El Dorado Hills foreclosure…  4 beds,  3 baths    350k

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Foreclosure starts and completions declined significantly in November. As lenders review internal procedures related to foreclosure processing, many foreclosure actions have been delayed leading to a 21 percent decrease in foreclosure activity in November. While this is the biggest month over month decrease since 2005, the decline is likely to be temporary as lenders eventually revise and resubmit foreclosure paperwork in the coming months.

Well-qualified borrowers with good loan-to-value ratios and steady employment are increasingly finding it difficult to refinance because of medical billing mistakes impacting their credit reports and scores, according to mortgage bankers and real estate agents.

Home sales decreased 8.1 percent in April in California compared with the same period a year ago, while the median price of an existing home rose 21 percent, according to C.A.R.’s April sales and price report.

“It’s likely that the state tax credit that went into effect May 1 created an incentive for many buyers to postpone closing escrow so they could take advantage of both the state and federal tax credits that were available,” said C.A.R. President Steve Goddard.  “We should see the pace of closed sales edge up in May and June as these tax-incentivized transactions close.

The median price of an existing, single-family detached home in California during April 2010 was $306,230, a 21 percent increase from the revised $253,110 median for April 2009, C.A.R. reported. The April 2010 median price increased 1.5 percent compared with March’s $301,790 median price.

“The strong demand for distressed properties continued unabated last month, and overall, inventory remains constrained in most segments of the market,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “Listings in April increased compared with a month earlier, typical for this time of year, as more sellers entered the market. At the $300,000 and below price point, the number of homes for sale is at a 3.3-month supply, well below the historical average of seven months.”

Nationwide foreclosure resales accounted for 22.2 percent of all homes sold in the United States of America.