Lake Tahoe Real Estate -Tahoe Vista

Lake Tahoe Real Estate - Residential - Al Tahoe
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SURVEY REVEALS HOME AFFORDABILITY A TOP PRIORITY FOR GOVERNMENT WORKERS Findings from a Bank of America survey of police officers, firefighters, teachers and nurses reveal that approximately six in 10 respondents believe that their ability to own a home based on their salary influences their decision about whether to continue to work within their profession and within the community they serve, according to the "Homeownership for Heroes" study conducted by the National Association of Home Builders (NAHB) On average, people in these occupations working in central cities have less than a one-in-three chance of finding a home they can afford, and just a three-in-ten chance in the surrounding suburbs, according to the study. Median incomes earned by these occupations, including elementary school teachers, police officers and licensed practical nurses, is below the minimum needed to qualify for the median price home in the United States, according to the report.

LOAN PURCHASES DECLINE The Market Composite Index, a measure of mortgage loan applications for purchases and refinancings, decreased 2 percent on a seasonally adjusted basis for the week ending Sept. 10 from 678.2 on week earlier, according to a report from the Mortgage Bankers Association (MBA) released today. On an unadjusted basis, the Index decreased by 22.5 percent for the week ending Sept. 10 compared with the previous week and was down 25.4 percent compared with the same week one year earlier. The refinance share of mortgage activity increased to 43.2 percent of total applications for the week ending Sept. 10 from 41.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 33 percent of total applications for the week ending Sept. 10 as compared with 32.9 percent the previous week, according to the report.

Fast Facts Calif. median home price - July 04: $463,540 (Source: C.A.R.) Calif. affordability index - June 04: 18 percent (Source: C.A.R.) Calif. highest median home price by C.A.R. region - July 04: Beverly Hills $1,410,000 (Source: C.A.R.) Calif. lowest median home price by C.A.R. region July 04: High Desert $213,080 (Source: C.A.R.) Mortgage rates - week ending 9/10: 30-yr. fixed: 5.83%; Fees/points: 0.8% 1-yr. adjustable: 4%; Fees/points: 0.7% 15-yr. fixed: 5.22%; Fees/points: 0.8% (Source: Freddie Mac)

Information provided by - C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 135,000 REALTORS® statewide.