The June median listing sales price for single-family existing homes was $477,937 in June, down $146, about 0.03%, below the May 2010 median of $478,083 for homes in Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington DC.

The 10-city composite median price bottomed out at $470,017 in January 2009. The composite gradually increased to $509,030 in July, before the nine-month-long run of declines. Since the end of March, prices in the 10-city composite at up 0.2%.

Altos Research said 13 of 26 markets it tracks reported increases in asking sales prices for homes during the month of June. For Q210, asking prices were up in 14 markets. San Francisco led both categories with a 2% in June and an increase of 4.4% quarter-over-quarter.

Following San Francisco in asking price increases was San Jose (1.5% in June, 2.5% in Q210), Austin (1%, 1.7%), Dallas (0.9%, 2.2%) and Cleveland (0.8%, 1.5%).

The market with the biggest decrease was Phoenix, down 2.4% from June and 3.9% in Q210, followed by changes in Miami (-2.3%, -4%), Washington DC (-0.8%, 0.4%), Las Vegas (-0.6%, -0.9%) and Boston (-0.5%, 0.1%).

Listing inventory totaled 304,831 properties in the 10-city composite, up 2.8% and 5.4% for the quarter. Chicago was the only market where listing inventory decreased in June, but the area was still up 0.7% for the quarter. While Detroit posted a 1.6% increase in listing inventory during June, it was the only market with a decrease in listing inventory for the quarter, down 2.1%. San Francisco lead all markets in inventory volume, up 7.6% in June and 13.5% for the quarter.

The average rate for a 30-year fixed loan sank to 4.69 percent this week, beating the low set in December and down from 4.75 percent last week, Freddie Mac said Thursday. Rates for 15-year and five-year mortgages also hit lows.

Rates are at their lowest since the mortgage company began keeping records in 1971. The last time they were any cheaper was the 1950s, when most long-term home loans lasted just 20 or 25 years.

Almost no one expects falling rates to energize the economy, though. Sales of new homes collapsed in May after an enticing tax credit expired.

“As long as prospective homebuyers are still concerned about their jobs and financial well-being, many will be reluctant to take the plunge, even though affordability has never been better,” said Greg McBride, senior financial analyst with Bankrate.com.

Rates have fallen over the past two months as investors have become nervous about Europe’s debt crisis and the global economy and have shifted money into safe Treasury bonds. The demand has caused Treasury yields to fall. Mortgage rates track those yields.

While mortgages are getting cheaper, low interest rates hurt Americans who are trying to save. Puny rates for savings accounts and CDs are especially hard on people who are living on fixed incomes and earning next to nothing on their money.

Americans normally rush to refinance when rates plummet. But refinancing activity now amounts to less than half the level of early 2009, when long-term rates hovered around 5 percent, according to the Mortgage Bankers Association.

Besides, many people who want to refinance — and are able to — have already done it, said Michael Fratantoni, vice president of research and economics at the trade group. And refinancing costs can total several thousand dollars.

“Rates haven’t dropped low enough to justify a second refinancing,” Fratantoni said. “The group of people who could potentially benefit is much smaller than it was 15 months ago.”

The bill — House Resolution 4213 — passed the House vote in December and moved through the Senate Committee on Finance in March. Reid’s amendment would extend the homebuyer tax credit by three more months.

“There is growing concern that because of the time it takes for banks to complete transactions such as short sales, many of these home purchases would not be complete before the deadline through no fault of the homebuyer,” according to a statement from Reid’s office.

He is joined in the effort by Sen Johnny Isakson and Sen Chris Dodd, who co-sponsored the proposed amendment.

Under the tax credit’s current deadline, qualifying purchases that were under contract by April 30 must close by June 30. Under the proposed amendment introduced by Reid, Isakson and Dodd, that closing deadline would be pushed to Sept. 30, 2010 in an effort to ensure the qualifying sales can close.

“In addition to making it easier for thousands of [buyers] to purchase their first home, it helped reduce the sitting inventory of homes,” Reid said in a statement. “By extending the transaction deadline, we can ensure that everyone taking advantage of this credit can complete the purchase of their new home.”

The two firms named in today’s law enforcement action are Countrywide Home Loans and Countrywide Home Loans Servicing, now doing business as BAC Home Loans Servicing.

According to a conference call this morning, Countrywide borrowers were “victimized” in bankruptcy in such a way that they emerged from proceedings still owing improper fees, said Cliff White, the director of Executive Office for U.S. Trustees, under the Department of Justice (DOJ), who helped litigate the law enforcement action. “Homeowners who file bankruptcy and obey the rules are entitled to a fresh start,” he added.

According to Leibowitz, Countrywide made it a business strategy to take advantage of a system of affiliates that would overcharge for services related to a home centered in bankruptcy filings. For example, Countrywide overcharged for valuation services and in subsequent property preservation once the home became vacated.

“$300 for mowing a loan is extraordinary,” said Leibowitz. “I want that job.”

Leibowitz said that Countrywide charged up to $2,500 in trustee fees even though entities such as Fannie Mae  cap such charges at $600.

The FTC said that Bank of America, which took over Countrywide in 2008 was exceptionally cooperative in negotiating the settlement.

Leibowitz adds that the FTC is asking Congress for more money and power to go after what it feels are unfair practices in the housing industry.

The FTC set up a Web site for claims information, that went live today.

In June 2009, Clear Capital reported a 19.3% drop in May house prices, a “far cry” from the increase shown in this report a year later, said Alex Villacorta, senior statistician at Clear Capital. The rolling quarter-over-quarter number, which measures houses prices against those three months ago showed a 1.8% decline, an improvement from the 5% drop in April.

“We continue to see sustained price growth throughout much of the country with yearly price gains reflecting the housing recovery off of last year’s lows,” Villacorta said. “The expiration of the tax credit at the end of April has certainly contributed to the growth of prices we are observing and as more sales close before the June 30 deadline we expect that markets across the country will continue to see strengthening of prices.”

The amount of REO properties on the market seems to be dropping, too, according to Clear Capital.  The national REO saturation rate dropped to 27.8%, down from 41.7% last year.

“This dramatic shift in price trends reflects the unprecedented volatility over the last couple of years and the delicate state of local real estate markets around the country,” Villacorta said.

Price: $316,000

 Type: Single Family

 Bedrooms: 6

 Bathrooms: 3 Full, 1 Partial

Garage: 3

 Square Feet: 4,388

CHART: Median sales price by metro area

 That’s a sharp improvement from the fourth quarter of last year, when prices rose in about 40% of cities. The national median price was $166,100, or 0.7% below the first quarter of last year.

 Sales of foreclosures and other distressed properties made up 36% of all sales in the first quarter.

 The largest percentage price increase was in Saginaw, Mich., where the median price doubled to nearly $61,000. Prices in Akron, Ohio were up 95% to about $95,000. Prices in Cleveland were up 54% to $106,400.

 The largest price decline was in Orlando, where they dropped 15% to nearly $132,000. Prices in Ocala, Fla., fell 14.5% to a median of nearly $93,000. Prices in Cumberland, Md., fell 14.4% to $98,300.

Price: $99,999

Bedrooms: 2

 Bathrooms: 1 Full

Square Feet:  1,025

MLS ID: 933061

2 bedroom condo in a peaceful community! Open and spacious rooms throughout. Large Master bedroom with plenty of closet space. The condo has new paint and it also has a huge 18′x8′ storage room that is not part of the counted square footage. Washer & Dryer hook-ups for electric or gas. Covered parking is included as well as low HOA dues. The Amenities include clubhouse, pool & tennis court! The HOA Covers: Water, sewer, garbage, pool, clubhouse, snow removal, large storage and exterior bldg insurance. Call Scott today to see this incredible property 801-209-1120

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