Fast Facts

Calif. median home price - October 08: $311,060 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region
October 08: Santa Barbara So. Coast $860,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region
October 08: High Desert $154,660 (Source: C.A.R.)

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

Mortgage rates - week ending 12/11/08
30-yr. fixed: 5.47% Fees/points: 0.7%
15-yr. fixed: 5.20% Fees/points: 0.7%
1-yr. adjustable: 5.09% Fees/points: 0.4% (Source: Freddie Mac)

This is, by far, the best affordability index I've seen and interest rates are are the way down (well under 5% in many cases).