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Article: California Home Buyers Are Turning Back to Adjustable-Rate Mortgages.
- Article from:
- San Jose Mercury News (San Jose, CA)
- Article date:
- December 27, 2003
CopyrightCOPYRIGHT 2003 San Jose Mercury News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Sue McAllister
Dec. 27--In response to rising home prices and mortgage rates, an increasing portion of California home buyers are opting to finance their purchases with adjustable-rate mortgages, a real estate information company said Friday.
Santa Clara County had the highest percentage of buyers who financed their homes with adjustable-rate mortgages, or ARMs, of any area in the survey: 68 percent. The survey by DataQuick Information Systems looked at home sales that were completed in November.
Statewide, 52 percent of those who bought homes last month used ARMs, the first time since February 1995 that more than half of buyers did so. ...