'Soft landing' runs its course in California real estate market. Sales down 11 percent from November 2004 to November 2005. The median price of an existing home in California in November increased 16.2 percent and sales decreased 11.2 percent compared with the same period a year ago, the California Association of Realtors trade group reported today. "The California housing market continues to experience year-over-year double-digit price appreciation, which is consistent with our expectation that the statewide median for 2005 will increase by 16 percent over last year," said Vince Malta, CAR president. Click here to read more.
People of color pay millions more monthly for home loans. The California Reinvestment Coalition released a new report Thursday finding that people of color, communities of color and rural towns are more likely to receive higher-cost home loans and that people of color in California could be paying $50 million more than white borrowers every month as a result of higher-cost home loans. “What you look like and where you live should not determine how much you pay for a loan,” said Kevin Stein, associate director of CRC. “Higher-cost lenders are draining wealth from families’ pocketbooks and doing so in a way that is having a large and is proportionate impact on certain California communities.” The report documents a high-priced credit system for minority households in 12 California cities: Delano, El Centro, Fresno, Los Angeles, Modesto, Oakland, Oxnard, Sacramento, San Diego, San Francisco, Salinas and Yuba City. People and neighborhoods of color are two to four times as likely to get higher-cost loans. Residents of minority neighborhoods were nearly four times as likely as those in white neighborhoods to get a higher-cost home purchase loan. Rural communities are greatly impacted by higher-cost lending. Delano saw 25 percent of its home loan borrowers receive higher-cost loans. El Centro, Fresno, Modesto and Yuba City had the next highest incidence of higher-cost lending. Click here to read more.
Manufactured housing takes an upscale turn. In fact, new manufactured homes -- the official term, since 1976, for federally regulated transportable structures at least 8 feet wide and 40 feet long -- are nearly indistinguishable from houses built on-site. Yet the most common images of this type of housing are the ones that tend to pop up in the news after natural disasters -- old mobile homes reduced to splinters after being hit by a tornado, rows and rows of identical trailers housing victims of Hurricane Katrina in Louisiana. ''It's a tough image sometimes to overcome," says Richard Norton, executive director of the Massachusetts Manufactured Housing Association. Click here to read more.
Home builders raise money and give food to the needy. The Women's Council of the Home Builders Association of Northern California has donated a record amount of cash and food for the organization's shelter partners. The council raised more than $20,000 - four times the amount raised in 2004 - plus thousands of pounds of food. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
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Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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