The median price of a home in California increased 5.7 percent from a year ago to $564,700 and sales decreased by 9.6 percent in February, according to a report by the CALIFORNIA ASSOCIATION OF REALTORS®.

Thirty-year fixed-mortgage interest rates average 6.29 percent during February 2007, compared with 6.25 percent in February 2006, according to Freddie Mac.  Adjustable-mortgage interest rates averaged 5.51 percent in February 2007 compared with 5.34 percent in February 2006.

The median number of days it took to sell a single-family home was 70 days in February 2007, compared with 53 days (revised) for the same period a year ago.

Statewide, the 10 cities and communities with the greatest median home price increases in California during February 2007 compared with the same period a year ago were: Culver City, 34 percent; Diamond Bar, 26.5 percent; Moorpark, 25 percent; Lake Forest, 22.2 percent; Mountain View, 19.7 percent; Laguna Beach, 18.6 percent; Baldwin Park, 16.1 percent; Newport Beach, 15.3 percent; Pasadena, 13.4 percent and Fontana, 13.1 percent.

Statewide, the 10 cities and communities with the highest median home prices in California during February 2007 were: Manhattan Beach, $1,880,000; Laguna Beach, $1,655,000; Newport Beach, $1,412,500; Los Gatos, $982,500; Danville, $951,750; Santa Barbara, $932,270; San Clemente, $824,000; Arcadia, $815,000; Dana Point, $790,000 and Cupertino, $776,500.

“Housing America 2007”, a national affordable housing awareness campaign has been launched by the NATIONAL ASSOCIATION OF REALTORS®.  The campaign aims to inform and educate decisionmakers and the general public about the state of the nation’s housing, reestablish housing as a national priority, and promote the sustainable development of affordable housing so that communities can provide residents with a wide range of housing opportunities. Through April 9^th, Housing America 2007 participants and other affordable housing advocates nationwide will sponsor activities that highlight the critical need for affordable housing programs, policies, and resources.

NAR’s Housing Opportunity Program, which helps REALTOR® associations create housing opportunity initiatives, will soon launch a new database compiling more than 600 examples of successful affordable housing activities and programs created by local and state REALTOR® associations.  The database will be a valuable tool for practitioners and will include ideas on how to promote housing opportunities for both renters and home owners and how to get involved with affordable housing initiatives in their local communities.

A recent poll shows nine out of 10 Americans agree that providing affordable housing in their communities is important.  However, fewer than half of the Americans surveyed believe the nation’s housing policy is on the right track to meet the nation’s housing needs, according to a poll released by a coalition of public, private, and nonprofit industry groups, including NAR.

The poll found that Americans want the government to more actively address affordability issues.  In fact, 75 percent of the survey respondents said that presidential candidates’ ideas for creating more affordable housing were important in determining for whom they would vote for.  Nearly seven in 10 said they would be more likely to vote for a candidate who articulated a detailed plan to provide affordable housing.

The Air Quality Management District (AQMD) Governing Board has invited the public to discuss air pollution issues and solutions at two separate meetings.  One will be held on Thursday, April 5^th, from 6:30 p.m. to 8:00 p.m. at a community reception to meet the AQMD Governing Board at the Mission Inn, 3649 Mission Inn Avenue in Riverside.  The second meeting will be on Friday, April 6^th, from 9:00 a.m. to 1:00 p.m. at the Riverside City Council Chambers, 3900 Main Street in Riverside for an AQMD Governing Board meeting.

The Federal Trade Commission (FTC) encourages consumers to file complaints with the FTC if they encounter unfair or deceptive trade practices relating to the use of trigger lists by lenders and/or lead generators.  The practices include “bait and switch” on interest rates, terms, or loan products, deceptive presentation of fees, deception with regard to who the caller or solicitor represents and deceptive presentation of actual services available.

Trigger lists are generated when a credit inquiry is made, usually upon application for a mortgage or other credit product.  The credit reporting bureaus compile information (prescreening) and sell it to other lenders or lead generators who then use it to contact consumers with solicitations.  The process is permitted under the Fair Credit Reporting Act as long as a “firm offer of credit” can be made. 

Foreclosures may cause tax problems because under current law, if a lender forgives all or some portion of a mortgage debt at the time of a short sale or in a foreclosure proceeding (or under any other circumstance), the borrower must recognize the amount of the forgiven debt as taxable income.  This is true even if the borrower has received no cash.  In addition, the lender is required to provide information to the IRS identifying the borrower and stating the amount of the forgiven debt.