Median price of SoCal homes plunged 24 pct to 4-year low

Median price of SoCal homes plunged 24 pct to 4-year low
Southern California home prices fell 24 percent in March, almost a four-year low, according to DataQuick Information Services. March’s six-county regional median price was $385,000, down sharply from March 2007, when the median was at $505,000. The last time the regional median price was that low was in April 2004, when it was $380,000.
MAKING SENSE OF THE STORY FOR CONSUMERS
Foreclosures are driving price declines. Riverside/San Bernardino was most affected. Fifty-six percent of homes sold in Riverside County in March were foreclosures, which caused the area’s median price to drop 27 percent to $306,250. San Bernardino’s median price fell 28 percent to $265,000.
Orange County continues to be the most expensive market in the region at $506,000, which was 20 percent below last year’s median price for March.

FHA IS MAKING IT EASIER TO QUALIFY

Gift Funds An outright gift of the cash investment is acceptable if the donor meets any of the following criteria: ·
Relative of the borrower ·
Customers’ employer ·
Charitable organization ·
Government agency or public entity that has a program to provide homeownership assistance to low and moderate income families or first-time home buyers ·
Close friend who has a clearly defined interest in the customer Credit Score FHA does not use credit scores as a basis for underwriting decisions. FHA does consider a high credit score to be a compensating factor. Previous Mortgage Foreclosure A borrower is not eligible if they had a foreclosure within the previous 3 years Bankruptcy
A bankruptcy (Chapter 7) will not disqualify the borrower if: · 2 years have passed since the bankruptcy was discharged · The borrower has re-established good credit

HOME RESALES UP FIRST TIME IN SEVEN MONTHS

Median sales prices plunge record 8.2% in past year Boosted by a record decline in prices, the U.S. housing market showed signs of stability in February, with sales of existing homes rising modestly for the first time in seven months and inventories falling, the national Association of Realtors reported Monday. Resales of U.S. homes and condos rose 2.9% to a seasonally adjusted annual rate of 5.03 million, ahead of the 4.85 million pace expected by economists. It’s the strongest sales pace since October. Sales are down 23.8% compared with a year ago. The median sales price plunged to $195,900, down 8.2% from a year earlier, the largest price decline recorded since the Realtors began tracking both single-family homes and condos in 1999. Prices of single-family homes fell 8.7% in the past year, also the most since the records began in 1968. Sales rose in three of four regions, with the West still lagging. Sales rose 11.3% in the Northeast, 2.5% in the Midwest and 2.1% in the South. Sales fell 1.1% in the West. Median sales prices are down 13.4% in the West, largely because the market for jumbo loans above $417,000 remains frozen.

30- year loan rates rising

Why are interest rates on 30-year fixed-rate mortgages rising even as the Federal Reserve slashes interest rates and yields on Treasury bonds fall? The answer is that the mortgage market is short of roughly $1 trillion in capital. The modern mortgage market works with lots of leverage, or borrowed money. Investors, including hedge funds and mortgage real estate investment trusts, buy mortgage securities, but finance a lot of their purchases with this leverage. The Federal Reserve Board estimates that $11 trillion of outstanding U.S. mortgage debt is supported with roughly $587 billion of equity. That’s a leverage ratio of 19 to one. But last year’s subprime meltdown has undermined confidence in the home loans that back these mortgage securities. Now the banks that finance most of these leveraged mortgage investments have started to pull back and impose margin calls, demanding more cash or collateral to back their loans. This has sparked a de-leveraging cycle in which some highly leveraged mortgage investors have to sell assets to meet margin calls. Forced selling pushes prices lower, sparking more margin calls, which in turn produces more selling and even lower prices. When debt prices fall, yields rise and that’s what’s happening to mortgage securities – even those backed by government sponsored entities including Fannie Mae and Freddie Mac which are considered the safest. The immediate impact is that interest rates on 30-year fixed-rate mortgages will have to increase relative to Treasuries. That is why we are experiencing pressure on mortgage rates despite the downward movement on the 10-year bonds. Rates on 30-year fixed mortgages usually follow the movement of 10-year Treasury bonds, but this relationship has broken down as de-leveraging in the financial system takes hold.

Temporary Loan Limit increase

Washington, DC – The Office of Federal Housing Enterprise Oversight (OFHEO) today released the maximum conforming loan limits that will be in effect through year-end as a result of The Economic Stimulus Act of 2008. That legislation permits Fannie Mae and Freddie Mac to raise their conforming loan limits in certain high-cost areas. The new jumbo limits are a function of median home prices as estimated by the U.S. Department of Housing and Urban Development (HUD). The maximum for temporary jumbo conforming loan limits, which apply to loans originated in the period between July 1, 2007 and December 31, 2008, are as high as $729,750 for one-unit homes in the continental United States. Two, three and four-unit homes have higher limits as well. Alaska, Hawaii, Guam and the Virgin Islands also have higher maximum limits. There are two data sources reflecting the new maximum limits. The first, on OFHEO’s Web site, available at www.ofheo.gov/media/hpi/AREA_LIST.pdf, reports only those counties and Metropolitan Statistical Areas (MSAs) that are affected by the new loan limits. Data for all areas are available on the HUD Web site at https://entp.hud.gov/idapp/html/hicostlook.cfm. Seventy-one Metropolitan and Micropolitan Statistical Areas are affected including 245 counties and cities not in counties. In addition, there are 21 counties outside of Metropolitan or Micropolitan areas that show increases, plus Guam and four municipalities in the Marianas Islands. The newly increased limits range from $417,500 in Greeley, Colorado to the highest of $793,750 in Honolulu, Hawaii. In support of HUD’s calculation of county median home prices, OFHEO provided HUD rural house price indexes for 48 states. HUD used these indexes, which reflect price changes for homes outside of Metropolitan Statistical Areas, to estimate median prices in counties for which sales price data were sparse. OFHEO has made these indexes available at: /hpi_download.aspx.

Insuring a Home Properly

Replacement Cost vs. Market Value:Insuring a Home Properly
Ask an insurance agent, a mortgage broker, and a realtor "How muchinsurance should I have on my new home?" I will guarantee you will getthree different answers. The mortgage broker might say the loan amount, therealtor might say the market value, and the insurance agent, if he or she isdoing their job correctly, will say the replacement cost of the home. Sowho's correct?
In short, it has to be the replacement value for proper insurance protection. Homeowners want enough coverage to rebuild their home if a catastrophe happens. Let's take a look at how an insurance company comes up with this number.
Insurance companies use a computerized "replacement cost worksheet"using historical data of building costs in a given area. This data is compiled by independent companies who do actual surveys of building costs and provide it to insurance companies and others in the construction business.

One of the best known companies providing this information is Marshall & Swift. By plugging in the square footage, year built, number of baths, style of the home, and the home's other amenities into the worksheet, a replacement value is determined. The worksheet also considers the extra cost of rebuilding a home like demolition cost, debris removal, architectural plans, and even environmental costs. The replacement value may be more or less than the home's market value.

FANNIE, FREDDIE TO OVERHAUL APPRAISALS IN CUOMO DEAL

March 3 – Fannie Mae and Freddie Mac, the biggest sources of financing for U.S. home loans, reached an agreement with new York Attorney General Andrew Cuomo to buy mortgages only from lenders that adopt new standards intended to ensure independent home appraisals. The new rules announced today prohibit mortgage brokers from selecting appraisers and lenders from using in-house staff to do valuations for any home loans the government-chartered companies purchase. In most cases lenders will also be barred from using appraisal management firms they own or control. There are many significant provisions in the agreements that are designed to strengthen the independence of appraisers, including eliminating broker-ordered appraisals, prohibiting appraiser coercion, and reducing the use of appraisals prepared in-house or through captive appraisal management companies in underwriting mortgages. The agreements also enhance quality control in the appraisal process and establish a complaint hotline for consumers. The agreements include a Home Valuation Code of Conduct that the Enterprises will apply to lenders selling mortgages to Fannie Mae or Freddie Mac. The Code becomes effective on January 1, 2009.

New Foreclosure list

I have a new list of 59 Californai foreclosed properties for 58 cnets on the dollare contact me for information. (949) 233-5239

Smoke Detectors Do Save Lives!

A few days ago, while "cooking" dinner, we set off our smoke alarm. As I'm sure you already know, that is not one of the most ear-pleasing sounds to come out of a kitchen. I did the standard: turned on the fans, opened the windows, and wildly waived a towel in front of it.

When the noise and the ensuing household chaos finally subsided, I realized that in the few years we have been in our house, I had never known if that smoke alarm worked. This is the single device most likely to save my family's lives in the event of a fire, and I didn't know if it worked. I was appalled with myself.

You may or may not be in the same boat as me, but its worth checking out your smoke detectors when you read this statistic: you and your family are twice as likely to die in a serious house fire if you don't have smoke alarms than if you do!

A few more suggestions while we're on the subject of smoke detectors:

-If you don't have them, get and install smoke alarms now! If you do have them, make sure they work!

- Buy smoke alarms that have the seal of approval from an independent testing firm such as Underwriters Laboratories (UL) or Factory Manual (FM).

- Your house should have at least one smoke alarm on each level and one outside each bedroom.

- You should test your smoke alarms at least once a month, and you should replace the batteries in the smoke alarms at least once a year. Many people change their batteries when they change their clocks in the spring and fall.

- Make certain everyone in your family can recognize the sound of the smoke alarm(s), and they know what that sound means.

- You should plan escape routes from every room in the house, and you should figure out at least two ways to get out of each room.

55 Cents on the dollar coming soon

I am supposed to have a new list of discounted foreclosure properties this week with many as low as 55 cents on the dollar out this week. Contact me if you are an investor who is interested in these great deals.
Phone (949) 233-5239

Happy Valentines Day

You are special and we are glad that you are here with us today!
Many blessings to you,
Love,
Nedalee

Power Plant Public Meeting, Ladera Ranch

The South Coast Air Quality Management District
RESCHEDULED MEETING
NOTICE OF PUBLIC CONSULTATION MEETING
On a Proposed New Power Plant in Ladera Ranch, CA

Thursday, March 6, 2008
6:30 pm – 9:00 pm
Ladera Ranch Elementary School
29551 Sienna Parkway
Ladera Ranch, CA 92694


Purpose of the Meeting:
The South Coast Air Quality Management District (AQMD) has received applications for Permits to Construct and Operate a new power plant to be located in Ladera Ranch, as described below. The AQMD will be holding a Public Consultation Meeting to discuss the AQMD’s permitting process for the proposed power plant. The purpose of this meeting is to share information about the power plant and its associated air quality and public health impacts, as well as to provide an opportunity for the public and interested parties to provide comments and ask questions related to air quality and public health impacts of the project.

The AQMD is the air pollution control agency for all of Orange County and the Non-desert portions of Los Angeles, Riverside and San Bernardino Counties. Anyone wishing to install or change equipment that could be a source of air pollution within this region must first obtain a permit from the AQMD. However, AQMD does not make any land use or zoning decisions. These decisions are typically made by the City or County.

Project Applicant: Wellhead Power Margarita, LLC
Proposed Project Location: 28400 Antonio Parkway, Ladera Ranch, CA

Project Description/Background:
Wellhead Power Margarita, LLC has filed applications with the AQMD seeking approval to construct and operate a 48 megawatt (MW) power plant. Each MW of electricity can provide enough power for about 750 households. The proposed power plant will use natural gas as fuel to operate a combustion turbine generator capable of producing 48 MW of electricity. The applicant is also proposing to use a 635 horsepower natural gas fired internal combustion engine to boost pressure for the natural gas supplied to the gas turbine and an 18,000 gallons aqueous (diluted) ammonia storage tank. The power plant is proposed to be operated to meet electrical generation needs during periods of high demand. This project will use the best available technology (catalysts) to control air pollution which will result from the operation of the equipment.


Contact Information:
All interested parties are encouraged to attend the Public Consultation Meeting. If you have any questions regarding this meeting, please contact Ms. Lourdes Cordova Martinez at (909) 396-3214 or Mr. John Yee at (909) 396-2531

Loan Limit Increases Are Coming

The House and the Senate have agreed on the stimulus package that will allow the conforming loan limits to be raised by FNMA and FHLMC. President Bush is expected to sign the bill as early as next week. However, there are many details to be worked out and I would like to point out a few of the unresolved questions that still need to be answered. 1) The loan limit based upon 125% of the area medium would allow Orange County to be raised to $729,750. 2) Who will have access to the new higher limits? Currently the bill passed says any new purchase from the date of implementation to December 31st, 2008. There is a real question on refinancing. As it reads today only loans closed after July 1st, 2007 will be allowed to use the higher limits to refinance. Again, this may change. 3) Even though the limits are raised that doesn't mean that rate will be the same for all loans from $417,000 to $739,500. FNMA and FHLMC have stated the rates could be higher the higher the loan amounts even though they are all conforming. An example is $417,000 to $550,000, $550,000 to $625,000 and $650,000 to $729,750. They feel the risk will be greater and these are still jumbo loans in the minds of the investors buying the securities. 4) As FNMA and FHLMC have to set money aside in reserves for each loan made they are in question as to whether they have the ability to finance all of the new loans. 5) Any new borrower wanting to refinance must comply to the standard guidelines which means they must have the required amount of equity. If they owe more than their home is worth they will not have access to the program. 6) Orange County is now considered a Category 4 area. That means whatever the loan to value guidelines are with FNMA and FHLMC we are required to cut that back by 5% for Orange County properties. What was 95% is now 90%. What was 90% is now 85% and so on. This went into effect 1/18/2008. This will not be a cure all by any stretch but it will help those clients of yours wanting to purchase now and take advantage of the value propositions out there at better terms that what is currently available....at least until December 31st, 2008. I will keep you informed as the details materialize.

Median home price info for California

Calif. median home price - November 07: $488,640 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region November 07: Santa Barbara So. Coast $1,075,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region November 07: High Desert $262,650 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Third Quarter 07: 24 percent (Source: C.A.R.)

Mortgage rates - week ending 01/17: 30-yr. fixed: 5.69%; Fees/points: 0.5% 15-yr. fixed: 5.21%; Fees/points: 0.4% 1-yr. adjustable: 5.26%; Fees/points: 0.6% (Source: Freddie Mac)

FED CUTS INTEREST RATES BY HALF A POINT

The Federal Reserve this week cut a key short-term interest rate by a half-percentage point, the second significant rate cut in just over a week, in an effort to stave off a growing risk of a national recession.

Schwarzenegger joins push to raise conforming loan limit

Governor: Half of Californians can't get GSE-backed loans
Wednesday, January 23, 2008By Matt CarterInman News
Breaking with the Bush administration's position, California Gov. Arnold Schwarzenegger has added his voice to the chorus clamoring for an increase in the $417,000 conforming loan limit, the ceiling for mortgages eligible for purchase or guarantee by Fannie Mae and Freddie Mac.
In a letter to congressional leaders, Schwarzenegger urged the passage of legislation raising the conforming loan limit to $625,000 in high-cost housing markets, allowing the government-chartered mortgage finance companies to play a greater role in California by expanding into what's now considered the jumbo loan market.
The secondary market for so-called jumbo loans that exceed the conforming loan limit was disrupted last August, by fears of rising mortgage defaults and falling home prices. Those fears -- which began with rising defaults on subprime loans made to borrowers with blemished credit but spread to alt-A and even some prime loans -- have made jumbo loans harder to obtain since last summer, and more expensive for those who still qualify.
Conforming loans -- those eligible for purchase or guarantee by government-chartered Fannie and Freddie -- have remained widely available, and at rates that are falling. That's prompted industry groups such as the National Association of Realtors to call for an increase in the conforming loan limit, so that Fannie and Freddie can provide liquidity for jumbo loans (see Inman News story).
Although the Bush administration has expressed reservations about taking such a step, California's Republican governor is breaking with the party line.
"In a state where the average price of a home far exceeds that loan limit, Californians find themselves priced out of the very help these loans are intended to provide," Schwarzenegger said in a letter to House and Senate leaders.
Last month, the California Association of Realtors reported that the median existing-home price in the state had fallen 11.9 percent in one year, to $488,640. At the end of November, median home prices remained far above the conforming loan limit in markets like the San Francisco Bay Area ($793,930), Santa Clara ($855,000) and Orange County ($661,580).
Leslie Appleton-Young, chief economist for CAR, said decreases in the statewide median prices seen in recent months were the result of difficulties in obtaining jumbo loans.
In his letter, Schwarzenegger claimed more than 50 percent of California home buyers lack access to loans that have the backing of the government-sponsored enterprises, or GSEs.
"When combined with the withdrawal of the jumbo loan market, it's no surprise that current home sales activity in California is half the pace seen in 2006," he said.
A recent analysis by the Office of Federal Housing Enterprise Oversight (OFHEO), which supervises the GSEs, concluded that while raising the conforming loan limit might lower interest rates on jumbo loans, it could also detract from Fannie and Freddie's core mission of providing financing for affordable housing.
Allowing Fannie and Freddie to venture into the jumbo loan market would entail greater risk and would consume funds the GSEs could use to buy up a greater number of smaller loans, OFHEO warned. OFHEO has proposed lowering the conforming loan limit in 2009 in concert with falling home prices.
But Schwarzenegger maintains that moderate- and low-income families in high-cost housing markets are "hit hardest" by the conforming loan limit, because it restricts their access to lower-cost, lower-down-payment, fixed-rate loans.
"Lifting the GSE loan limit in these areas would help put affordable home purchase and refinancing options within their reach," the governor said, noting that Federal Housing Administration and Department of Veterans Affairs loan guarantee programs also have limits tied to the conforming loan limit.
Some who oppose an increase to the conforming loan limit argue that much of the home-price appreciation seen in some markets during the boom was artificial. Speculators pushed home prices out of reach of average families, and prices should be allowed to return to more affordable levels, critics say.
The Bush administration maintains that before it will go along with an increase in the conforming loan limit, Congress must pass legislation overhauling oversight of Fannie and Freddie, which were rocked by management and accounting scandals that forced them to restate several years of earnings.
The House of Representatives passed legislation in May, HR 1427, that would create an independent agency with powers similar to those of a bank regulator to oversee Fannie and Freddie.
HR 1427 would authorize the GSEs to guarantee and securitize loans of up to $625,000 in high-cost housing markets, but not purchase such loans to hold in their portfolios.
A companion bill to HR 1427 has yet to be introduced in the Senate, and attempts to reform oversight of the GSEs have floundered in Congress for several years because of disagreements over limits on growth in their loan portfolios, which today total nearly $1.5 trillion.
New York Democrat Sen. Charles Schumer introduced a bill in September, S 2036, that does not address oversight of Fannie and Freddie, but would provide a temporary, one-year increase in the conforming loan limit.
The National Association of Home Builders (NAHB) and Housing Policy Council (HPC) of The Financial Services Roundtable last week said the groups support a temporary increase in the conforming loan limit in high-cost areas, "as part of prompt action on GSE reform legislation."
The groups called on the Senate to approve legislation similar to HR 1427, reforming oversight of Fannie and Freddie and mandating a two-year increase in the conforming loan limits. As envisioned by NAHB, the increase would be rescinded after two years if the jumbo market returns to normal.
Although Schwarzenegger's letter to congressional leaders did not address such details, a spokeswoman for the governor said he advocates a permanent increase in the conforming loan limit independent of HR 1427 or other GSE reform legislation.

Tax Rebates

You could get your tax rebate by MayCongress and the White House forged a deal Thursday to begin rushing tax rebates of $600 to $1,200 to most tax filers by spring, hoping they will spend the money just as quickly and jolt the ailing economy to life.http://www.msnbc.msn.com/id/22782454/from/ET/

Fed Action Will Drop Mortgage Rates

I normally reach my clients via my weekly newsletter. However, there’s great news about interest rates that’s of great importance to you.
Due to extenuating circumstances concerning the volatility in the stock market and the overall poor condition of the economy, the Fed decided it couldn’t wait until its next scheduled meeting and chose to drop the Federal Funds Rate today by 75 basis points. As a result, conforming loan rates, which are already below 6%, will likely fall further in the coming days.
Many consumers have been sitting on the sidelines through the mortgage market meltdown, but now is a great time to jump back into the market and get a 30-year fixed mortgage at rates we haven’t seen since 2003 (think the low-5s). Whether you or your clients are considering purchasing a new home or refinancing an existing home, today’s great rates will add up to thousands of dollars in interest savings

Gross

National news announced this morning that Orange County California, which happens to be where I live, plans to recycle toilet and other wastewater into drinking water. Their 3-stage filtration process takes 3 days from toilet to tap. This will be our TAP water. And lest you think that you are safe drinking bottled water instead, we have many, many articles showing that tap water is better regulated than bottled water. AND for us here in Orange County, we have a Pepsi plant which either manufactures Aquifina or Dansi I forget which one. So at that plant will be using Orange County reclaimed toilet water to run through their bottling processes.

HealingWaterMachines.com will soon have a duel filter machine that also comes with an external per-filter that is designed just for you from your county water report and we will be carrying whole house filtration systems. So you may want to look into them if you can't handle the gross factor of washing your hands, body or cooking your spaghetti in former sewage water.

Debt Forgiveness

One of the protections that President Bush has put into place during this loan crisis is that from 2007-2010, 1099's will not be issued on debt forgiveness. In the past, if a seller sold a home through the short sale process and the lender took a loss, the lender reported the loss as income to the seller who then had to pay tax on it. So for now people are getting grace and not having to pay taxess on money they never had in the first place.
by Nedalee Thomas-Ruiz, REALTOR'Phone (877) LIST-TNT Toll free, that's (877) 547-8868 Fax (949) 600-7960
Serving South Orange County, Ca.
Ask me how you can buy real estate NOW at 50 -85 cents on the dollar
!http://www.dynamiteresults.com/ MailTo:Nedalee@kw.com

More on Countrywide

From long-time Countrywide insider Kevin Buddy on BofA's purchase of Countrywide.
"The deal is not supposed to close until the 3rd quarter of 2008. Integration begins 2009. We are being told BofA prefers our platform/model for mortgages and has asked our President, Dave Sambol, to stay on and run the whole mortgage division. They say our technology, product mix and execution is superior to theirs. After the close the combination of both companies will have 25% of the mortgage market share in the country. The next closest is Wells Fargo at 11%. For now it's business as usual. There are no immediate changes"

Wrote Two more Offers

I wrote two more offers today. So don't try for La Puente or Bakersfield.

Discount Properties

I can't believe I forgot to post this when I got it last Thursday!
I have these properties at 65 cents on the dollar. That's 35% below current market value!
7985 Tommy Drive San Diego<---offer in on this one
42?05 Marbella st Lancaster The / mark space looks like it could be a 2
18841 Galleano St. La Puente <--I wrote an offer on this one
1362 Teelin Ave. Vista
26013 Arroy Lane Loma Linda
21884 or 21834 not sure Belshire Ave #9 Hawaiian Gardens
1546 Glenwood Springs Ave. Chula Visa<--Offer in on this one.
1154-1156 North Wilton Place Los Angles <---Occupied
3629 Amur Maple Dr. Bakersfield <--Wrote an offer on this one
12025 Doland Avenue Downy <---Occupied
24?17 Coronet Court Lancaster the question mark space looks like it is a 4
589 N. Johnson Ave #242 El Cajon
I also have one each in Vacaville, homeland, California city, Modesto, Sacramento, San Leandro, South Gate, Lake Side, Shandon, Grass valley, Bakersfield, Wildomar (offer in on this one), Sacramento, Modesto, Livermore, Santa Rosa, Fresno, and Vista. Contact me at 949 233-5239 if anyone would like more information. These are light to no rehab properties.

Great Time to Buy

Investors know that it is a great time to buy. I wrote 3 offers yesterday. All for 65%-70% of market value. Those investors will turn around and immediately sell the properties as soon as they close. They expect to make about $30,000 profit on each home in about 90 days.

Also, in the news, Countrywide is being bought out by Bank of America which nixes the suggestion by the news the day before that Countrywide was going bankrupt.

By Nedalee Thomas
www.DynamiteResults.com
Copyright 2008

NO CHANGE FOR CONFORMING LOAN LIMITS IN '08

The Office of Federal Housing Enterprise Oversight (OFHEO) announced Tuesday it will keep conforming loan limits at current levels of $417,000 for single-family mortgages in 2008, and also hinted it could lower the limits in 2009 if home prices continue to decline.The conforming loan limit determines the maximum size of a mortgage that Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in California."At more than $568,000, the median price of a home in California is more than 2.5 times the U.S. median of $221,000, yet California is not recognized by OFHEO as a high-cost state," said C.A.R. President William E. Brown. "California still has the third highest home price in the nation, compared with Hawaii at seventh, and Alaska, which ranks 39th in terms of median home price. Yet Alaska, Hawaii, Guam, and the U.S. Virgin Islands are recognized by OFHEO as high-cost areas.""Now is the time for the U.S. Senate to pass legislation allowing regional adjustments to Fannie Mae and Freddie Mac loan limits and to modernize FHA loan programs," Brown said. "This critical legislation is a key step to allowing families in California an opportunity to climb the first rung of the homeownership ladder."


Calif. median home price - October 07: $497,110(Source: C.A.R.)

Calif. highest median home price by C.A.R. region October 07: Santa Barbara So. Coast $1,325,000(Source: C.A.R.)

Calif. lowest median home price by C.A.R. region October 07: High Desert $265,880(Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Second Quarter 07: 24 percent (Source: C.A.R.)

Mortgage rates - week ending 11/21: 30-yr. fixed: 6.20%; Fees/points: 0.5% 15-yr. fixed: 5.83%; Fees/points: 0.5% 1-yr. adjustable: 5.42%; Fees/points: 0.6% (Source: Freddie Mac)

C.A.R. TO HOLD FIRST HOME BUYER FAIR FOR CONSUMERS

C.A.R., in participation with the Los Angeles Times, will present the Southern California Home Buyer's Fair Saturday, March 1, and Sunday, March 2 at the Los Angeles Convention Center in downtown Los Angeles.The Southern California Home Buyer's Fair will feature more than two dozen educational seminars presented in English and Spanish, designed to address many of the concerns of first-time home buyers and arm them with all of the practical information they need to know as they begin the road to homeownership."As California's leading authority on the residential real estate industry, C.A.R. is well-positioned to take a front-and-center role in educating consumers about the facts surrounding today's housing market and provide them with hands-on, practical tools to help them achieve their dream of becoming homeowners," said C.A.R. President William E. Brown. "C.A.R. also is very pleased to have the Los Angeles Times on board as our co-sponsor and we look forward to working with them to produce this exciting event."For more information, visit www.homebuyersfair.com