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Here are some Real Estate News From California Association of Realtors:

"CALIFORNIA'S HOUSING AFFORDABILITY INDEX REMAINS AT 19 PERCENT
The percentage of households in California able to afford a median-priced home stood at 19 percent in October, a 6 percentage-point decrease compared with the same period a year ago when the Index was at 25 percent, according to a recent C.A.R. report. The October Housing Affordability Index (HAI) was unchanged from September, when it also stood at 19 percent.C.A.R.'s monthly housing affordability index measures the percentage of households that can afford to purchase a median-priced home in California. The index is the most fundamental measure of housing well-being in the state. At 42 percent, the High Desert region was the most affordable C.A.R. region in the state, followed by the Central Valley region at 26 percent. The Santa Barbara region was the least affordable in the state at 9 percent, followed by the Monterey region at 11 percent."

"HOME SALES EXPECTED TO REACH RECORD HIGH THIS YEAR
Existing-home sales are expected to jump 7.9 percent to 6.58 million in 2004, which tops last year's record, NAR recently reported in its year-end forecast. Reasons for the upwardly revised estimate include stronger than expected home sales and higher median prices. The Association also projects new-home sales to rise 8.9 percent to 1.18 million this year.While NAR foresees a strong housing market in 2005, it predicts that the current sales pace will decline slightly. For 2005, NAR anticipates existing-home sales to reach 6.38 million units, which would be the second-highest level on record, and new-home sales to be 1.13 million units, just shy of the record expected this year."We're setting our fourth consecutive record year for existing-home sales, and even with strong fundamentals such as household growth, low interest rates and an improving economy, we simply can't set records every year," said David Lereah, NAR's chief economist."