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California Homeownership & Interest Rate Facts

DATA AND TRENDS THAT SHAPED THE HOUSING MARKET

1.) Mortgage rates have remained at record lows in recent years with the lowest level reaching 3.34% for the average 30-year, fixed rate mortgage in 2012. (Source: Federal Home Loan Mortgage Corporation) Current rates are still under 4%!

2.) The average 30-year, fixed rate mortgage was 18.4% (!!) when it peaked in October of 1981. (Source: Federal Home Loan Mortgage Corporation)

3.) California’s largest gain in annual median price was in 1977 when the statewide median price went up 28.1% for 1976. (Source: CAR)

4.) The statewide median price was $3,527 in 1940 and $447,010 in 2014. (Source: Census of Housing and CAR)

5.) Between 1968 and 2014, the statewide median price for existing single family homes had been increasing at an annual rate of 6.6%. (Source: CAR)

6.) California’s largest decline in annual median price was in 2008, when it dropped 37.8% from 2007 (Source:CAR)

7.) Homeownership rate for 18-34 year olds fell to a record of 13.2% in 2014. (Source: Trulia)

8.) California homeownership was 46.3% in 1900 and rose to 54.3 in 2013. (Source: US Census Bureau)

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