percentage point to 70 percent this month.
Sixty-five percent of respondents say they would buy their next home if they were going to move, up 1 percentage point since last month, while 29 percent say they would rent, down 1 percentage point versus last month.

http://fanniemae.com/portal/about-us/media/corporate-news/2012/5665.html