Economy Slowly Improving, but Not On Assessor’s Side

January 2010

Santa Clara County Assessor Larry Stone

Although we are seeing some improvement in the economy, the county’s assessment roll is not in a healthy state, according to Santa Clara County’s assessor, Larry Stone. Stone gave SILVAR members an update on property assessments at Thursday’s Cupertino/Sunnyvale District tour meeting.

Good news is we are seeing a resurgence in the stock market; the median home price has increased 15 percent to $500,000 and above, though still a far cry from $800,000 in 2007; the status of banks appears to be improving and some are paying back the TARP money they received from the government; the auto industry has stopped its free fall; and in December, there was a 44 percent jump in the sale of homes - the most Stone’s seen since 2006.

However, the unemployment rate is still worrisome; we are still seeing a credit crunch; and although the drop in property values has made housing more affordable, it is negatively impacting the county’s assessment roll. In addition, Stone said Santa Clara County housing permits in 2009 were 72 percent below that of the previous year.

Stone said more needs to take place to get us out of the recession: corporate profits have to resume; job losses have to stop; job growth needs to take place; credit liquidity needs to improve; inventory of REOs and foreclosures needs to be liquidated; and more than anything, public confidence has to rise.

There is no good news on the assessment side, according to Stone. When the roll closed on July 1, 2009, the county assessor’s department proactively reduced the assessed values of 90,000 properties, of which 99 percent was residential, taking $17.2 billion off the assessment rolls. His office then received 34,000 requests for informal reviews and 16,000 additional requests for a reduction. In the end, his department reduced the value of 98,000 properties – almost a quarter of 465,000 properties in the county, which led him to take a total of $19.3 billion off the county’s assessment roll.

Stone noted one in three condominiums and one in five single family homes were assessed below the purchase price. And for the first time, he is seeing some drop in values in high-end, more stable areas.

“It’s not that serious, but still significant,” Stone remarked.

Stone warned commercial and industrial property, which usually lags behind residential property due to long-term leases will be the “next shoe to drop.” He predicts when these leases expire, companies will either move, downsize or reduce rent. This year 771 commercial and industrial properties were placed in Proposition 8 status, taking $1 billion off the assessment roll.

Stone said he expects a “tsunami” when the full financial impact of the commercial and industrial sector’s troubles hits in 2010 and 2011, especially if there is no improvement in the unemployment rate.

Of the 98,000 properties that had their property values reduced this year, Stone believes most will carry over next year, with additional reductions. He expects an additional 30,000 to 40,000 properties will be placed in Prop. 8 status next year.

To add to the problem, Stone’s department and that of the tax collector are understaffed and, as a result, processing is slow. He said right now, the formal appeals process runs at least one and a half years. On the tax collector’s side, people are waiting over a year to a year and half to receive their refunds.

Stone suggested the department’s new tax estimator, which can be found online at www.sccassessor.org can help homeowners estimate their supplemental property taxes for future years. He is also proposing that routine residential assessment appeals from homeowners be turned over to a value hearing officer instead of the assessment board. This would get quicker results, leaving more complicated appeals issues to the assessment board, but the homeowner needs to agree that the officer’s decision would be binding. The assessor’s department also has new software which can quickly output three comps used to determine a property’s assessed value.

Stone asked REALTORS® to remind homeowners of the following four important dates:
1) The county assessor closes the roll on July 1 of every year based on property values on January 1 of that year.
2) In June, homeowners will receive their assessment notification cards. Homeowners should wait until they receive their notification card before asking for an informal review or appeal. They also should be aware that the market value of a property has to drop below the assessed value before they can seek a property assessment reduction, and the time to take note of comps begins from the lien or valuation date, which is January 1. If they believe there should be an adjustment, homeowners should then gather as much information as they can from REALTORS® and brokers about the value of their property at the beginning of the year.
3) Homeowners can request informal reviews up to the middle of August.
4) Homeowners have between July 2 and September 15 to formally file an appeal.

Stone warned everyone that unless things change, to expect a bleak outlook for the county and the state of California.

“We will certainly see a reduction in government services in every aspect of our lives,” Stone said.

IRS: New Form Available to Claim Tax Credit

The Internal Revenue Service has released the new form that eligible home buyers need to claim the first-time home buyer credit this tax season. Processing of those tax returns will begin in mid-February. The IRS also announced new documentation requirements to deter fraud related to the first-time home buyer credit.

The new form and instructions follow major changes in November to the home buyer credit by the Worker, Homeownership, and Business Assistance Act of 2009. The new law extended the credit to a broader range of home purchasers and added new documentation requirements to deter fraud and ensure taxpayers properly claim the credit.

With the release of Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, and the related instructions, eligible home buyers can now start to file their 2009 tax returns. Taxpayers claiming the home buyer credit must file a paper tax return because of the added documentation requirements.

The IRS expects to start processing 2009 tax returns claiming the home buyer credit in mid-February after it completes the updating and testing of systems to meet the law’s new requirements. The updates allow the IRS to put in place critical systemic checks to deter fraud related to the home buyer credit. Some early taxpayers claiming the home buyer credit may see tax refunds take an additional two to three weeks.

In addition to filling out a Form 5405, all eligible home buyers must include with their 2009 tax returns one of the following documents in order to receive the credit:

• A copy of the settlement statement showing all parties' names and signatures, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1 Settlement Statement.

• For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase.

• For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

In addition, the new law allows a longtime resident of the same main home to claim the home buyer credit if the resident purchases a new principal residence. To qualify, eligible taxpayers must show they lived in their old homes for a five consecutive year period during the eight-year period ending on the purchase date of the new home.

The IRS has stepped up compliance checks involving the home buyer credit, and encouraged home buyers claiming this part of the credit to avoid refund delays by attaching documentation covering the five consecutive year period:
• Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
• Property tax records, or
• Homeowner’s insurance records.

The IRS also reminds home buyers that the new documentation requirements mean taxpayers claiming the credit cannot file electronically and must file paper returns. Taxpayers can still use IRS Free File to prepare their returns, but the returns must be printed out and sent to the IRS, along with all required documentation.

Normally, it takes about four to eight weeks to get a refund claimed on a complete and accurate paper return where all required documents are attached. For those home buyers filing early, the IRS expects the first refunds based on the homebuyer credit will be issued toward the end of March.

More details on claiming the credit can be found in the instructions to Form 5405, as well as on the First-Time Homebuyer Credit page on IRS.gov.

California's Home Inventory Shrinks to a 5-Year Low

By JIM CARLTON

SAN FRANCISCO—California's inventory of unsold, previously owned homes shrank to a five-year low in December, in another sign that the state may be coming out of its worst housing slump in decades.

The supply of unsold single-family homes dropped to 3.8 months from 5.6 months a year ago and 16.6 months in January 2008, when inventories were at a peak, according to estimates released Friday by the California Association of Realtors. The inventory levels are now at their lowest level since 2005, resulting in frenzied sales with multiple offers in some cities.

In Northern California's Santa Clara County, where inventory has dropped to 50 days from 243 a year ago, Amanda Garcia said she and her 62-year-old father Luis Garcia finally gave up a nine-month search for a home last month, after they kept losing out on homes priced in the highly competitive sub-$500,000 market.

"It's more like an auction nowadays," said Ms. Garcia, 26, a medical coordinator from Milpitas, Calif. "They shouldn't call it a house sale."

California's housing market is closely watched because it is the nation's biggest and helps fuel both the state's economy and the national building industry. With California still weighed down by economic problems, including a 12.4% unemployment rate, higher than the 10% rate nationwide, economists are looking at bellwethers like housing to determine when California will rebound.

Of course, any long-term revival in housing will depend on California's ability to shake off its high unemployment and the continuing threat of more foreclosures. Some housing experts cautioned that inventories may be artificially low because many would-be sellers are waiting for the economy to improve before putting their homes on the market.

"I'm convinced that once the general public believes prices have bottomed out and are coming up, more people will put their homes on the market," said Andrew LePage, an analyst at MDA DataQuick, a housing-data provider in La Jolla, Calif. "And that will probably coincide with the economy and job market improving."

Although most home prices remain well below their pre-bust highs of three years ago, California's overall housing market has shown signs of stabilizing since early last year. The median price of an existing, single-family home rose 8.4% from a year ago to $306,820, marking the second consecutive year-over-year increase and the 10th straight month-over-month jump, according to estimates by the state Realtors' association.

Sales rose at a slower year-over-year rate of 1.7%, compared with double-digit gains in recent months. Sales have been powered, in part, by a federal tax credit of $8,000 for first-time buyers, which Congress extended until the end of April.

Some brokers attributed the sales slowdown to lean inventories. "Right now, we need more listings," said Lianne Pinkston, a Coldwell Banker broker in Morgan Hill, Calif., south of San Jose. "I have an all-cash investor, and they've wanted to buy a duplex or four-plex, and they've been making all-cash offers for over the asking price, and they're still not getting anything."

The current inventory rate is running well under California's historical average since the 1980s of about an eight-month supply of existing homes on the market. That's partly because a once huge supply of foreclosures in the state has dwindled. In November, foreclosed properties accounted for 40% of all single-family sales, new and used, in California, compared with 58% in January, according to the most recent estimates by Zillow.com, a market tracker.

In general, California's coastal markets performed better than inland markets. In Orange County, for example, Zillow estimates foreclosures dropped by more than one half to 20.6% of all single-family sales in November from 43.5% in January. In inland Merced County, foreclosures were also down, but to 69.9% of sales from 83.4% in January, according to Zillow.

The return to the kind of bidding wars that marked the state's boom years in some coastal cities hasn't been welcomed by home buyers. In Orange County, graphics designer Scott Butler put in one of 37 offers on a three-bedroom, two-bath home listed for $350,000 in early September. Mr. Butler bid full price for the home in Mission Viejo, Calif., and offered to put 20% down, but the winning bid went over $430,000, said his agent, Michael Caruso.

Mr. Butler, 39, who has since given up his search, said he was outbid on more than 20 other homes since early 2009. "It's very discouraging," he said.

Write to Jim Carlton at jim.carlton@wsj.com

FHA to Provide Early Relief to Struggling Homeowners

HUD No.10-017 Lemar Wooley (202) 708-0685

FOR RELEASE Friday January 22, 2010

FHA TO PROVIDE EARLY RELIEF TO STRUGGLING HOMEOWNERS

WASHINGTON – Homeowners with FHA-insured mortgage loans who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments. Previously, these homeowners were not eligible for such assistance until after they had missed payments.

The Helping Families Save Their Home Act of 2009 signed into law by President Obama expanded FHA’s authority to use its loss mitigation tools to assist FHA borrowers avoid foreclosure to include those facing ”imminent default” as defined by the Secretary. FHA today issued guidance to FHA-approved loan servicers on how to assist these FHA borrowers.

“Loss mitigation assistance is beneficial to both borrowers and FHA because it helps borrowers retain their homes while protecting the FHA insurance fund from unnecessary losses,” said FHA Commissioner David Stevens. “FHA has always required lenders to establish early contact with delinquent borrowers to discuss the reason for missing a payment and to evaluate reinstatement options. Now servicers will have additional options for those borrowers who seek help before they go delinquent, which increases the likelihood that the borrower will be able to retain their home.”

Effective immediately, the loss mitigation options of forbearance and FHA’s Home Affordable Modification Program (FHA-HAMP) may be used to assist borrowers facing imminent default.

• FHA defines an “FHA borrower facing imminent default” to be an FHA borrower who is current or less than 30 days past due on the mortgage obligation and is experiencing a significant reduction in income or some other hardship that will prevent him or her from making the next required payment on the mortgage during the month that it is due.
  
  
• A forbearance agreement is an agreement by the loan servicer to postpone, reduce or suspend payments due on a loan for a limited and specific time period.
  
  
• FHA-HAMP allows qualified FHA-insured borrowers to reduce their monthly mortgage payment to an affordable level by permanently reducing the payment through the use of a partial claim combined with a loan modification. The partial claim defers the repayment of a portion of the mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off. The remaining balance is then modified through re-amortization and in some cases, an interest rate reduction.
  
  

The borrower must be able to document the cause of the imminent default which may include, but is not limited to, one or more of the following types of hardship:

1. A reduction in or loss of income that was supporting the mortgage loan, e.g., unemployment, reduced job hours, reduced pay, or a decline in self-employed business earnings. A scheduled temporary shutdown of the employer, (such as for a scheduled vacation), would not in and by itself be adequate to support an imminent default.
   
   
2. A change in household financial circumstances, e.g., death in family, serious or chronic illness, permanent or short-term disability.

Loan servicers must document the basis for its determination that a payment default is imminent and retain all documentation used to reach its conclusion. The servicer’s documentation must also include information on the borrower’s financial condition.

Additional information and guidance can be found on HUD’s website.

###
HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

Consumer Confidence Index Increases Moderately in January

The Conference Board Consumer Confidence Index® Increases Moderately

Jan. 26, 2010

The Conference Board Consumer Confidence Index®, which had increased in December, improved further in January. The Index now stands at 55.9 (1985=100), up from 53.6 in December. The Present Situation Index increased to 25.0 from 20.2. The Expectations Index increased to 76.5 from 75.9 last month.

The Consumer Confidence Survey® is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is the world's largest custom research company. The cutoff date for January's preliminary results was January 19th.

Says Lynn Franco, Director of The Conference Board Consumer Research Center: "Consumer Confidence rose for the third consecutive month, primarily the result of an improvement in present-day conditions. Consumers' short-term outlook, while moderately more positive, does not suggest any significant pickup in activity in the coming months. Regarding their financial situation, while consumers were less dire about their income prospects than in December, the number of pessimists continues to outnumber the optimists."

Consumers' assessment of present-day conditions was, on the whole, more positive than last month. Those stating business conditions are "good" increased to 9.0 percent from 7.5 percent, however, those stating business conditions are "bad" increased to 46.1 percent from 45.7 percent. Consumers' assessment of the labor market improved moderately. Those claiming jobs are "hard to get" declined to 47.4 percent from 48.1 percent, while those claiming jobs are "plentiful" increased to 4.3 percent from 3.1 percent.

Consumers' short-term outlook, while overall more positive, was somewhat mixed. The percentage of consumers expecting an improvement in business conditions over the next six months decreased to 20.9 percent from 21.2 percent, while those anticipating conditions will worsen increased to 12.7 percent from 11.8 percent. Regarding the outlook for the labor market, those expecting fewer jobs decreased to 18.9 percent from 20.6 percent. However, those expecting more jobs to become available in the months ahead declined to 15.5 percent from 16.4 percent. The proportion of consumers anticipating a decrease in their incomes declined to 16.2 percent from 18.4 percent.

The next release is scheduled for Tuesday, February 23, at 10:00 AM ET.

Get additional data from our Consumer Research Center.

December sales and price report

California Association of Realtors
For release:
Friday, Jan. 22, 2010

C.A.R. reports December home sales increased 1.7 percent; median home price increased 8.4 percent

Multimedia:
· Click here to view Unsold Inventory by price point.
· Click here to view a data table comparing peak prices and current prices in areas throughout the
state.


Quick Facts:
· Existing, single-family home sales increased 4 percent in December to a seasonally adjusted rate of
558,320 units on an annualized basis.

· The statewide median price of an existing single-family home increased 0.8 percent in December to
$306,820, compared with November 2009.

· C.A.R.’s Unsold Inventory Index fell to 3.8 months in December, compared with 5.6 months in
December 2008.

LOS ANGELES (Jan. 22) – Home sales increased 1.7 percent in December in California compared with the same period a year ago, while the median price of an existing home rose 8.4 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“As expected, the large year-to-year sales gains have diminished substantially compared with earlier in the year,” said C.A.R. President Steve Goddard. “However, home sales in December were strong, and were comparable to sales of late 2008. Activity in December can be attributed in part to the extension and expansion of the home buyer tax credit, as well as near-historic highs in affordability due to current price levels and low interest rates.

“For the second consecutive month, California’s median home price rose year-to-year in December, and had the largest year-to-year increase in more than three years,” said Goddard. “The state’s median price also remained above $300,000 for the second straight month.”

Closed escrow sales of existing, single-family detached homes in California totaled 558,320 in December at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 1.7 percent from the revised 549,190 sales pace recorded in December 2008. Sales in December 2009 increased 4 percent compared with the previous month.

The statewide sales figure represents what the total number of homes sold during 2009 would be if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during December 2009 was $306,820, an 8.4 percent increase from the revised $283,060 median for December 2008, C.A.R. reported. The December 2009 median price rose 0.8 percent compared with November’s $304,520 median price.

“Home sales were unusually strong in December and were more consistent with peak season trends,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Historically, the median price declines November through February and then rises in March. However, lean inventory, historically low interest rates, and incentives for home buyers have resulted in California’s housing market experiencing non-seasonal variations.

“Looking forward, we expect the state’s median home price to fluctuate around the $300,000 level throughout the first quarter,” said Appleton-Young. “While we expect to experience price gains in the near term, it remains to be seen how the market will fare once the Federal Reserve discontinues its purchase of mortgage-backed securities.”

Highlights of C.A.R.’s resale housing figures for December 2009:

. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in December 2009 was
3.8 months, compared with 5.6 months (revised) for the same period a year ago. The index indicates
the number of months needed to deplete the supply of homes on the market at the current sales
rate.

. Thirty-year fixed-mortgage interest rates averaged 4.93 percent during December 2009, compared
with 5.29 percent in December 2008, according to Freddie Mac. Adjustable-mortgage interest rates
averaged 4.31 percent in December 2009, compared with 4.97 percent in December 2008.

. The median number of days it took to sell a single-family home was 35.3 days in December 2009,
compared with 46.3 days (revised) for the same period a year ago.

Regional MLS sales and price information are contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 146 of the 383 cities and communities reporting showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)

Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for December may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through car.org at
http://www.car.org/marketdata/historicalprices/2009medianprices/dec2009medianprices/.

. Statewide, the 10 cities with the highest median home prices in California during December 2009 were: Beverly Hills, $1,400,000; Los Altos, $1,340,000; Laguna Beach, $1,230,000; Manhattan Beach, $1,165,000; Palos Verdes Estates, $1,160,000; Palo Alto, $1,066,000; Los Gatos, $994,500; Newport Beach, $938,500; Rancho Palos Verdes, $900,000; and Santa Monica, $852,500.

. Statewide, the cities with the greatest median home price increases in December 2009 compared with the same period a year ago were: Laguna Hills, 62.9 percent; San Juan Capistrano, 37.2 percent; Fairfield, 30.9 percent; Tustin, 27.1 percent; El Cajon, 26.7 percent; Thousand Oaks, 19.5 percent; Escondido, 18.4 percent; Costa Mesa, 17.3 percent; San Pablo, 16.6 percent; and Encinitas, 16.3 percent.

Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

December 2009 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted

December-09	Median Price	Percent Change in Price from Prior Month		Percent Change in Price from Prior Year		Percent Change in Sales from Prior Month	Percent Change in Sales from Prior Year
	Dec-09	Nov-09		Dec-08		Nov-09	Dec-08
Statewide
Calif. (sf)	$306,820	0.8%		8.4%		4.0%	1.7%
Calif. (condo)	$270,300	-0.6%		11.5%		11.6%	28.2%
C.A.R. Region
High Desert	$121,010	-3.0%		-12.0%		12.7%	-12.3%
Los Angeles	$353,560	-1.7%		4.9%		15.7%	4.3%
Monterey Region	$308,570	-6.4%		6.4%		16.3%	-1.4%
Monterey County	$250,000	2.0%		-2.0%		23.7%	-10.2%
Santa Cruz County	$550,000	0.0%		20.9%		2.1%	27.8%
Northern California	$246,450	-8.3%		-8.2%		9.2%	22.9%
Northern Wine Country	$371,430	2.0%		7.9%		3.3%	-5.1%
Orange County	$496,070	-0.6%		12.1%		4.5%	17.9%
Palm Springs/Lower Desert	$172,320	0.1%		1.5%		21.1%	30.3%
Riverside/San Bernardino	$181,130	1.8%		-5.1%		13.6%	-19.3%
Sacramento	$189,140	0.4%		4.1%		14.5%	-15.0%
San Diego	$382,230	1.5%		10.3%		22.0%	6.9%
San Francisco Bay	$536,070	-5.5%		15.1%		6.6%	28.7%
San Luis Obispo	$381,940	-6.7%		2.0%		1.1%	8.6%
Santa Barbara County	$425,000	2.0%		28.4%		37.2%	12.2%
Santa Barbara South Coast	$847,500	13.0%		-8.9%		27.8%	37.3%
North Santa Barbara County	$256,940	9.5%		0.2%		44.2%	-2.6%
Santa Clara	$560,000	-7.4%		9.3%		7.3%	39.0%
Ventura	$427,890	-1.8%		15.4%		15.1%	8.2%

sf = single‑family, detached home

Source: CALIFORNIA ASSOCIATION OF REALTORS^®

Median Prices By Region – Current Month vs. Year Ago

Dec-09	Nov-09		Dec-08
Statewide
Calif. (sf)	$306,820	$304,520		$283,060	r
Calif. (condo)	$270,300	$271,920		$242,320	r
C.A.R. Region
High Desert	$121,010	$124,710		$137,560
Los Angeles	$353,560	$359,670		$336,980
Monterey Region	$308,570	$329,840		$290,070
Monterey County	$250,000	$245,000		$255,000
Santa Cruz County	$550,000	$550,000		$455,000
Northern California	$246,450	$268,700		$268,350	r
Northern Wine Country	$371,430	$364,230		$344,180
Orange County	$496,070	$499,020		$442,640
Palm Springs/Lower Desert	$172,320	$172,070		$169,730
Riverside/San Bernardino	$181,130	$177,840		$190,840
Sacramento	$189,140	$188,480		$181,660
San Diego	$382,230	$376,450		$346,600	r
San Francisco Bay	$536,070	$567,250		$465,640
San Luis Obispo	$381,940	$409,460		$374,320
Santa Barbara County	$425,000	$416,670		$330,950	r
Santa Barbara South Coast	$847,500	$750,000		$930,000
North Santa Barbara County	$256,940	$234,720		$256,450
Santa Clara	$560,000	$605,000		$512,450
Ventura	$427,890	$435,800		$370,750

na - not available

r - revised

Source: CALIFORNIA ASSOCIATION OF REALTORS^®