The California Association of REALTORS® reports that median home prices and sales in California both increased in November year-to-year comparisons.  The median home price of an existing, single-family home rose 5.8 percent in November compared with a year ago, the first time the median home price has increased in year-to-year comparisons since August 2007.  In month-to-month comparisons, California’s median home price increased 2.4 percent.  The median home price in California has risen steadily each month beginning with February 2009.

Home sales also rose in November, increasing 4.7 percent compared with November 2008.  Closed escrow sales of existing, single-family homes totaled 536,720 units in November, on a seasonally adjusted annualized rate, according to C.A.R.’s report.  The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the November pace throughout the year.

The median price of an existing, single-family detached home in California during November 2009 was $304,529, a 5.8 percent increase from the revised $287,880 median for November 2008.  The November 2009 median price rose 2.4 percent compared with October’s $297,500 median price.

The median number of days it took to sell a single-family home was 33.1 days in November 2009, compared with 44.4 days (revised) for the same period a year ago.

Roughly one in every seven mortgages either was past due or in foreclosure by the end of the third quarter—the highest delinquency rate in the 37-year history of the Mortgage Bankers Association’s National Delinquency Survey.  Two factors are expected to drive delinquencies even higher next year: Underwater homeowners and unemployment.  Nearly one in four homeowners currently owes more on their mortgage than their home currently is worth, and additional job losses could mean more borrowers will be unable to meet their mortgage obligations.

The performance of the national housing market is much less important than the local market, and sales and pricing trends will vary a great deal from one area to the next.  Some real estate industry experts forecast home prices in certain areas to continue their descent, while others will experience increases.  Consumers should contact their local REALTOR® to gather as much information about an area as possible and to help determine the right area for their needs.

Builder confidence in the market for newly built, single-family homes declined to 16 in December, 1 point lower compared with November, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).

The Internal Revenue Service (IRS) has released a list of several tax law provisions for individuals and businesses making contributions to charity, including:

·        Special Charitable Contributions for Certain IRA owners:  An IRA owner, age 70 and ½ or older, can directly transfer tax-free up to $100,000 per year to an eligible charity.  This option, created in 2006, is available for distributions from IRAs; regardless of whether the owners itemize their deductions.  Distributions from employer-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension (SEP) plans, are not eligible.

·        Clothing and Household Items:  Clothing and household items donated to charity generally must be in good used condition or better to be eligible.  Household items include furniture, furnishings, electronics, appliances, and linens.

·        Monetary Donations:  To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution.  Banks records include canceled checks, bank or credit union statements, and credit card statements.

The Department of Housing and Urban Development (HUD) has released an updated version of a booklet to help consumers comparison-shop for a mortgage.  The publication, “Shopping for Your Home Loan: HUD’s Settlement Cost Booklet,” includes information about the new standardized Good Faith Estimate and HUD-1 settlement statement forms.  Beginning January 1, lenders must begin issuing Good Faith Estimates to borrowers.

California’s highest median home price was in the Santa Barbara South Coast at $750,000 and the lowest median home price in November 2009 was the High Desert at $124,710.  The California First-time Buyer Affordability Index was at 64 percent in the Third Quarter 2009.