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California Real Estate Information

Real Estate Market Summary :

An estimated 34,087 new and resale houses and condos were sold statewide last month. That was down 3.7 percent from 35,404 in September, and up 4.3 percent from 32,669 for October 2010. California sales for the month of October have varied from a low of 25,832 in 2007 to a high of 70,152 in 2003, while the average is 43,528. DataQuick's statistics go back to 1988.

The median price paid for a home last month was $240,000, down 3.6 percent from $249,000 in September, and down 6.3 percent from $256,000 for October a year ago. The median has decreased on a year-over-year basis for the last thirteen months. The bottom of the current cycle was $221,000 in April 2009, while the peak was at $484,000 in early 2007.

Distressed property sales – the combination of foreclosure resales and “short sales” – continued to make up more than half of California’s resale market. Of the existing homes sold last month, 34.1 percent were properties that had been foreclosed on during the past year. That was up from 33.8 percent in September but down from 36.7 percent in October a year ago. The all-time high was in February 2009 at 58.5 percent.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 19.5 percent of resales last month. That was up from 18.6 percent in September and 18.2 percent a year earlier. Two years ago short sales made up an estimated 15.9 percent of the resale market.

The typical mortgage payment that home buyers committed themselves to paying last month was $924, the lowest since early 1999. That was down from $964 in September, and down from $1,005 in October 2010. Adjusted for inflation, last month's mortgage payment was the lowest on record. It was 58.8 percent below the spring 1989 peak of the prior real estate cycle. It was 66.6 percent below the current cycle's peak in June 2006.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Indicators of market distress continue to move in different directions. Foreclosure activity is off its peak reached in recent years but remains far above normal. Financing with multiple mortgages is low, down payment sizes are stable, and cash and non-owner occupied buying remains high, DataQuick reported.

City Info :

The state's local government is divided into 58 counties and 482 incorporated cities and towns; of which 460 are cities and 22 are towns. Under California law, the terms "city" and "town" are explicitly interchangeable; the name of an incorporated municipality in the state can either be "City of (Name)" or "Town of (Name)". Sacramento became California's first incorporated city on February 27, 1850. San Jose, San Diego and Benicia tied for California's second incorporated city, each receiving incorporation on March 27, 1850. Jurupa Valley became the state's most recent and 482nd incorporated municipality on July 1, 2011.

The majority of these cities and towns are within one of five metropolitan areas. Sixty-eight percent of California's population lives in its three largest metropolitan areas, Greater Los Angeles Area, the San Francisco Bay Area, and the Riverside-San Bernardino Area.[citation needed] Although smaller, the other two large population centers are the San Diego and Greater Sacramento metro areas.

The state recognizes two kinds of cities: charter and general law. General law cities owe their existence to state law and are consequentially governed by it; charter cities are governed by their own city charters. Cities incorporated in the 19th century tend to be charter cities. All ten of the state's most populous cities are charter cities.

Living in California:

California's vast terrain is connected by an extensive system of controlled-access highways ('freeways'), limited-access roads ('expressways'), and highways. California is known for its car culture, giving California's cities a reputation for severe traffic congestion. Construction and maintenance of state roads and statewide transportation planning are primarily the responsibility of the California Department of Transportation, nicknamed "Caltrans". The rapidly growing population of the state is straining all of its transportation networks, and California has some of the worst roads in the United States. The Reason Foundation's 19th Annual Report on the Performance of State Highway Systems ranked California's highways the third-worst of any state, with Alaska second, and Rhode Island first.

Home Just Sold in California :

Sports Teams :

- Major League Baseball
- National Football League
- National Basketball Association
- National Hockey League
- Major League Soccer

Interesting Fact :

California is known variously as "The Land of Milk & Honey," "The El Dorado State," "The Golden State," and "The Grape State."

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