Calif. median home price - October 08: $311,060(Source: C.A.R.)
Calif. highest median home price by C.A.R. region October 08: Santa Barbara So. Coast $860,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region October 08: High Desert $154,660 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 08: 53 percent (Source: C.A.R.)
Mortgage rates - week ending 11/26/08 30-yr. fixed: 5.97% Fees/points: 0.7% 15-yr. fixed: 5.74% Fees/points: 0.7% 1-yr. adjustable: 5.18% Fees/points: 0.5%(Source: Freddie Mac)

From Wednesday, December 3, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

The National Bureau of Economic Research on Monday determined that a peak in economic activity occurred in the U.S. in December 2007, and declared the U.S. economy officially in recession since that time. The December 2007 peak marked the end of the expansion that began in November 2001 and lasted 73 months; the previous expansion of the 1990s lasted 120 months. A recession, as defined by the National Bureau of Economic Research, is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators. A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion. Because a recession is a broad contraction of the economy, not confined to one sector, the National Bureau of Economic Research emphasizes economy-wide measures of economic activity when determining a recession. "It's more accurate to say that a recession -- the way we use the word -- is a period of diminishing activity rather than diminished activity," the National Bureau of Economic Research said in a prepared statement.
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From Wednesday, December 3, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Some 48 percent of technology users usually need help from others to set up new devices or to show them how they function, according to a recent study by the Pew Research Center's Internet & American Life Project. According to the report, 44 percent of those with home Internet access say their connection failed to work properly at some time in the previous 12 months; 39 percent of those with desktop or laptop computers have had their machines not work properly at some time in the previous 12 months, and 29 percent of cell phone users say their device failed to work properly at some time in the previous year. "In an age in which new technologies are introduced almost daily, a new gadget or service can become popular well before the technology itself is understood by the average user," said Sydney Jones, co-author of the report. "Naturally, some users catch on to new technology more quickly than others, and those who have more trouble grasping the technology are left confused, discouraged, and reliant on help from others when their technology fails." Adults who are most likely to be impatient to fix their devices are those who had the most devices fail, those who use their devices most, and those who rely more heavily on their devices for work or information, according to the report.
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From Wednesday, December 3, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Effective Sept. 8, 2008, a new California law impacted the foreclosure timeline. C.A.R.'s Member Legal Services has published a new legal article, "Foreclosure Timeline," addressing trustee's sale foreclosures affected by the new law. "Foreclosure Timeline" will assist members in determining the required timeframe in which to sell a property that is in various stages of the foreclosure process. A simple chart also is included. "Foreclosure Timeline" is available on Legal's "What's New" and the "Legal Articles" pages on car.org.
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From Wednesday, December 3, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Calif. median home price - October 08: $311,060(Source: C.A.R.)
Calif. highest median home price by C.A.R. region September 08: Santa Barbara So. Coast $860,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region September 08: High Desert $154,660 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 08: 53 percent (Source: C.A.R.)
Mortgage rates - week ending 11/26/08 30-yr. fixed: 5.97% Fees/points: 0.7% 15-yr. fixed: 5.74% Fees/points: 0.7% 1-yr. adjustable: 5.18% Fees/points: 0.5%(Source: Freddie Mac)

From Wednesday, November 26, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Fannie Mae and Freddie Mac announced yesterday they will postpone foreclosure sales and evictions on occupied single-family residences scheduled to occur between Nov. 26, 2008 and Jan. 9, 2009. During this time, the two mortgage companies will streamline their modification programs, scheduled to launch Dec. 15. Foreclosure attorneys and loan servicers will continue to contact borrowers who have defaulted on their mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac, and continue to pursue workout options.
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From Wednesday, November 26, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

The percentage of households that could afford to buy an entry-level home in California stood at 53 percent in the third quarter of 2008, compared with 24 percent for the same period a year ago, according to a recent C.A.R. report. C.A.R.'s First Time Buyer Housing Affordability Index (FTB-HAI) measures the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state. The minimum household income needed to purchase an entry-level home at $287,760 in California in the third quarter of 2008 was $56,100, based on an adjustable interest rate of 5.91 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $1,870 for the third quarter of 2008. The minimum qualifying income was 44 percent lower than a year earlier when households needed $100,500 to qualify for a loan on an entry-level home. Recent decreases in home prices and mortgage rates have brought affordability into better alignment with income levels of the typical California households, where the median household income is $59,160.
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From Wednesday, November 26, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Home sales increased 117.1 percent in October in California compared with the same period a year ago, while the median price of an existing home fell 39.9 percent, C.A.R. reported yesterday. "Statewide sales increased significantly in October to 552,750 homes on an annualized basis, the highest sales level since late 2005," said C.A.R. President James Liptak. "The record gain stemmed primarily from extremely large increases in regions with a high concentration of distressed sales. "Most October sales likely opened escrow prior to the beginning of the ongoing freeze in the financial markets. We won't have a clear picture of the full impact of the fallout until November and December sales are reported," Liptak added. "The year-to-year decline in the statewide median home price was smaller in October than the previous month for the first time in 11 months," said C.A.R Vice President and Chief Economist Leslie Appleton-Young. "However, there is still no conclusive indication that prices have begun to stabilize."
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From Wednesday, November 26, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Calif. median home price - September 08: $316,480(Source: C.A.R.)
Calif. highest median home price by C.A.R. region September 08: Santa Barbara So. Coast $935,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region September 08: High Desert $159,720 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Second Quarter 08: 48 percent (Source: C.A.R.)
Mortgage rates - week ending 11/13/08 30-yr. fixed: 6.14% Fees/points: 0.7% 15-yr. fixed: 5.81% Fees/points: 0.7% 1-yr. adjustable: 5.33% Fees/points: 0.5%(Source: Freddie Mac)

From Wednesday, November 19, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 279,561 U.S. properties in October, a 5 percent increase compared with the previous month and a 25 percent increase compared with October 2007, according to recent report from RealtyTrac®. One in every 452 U.S. housing units received a foreclosure filing in October, according to the report. "We've seen sharp declines in new foreclosure filings after legislation mandating delays to the foreclosure process was signed into law in several states -- most notably in California, where overall foreclosure activity was down by double-digit percentage points for the second straight month in October, and where default filings were 44 percent below October 2007 levels," said James J. Saccacio, chief executive officer of RealtyTrac. "Despite this, October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year." California foreclosure activity in October decreased 18 percent from the previous month, but the state still posted the highest number of properties with foreclosure filings for the month -- 56,954. That total was down from a peak of more than 100,000 in August, but represented a 13 percent increase compared with October 2007.
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From Wednesday, November 19, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®