Kenny Slaught Notes California Buyers Paying More

Numerous people buying homes in California noticed the prices are high even for older properties. The prices have slowly grown since 2008, and reached a peak this year in April. California’s large cities regained the value they had before recession, which happened because of job growth and interest rates. As of now, a 30 year mortgage is estimated at 3.5%, which is almost the 3.31% encountered in November 2012. The low rates and job growth, like a 2.4% growth in Los Angeles County and 3.5% increase in Orange County, invite people to buy. California has the highest home values in US except for Hawaii, and this why young buyers choose less expensive condos instead.

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