Keep Your Home California will receive an additional $383.3 million in funding from the federal government, allowing the mortgage-assistance program to help prevent foreclosure for more homeowners struggling with financial hardships.
The U.S. Department of the Treasury announced the additional funding Wednesday, the second phase of additional funding approved for the Hardest Hit Fund program during the past two months.
The combined $383.3 million will allow the state-managed program to help at least 12,000 more homeowners. Qualifying homeowners can receive up to $100,000 in mortgage payment assistance from Keep Your Home California.
With the additional funding, Keep Your Home California will now continue to Dec. 31, 2020, or until the money is used, whichever comes first. The previous deadline for the program was December 31, 2017.
March Sales, Median Price Accelerate From Previous Month, Year
California home sales rose from both the previous month and year to post the highest sales pace in six months, while strained housing supplies continued to push home prices higher, according to C.A.R.’s March sales and price report.
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 415,220 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.
The March figure was up 5.5 percent from the revised 393,430 level in February and up 5.7 percent compared with home sales in March 2015 of a revised 392,660. March’s sales level rose above the 400,000 level for the first time in three months.
The median price of an existing, single-family detached California home rose 8.9 percent in March, reversing a two-month decline, to $483,280 from $443,950 in February. March’s median price was 4 percent higher than the revised $464,640 recorded in March 2015.
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