Fannie Mae and Freddie Mac announced they will suspend all evictions involving foreclosed occupied single family and 2-4 unit properties with mortgages owned by the GSEs from Dec. 19, 2011-Jan. 2, 2012.

The suspension will apply only to eviction lockouts related to Freddie Mac- and Fannie Mae-owned REO properties and will not affect other pre- or post-foreclosure processes. During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be permitted to remain in the home.

Calif. median home price: October 2011: $278,060 (Source: C.A.R.)
Calif. highest median home price by region/county October 2011: Marin: $781,250 (Source: C.A.R.)
Calif. lowest median home price by region/county October 2011: Lake County: $96,500 (Source: C.A.R.)

Calif. Pending Home Sales Index: October 2011: 122., an increase of 3.1 percent compared with a prior year.

Calif. Traditional Housing Affordability Index: Third quarter 2011: 52 percent (Source: C.A.R.)

Mortgage rates: Week ending 12/1/2011 30-yr. fixed: 4.00% fees/points: 0.7% 15-yr. fixed: 3.30 fees/points: 0.8% 1-yr. adjustable: 2.78% Fees/points: 0.6% (Source: Freddie Mac)

National mortgage loan delinquencies – the ratio of borrowers 60 or more days past due – are expected to decline to approximately 5 percent by the end of 2012 from just under 6 percent at the end of 2011, according to TransUnion’s annual forecast.

After six consecutive quarterly declines between Q4 2009 and Q2 2011, 60-day mortgage delinquencies are expected to rise through Q1 2012, peaking at 6.02 percent. TransUnion forecasts mortgage delinquencies, a statistic generally considered a precursor to foreclosure, to decline for the last three quarters of 2012.

The expected mortgage delinquency decline in 2012 would follow recent yearly trends, including an expected 7 percent decrease by the end of this year and a 7 percent reduction in 2010. This is in contrast to more than 50 percent year-over-year increases between 2006 and 2009.

The Federal Housing Administration (FHA) has published updated condominium policy guidelines and instructions that clarify the approval and recertification process and policies for condo projects. FHA’s mortgagee letter includes a Condominium Policy Guide and Implementation Schedule identifying timelines for lenders to comply with the guidelines.

FHA’s mortgage letter and guide:

Consolidates guidelines published in 2009;
Provides a single source of information for the Condominium Approval and Recertification Process;
Updates, consolidates and clarifies existing condominium policy guidance; and
Expands FHA’s flexibility to consider exceptions at the individual project level
Condominium project approval can be issued by FHA staff or by lenders who have delegated approval authority. In addition, FHA’s Homeownership Centers will have greater flexibility to make determinations to address individual circumstances on a one-by-one basis.

Another way to determine whether a project is eligible for FHA financing is with Clarus FHA Approval™ Eligibility Check. Offered by Real Estate Business Services, Clarus FHA Approval™ Eligibility Check allows users to check condo and townhome FHA eligibility in real time. For more information about Clarus FHA Approval™ Eligibility Check, please visit www.ClarusFHAapproval.com.

Short sales rose 19 percent between the first and second quarters, with 102,407 transactions completed during the April-to-June period, according to RealtyTrac.

Pre-foreclosure short sales took an average of 245 days to sell after receiving the initial foreclosure notice during the second quarter, RealtyTrac says. That’s down from an average of 256 days in the first quarter and follows three straight quarters in which the sales cycle has increased.