California Real Estate Report, New Legislation & Taking Look at Coronado

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If you’re thinking of buying or selling a home in the Golden State, take a look at the following real estate report. We’ve taken the liberty of finding some of the most current California real estate information, including median sales prices and foreclosure rates, and have compiled it here for quick reference.

Backyard picnic

Please note that this data is time-sensitive and may change without notice. Talk to a professional California real estate agent to find the most accurate, up-to-date information.

California Real Estate Report

Median Home Value: $297,200
1-Year Change: -1.5%

Median List Price: $307,00
1-Year Change: +1.7%

Median Sale Price: $300,700
1-Year Change: -1.4%

Homes Foreclosed: 8.45/month (per 10,000)
1-Year Change: -9.5%

California home values remain lower than a year ago; however, statewide median list prices have risen since 2011.

The number of California foreclosures dropped significantly since last year, perhaps due in part to the new versions of the Home Affordable Refinance Program (HARP) or the Home Affordable Modification Program (HAMP).

Real Estate Data Source: Zillow.com

California Legislation Gives Homeowners Leverage Who are Facing Foreclosure

There’s a new plan in the works that will help give California homeowners more leverage against lenders when facing foreclosure. The draft legislation would offer a number of benefits, namely barring banks from foreclosing on homes while loan modifications are pending. Homeowners would not be the only ones to benefit from the legislation, as a key provision within the package would allow lenders the opportunity to proactively resolve issues with individual borrowers before having to go to court.

The legislation package, as it is currently written, would include the following:

  • Allow homeowners to sue mortgage providers if they make a significant violation of state law. Under this allowance, homeowners could ask judges to halt pending foreclosures but could collect monetary damages only if the foreclosure took place. If found guilty of willful, reckless or intentional violations, lenders would be liable for triple damages.
  • Offer lenders the opportunity to remedy problems with individual borrowers before facing penalization.
  • Require lenders to provide a single point of contact for borrowers who wishing to discuss refinancing or foreclosures, with an exemption for smaller lenders.
  • Ban “dual-track foreclosures” by barring lenders from filing notices of default, notices of sale, or conducting trustees’ sales while they are also working on alternatives to foreclosures like loan modifications or short sales.
  • Enforce penalties for banks that engage in “robo-signing,” a process in which banks sign off on foreclosures without properly reviewing the documentation. However, the $7,500 civil penalty would be limited to one for each loan – not one for each improperly filed document, as lenders originally feared.

Some of these changes would be permanent while others, such as the robo-signing penalty, would end after five years. As of now, the legislation package is planned to be voted on before lawmakers leave for a month long summer recess in early July.

California Featured City: Coronado

If you’re looking to hang your hat in a high-end, resort-style town, take a look at this month’s featured California city – Coronado.

Coronado, also referred to as Coronado Island, is an affluent city in San Diego County, California. Located just 5.2 miles from downtown San Diego, this coastal town is home to approximately 18,912 residents. Nicknamed “The Crown City,” you’re sure to feel like royalty when you’re basking in the sun on Coronado Beach or dining in one of the many top-rated area restaurants.

Take a look at the following data to get an idea of what life is like in beautiful Coronado, CA:

  • 2010 Population: 18,912
  • Total Area: 32.666 square miles
  • Homeownership Rate: 50.2%
  • Median Value of Owner-Occupied Housing Units: $1,000,001
  • Mean Travel Time to Work: 20.1 minutes
  • Median Household Income: $91,071
  • Top Employers: US Navy, Hotel del Coronado, Sharp Coronado Hospital, Loews Coronado Bay Resort, Coronado Unified School District
  • Sites of Interest: Hotel del Coronado, Coronado Beach, Orange Avenue
  • Accolades and Distinctions: In 2008, The Travel Channel rated Coronado Beach as the fifth best beach in America.
  • The famous Hotel del Coronado has housed such notable guests as Thomas Edison, Babe Ruth, Muhammed Ali and Franklin D. Roosevelt (just to name a few).

 

Steph Meyer is a contributor to the ForTheBestRate.com Blog and keeps us up to date on interesting happenings within the world of home financing and real estate. She’s got a quick wit and keen eye on making smart financial decisions. My Google Profile+

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