December | Real Estate 1 On The Web REAL E-DITION WWW ... · ers, roofers, electricians, etc.). •Prepare outgoing press releases on ac-tivities and accomplishments of Affili-ate

REALESTATE

NAR Legal UpdateBroker liability for “ACT” violation .. 1

CA Home Sales Up 4.1% ........ 5

REALTOR® DesignationAwareness Month .................. 8Jeff Davi AppointedGovernor Schwarzenegger appointsDRE Commissioner ..................... 10

SANTA CRUZ ASSOCIATION OF REALTORS®

REALESTATE

Santa Cruz County’sREAL ESTATENEWS SOURCE

On The Web

C R E A T I N G B E T T E R R E A L T O R S ®

NEWS

INSERT

Inside Real Estate

Legislative Watch

PRSRT STDUS POSTAGE PAID

CAPITOLA, CAPERMIT NO. 59

REALTOR®

DEPARTMENTSAffiliate News .............................3Affiliate Spotlight.......................3New Members ...........................3Did You Know?Helpful reminders and resources 13

On the CalendarSCAOR December events ............ 13

December | Real Estate 1

E-DITIONMore News atWWW.SCAOR.ORGWWW.SCAOR.ORG

SANTA CRUZ ASSOCIATION OF REALTORS®

2525 MAIN STREETSOQUEL, CA 95073

REALTOR®

DECEMBER 2 0 0 4

InsertLEGISLATIVEWATCH

In a light of an opinion of the SupremeCourt of the United States, the UnitedStates Court of Appeals for the NinthCircuit has considered once againwhether a broker can be liable for viola-tions of the Fair Housing Act (“Act”)based on the actions of his salespeople.To briefly summarize the facts, Mary

Ellen and David Holley (“Buyers”), amixed race couple, were looking to pur-chase property in Twenty-Nine Palms,California. The Buyers visited Triad, Inc.,d/b/a Triad Realtor (“Brokerage”) to helpthem with their search and spoke withGrove Crank, a Triad representative. The

NAR Legal Update:Broker Can Be Liable for Salesperson’s

Violations of Fair Housing Act

Brokerage was a corporation whose soleshareholder was David Meyer (“Broker”),who was also the president of Triad andalso the designated officer/broker for theBrokerage. The Broker had turned theday-to-day operation of the Brokerageover to Crank. During the Buyers’ homesearch, Crank allegedly prevented theBuyers from purchasing a home for ra-cially discriminatory reasons. The Buy-ers eventually built their own house in thetown, and the home they intended to bidon sold for less than the Buyers’ proposedoffering price.The Buyers filed lawsuits against both

the Brokerage and the Broker person-ally, alleging violations of the Act. Be-cause Crank’s license was held by theBrokerage, rather than the Broker, thetrial court dismissed the allegationsmade against the Broker in his capacityas a corporate officer of the Brokerage.The court also entered judgment in fa-vor of the Broker individually on theother alleged violations of the Act, rul-ing that Crank’s actions could not beattributed to the Broker individually,only the Brokerage, because the Bro-kerage was a corporation.The appellate court reversed the trial

court’s ruling, determining that the Bro-ker had potential liability in his capac-ity as owner, president, or designatedofficer/broker for Crank’s actions be-cause the Broker’s duty to conform withthe Act was non-delegable. The Brokerappealed this ruling, and the SupremeCourt of the United States unanimouslyreversed the appellate court. The Courtdetermined that the Act did not vary thetraditional rules of vicarious liability(or, when an owner can be liable for theactions of its employees) and so directedthe appellate court to consider the alle-gations against the Broker under the tra-ditional principles of vicarious liability.On remand, the United States Court of

Appeals for the Ninth Circuit found thatthe Broker could be personally liable for

See NAR Legal Update, Page 5

CA Median Home Price, SalesIncrease .................................... 11

Reverse Mortgages Grow .. 14

2 December | Real Estate

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JESSE FREDERICKext 312

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CHRISTY SIEFKEext 224

AMIE SAUCEDOext 224

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★ PEACE OF MIND

AffiliateSpotlight

PresidentPeggy Gillett, in memoriam

President-ElectDan Sedenquist

Ex-OfficioRonnie Trubek

Secretary/TreasurerBobbie Nelson

DirectorsDan DavisDebra Frey

Janet RomanowskiDennis Stewart

Lori StrusisTrevor Thorpe

Lela WilletSuzanne Yost

RE InfoLink RepresentativeSuzanne Yost 688-7434Chief Executive Officer

Philip B. Tedesco, RCE, CAEMember Services Director

Norma I. MileteBookkeeper

Colette AlexanderReceptionist/Administrative

Leslie FlintAdministrative Assistant

Gloria SpitzerExecutive Assistant

Toni Eaton

2004 Board of Directors

ProductionDiane SturgeonDawn Valentine

Production AssistantJanice Elrod

Production/Pre-pressCoastal Homes Magazine

Account ExecutiveBarbara Quinton

ADVERTISING INFORMATIONFor advertising and deadline

information please call

Barbara Quinton462-5700 ext 23

REALTOR®REAL

ESTATEREALESTATE

S A N TA C R U Z A S S O C I AT I O N O F R E A LT O R S ®

C R E A T I N G B E T T E R R E A L T O R S®

Coastal Homes Staff


Comments about an applicant’s admittanceshould be submitted in writing to the Santa CruzAssn. of REALTORS®, 2525 Main St., Soquel,CA 95073.

REAL ESTATE is the official monthlynewspaper of the Santa Cruz Associationo f REALTORS ® p rov ided a s amember-service to inform, educate andupdate REALTOR® and Aff iliatemembers on local, state and national realestate news and the Association’s cal-endar of events.

SANTA CRUZ ASSOCIATION OFREALTORS®

2525 Main Street, Soquel, California 95073(831) 464-2000 • (831) 464-2881 fax

www.scaor.org

New MembersAmerican Dream Realty

Tony Mendoza

Bailey Properties

Sherry Nezarati

Jeff Yunker

Jason Mathis

Julian Faras

The Office of Hector Burke

Hector Burke

Cal-Coast Realty and Lending

Faviola Perez

Century 21 Lad Realty

Shar Wiley

Century 21 Showcase REALTORS®

Seth Dunn

Harbor Home Loans

John Pancallo

Help U Sell SC Properties

Mary Mattick

Heritage Properties

Richard Jensen

The Office of Tom Horvath

Tom Horvath

Investment Services Co.

Alison White (secondary)

Monterey Bay Properties

Melissa (Missy) Hajduk

Network Alliance Real Estate

Kirsten McLean

Jennifer Andersen

Lorraine Thomas

Elizabeth Engelhardt

Tammy Deutscher

Curt Abramson

Prudential California Realty

Annette Lofano

Realty Executives

Barbara Hampton

Sherman & Boone Associates

Tanya Miraglia

Karine Strickland

Tristar

Steve Davies

Linda Roberson

Troop Real Estate

Veronica Rocha

Thunderbird Real Estate

Paul Franzosa

Zip Realty

Sean Byrne

Woodward O’Connor Mortgage4980 Capitola RoadCapitola, CA 95010

Phone: 831-479-3303Fax: 831-479-3307

AffiliateNews

By Scott Pine, Vice Chair of theAffiliate Committee

After a couple of years of hard work,the Santa Cruz Association of REAL-TORS® published the “2004 StrategicPlan” which was approved on January9, 2004. The Strategic Plan is a docu-ment that defines what the Santa CruzAssociation of REALTORS® wants to bein the future and recommends specificstrategies to accomplish this end. Incor-porated in the Strategic Plan are specificrecommendations for the Affiliate Com-mittee.The Affiliate Committee objectives fell

under Goal 5: to market and communi-cate the benefits and value of the RE-ALTOR® Association to both the publicand our members.Strategy Assignments for the Affiliate

Committee included the following sixareas of concentration.•Sponsor public education workshopsand real estate related topics (i.e. fi-nancing, first-time home buyers, pro-posed legislation, landlord-tenant etc.)

•Create and promote a Speaker’s Panel(public resource center) to speak or ap-pear at civic organization meetings(Kiwanis, Rotary, Elks, etc.), Chambermeetings, high school career days, etc.;develop talking points.

•Expand Office Liaison Program toCAR/Legal updates and Affiliate indus-try updates; invite general membership.

•Develop marketing materials to pro-mote the benefits of SCAOR Associa-tion membership (What is an Affiliate?)for distribution to non-member Affili-ates for the purpose of expanding mem-bership.

•Conduct a membership outreach pro-gram to include representatives from allreal estate related fields (appraisers, at-torneys, builders, architects, insuranceagents, septic, pest, home inspectionand home warranty companies, plumb-ers, roofers, electricians, etc.).

•Prepare outgoing press releases on ac-tivities and accomplishments of Affili-ate members.The Affiliate Committee/Affiliates are

participating in these types of activities,often times in the background. As wemove forward into 2005, the goal is toexpand our efforts in these specific ar-eas and create an environment where wecan better measure our impact. If youhave suggestions for activities, events orprograms, please forward them to ourattention at the Board or you can emailme at [email protected] the beginning of each year the incom-

ing Chairperson for each committee is

appointed by the Chairman of the Boardof the SCAOR and is responsible for re-cruiting committee members. The Affili-ate Committee has an active membershipand encourages both REALTORS® andreal estate affiliates to join us for whatpromises to be a very active 2005.

Woodward O’Connor Mortgage wasborn in 1989 when Stephanie Woodwarddecided to open her own business.Stephanie started in the real estate busi-ness in 1978 as a real estate agent andhas held jobs in the real estate industrysince then with experience in title, es-crow, and mortgage loans. WoodwardO’Connor Mortgage Associates movedto their present site at 4980 CapitolaRoad in Capitola in April 2000.Mary Ann Robinson joined the staff as

loan officer in May 2002, bringing withher experience in multi-family and com-mercial property lending as well as resi-dential lending.Woodward O’Connor Mortgage is a full

service mortgage broker with a cheer-ful, dedicated, experienced staff here toserve your real estate loan needs.


(831) 479-1901 or toll-free at (800) 829-19012815 Chanticleer Avenue, Santa Cruz, CA

or e-mail Frank May, MAI, ASA at [email protected]

MAYASSOCIATESAPPRAISERS

When you really need to know…

We have appraised all types of real estate in the area, from

coastal villas, mountain retreats and farms to hotels, tourist

attractions, and bowling alleys.

You name it, and we’ve probably appraised it!

When you really need to know the true market value of real

property; any type of real property, call us.

CurrentInventory

New Sold Average Median

Single Family Residences

Santa Cruz CountyStatistics

764 286 264 $714,165 $645,000

821 387 257 $740,612 $639,000

New Sold Average Median

Condos/Townhouses

103 68 58 $449,037 $429,964

106 79 62 $447,439 $425,000

CurrentInventory

Please visit http://www.scaor.org-/html/stats.htm for more Santa CruzCounty statistical information.

657 248 251 $706,196 $660,000

96 54 48 $459,692 $455,000

2004

Sept.

August

2004

Sept.

August

Oct.

Oct.


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State HomeSales atSecond-

Highest PaceEver

Total state existing-home sales activ-ity in the third quarter was at the sec-ond-highest pace on record, up 4.1 per-cent from a year ago, according to NAR.Total sales rose in 36 states, and 10states saw double-digit increases in thethird quarter compared with the samequarter in 2003. David Lereah, NAR’schief economist, said home sales willeasily set a record this year. “The lastsix months is the strongest stretch ofhome sales ever recorded,” he said. Formore information, visit: www.realtor.org/PublicAffairsWeb.nsf/Pages/StateResales3rdQtr04.

the actions of Crank and sent the caseback to the trial court for further pro-ceedings. The court first consideredwhether under a traditional brokerage re-lationship the Broker could be liable forthe actions of his salespeople. Under thegeneral principles of corporate law, a cor-poration is liable for the actions of itsemployees. However, the court foundthat a real estate corporation was differ-ent, as a corporation’s designated real es-tate broker in California is legally re-sponsible for the actions of thecorporation’s salespeople. So, the courtfound that a designated officer/broker ina California real estate corporation canbe held personally liable for the actionsof the corporation’s salespeople. There-fore, the court ruled the Broker could beindividually liable for the violations ofthe Act by his salespeople.The court also considered whether the

Broker was individually liable for theactions of Crank because the parties werein an agency relationship. Since the Bro-ker had delegated the operation of theBrokerage to Crank, an agency relation-ship existed between the two, and Crankhad a responsibility to assure that theBrokerage was in compliance with theAct as well as state housing laws. Dueto the agency relationship between the

NAR Legal Update...continued from page 1

parties, the Broker could be individuallyliable for the actions of Crank.Next, the court considered whether the

Broker was liable for negligent supervi-sion because of his failure to properlysupervise Crank. To be liable for negli-gent supervision, a party must show thatthe principle was negligent in either theorders it gave to the agent or negligentlyfailed to supervise the agent’s actions.Since a jury could conclude that the Bro-ker was negligent in delegating his re-sponsibilities to Crank, the court sentthese allegations back to the trial courtfor further consideration.Finally, the court considered whether

the Buyers had alleged sufficient factsto pierce the corporate veil. These alle-gations had been dismissed by the trialcourt and the Buyers sought to reinstatethese allegations. “Piercing the corpo-rate veil” is a legal doctrine which re-moves the “corporate shield” and makesan individual personally liable for thecorporation’s debts. This can occur whena single individual so controls all aspectsof a corporation that it becomes the “al-ter ego” of that individual. A variety offactors are considered by courts whenmaking this determination, such as ob-servance of corporate formalities, capi-talization of corporation, and percentageof corporate ownership.Here, the Broker was the sole owner of

the Brokerage, had paid the Brokerage’s

taxes using his personal social securitynumber, and there was a failure to fol-low corporate formalities (such as shift-ing control of Brokerage to Crank). Thecourt also found that fairness and equityallowed the disregarding of the corpo-rate shield, as the Brokerage had fewassets to pay a judgment in favor of theBuyers and also did not have insurancecoverage for such a judgment. Thus, thecourt ruled the Buyers could re-file the“piercing the corporate veil” allegationsand these allegations would be consid-ered again by the trial court.


Our heartfelt thoughts and prayers are with Peggy’s family

and friends upon her passing.

Her contribution to the Santa Cruz Association of REALTORS®

and the real estate community was filled with endless energy,

dedication and commitment.

She will be greatly missed.

June 3, 1948–November 11, 20042002 REALTOR® of the Year1999 & 2004 PresidentSanta Cruz Association of REALTORS®


Reputation.“I came to David Lyng Real Estate because of the broker, thecompany image and most of all, the reputation of integrity. I havefound the support staff to be fantastic, allowing me to spend moretime with my clients.” —Pat Simmons

Aptos Village8050 Soquel Ave.Aptos, CA 95003831.662.0800

Capitola Village301 Capitola Ave.Capitola, CA 95010831.475.8111

Santa Cruz2170 41st AvenueCapitola, CA 95010831.476.0100

Scotts Valley101 Mt. Hermon Rd.Scotts Valley, CA 95066831.461.1200

Watsonville55 Penny Ln., Ste. 102Watsonville, CA 95076831.763.6700

www.davidlyng.com

Santa Cruz County’s Premier Real Estate Company

* As reported by REInfolink for single family residential sales in Santa Cruz 2003

[email protected]

It’s the people that make a good company great!

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DAVID LYNG REAL ESTATE

Team.“Being part of a great team is always fun and rewarding. So team spiritand strength was definitely something we were looking for when wedecided to join David Lyng two years ago. We made a great choice. Thecompany’s track record and reputation instills confidence and pride in usand our clients. Great colleagues inspire, help and encourage us.”

—Katrin Tobin and Andy Paulin

Support.“Two things really stand out for me about working for David Lyng RealEstate. First, the positive energy and great support by everyone in thecompany. Secondly, the marketing tools and systems the company has inplace are superior. I can provide the best for my clients. Thanks DavidLyng and staff. What a group!”` —Diana Mercer


*Escrow must close within 12 months of date of purchase OAC

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REALTOR® designations acknowledgeexperience and expertise in various realestate sectors, from commercial invest-ment to international property.The NATIONAL ASSOCIATION OF

REALTORS® and its nine affiliated In-stitutes, Societies, and Councils providenumerous programs and services thatgive you the knowledge and skillsneeded to succeed in your real estatecareer. Each group, as well as NAR,

November is DesignationAwareness Month

awards a designation after the success-ful completion of required classes.Celebrate Designation Awareness

Month by starting a program toward anofficial REALTOR® designation andtake your career to the next level. To learnmore about the designations conferredby NAR and its affiliated Institutes, So-cieties, and Councils, visit www.scaor.org and click on ‘Education’ on the leftside of the home page.



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The California Association of REAL-TORS® welcomed Governor ArnoldSchwarzenegger’s appointment of JeffDavi to the post of Commissioner of theDepartment of Real Estate.“C.A.R. has already expressed its con-

gratulations to the new commissionerand looks forward to a productive rela-tionship as Mr. Davi settles into his newrole,” said C.A.R. President AnnPettijohn. “We’re pleased that a REAL-TOR® is part of Governor Schwarz-enegger’s team in Sacramento.“C.A.R. is confident that REALTORS®

will find a receptive commissioner onthe housing policy issues that mattermost to Californians. We look forwardto working together to develop solutionsto our state’s housing affordability cri-sis,” she said. “With his extensive back-ground in the real estate industry, Mr.Davi will bring a unique slate of experi-

Governor ArnoldSchwarzenegger Appoints

REALTOR® Jeff DaviDRE Commissioner

ence to his role as DRE Commissioner.”In addition to being the broker/owner

of A.G. Davi Ltd., in Monterey, Davimost recently served as president of theMonterey Association of REALTORS®

and chairman of RE InfoLink MLS. Heserved on the Affordable Housing Steer-ing Committee of Monterey County, aswell as numerous charitable and com-munity organizations in the state. He alsois a member of the California Associa-tion of REALTORS® and serves on itsboard of directors.


GeoDisclosureNatural Hazard Disclosure Reports

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The median price of an existing homein California in October increased 21.4percent, and sales increased .5 percentcompared with the same period a yearago, the California Association of RE-ALTORS® (C.A.R.) reported last week.“While the median price of a home con-

tinued to charge ahead in October com-pared with a year ago, sales moderatedto a more sustainable pace, typical forthis time of year,” said C.A.R. PresidentJim Hamilton. “The inventory of homesfor sale also increased to nearly a four-month supply, compared with about atwo-month supply a year ago,” he said.“This is giving buyers a greater numberof options when looking for a home andis also reflected in the time it’s taking tolist and sell a home, which has increasedto 37 days—its highest level since July1999.”Closed escrow sales of existing, single-

family detached homes in California to-taled 639,570 in October at a seasonallyadjusted annualized rate, according toinformation collected by C.A.R. frommore than 90 local REALTOR® associa-tions statewide. Statewide home resaleactivity increased .5 percent from the636,690 sales pace recorded in October2003. The statewide sales figure repre-sents what the total number of homes

Median Price of a Home inCalifornia Increases 21.4

Percent in October—SalesPost .5 Percent Increase,

C.A.R. Reports

sold during 2004 would be if sales main-tained the October pace throughout theyear. It is adjusted to account for sea-sonal factors that typically influencehome sales.The median price of an existing, single-

family detached home in California dur-ing October 2004 was $460,370, a 21.4percent increase over the revised$379,120 median for October 2003,C.A.R. reported. The October 2004 me-dian price decreased .7 percent comparedwith a revised $463,620 median price inSeptember. “Year-to-date sales are up 4.1percent compared with the same perioda year ago, in line with our expectations,”said Leslie Appleton-Young, C.A.R.’svice president and chief economist. “Oc-tober was the ninth month where theyear-over-year price has increased bymore than 20 percent, with the mostrapid appreciation occurring in theshrinking pockets of affordability in thestate—the High Desert, Riverside/SanBernardino and Palm Springs/LowerDesert regions.”Highlights of C.A.R.’s resale housing

figures for October 2004: C.A.R.’s Un-sold Inventory Index for existing, single-family detached homes in October 2004

See Median Prices, Page 14


When REALTORS®

want the bestfor their Sellers,

they chooseCoastal HOMES.

Celebrating 23 Years as Santa Cruz County’s Real Estate Magazine831-462-5700

c o a s t a l h o m e s . c o m

COASTAL HOMES ONTOURVirtual tours with streaming video,

music and REALTOR® introsavailable on CD and the web.

COASTAL HOMES ONLINEEvery page of Coastal Homes ispublished online for viewing —

and printing — 24/7!

COASTAL HOMES MAGAZINEThe most comprehensive listing of

real estate for sale throughoutSanta Cruz County.

AFFILIATE


Calendar December 2004Sun Mon Tues Wed Thur Fri Sat

1 2 3 4

5 6 7 9 10 11

12 13 14 15 16 17 18

19 20 21 22 23 24 25

Annual Calendar of EventsJanuary 20051/3 Off ice Closed—New Year’s

Holiday1/14 GRI 100–101/Agency Rela-

tionships & Ethics1/17 Office Closed—Martin Luther

King Observance

February 20052/2 Orientation—Day 12/4 Orientation—Day 22/11 GRI 102–104/Trust Fund

Management/Fair Housing2/16 Blood Drive—Assn Office2/21 Office Closed—President’s Day

26 27 28

TOURSAreas 23–439:30 A.M.–noonAreas 44–5912:30–3:00 P.M.

TOURDEADLINE2:00 P.M.

AFFILIATECOMMITTEE8:30 A.M.MARKETING &PR COMMITTEE2:00 P.M.

TOURSAreas 23–439:30 A.M.–noonAreas 44–5912:30–3:00 P.M.GRI 114EssentialConcepts of theCAR PurchaseAgreement

OFFICECLOSED ATNOONInstallationDinner/DanceSeascape Resort

TOURDEADLINE2:00 P.M.

STRATEGICPLANNINGCOMMITTEE8:30 A.M.GRIEVANCECOMMITTEE2:30 P.M.FOUNDATIONFUNDRAISINGCOMMITTEE3:00 P.M.

TOURSAreas 23–439:30 A.M.–noonAreas 44–5912:30–3:00 P.M.

NO TOUR OFFICECLOSEDCHRISTMASHOLIDAY

RE INFOLINKCLASS2–3:30 P.M.FOUNDATIONTRUSTEES3:00 P.M.

Did YouKnow?

Santa Cruz Association ofREALTORS® Housing Foundation• The Santa Cruz Association of Real-tors Housing Foundation is now accept-ing tax-deductible donations. If youwish to donate, please make your checkspayable to SCAORHF and mail to theSanta Cruz Association of REAL-TORS®, 2525 Main Street, Soquel, CA95073. Any amount you are able to do-nate is greatly appreciated.• We would like to acknowledge you foryour gift; please add your name or in-clude your business card with yourcheck. If you have any questions, pleasecall Philip Tedesco, CEO, CAE at831.464.2000.

Credit Cards• The Santa Cruz Association of REAL-TORS® accepts Mastercard and VisaONLY.

In a Pinch, You Can ManuallyeSYNC (update) Your DisplayKEY1.) Press Enter to turn on yourDisplayKEY.2.) Scroll to the MANUAL eSYNC op-tion and press Enter.3.) Place the DisplayKEY in the Cradle.The Cradle light turns green indicatingthe DisplayKEY and Cradle are con-nected. The Cradle light flickers greenand amber and then turns red indicatingthe modem is connected to KIM. TheKey displays “CONNECTING TOCRADLE” during the entire eSYNCprocess. When the transfer of informa-tion is complete, the light turns GREENand the key status is displayed to indi-cate the battery is charging. Once the keystatus is displayed, you may remove theKey from the Cradle.IMPORTANT! Do not remove the

DisplayKEY from the Cradle while theRED light is illuminated.

SCAORHOLIDAY OPENHOUSE4–6:00 P.M.

BOARD OFDIRECTORS8:30 A.M.DENNISMCKENZIETax deduction forR.E. Agents8:30 A.M.–noon

8

29 30 31 January 1,2005

OFFICECLOSED ATNOONStaff/Board ofDirectorsLuncheon

MERRYCHRISTMAS

OFFICE CLOSEDCHRISTMASHOLIDAY

NO TOUR OFFICE CLOSEDNEW YEAR’SHOLIDAY

HAPPY NEWYEAR!

MAKE YOUR RESERVATION TODAYYou are invited to the 83rd Annual

Santa Cruz Association of REALTORS®Installation Awards Dinner

“The Path to Professionalism”

Honoring Dan Sedenquist,2005 President and the Officers & DirectorsFriday, December 10, 2004, 6:30 to 11:30 P.M.

Seascape Resort, Aptos$65 per person

Call 464-2000 to reserve your tickets


Median Prices...continued from page 11was 3.7 months, compared with 2.1months (revised) for the same period ayear ago. The index indicates the num-ber of months needed to deplete the sup-ply of homes on the market at the cur-rent sales rate. Thirty-year fixed mort-gage interest rates averaged 5.72 percentduring October 2004, down from 5.95percent in October 2003, according toFreddie Mac. Adjustable mortgage inter-est rates averaged 4.02 percent in Octo-ber 2004 compared to 3.74 percent inOctober 2003. The median number ofdays it took to sell a single-family homewas 37 days in October 2004, comparedwith 26.2 days (revised) for the sameperiod a year ago.Regional MLS sales and price informa-

tion is contained in the tables that ac-company this press release. Regionalsales data are not adjusted to account forseasonal factors that can influence homesales. The MLS median price and salesdata for detached homes are generatedfrom a survey of more than 90 associa-tions of REALTORS® throughout thestate. MLS median price and sales datafor condominiums are based on a sur-vey of more than 60 associations. Themedian price for both detached homesand condominiums represents closedescrow sales.

Statewide, the 10 cities and communi-ties with the highest median home pricesin California during October 2004 were:Laguna Beach, $1,400,000; Los Altos,$1,399,000; Newport Beach,$1,278,250; Burlingame, $1,180,000;Palos Verdes Estates, $1,170,000;Beverly Hills, $1,155,000; Calabasas,$1,137,000; Coronado, $1,125,000;Saratoga, $1,108,000; Mill Valley,$905,000.Statewide, the 10 cities and communi-

ties with the greatest median home priceincreases in October 2004 comparedwith the same period a year ago were:Victorville, 54.6 percent; Redlands, 54.6percent; Hesperia, 53.3 percent; Barstow,53.3 percent; West Sacramento, 53.3percent; Calabasas, 51.7 percent;Adelanto, 51.2 percent; California City,50 percent; Newport Beach, 48.6 per-cent; Desert Hot Springs, 47.2 percent.For more information, visit: www.car.org/index.php?id=MzQzNjA=.

The number of reverse mortgages en-dorsed by the Federal Housing Admin-istration (FHA) during the fiscal year2004 was 37,829, more than double thefiscal year 2003 production of 18,097.Reverse mortgages represented 3.8 per-cent of FHA’s entire single-family vol-ume during 2004. With 10,045 endorse-ments, California was the state with thegreatest number of reverse mortgages,

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Reverse MortgagesContinue Dramatic Growth

followed by Florida and Texas.FHA’s Home Equity Conversion Mort-

gage (HECM) program, created by Con-gress in 1987, allows homeowners overthe age of 62 to tap into the equity intheir homes without having to repay theloan until they move out. For more in-formation, visit www.mortgagebankers.org/industry/news/04/1104.html.



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