The median price paid for a home in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties was $485,000 last month. That was down 0.2 percent from a revised $486,000 in March and up 9.0 percent from $445,000 in April a year ago. Buyers who are looking for a huge decrease in price overall are probably not going to find that at all this year, but are more likely to find more inventory to choose from as the numbers of homes sold is lower than the same time last year. As Dataquick points out, indicators of market distress (i.e., large increase in number of foreclosures) are largely absent. "The typical monthly mortgage payment that Southland buyers committed themselves to paying was $2,354 last month, up from $2,315 for the previous month, and up from $2,076 for April a year ago." At this point, decreases in home price will be balanced out by a gradual interest rate increase.

Direction of Housing Market

It's official -- the federal funds rate has been upped another quarter point to 5 percent, the rate at which banks borrow money from each other. Usually, the mortgage rate has already risen in anticipation of that increase. Apparently, our gas price increases are not enough to counteract inflation, and the housing market's slower activity, among other things, is cited as having a cooling effect on the economy. It's not the end of the world, but something to think about if you're thinking of buying or selling this year. The NAR's May forecast predicts a rise to 7 percent this summer in 30-year-fixed rates, but is still holding to the prediction of a rise in the national median home price by 5.7 percent, California’s price was expected to appreciation about 5-6 percent over 2005 prices, and we now have “equilibrium” in the housing market, price vs. supply. Over all, locally, residential properties including condos, houses and income properties up to 4 units are selling, since 3/10/2006, on average, in 52 days within 2 percent of the list price at time of beginning escrow.

Long Beach Ranks 18th in 50 Cities

This is about the defined city center vs. the sprawl, and how the fit is for local transportation, food provision and wireless access in case of further and more gas price crises. While our food still gets trucked in as neighboring farming areas are plowed under for new housing, California still qualifies as a major food producing area. This article is about who SustainLane thinks would deal best with a gas crisis, in other words, where are we independant? Long Beach/Los Angeles ranks 18th in this list. But something to think about even more is if you're considering a move to a lower priced housing market, take a look first at local health care costs, heating, air conditioning, local property taxes and assessments, how much it costs to get your car fixed, and how far you'll have to drive it to the grocery store if you live in an outlying suburb. It's tempting to think about the price tag on a house, but before you make the leap, factor in everything you can to get your true cost.

30-year fixed-rate mortgage averages 6.58 percent this week

Mortgage rates have risen for the fifth consecutive week, the highest rates since 2002. "Consumer confidence and existing home sales unexpectedly rose. Much of this strength is attributed to a healthy labor market, which translates into greater consumer spending. This should support an active housing market over the next few months," according to Frank Nothaft, Freddie Mac vice president. We expect mortgage rates to gradually rise throughout the year," said Nothaft. "A stronger labor market, coupled with moderation in house price growth, means our outlook for overall housing conditions remains upbeat." Click here for the story.

California Median Home Price: $561,350

This represents an increase of 13 percent over the March 2005 revised median price of $496,000m and an increase of four percent from last month's revised median price. Prices in a particular area may not exactly match, but this is an indicator of statewide activity. The interest rates have also increased since March of last year: 6.32 percent frfom 5.93 percent for a 30-year fixed mortgage rate. What has dropped is the level of sales compared to the last two years. The winter months are typically slower, and March is the time when activity starts picking up, however March resales were 15 percent lower than March 2005. Click on the link for the whole article.

Most Expensive ZIP Codes

Sort on headings to find most or least expensive zip codes across the country. Note it's for the 2005 median price.

Prime Long Beach Duplex in Belmont Heights

This is a must see! Call for an appointment to see this 2-unit property with great amenities, just a few blocks from the shoreline and near local shopping and all amenities. Each unit features two bedrooms, refinished hardwood floors, updated kitchens, original 1920's tile in bathrooms; plus, deck and jacuzzi. More information available upon request. Just e-mail or call.

Median Southern California Home Price Over $500,000

According to yesterday's release by Dataquick, the median home price in 6 Southern California counties keeps going up and now exceeds $500,000. The median price is the point at which the same number of homes sold over that price as sold under that price. Buyers continue to commit to a larger monthly payment, now over $2300 a month compared to $2000 a month last year. Adjusted for inflation, current monthly mortgage payments is still about 8.4 percent higher than the spring of 1989, the peak of the last real estate cycle. While the number of sales in Los Angeles County has declined compared to this time last year, the home selling prices have not.

Adopt a Pet

From time to time it's good to think about related topics --- like if you had a new home, what would go into it? Maybe it would be a new pet, one you would consider adopting. There are lots and lots of sources and sites: private pet rescues by breed, city and county agencies and other private agencies. The City of Los Angeles puts forth an active effort through its shelters, as well as an education on animal care topics on its internet site. If you are considering a pet, rescuing one from a shelter will save one more animal and give it a much needed home. Learn about microchipping, behavior training, or even volunteering at one of these shelters, by clicking on the above link!

Have You Ever Thought About What A 'no-cost' Mortgage Means?

You really do pay for what you get, it's just a matter of how and where. You may have no "out-of-pocket" costs, but they are rolled into your loan amount and you DO pay for them. Or, another scenario is your lender pays for them, but you are charged a higher interest rate, so you ultimately pay those costs, and you will end up paying much more for them over time because they are added on to your monthly payment as long as you have that loan. Maybe that works out for you, depending on how long you plan retaining that loan. Just read this article to get a more detailed description of these scenarios.