Calif. median home price - November 08: $285,680(Source: C.A.R.)
Calif. highest median home price by C.A.R. region November 08: Santa Barbara So. Coast $1,200,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region November 08: High Desert $148,580 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 08: 53 percent (Source: C.A.R.)
Mortgage rates - week ending 12/31/08 30-yr. fixed: 5.10% Fees/points: 0.7% 15-yr. fixed: 4.83% Fees/points: 0.7% 1-yr. adjustable: 4.85% Fees/points: 0.5% (Source: Freddie Mac)

From Wednesday, January 07, 2009 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Job losses and an eroding economy contributed to a decline in pending home sales, with the Pending Home Sales Index falling 4 percent to 82.3 from 85.7 in October, according to a recent NAR report. A forward-looking indicator based on contracts signed in November, the current index is 5.3 percent below November 2007 when it stood at 86.9. The November index is the lowest since the inception of the series in 2001. The impact of mortgage interest rates declining to near 50-year lows in December is not reflected in current data.

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From Wednesday, January 07, 2009 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

The Federal Reserve Bank of New York on Monday began purchasing fixed-rate mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. Selected private investment managers are acting as agents of the New York Fed in these purchases.

Summary data detailing these operations will be available on the New York Fed's Web site beginning Jan. 8, and will be updated on a weekly basis each Thursday. This program, first announced in November, is intended to support the mortgage and housing markets and foster improved conditions in financial markets.

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From Wednesday, January 07, 2009 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Calif. median home price - November 08: $285,680(Source: C.A.R.)
Calif. highest median home price by C.A.R. region November 08: Santa Barbara So. Coast $1,200,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region November 08: High Desert $148,580 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 08: 53 percent (Source: C.A.R.)
Mortgage rates - week ending 12/24/08 30-yr. fixed: 5.14% Fees/points: 0.8% 15-yr. fixed: 4.91% Fees/points: 0.7% 1-yr. adjustable: 4.95% Fees/points: 0.6% (Source: Freddie Mac)

From Wednesday, December 31, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

According to October's S&P/Case-Shiller Home Price Index released today, the prices of existing single family homes across the United States showed continued broad based declines, with 14 of the 20 metro areas showing record rates of annual decline and 14 now reporting declines in excess of 10 percent compared with October 2007. The 10-City and 20-City Composites also set new records, with annual declines of 19.1 percent and 18.0 percent, respectively.

"The bear market continues; home prices are back to their March, 2004 levels." says David M. Blitzer, chairman of the Index Committee at Standard & Poor's. "While not yet experiencing as severe a contraction as in the Sunbelt, it seems the Pacific Northwest and Mid-Atlantic South is not immune to the overall demise in the housing market."

Cleveland and Denver were the only markets that showed any improvement in year-over-year returns compared with the previous report.

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From Wednesday, December 31, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Consumer confidence declined to a new all-time low of 38 (1985=100) in December after posting a modest increase the previous month when it stood at 44.7, according to a report released yesterday by The Conference Board. The Board's Present Situation Index fell to 29.4 in December compared with 42.3 last month and its Expectations Index declined to 43.8 this month compared with 46.2 in November.

"The further erosion of the Consumer Confidence Index™ reflects the rapid and steep deterioration of economic conditions that occurred in the fourth quarter of 2008," said Lynn Franco, director of The Conference Board Consumer Research Center. "The Present Situation Index is now close to levels last seen in the months following the 1990-91 recession, but is not as low as levels reached during the 1981-82 recession. Declines in the Expectations Index appear to be moderating, but this index continues to hover at historical lows.

"Both sub-indexes bear careful watching over the next several months to see if they are starting to show signs of approaching a bottom," she said. "In the meantime, however, the overall economic outlook remains quite dismal for the first half of 2009, and only a modest recovery is expected in the second half."

Consumers' claiming business conditions are "bad" increased to 46 percent in December compared with 40.6 percent the previous month. Consumers saying jobs are "hard to get" rose to 42 percent this month from 37.1 percent in November, according to the report. Those anticipating business conditions to worsen over the next six months increased to 32.8 percent in December from 28.3 percent last month; consumers expecting conditions to improve rose to 13.4 percent from 11.5 percent in November.
 
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From Wednesday, December 31, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Calif. median home price - November 08: $285,680(Source: C.A.R.)
Calif. highest median home price by C.A.R. region November 08: Santa Barbara So. Coast $1,200,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region November 08: High Desert $148,580 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 08: 53 percent (Source: C.A.R.)
Mortgage rates - week ending 12/24/08 30-yr. fixed: 5.14% Fees/points: 0.8% 15-yr. fixed: 4.91% Fees/points: 0.7% 1-yr. adjustable: 4.95% Fees/points: 0.6% (Source: Freddie Mac)

From Wednesday, December 24, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

The Internal Revenue Service (IRS) last week announced it is "subordinating" federal tax liens and allowing primary mortgage holders to take precedence when a mortgage is refinanced or the home is sold. The new IRS program allows homeowners to refinance or sell a home without first having to pay any federal tax liens. However, the IRS is not forgiving the debt and homeowners must pay any back taxes owed.

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From Wednesday, December 24, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

Fannie Mae recently announced the Streamlined Modification Program (SMP) is now available to Fannie Mae servicers and borrowers as an option to help prevent foreclosures. The SMP enables services to change the terms of a loan to reduce a borrower's monthly mortgage payment, including taxes, insurance, and HOA dues, to an amount equal to 38 percent of the borrower's gross monthly income.

The changes in terms may include one or more of the following: Adding the accrued interest, escrow advances and costs to the principal balance of the loan, if allowed by state law; extending the length of the mortgage loan as appropriate; reducing the mortgage loan interest rate; forbearing on a portion of the principal, which will require the borrower to make a balloon payment when the loan matures, is paid off, or is refinanced.

Servicers will be sending modification solicitation letters beginning this month to borrowers believed to be eligible for the program.

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From Wednesday, December 24, 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 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 12/11/08 30-yr. fixed: 5.47% Fees/points: 0.7% 15-yr. fixed: 5.20% Fees/points: 0.7% 1-yr. adjustable: 5.09% Fees/points: 0.4% (Source: Freddie Mac)

From Wednesday, December 17, 2008 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®