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(909) 261-3541
DRE License No. 0148397
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Serving the Area Since 1958
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High Desert 'Most Affordable' Area in State
At 83 percent, the High Desert region was the most affordable area in the state in the first quarter of 2009.
Statewide, the percentage of households that could afford to buy an entry-level home in California stood at 69 percent in the first quarter, compared with 46 percent (revised) for the same period in 2008, according to a C.A.R. report released last week.
The San Luis Obispo County region was the least affordable in the state at 49 percent, followed by the Orange County region at 56 percent.
C.A.R.’s First-time Buyer Housing Affordability Index (FTB-HAI) measures the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.
The minimum household income needed to purchase an entry-level home at $213,040 in California in the first quarter of 2009 was $38,090, based on an adjustable interest rate of 4.96 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $1,270 for the first quarter of 2009.
At $38,090, the minimum qualifying income was 41 percent lower than a year earlier when households needed $65,030 to qualify for a loan on an entry-level home. Recent decreases in home prices and mortgage rates have brought affordability into better alignment with the income level of a typical California household, where the median household income is $61,030.
The First-Time Buyer Housing Affordability Index also rose 7 percentage points in the first quarter of this year compared with the fourth quarter of 2008, due to a 14.1 percent decrease in the entry-level median home price.
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Mortgage Protection Program - The Californa Association of Realtors offers a way for first-time home buyers who lose their jobs to keep their home. The Mortgage Protection Program gives first time home buyers $1,500 a month for up to six months toward their mortgage payment. Read More ..
Loan Modification - Homeowners who are finding it difficult or impossible to keep current with their mortgage soon may be able to modify their primary home loan under the new Home Affordable Modification program. Read More ...
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First-time home buyers who buy a home this year will be eligible to receive an $8,000 tax credit -- if they meet a battery of qualifications. If you qualify, buy before Dec. 1, 2009. Read More ...
Now you can apply your tax credit to your down payment or closing costs. Read More...
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There's a New Way to Search for Homes Online
The local Multiple Listing Service now allows us to offer consumers direct access to MLS listing information - for houses, land, even rentals - through Listingbook. This FREE service is a great tool for home buyers, sellers, and residents who are simply curious about current prices and homes available in Southern California and want to search online at their leisure. Click Here to get a FREE Listingbook account. Already using Listingbook? Click Here for Ila's Tips.
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New Listing!
This home is in excellent condition and a 'standard' sale - not REO or a short-sale. The owners have updated the house and it is ready for new owners.
The first open house will be May 3, 10 a.m. to 4 p.m. A Mission Hills Mortgage Bankers loan consultant will be present to discuss the most recent changes in mortgage programs.
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Is the Price Negotiable? In a Word, YES!
Home prices are always negotiable - especially in a Buyer's Market. A better question is "What Price Reflects the Present Value of This House?" Finding the answer to this question helps home buyers determine what price to offer for the house. Read More ...
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Rancho Cucamonga Proud of Parks
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Top Real Estate News Stories ...
Mortgage Loan Modification Scams Sad to say, the worst of times brings out the worst in the people who prey on others. Among the scams circulating around desperate home owners are individuals and companies offering to work out loan modification agreements for a fee. Before you pay money in advance, verify they are licensed and authorized to collect advance fees by the state Department of Real Estate. Read More ...
What's the White House Worth? The folks at Zillow.com estimate the market value of the 132-room Georgian-style mansion at 1600 Pennsylvania Avenue NW, Washington, D.C., at $287,466,000. Read More ...
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Get Your Neighborhood Report
Thinking about selling your home?
Ask us for a confidential neighborhood market report before you decide.
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Serving Home Buyers and Sellers in the Cities of
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