The CALIFORNIA ASSOCIATION OF REALTORS® reports that sales decreased 30.1 percent in August, but the median price of a home in California is at $576,360, up 1.6 percent from one year ago.
Statewide, some of the cities and communities with the highest median home prices in California in August 2006 were: Manhattan Beach, $1,850,000; Saratoga, $1,517,500; Los Altos, $1,438,750; Newport Beach, $1,310,000, Burlingame, $1,272,000; Rancho Palos Verdes, $1,125,000; and Mill Valley, $1,025,000.
Statewide, some of the cities and communities with the greatest median home price increases in August 2006 compared with the same period a year ago were: Ladera Ranch, 46.9 percent; Manhattan Beach, 26.7 percent; California City, 23.2 percent; Hercules, 23.2 percent; Carson, 21.8 percent; Compton, 19.8 percent; South Gate, 19.4 percent; Inglewood, 18.1 percent and San Clemente, 17.3 percent.
The median price in the Riverside/San Bernardino area ranged from $407,400 in August 2006,
409,090 in July 2006 and $385,260 in August 2005.
Safety tip of the week: Rely on your mobile phone. Always carry a charged mobile phone—and an extra charged battery; if you use your phone a lot. Clip on your phone and make it part of your everyday apparel for immediate accessibility.
2007 Economic Outlook and the “do’s and don’ts “ of Our Current Marketplace will be held at the Hyatt Regency Orange County at 11999 Harbor Boulevard in Anaheim on Friday, October 20th at 1 p.m.
The NATIONAL ASSOCIATION OF REALTORS® reports that guidance on nontraditional mortgages issued by federal banking regulators will help ensure that lenders inform consumers about the risks related to nontraditional financing options, including interest-only and option-payment adjustable rate mortgages.
NAR and the Center for Responsible Lending last year created a consumer education brochure – Specialty Mortgages: What are the risks and Advantages? – to help practitioners counsel their clients and customers.
In addition to proposing that lenders educate consumers about the risks of nontraditional mortgages, the final guidance also recommends that lenders review current underwriting standards and improve risk management strategies.
Real Estate Tax Withholding – Assembly Bill 2962 (Benoit) corrects the current over-withholding problems associated with the sale of California real estate has been signed by the Governor. (Assemblyman John Benoit Bulletin)
Senate Bill 1309 – (Battin) has been signed by the Governor. The law specifically prohibits “attempts by menace, deceit, suppression of truth, or any corrupt means, to influence a member in giving or withholding his or her vote” on any issue. Also, the law prohibits a legislator from offering a vote a certain way in exchange for a vote a certain way by another legislator. These actions constitute a felony, punishable by two to four years in prison.
The law expands the state’s bribery and extortion laws to include county supervisors, city council members, and all other elected local officials, so that they are held to the same standards as state legislators. (Property Owners Association of Riverside County)
Richard Tegley is a Realtor® and President of the Multi-Regional Multiple Listing Service Inc., (MRMLS); State Director of the CALIFORNIA ASSOCIATION OF REALTORS® and National Director of the NATIONAL ASSOCIATION OF REALTORS®. Richard can be reached at (951) 533-9340 or email Tegley@surfcity.net
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