HOUSING FUNDAMENTALS ARE POSITIVE

• Mortgage rates are low & lending is loosening up a bit

• Affordability is still good and price gains are slowing

• Foreclosure & delinquency rates are low & distressed sales are less than 10% of the market

• Investors are leaving creating more opportunity for buyers needing financing

• Overall homeownership rate has stabilized

• International demand for housing in CA still strong

• Construction is up – residential and non-residential

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