Tax credit can be used as additional down payment

Qualified, first-time home buyers using a Federal Housing Administration (FHA)-insured mortgage now can apply the $8,000 federal tax credit toward their down payments, the Dept. of Housing and Urban Development (HUD) announced today.

Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Previously, FHA-approved lenders were not allowed to monetize the tax credit as part of the 3.5 percent; however, under the new guidelines announced this afternoon, borrowers now can use the tax credit as additional down payment, or for other closing costs.

For more information, please visit: http://www.hud.gov/news/release.cfm?content=pr09-072.cfm

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April 2009 California Median Home Prices

C.A.R. reports March home sales increased 49.2%, median home price declined 36.5%. The statewide median price of an existing single-family home increased 1.4 percent in April to $256,700, compared with March 2009.

Quick Facts:
• Existing, single-family home sales increased 49.2 percent in April to a seasonally adjusted rate of 540,360 on an annualized basis

• The statewide median price of an existing single-family home increased 1.4 percent in April to $256,700, compared with March 2009

• C.A.R.’s Unsold Inventory Index fell to 4.6 months in April, compared with 9.8 months in April 2008• The median number of days it took to sell a single-family home declined to 48.7 days in April 2009, compared with 51.8 days in April 2008.
. Thirty-year fixed-mortgage interest rates averaged 4.81 percent during April 2009, compared with 5.92 percent in April 2008, according to Freddie Mac. Adjustable-mortgage interest rates averaged 4.82 percent in April 2009, compared with 5.19 percent in April 2008.

. The median number of days it took to sell a single-family home was 48.7 days in April 2009, compared with 51.8 days (revised) for the same period a year ago.
According to the report announced by California Realtor Association on 5/28, The median price of an existing, single-family detached home in California during April 2009 was $256,700, a 36.5 percent decrease from the revised $404,470 median for April 2008, C.A.R. reported. The April 2009 median price rose 1.4 percent compared with March’s $253,040 median price. For the overall San Francisco Bay Area, the median price was $441k which is a 9.2% increase from prior month, and 36.5 % lower than the same period last year.

Clicks links below for more analysis and summary of regional sales and price activity, as well as median price in each county and city.

Data for Alameda county is not available at the release. However, I can get it from our local MLS. If you are interested in finding out the median price and sales data for a particular city, please send me an email to meimei@calMBArealty.com to let me know.

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