Here is a great, user-friendly article on obtaining a home mortgage from the San Francisco Chronicle. This clearly-written, layperson-friendly article reflects exactly what we are experiencing in the real estate industry every day: people with good jobs, decent credit and at least some downpayment are in fact getting loans to buy homes every day, and at really good interest rates. Although the examples used in the article are from Northern California, the information applies equally to us in Southern California.
Enjoy the article and please call me if you have any questions.
In other news, C.A.R. Reports Sales Up 117.1 Percent; Median Price Fell 39.9 Percent:
Home sales increased 117.1 percent in Octover in California compared with the same period a year ago, while the median price of an existing home fell 39.9 percent, C.A.R. reported yesterday. “Statewide sales increased significantly in October to 552,750 homes on an annualized basis, the highest sales level since late 2005,” said C.A.R. President James Liptak. “The record gain stemmed primarily from extremely large increases in regions with a high concentration of distressed sales.
“Most October sales likely opened escrow prior to the beginning of the ongoing freeze in the financial markets. We won’t have a clear picture of the full impact of the fallout until November and December sales are reported,” Liptak added.
“The year-to-year decline in the statewide median home price was smaller in October than the previous month for the first time in 11 months,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “However, there is still no conclusive indication that prices have begun to stabilize.”
