Thank you to Bradd Barkan of California Dreaming Real Estate for providing the following information (as presented by Bradd at the Women’s Council of REALTORS® Luncheon on June 17th).

Median price in Santa Cruz County is up from 400K to 425K from March ‘09 to April ‘09. That is a rise of 6.3%.

Statewide, the median is $256,700, up 1.4% in the last month.

Sales have increased 15.9%  from this time last year here in Santa Cruz.

Statewide sales are up 49.2% from this time last year.

The BIG news is that the Unsold Inventory Index fell from 9.8 months to 4.6 months.

It is NOT a buyers market any longer. Current inventory for homes under half a million has shrunk to abut 3 months.

Mortgage rates are up to 5.5, 5.75 this week. Bad news for buyers … good news is before 2004 and 2005, rates in the 90’s began at 10%. These are still the lowest interest rates in 40 years.

Multiple offers on the bottom of the market with a lot of pent up demand is a good sign for us all.

Jobless claims are down and retail sales are rising. This news looks promising.

California is imposing a 90 day moratorium on foreclosures. The new law is an extension of Obamas Making Home Affordable Program that began in March. It’s intention is to make lenders try harder to keep borrowers in their homes for the prices that a new owner would have. Loan companies must prove they tried to modify their loans first.

45% of listings in San Lorenzo Valley are pending as of June 10th 2009.

$8000 first time home buyer credit can now be used towards down payment and closing costs.

Bradd Barkan & Heidi Hart

www.CaliforniaDreamingRealEstate.com

831-246-2587 / 831-247-9410

bradd@californiadreamingrealestate.com / heidi@californiadreamingrealestate.com

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