Home prices edged up for the first time in nearly two years in May, but it’s not because the mainstream market is improving: it’s because higher-end home have begun to sell and are edging up the median price. The higher end has been nearly frozen for two years.
California’s economic recovery is now expected to begin in the second half of 2009, but we will continue to shed jobs through 2010. Even so, after 21 weeks of increasing job losses, the biggest decrease in job losses in more than seven years took place the week ending June 6.
Mortgage rates decreased sharply last week. The week ended at 5.38% for 30-year-fixed mortgages, down from 5.59% the previous week. Seven weeks earlier the 30-year-fixed was 4.78%, a record low since it has been tracked starting in 1971. Click here to see all rates as we begin the week of June 22.
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