Good morning and welcome. It's Thursday! Another warm one for the southland much like yesterday. Speaking of warming up. Big headline front page of the LA Times: Southland Home Prices Looking Up.
Basically, the article confirms what we've been saying all along. Sales are up because sellers are lowering their prices especially in the high end areas.
Meantime a statewide snapshot of activity finds:
Calif. median home price - May 09: $267,570 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region May 09: Santa Barbara So. Coast $875,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region May 09: High Desert $106,210 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First Quarter 2009: 69 percent (Source: C.A.R.)
Mortgage rates - week ending 7/9/09 30-yr. fixed: 5.20% Fees/points: 0.7% 15-yr. fixed: 4.69%
Fees/points: 0.7% 1-yr. adjustable: 4.82% Fees/points: 0.6% (Source: Freddie Mac)
So, some good news!
Yesterday's market up yesterday over 200 points!
Today opened up and then off a bit. U.S. stocks slipped on Thursday as a strong start to the earnings season was countered by mixed economic data, sparking caution after an impressive three-day run-up.
Investors also fretted over a possible bankruptcy filing at CIT Group Inc following concerns from U.S. Treasury officials about a worsening liquidity situation at the 101-year-old company, which lends to retailers as well as many small and mid-sized U.S. businesses.
The Open is on the air! That's the British Open Golf championship. I guess it's my duty as a journalist to watch it and report back to you. So I will. Have a great Thursday and see you tomorrow!