12/31/2004
California Market Continued Its 2004 Increase
We thought it couldn't get any higher, but it has. Will 2005 bring us the same in pricing? Hard to say, but see this for more: "The median price of an existing, single-family detached home in California during November 2004 was $473,260, a 23.1 percent increase over the revised $384,470 median for November 2003, C.A.R. reported."
12/16/2004
Increase Your Policy Coverage
A Harris Interactive Survey conducted last June reveals that the participants believed their homeowner's policy was adequate. But with the rising home values, your policy may not be giving you full coverage. The recent fires in California are an example of policy coverages coming up short for those owners. Is your coverage what it should be? Click here to review.
12/07/2004
Your Free Credit Report as of December 1, 2004
A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months. Starting December 1, 2004, consumers in 13 Western states including California will be able to begin making requests by visiting www.annualcreditreport.com, or by calling 877-322-8228, or by mailing a standardized form, to obtain their once-a-year free report. Other states are phased in at later dates throughout 2005.
To inform consumers about their state’s eligibility and help answer questions they may have about the consumer reporting companies’ new service, the Federal Trade Commission has published a new Facts for Consumers brochure, “Your Access to Free Credit Reports.” The alert explains why it is important for consumers to monitor their credit history, how to request a report and how to dispute any errors.
The FTC’s alert is available at http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm. For more information,visit www.ftc.gov/credit.
To inform consumers about their state’s eligibility and help answer questions they may have about the consumer reporting companies’ new service, the Federal Trade Commission has published a new Facts for Consumers brochure, “Your Access to Free Credit Reports.” The alert explains why it is important for consumers to monitor their credit history, how to request a report and how to dispute any errors.
The FTC’s alert is available at http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm. For more information,visit www.ftc.gov/credit.
New loan interest rates
Buyers will have a little more leeway on their new loans. Conforming loan limits for conventional loans have been raised from $333,700 to $359,650 for 2005 for single family homes. Conforming loan limits for 2 to 4 units range from $460,400 to $691,600. What this means to the buyer is that an adjustment was made to last year's average home price as calculated by the Federal Housing Finance Board for Fannie Mae and Freddie Mac loans so that the higher interest rate for a jumbo loan would not be in effect until loan limits higher than those above are reached. Click on MBA Residential Finance Updates for more.
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