Bankrate's Top 10 Causes of Debt

Sometimes things happen out of our control, but the end result may be very much within our control. How well you do comes into play when you want to qualify for a loan--these days there are so many loan options that a buyer has a lot more opportunity than ever before. Gambling is listed as #5 on this list, and in California, there are plenty of places to get into trouble. While divorce, job loss and medical problems can happen seemingly without our consent, there are still money management, financial communcation and educating ourselves about financial management which can lessen the impact. Many people don't make any effort, where just some effort could lessen financial crises. Only you can do this for yourself. Take a look at this article, and think about saving money, paying down more debt, and avoiding unnecessary expenses.

1920's Spanish Bungalow -

This is in move-in condition with beautiful hardwood floors; over 9700 sq. ft. lot; 3 bedrooms; large RV carport plus 2 separate garages. $645,000 in Long Beach, CA. Contact me for more information about the property and about financing.

The 2006 Forecast -- In a Nutshell

We are already on the way to the interest rate forecast in this selection from C.A.R.'s 2006 forecast -- but again, the median home price is predicted tol continue to rise up a little further to $575,000, nothing like the 20% gain in prior years.

Ninth Consecutive Increase in Mortgage Rates

Wages increased more than expected in October, so now the rates are up again to ward off fears of inflation. That means your mortgage rate in the So Cal region is now well above the low 6 percent range, with points averaging .5, instead of 0. So, to quote this article, the monthly payment on a $165,000 loan was $968 in September at 5.8 percent, but now at 6.42 percent it's $1034.

Press-Telegram Building - More Lofts for Downtown

The growing trend for residential re-use of older office buildings now includes the long-time offices of Long Beach's Press-Telegram newspaper. This site has yet to complete the approvals needed for the conversion process and will not complete escrow for several months. Downtown Long Beach and Los Angeles offer more and more opportunities for loft living, a newer form of affordable housing and the preference of those who like the ambiance of residential living near shopping and transportation. These lofts are scheduled to range starting at $200,000 for a 700 sq. ft. one-bedroom to $500,000 or more for a 1500 sq. ft. unit. Considering that in nearby neighborhoods one-bedroom condos are now selling for more than $350,000 and up, it's a breaking opportunity for the first time buyer.

Still Going Up

Long-term interest rates up on Friday for the sixth straight day. According to what part of the country you're in, you'll see slightly different numbers ranging from 5.89 percent to over 6 percent. The rate you'll get on a loan depends on several factors, including your FICO score. Stay tuned for the rate trend.

The Changing Landscape: Calif.'s Housing Demand

What do the 2006 housing market forecast and poinsettias have in common? Scroll down this article to see. California is about 50,000 units short every year on its supply of housing units, for many years--there are not enough being built. The current housing boom in Riverside County provides affordable housing, but the demand continues, not just in Riverside, but in Ventura, San Diego, anywhere there is open land, the housing development will carry on until the supply is caught up with. This obviously creates a lot of issues about remaining open land, energy use, and other local infrastructure issues. Interest rates will probably jog up in 2006 and prices will be affected to the degree that the rate of appreciation will slow on a statewide level.

Fed raises key funds rate to 4%

The 30-year mortgage rate dipped to 6.06 percent, and the 15-year mortgage rate dropped to 5.57 percent last week. Today's increase in the federal funds rate is what the banks charge other other overnight, and does not have a direct impact on mortgage rates.

Long Beach September Median Price

At $457,000 for both single family homes and condos, Long Beach compares favorably to warmer inland areas which have had rapid growth. This is an increase in median price of 14% over Sept. 2004. compared to the much greater increase in median price many areas. At 454 closed sales for the month, this is as much activity as some traditionally lower priced areas such as Palmdale, Moreno Valley and Murrieta, and more activity than any one city in Orange County for the same time period. See this California city chart.

The Place to Live in Southern California

There are plenty of luxury homes on the market right now, whether you’re looking for single family or condos with an ocean view. Prices over a $1,000,000 are not the target of many buyers, but if you’re from the Bay area, Santa Barbara or Carmel and need to relocate or looking for a second home, the opportunity is here in Long Beach. It’s hard to find another coastal location in California with as many residential neighborhoods that are very close to or border the shoreline which feature both older historic styles as well as newer luxury condos. Contact me for a customized list of properties currently available at ocean@surfside.net.