Next week we have two days that are going to tell us just how bad the subprime meldown affected California homeowners. 

California property taxes are due April 10 and Federal income taxes are due April 15. Borrowers that pushed the limits, may find themselves with no cash to pay either. To complicate their situation more, they may have no equity in their home to borrow against to get through this downturn in the market.

A friend of mine that his been in the mortgage business for some years in the East Bay, reports  that for the second time in here career, she can not find a loan for a client. She has left no stone unturned, but the specifics of her client's situation position them outside of any available loan parameters.

Why do they need the loan? To pay California property taxes. We'll soon see how many other consumers are in the situation. 

February East Bay Stats are out for February 2007:

Contra Costa County negative 4.42% in median home price compared to Feb. 2006 

Alameda County .94% increase in median home price compared to Feb. 2007

How does this break down for our local communities?

• Danville – +8.77
• San Ramon – negative 11.20
• Dublin – +4.65
• Pleasanton – negative 3.87

Again emphasizing the point that it is your local market trends and stats you need to be watching.