California Home Prices Up 10%

In February Southern California home prices jumped 10% compared with February 09's numbers. This in part is due to foreclosure sales becoming less frequent, and it could also be a sign that homeowners with equity are looking to move up into more expensive homes. This was particularly true in San Diego and Orange Counties. Although it is beginning to look up, it could be year before the market is back to what is once was.

Historically Low Mortgage Rates

Mortgage rates for 30-year home loans fell below 5% again this week according to the mortgage company Feddie Mac.

According to the LATimes.com the low rates have been engineered by the federal government in response to the deep recession. Not since the 1950s have rates remained so low for so long, said Greg McBride, a senior financial analyst at Bankrate.com, citing data from the National Bureau of Economic Research.