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New home construction in California declined during May 2006, falling 21.2% when compared with the construction pace recorded one year earlier, the California Building Industry Association (CBIA) recently reported. Despite the decline, housing starts continue to edge up on a month-to-month basis, suggesting builders are on track to produce 170,000 to 180,000 new housing units [...]
The Federal Reserve’s Open Market Committee last week raised the target for the federal funds rate by 25 basis points to 5.25 percent, marking the 17th straight increase since June 2004. The federal funds target rate is the interest rate charged by banks when they borrow funds “overnight” from each other. The Fed cited elevated [...]
California median home price - May 06: $564,430
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California highest median home price by C.A.R. region May 06:
Santa Barbara South Coast $1,240,000
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California lowest median home price by C.A.R. region May 06:
High Desert $332,080
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Mortgage rates - week ending 6/29:
30-yr. fixed: 6.78%; Fees/points: 0.5%
15-yr. fixed: 6.43%; Fees/points: 0.5%
1-yr. adjustable: 5.82%; Fees/points: 0.8%
(Source: C.A.R./Freddie Mac)
Eight cities in the Golden State rank among the top 25 cities with the fastest growth rates in the nation, according to a recent report by the U.S. Census Bureau. With a population increase of 11.6 percent, Elk Grove, California, was the country’s fastest growing city between July 2004 and July 2005. Other California cities [...]
The Market Composite Index, a measure of mortgage loan application volume, was 529.6 for the week ending June 23, down 6.7% on a seasonally adjusted basis from 567.6 one week earlier, The Mortgage Bankers Association reported. On an unadjusted basis, the index decreased 7% for the week ending June 23% with the previous week and [...]
California median home price - May 06: $564,430
California highest median home price by C.A.R. region May 06:
Santa Barbara South Coast $1,240,000
California lowest median home price by C.A.R. region May 06:
High Desert $332,080
Mortgage rates - week ending 6/22:
30-yr. fixed: 6.71%; Fees/points: 0.5%
15-yr. fixed: 6.36%; Fees/points: 0.5%
1-yr. adjustable: 5.75%; Fees/points: 0.8%
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(Source: C.A.R. / Freddie Mac)
