Lake Tahoe Real Estate - Squaw Valley

WOMEN CONTRIBUTE TO GROWTH OF CALIFORNIA'S ECONOMY Since the late 1960s, the increased work participation of married women and mothers has changed the workplace in California and contributed significantly to the growth of the state's economy, according to a recent study by the Public Policy Institute of California. Less than half of working-age California women held jobs in the late 1960s, while more than 70 percent of working-age women are now active members of the labor market. Although women in California still earn only 80 cents per dollar earned by men, their earnings have been the main source of growth in family income in the last few decades. The growing participation of women in the work force has had social implications, however. With more women working full-time, state and local officials are challenged to replace the services traditionally provided by wives and mothers, including quality child and nursing home care.

NEW LAWS IMPACT REALTORS® IN CALIFORNIA There are several recently-enacted laws in the areas of disclosure, electronic communication, privacy, taxes, unfair competition and property restrictions that will impact the real estate industry in 2005. Some of the highlights of recent California legislation that REALTORS® should be aware of include revisions to Megan's Law, restrictions on the use of social security numbers and the authorization of county recorders to use electronic recording devices. Please click the link below to view summaries of the new laws passed in California that will affect REALTORS®.

GDP INCREASED 3.9 PERCENT IN THIRD QUARTER Real gross domestic product (GDP), the output of goods and services produced by labor and property located in the U.S., increased at an annual rate of 3.9 percent in the third quarter of 2004, according to preliminary estimates released by the Bureau of Economic Analysis. The major contributors to the increase were personal consumption expenditures, equipment and software, exports, government spending and residential fixed investment. Real GDP also increased in the second quarter of 2004, rising 3.3 percent. The Bureau of Economic Analysis also estimated a 1.8 percent increase in the price index for gross domestic purchases, a measure of prices paid by U.S. residents. Corporate profits, with inventory valuation and capital consumption adjustments, decreased $27.6 billion in the third quarter of 2004, following an $8.2 million increase in the second quarter.

LOAN APPLICATIONS DECLINE 5.8 PERCENT The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications, stood at 673.3 for the week ending Nov. 26, a decrease of 5.8 percent on a seasonally adjusted basis from 715.0 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Index decreased 36.0 percent for the week ending Nov. 26 compared with the previous week and declined 1.9 percent compared with the same week one year earlier. The refinance share of mortgage activity decreased to 46.4 percent of total applications for the week ending Nov. 26 from 48.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 32.3 percent of total applications for the week ending Nov. 26 from 34.0 percent the previous week.

Fast Facts Calif. median home price - Oct. 04: $460,370 (Source: C.A.R.) Calif. affordability index - Sept. 04: 19 percent (Source: C.A.R.) Calif. highest median home price by C.A.R. region - Oct. 04: St. Barbara So. Coast $1,053,750 (Source: C.A.R.) Calif. lowest median home price by C.A.R. region Oct. 04: High Desert $239,400 (Source: C.A.R.) Mortgage rates - week ending 11/24: 30-yr. fixed: 5.72%; Fees/points: 0.6% 1-yr. adjustable: 4.27%; Fees/points: 0.7% 15-yr. fixed: 5.15%; Fees/points: 0.6% (Source: Freddie Mac)

Information provided by - C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 150,000 REALTORS® statewide.