Happy New Year! I wish all of you the best in 2006!
SoCal Home Sales Flat, Though Prices Rise. Southern California's housing boom continued to run in cruise control in November, with the median home price up 15.4% over the year-ago level and 1.3% over the previous month, according to data released today. Strong buyer demand and the anticipation of higher mortgage rates sparked a rise in the median price to a new record of $479,000 for the six-county region. The percentage gain matched the 15.4% year-over-year rise in October, when the median price stood at $473,000. Sales of new and resale homes totaled 27,637, down 3% from October, but up 0.6% from the year-ago month. A sales decline from October to November is normal for the season, DataQuick said. The latest data provides more evidence that the area's 5-year-old housing boom, while no longer white-hot like a year or two ago, has settled into a more moderate pace. While homes are staying on the market longer — with sellers in some cases cutting asking prices — there is enough pent-up demand in the market to keep prices from rolling over, analysts said. Click here to read more.
Using the family silver. It's hard to find lower loan rates than at the Bank of Mom & Dad. But beware the pitfalls. Giving the younger generation a leg up in buying a home is a time-honored tradition for many families. According to a recent National Assn. of Realtors survey, 24% of first-time buyers receive a gift from a relative or friend to help with the down payment and another 6% receive a loan from a relative or friend. Although recent low interest rates have enabled many first-time buyers to qualify for loans on their own with little or no money down, if interest rates continue to rise as anticipated and lenders tighten borrower requirements, the intergenerational loan could get a boost. Click here to read more.
Robert Bruss - Questions and Answers. 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
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tina.jan@coldwellbanker.com
www.tinajan.com
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