Mid-Mod Listing in North Berkeley Priced to Sell

Mid-Mod Listing in North Berkeley Priced to Sell

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Fourth quarter housing affordability

C.A.R. reports entry-level housing affordability remained at 64 percent in the fourth quarter of 2009

Quick Facts:
. C.A.R. First-time Buyer Housing Affordability Index stood at 64 percent in the fourth quarter of 2009
compared with 61 percent (revised) in the fourth quarter of 2008
. The median price of an entry-level home in California was $257,940 in the fourth quarter of 2009
. The estimated monthly payment including taxes and insurance was $1,470 in the fourth quarter of
2009
. The minimum household income needed to purchase an entry-level home in California in the fourth
quarter of 2009 was $44,100.

LOS ANGELES (Feb. 12) The percentage of households that could afford to buy an entry-level home in California remained at 64 percent in the fourth quarter of 2009, compared with 61 percent (revised) for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

C.A.R.’s First-time Buyer Housing Affordability Index (FTB-HAI) measures the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.

The minimum household income needed to purchase an entry-level home at $257,940 in California in the fourth quarter of 2009 was $44,100, based on an adjustable interest rate of 4.5 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $1,470 for the fourth quarter of 2009.

At $44,100, the minimum qualifying income was 4 percent lower than a year earlier when households needed $45,900 to qualify for a loan on an entry-level home. Home prices remained below peak levels, resulting in an improvement in housing affordability compared with the previous year.

At 84 percent, the High Desert region was the most affordable area in the state. The San Luis Obispo County region was the least affordable in the state at 48 percent, followed by the San Francisco Bay region and Santa Barbara area both at 50 percent.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 167,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Source: CALIFORNIA ASSOCIATION OF REALTORS^®

^{Berkeley Hills Realty notes: Our market is highly localized. For East Bay specific data, contact your Berkeley Hills Realty agent.}

^{Click here to access housing affordability tables.}

Don't Expect to See 2009 Rates in 2010

The following is an excerpt from Mortgage News Daily. For the full story click here.

Plain and Simple: Because the overall economic environment is cloudy and the Federal Reserve is still quite cautious, investors will remain defensive, which will prevent benchmark Treasury yields from moving significantly higher. On the flip side, equity bulls will rely on "THE WORST CASE SCENARIO WAS AVOIDED" perception as a reason to speculate that long term "buy low, sell high" investment strategies will be profitable. This will help stocks maintain positive progress instead of retracing back to "worst case scenario" lows. This risk taking attitude combined with a slowly recovering economy (anything but drastically worse) will prevent benchmark 10s from revisiting the days of old when 10s held between 3.27 and 3.51%. The rates of 2009 look to be a thing of the past.

For information on the housing market Berkeley, Oakland, Kensington, Albany, El Cerrito, and the surrounding areas, contact your Berkeley Hills Realty Agent.

Landmark north Berkeley property up for sale

Jan 27th, 2010
by Tracey Taylor.

Berkeleyside.com

Anyone wanting to get their hands on an architecturally distinctive property in Berkeley — and with $3,680,000 in their pockets — is in luck with the recent arrival on the market of this multi-unit complex on Codornices Road.

Designed by Henry Gutterson in 1924, the nine units are across the way from Bernard Maybeck’s Rose Walk. Four two-story duplexes face a garden. A separate cottage with a large deck faces Codornices Road near Rose Garden. Together they were designed as an integrated urban community bordering a public pedestrian path.

Because the buildings are landmarked, property tax relief is available for the buyer who takes them on. The listing is with Berkeley Hills Realty. For details and a photo gallery visit the Rose Walk Complex website.

Henry Gutterson graduated from UC Berkeley’s School of Architecture in 1905 and attended the Ecole des Beaux-Arts in Paris. His major projects include houses in St. Francis Woods, San Francisco and the school building for the First Church of Christ, Scientist in Berkeley. He also designed several homes in Berkeley and worked with Bernard Maybeck on the Principia College Library in Illinois.

Click here to Contact Arlene Baxter, the Rose Walk listing agent.