C.A.R. Statistics for November

-Calif. median home price - November 08: $285,680(Source: C.A.R.)

-Calif. highest median home price by C.A.R. region November 08: Santa Barbara So. Coast $1,200,000 (Source: C.A.R.)

-Calif. lowest median home price by C.A.R. region November 08: High Desert $148,580 (Source: C.A.R.)

-Calif. First-time Buyer Affordability Index - Third Quarter 08: 53 percent(Source: C.A.R.)

-Mortgage rates - week ending 12/31/08 30-yr. fixed: 5.10% Fees/points: 0.7%15-yr. fixed: 4.83% Fees/points: 0.7%1-yr. adjustable: 4.85% Fees/points: 0.5%(Source: Freddie Mac)

The drop in median home prices in California for 2008 approaches 36% according to the California Association of Realtors (C.A.R.). C.A.R. is estimating a 6% drop in prices for 2009. South Coast County of Santa Barbara is approaching a 15% drop in the median sales price for 2008. It will probably be mid to low single digit depreciation for our area. Based on current interest rates, buyers need make their move. A one percent drop in interest rates approximates a 10% increase in purchase price added to the 15% depreciation.