Southland Home Sales Slowest Since 1997, Prices Up 1.7%

DataQuick reports: Southern California home sales remained at their slowest pace in nine years last month as the market continued to rebalance itself after several years of heated activity. Prices are still leveling off, a real estate information service reported. ...

The median price paid for a Southland home was $487,000 last month, up 0.6 percent from $484,000 in October and up 1.7 percent from $479,000 for November a year ago. The year-over-year increase was the lowest since February 1997 when the $160,000 median was up 1.3 percent from $158,000 a year earlier.

PRICES: Nov. '06

1. Los Angeles: +2.6%
2. Orange County: 0
3. San Diego: -6.9% (as I predicted two months ago)
4. Riverside: +5.2%
5. San Bernadino: +8.6%
6. Ventura: -8.2%

The Mortgage Bankers Association (MBA) reports: Refinance Applications Hit Highest Levels in Over a Year



The average contract interest rate for 30-year fixed-rate mortgages increased to 6.02 from 5.98 percent ...The average contract interest rate for one-year ARMs decreased to 5.76 percent from 5.79 ...

From the WSJ: Homeowners Borrow Less Against Equity in Their Homes, Data Show

First-Time Home Buyers Look at Houses Again: High prices have helped drive many consumers out of the housing market. Now, with falling prices and lower mortgage rates, there are signs first-timers are beginning to drift back.

The Main Factors Impacting Housing Affordability on Dec 14th, 2006 in Seeking Alpha by Richard Shaw

Housing Bubble and Real Estate Market Tracker on Dec 13th, 2006 in Market Overview by Judy Weil

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