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Bloomberg, October 13, 2011

Southern California Home Prices Drop 5.2% on Foreclosure Sales

The median paid for houses and condominiums was $280,000 in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, down from $295,500 in September 2010

33% Foreclosures o f all home sales

Almost one in three transactions involved a foreclosure, while one in five was a short sale, where the contract price is less than the amount owed.

Interest Rates at all time low "again" .

After all the issues from the housing market crash in 2008, the interest rate for home loan mortgages dropped significantly. Subsidized by the US government - Freddie Mac, Fanny Mae.

The interest part was to get people into "real loans" instead of short term "Micky-Mouse-Loans".

A real home loan mortgage was based on paying it of in 30 years, every month a little bit. This version keeps the risks for the bank, the home owner and everybody else to a very little minimum, as the home owner, really becomes a "owner", after paying of.

The "Micky-Mouse-Loans" is for most people a short-term drug to keep them happy. Getting a loan on the very maximum what you can afford without paying of anything - and for several loans the loan amount became higher after 1 - 3 years. throw on top of that decrease in home prices and millions of people fall of the cliff within weeks.

Anyway, for the more economic, long term, intelligent, less extravagant living home owners, having some cash on hand, it became even a better time to refinance:

September 20, 2011:

General Rates and Payments: ING DIRECT

5 Year Loan - 0% point - approx $3000 to refinance

Product

% of Home Value Borrowed

Rate

APR

Bi-Weekly Payment

Payment Period

Easy Orange
5-Year

80% or less

2.550%

2.606%

$497.16

Year 1-5

September 20, 2011

Wellsfargo - Home Loan Mortgage Rates

1% point - approx $3800 to refinance

Product

Interest Rate

APR

30-Year Fixed

4.250%

4.433%

15-Year Fixed

3.250%

3.565%

5-Year ARM

2.375%

3.035%

Larger Loan Amounts in Eligible Areas – Conforming and FHA.

30-Year Fixed

4.250%

4.382%

30-Year Fixed FHA

4.000%

4.923%

5-Year ARM

2.625%

3.075%

Jumbo Loans – Amounts that exceed conforming loan limits

30-Year Fixed

4.500%

4.634%

5-Year ARM

2.875%

3.162%

New World Blog

Southern California Home Prices Drop 5.2% on Foreclosure Sales

Interest Rates at all time low "again" .

General Rates and Payments: ING DIRECT

Wellsfargo - Home Loan Mortgage Rates

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