JUST LISTED!!!

Classic 1960's Architectural Post & Beam property in Franklin Hills. Step into a spacious living room with wood beam ceilings, hardwood floors & walls of glass that lead you out to a front terrace that extends the length of the home. Remodeled kitchen with stainless steel appliances & Caesarstone countertops opens to an adorable private outdoor patio. Master bedroom has stunning head on mountain views & opens up to a gorgeous wood deck that leads you to a large romantic upper terrace with jacuzzi.MikeDronge.com

Many homeowners with loan mods face rate increases

Half of all owners with active Home Affordable Modification Program modifications reside in just four states: California, Florida, New York and Illinois. Above, a foreclosed home in Miami in 2010. (Joe Raedle / Getty Images)

New to the Beverly Hills housing market

This Craftsman home, set on a roomy three-quarter-acre lot, has the rolled roof edges, deep overhangs and protruding rafter tails characteristic of the style developed by brothers Charles and Henry Greene. Originally built for Packard dealer Earle C. Anthony, the shingle-clad house was moved from Los Angeles to Beverly Hills in the early 1920s by silent-film star Norman Kerry. Inside, the Anthony-Kerry House retains its wood interiors, beamed ceilings and built-ins.

Location: 910 N. Bedford Drive, Beverly Hills 90210

Asking price: $8.995 million

Year built: 1909

Architects: Greene & Greene

House size: Four bedrooms, five bathrooms, 4,565 square feet

Lot size: 33,968 square feet

Features: Foyer, oversized living room with fireplace, formal dining room, updated kitchen, office/library, sleeping porch, clinker-brick garden walls, detached garage with living quarters above, swimming pool, mature landscaping

About the area: Last year, 369 single-family homes sold in the 90210 ZIP Code at a median price of $3.425 million, according to DataQuick. That was a 13.2% price increase from 2012.

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3 major real estate forecasters turn bearish

Declining affordability, waning demand from investors and tight credit are among the headwinds that are tripping up the housing recovery, Bloomberg reports.

Amid lackluster readings from housing barometers, Fannie Mae, Freddie Mac and the Mortgage Bankers Association all have recently downwardly revised their estimates of 2014 home sales from an annual increase of 10 percent to annual drops, Bloomberg noted.

Moreover, the share of Americans who said they planned to buy a home in the next six months fell to 4.9 percent in May from 7.4 percent at the end of 2013, its highest level since 1964, Bloomberg said, citing data released by research firm The Conference Board.

Realtor Mike Dronge

Home Sales Slip In May as Thin Inventories Push Prices Higher

Southern California home sales slid in May as demand outstripped supplies and sent prices higher, a research firm said Wednesday.

The median sales price for new and existing houses and condominiums was $410,000, up 1.5 percent from $404,000 in April and up 11.4 percent from $368,000 in May 2013, DataQuick said. It was the 26th straight month of annual price increases but the lowest percentage gain since August 2012.

Three of the six counties surveyed posted single-digit percentage price increases from last year, another sign that the market may be cooling. The annual price gain was 9.8 percent to $450,000 in Los Angeles, 8.7 percent to $462,000 in Ventura and 8.2 percent to $440,000 in San Diego.

There were 19,556 homes sold in the region, down 2.3 percent from 20,008 in April and down 15.1 percent from 23,034 in May 2013, San Diego-based DataQuick said. It was the eighth straight month that sales fell from a year earlier.

"We expected rising prices to unlock more inventory this spring, and that's happened. But the supply of homes for sale still falls short of demand in many markets," DataQuick analyst Andrew LePage said.

There was a 3.8-month supply of unsold homes in the Los Angeles metropolitan area in April, up from a 2.8-month supply a year earlier, according to the latest figures from the California Association of Realtors. A normal supply is considered five to seven months.

Areas hit hardest by the market meltdown several years ago posted the biggest price gains. The median sales price in San Bernardino, the least expensive county, rose 20.7 percent from last year to $245,000, and the median in Riverside, the second-least expensive, climbed 17.1 percent to $295,000.

The median sales price in Orange, the region's most expensive county, rose 10.2 percent to $595,000.

6000 Canterbury Unit M226 Culver City CA 90230

1642 N Beverly Drive