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.

Property Tax Exemptions from Reassessment

Did you know that in certain California counties you are able to transfer your tax base? A taxpayer who is 55 years of age or older may transfer the Proposition 13 base-year assessment value of his or her principal residence to any replacement dwelling of equal or lesser value in the same county and, sometimes, in another county ( Cal. Rev. & Tax Code § 69.5(a)(1)and (2)). And, you may have up to two years before the sale or two years after the sale of the original dwelling to purchase or construct the replacement property. The catch is, your replacement property must be of equal or lesser value than your sold property. So, if you're thinking of selling your principal residence located in Los Angeles County and moving to Alameda, Orange, San Mateo, Los Angeles, San Diego, Santa Clara or Ventura Counties, you may transfer your tax base to those locations provided all the transfer qualifications are met. Otherwise, the transfer applies if you stay within the same county you're selling in.

Mortgage Rates Leap Up

According to Bankrate.com, the 30-year fixed is overall around 6.5%, and mortages are the highest in 4 years. Fewer people are refinancing than in the last 9 months or so. Buyers sometimes forget that a change in their mortage rate will increase their monthly payment faster than a slight increase in a sales price on a new purchase, depending on the amount involved. Why wait, if you're thinking of a new purchase?

February Pending Home Sales

The leveling out of pending home sales (homes in escrow but not yet closed) is another indicator of a slowing market. The index of 100 is equal to 2001 activity, the first year NAR uses in this comparison. "The index in the West fell 7.6 percent to a level of 110.9 in February and was 14.8 percent below a year ago." See the article for other regions in the country. David Lereah, NAR’s chief economist, said most of the cooling in the housing market has already occurred. “We can expect a historically strong housing market moving forward, earmarked by generally balanced conditions across the country and fairly stable levels of home sales with some month-to-month fluctuations,” he said. “This normalization is healthy because it is taking a lot of the pressure off of the decision process for both home buyers and sellers – pressure that was driving abnormal rates of price growth across much of the country over the last few years.”

Your New Credit Score

Just when you thought you knew about your credit score, it's all changed. The 3 national credit reporting companies got together and developed a new system which they think is more consistent and objective. The current FICO score system was developed by Fair Isaac Company some years ago. The VantageScore will use a score up to 990, and is based on the type of breakdown you probably learned in school, with a score below 600 being an "F", a score above 900 being an "A".