Orange County Real Estate Success

Hi everyone,

 Just wanted to give you some quick stats from my CAR newsletter on the California real estate market.  Its nice to see the median home below 600K again.  Now is a great time to buy.  I saw a really cute 2/2 in Rancho available for 370 today – nice 🙂

 Calif. median home price – June 07: $594,260(Source: C.A.R.)

Calif. highest median home price by C.A.R. region June 07: Santa Barbara So. Coast $1,375,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region June 07: High Desert $306,310 (Source: C.A.R.)

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

Mortgage rates – week ending 8/31: 30-yr. fixed: 6.45%; Fees/points: 0.5% 15-yr. fixed: 6.12%; Fees/points: 0.5% 1-yr. adjustable: 5.84%; Fees/points: 0.8% (Source: Freddie Mac)

I also wanted to give a shout out to one of our favorite lenders, Derek Besiner, for keeping everyone up to date on the mortgage market / crisis so we’re informed.   He’s been sending out great informational emails about what’s going on in California mortgage land.  At times like this, people need unbiased updates, so its much appreciated!