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California housing market shows pockets of recovery

A surge in home sales that started in some of California’s more affordable inland areas has begun to spread to several more expensive coastal areas, another indicator that the state’s real estate market may be in recovery mode. MAKING SENSE OF THE STORY FOR CONSUMERSMany homes in the lower end of the market are receiving multiple…

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Quick Statistics for the past two weeks

New Listings: 354 – stable, up a little from June 5, down a little from May 1st Back on Market: 98 – up from 78: the number of deals falling through is still very highPrice Reductions: 236 – down from 252, but still very high Went Contingent: 225 – up from 198: market continues to…

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California running out of $10,000 tax credits

First-time home buyers wanting to take advantage of the state’s $10,000 tax credit may have less time than originally expected.  California set aside $100 million to help home buyers purchase newly built homes, hoping to jump start the residential-construction market.  According to state officials, the tactic has worked well and is helping to entice home…

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“Foreclosure Moratorium” explained

Recent news headlines have caused confusion by mischaracterizing the new California Foreclosure Prevention Act as a “90-day moratorium” and incorrectly stating that the lender must modify delinquent loans before it begins foreclosure. In reality, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 days, effective June 15, but an…

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