Quick Facts

1) 64% of the households in California can now afford an entry level home, even in this economy.
2) median price of an entry-level home in California is $266,750
3)estimated monthly payment including taxes and ins. is $1,470 after a 10% down payment
4) The minimum household income needed to purchase that same home in California is $43,960. Even with the tough loan qualification practices today.

MORTGAGE RATES HIT RECORD LOWS AGAIN

- From the LA Times: For solid borrowers paying 0.7% of the loan balance in upfront fees and
points, the offering rate for a 30-year fixed-rate home loan averaged
4.44% for the week ending Thursday, said Freddie Mac,
the giant government-supported mortgage buyer and generator of mortgage
securities. That compared with 4.49% a week ago and 5.29% a year earlier.

JULY NORTH COUNTY REAL ESTATE STATS-

 Closed escrows for July 2010 are up 1% from June 2010 and down 13% from July of 2009.   Properties in escrow are up a whopping 23% from June 2010.   Closed escrows year to date are down 4% compared to the same 1st 7 months of the year in 2009.  The amount of active listings on the market is down 4% from June of 2010 and 3% from same month last year.