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Home › Forums › Housing › Home prices back to 2003 levels – according to the UT › According to THIS link from

November 15, 2007 at 10:36 AM #99866
(former)FormerSanDiegan
Participant

According to THIS link from DataQuick we’re back to Spring 2005 levels.

kev374 – That’s for ALL of southern CA, including Orange, LA, Riverside, San Berdoo, San Diego, and Ventura Counties.

Here it the thing, the article says the SoCal median is $444,000 and the typical mortgage payment is $2111. A 30yr loan on 444k with $88,000 down at 6.8% would be $2,320 which is the basic mortgage payment only. And I know most are not putting 20% down, how did they arrive at this low figure?

Rather than 6.8% (wherever that’s from) perhaps they must be using some published average 30-year fixed rate for the time period. For example, today’s average rate is about 6.24%.
http://www.freddiemac.com

The mortgage is P&I only. The rest are taxes and insurance. Yes, these are important and may be impounded along with a mortgage, but are not part of the mortgage.