Calif. Association of Realtors reports:
Calif. median home price: March 2010: $301,790 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region March 2010: Santa Barbara So. Coast $890,000(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region March 2010: High Desert $122,970 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index – Fourth Quarter 2009: 64 percent (Source: C.A.R.)
Mortgage rates – week ending 4/29/10 30-yr. fixed: 5.06 Fees/points: 0.7% 15-yr. fixed: 4.39% Fees/points: 0.7% 1-yr. adjustable: 4.25% Fees/points
RESPA changes cause borrower confusion, increased application time
New RESPA regulations, which took effect Jan. 1 and require lenders and brokers to provide borrowers with a standard Good Faith Estimate (GFE) form, have caused confusion for many borrowers, according to a new survey conducted by Work Number of its mortgage and banking customers. Under the new RESPA regulations, closing agents are required to provide borrowers with a newly revised HUD-1 Settlement Statement that clearly compares consumers’ final closing costs with the originally quoted costs. The final price for certain services, including the credit report, must be within 10 percent of the quoted price or lenders may face penalties.
Approximately 72 percent of survey respondents said borrowers are confused about the multiple sets of documents they receive and 79 percent reported it now takes longer to take an application; however, 74 percent said they are not seeing any backlog of applications to be processed as a result of the new RESPA regulations.