- Sales of $20-million-plus L.A. homes are rising
According to the LA Times a diamond-encrusted lining is emerging in Southern California’s cloudy real estate market.
At least a half-dozen Westside mega-estates have sold for more than $20 million so far this year — creating a deafening buzz in local realty circles. Only a few home sales in other Southland counties have surpassed the $20-million mark.
- Banks gearing up to fill looming gap in jumbo loans
Fannie Mae, Freddie Mac and the FHA are facing an upcoming cutback in mortgage limits, but banks say they’re planning to expand their jumbo loan business in high-cost housing markets, according to the LA Times.
- Pending Home Sales Turn Around in May
Pending home sales rose strongly in May with all regions experiencing gains from a year ago, pointing to higher housing activity in the second half of the year, according to the National Association of Realtors.
- Obama administration boosts aid for unemployed homeowners
An interesting article from the LA Times on how unemployed homeowners with government-insured mortgages will be allowed to miss a year of payments while they try to find a job which is not only good for the economy but will help lower the number of foreclosures on the market.