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Entry-level housing affordability reaches 64 percent
The percentage of households that could afford to buy an entry-level home in California stood at 64 percent in the third quarter of 2009, compared with 55 percent for the same period a year ago, according to a report released last week by C.A.R. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.

The minimum household income needed to purchase an entry-level home at $247,150 in California in the third quarter of 2009 was $43,500, based on an adjustable interest rate of 4.79 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $1,450 for the third quarter of 2009.

At 85 percent, the High Desert region was the most affordable area in the state. The San Luis Obispo County region was the least affordable in the state at 47 percent, followed by the San Francisco Bay region at 49 percent.

This is what I do. I make a ham for Christmas Eve Dinner. I freeze some slices. Next day I make the Christmas Pork (last week’s recipe). I freeze some slices. New Year’s I defrost them, make a sandwich and serve them with a black eyed pea soup, and mariquitas, serves 4.

1 loaf of Cuban bread or French bread cut into fourths
8 slices of ham
8 slices of Cuban Pork
8 slices of Swiss Cheese
Bread and Butter Pickles
Mayo
Mustard
You will need a sandwich press, (looks like a waffle iron but smooth) or if you do not have one, you can use a skillet, a plate and a can to press the bread down. Instructions to follow..

Slice bread in half and spread mayo and mustard on each side. Place a slice of ham, a slice of pork, a sliced of Swiss Cheese on each side. You will have two slices of each of the above. Pickles to cover. Put both sides of sandwich together.

Heat the sandwich press and brush some olive oil on top and bottom, place sandwich on press and close for 2 minutes until hot and cheese is half way melted. Wrap on foil and keep warm on 200 degree oven as you finish the rest.

If you do not have a sandwich press. Heat skillet, brush olive oil, place sandwich on skillet. Take a can of soup and a plate, place the plate on top of the sandwich and press with the can to make it flatter, until hot and cheese melts.

Mariquitas and black eyed soup recipe to follow….

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The average rate for a 30-year fixed mortgage fell to 4.83 percent, down from 4.91 percent last week, the mortgage company said. Last year at this time, 30-year mortgages averaged 6.04 percent.

Rates hit a record low of 4.78 percent in the spring, and remain attractive for people looking to buy a home or refinance their existing mortgage. Still, credit standards remain tough, so the best rates usually are available only to borrowers with solid credit and a 20 percent down payment.

The Federal Reserve has pumped $1.25 trillion into mortgage-backed securities to try to lower rates on mortgages and loosen credit. Rates on 30-year mortgages traditionally track yields on long-term government debt.

Low fixed rates in the third quarter led to about $1.1 trillion in refinancing activity, saving borrowers about $10 billion in monthly payments over the first 12 months of their new loan, said Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, frequently in line with long-term Treasury bonds.

The average rate on a 15-year fixed-rate mortgage fell to 4.32 percent from 4.36 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.25 percent, down from last week’s 4.29 percent. Rates on one-year, adjustable-rate mortgages declined to 4.35 percent from 4.46 percent.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 point for 30-year loans. The fee averaged 0.6 point for 15-year, five-year and one-year loans.

Bad news sells newspapers and gets high television ratings; therefore, the media has no reason to report the upside of today’s real estate market to the average American. This is where I come in. For example, did you know that approximately 30 percent of homeowners own their home free and clear?

The current market also affords some great opportunities for those looking to purchase a home. First-time homeowners, move-up buyers and investors can all benefit from low home prices, large selection and historically low interest rates.

In addition, the government recently approved a First Time Buyer Tax Credit, up to $8000, that does not require repayment if the borrower resides in and maintains ownership of the property for at least three years. Regulations do apply and can be reviewed at www.federalhousingtaxcredit.com, or just give me a call and I will be happy to discuss
it with you.

Call me to hear more about the good news in today’s housing market. I can’t wait to share it with you.

Cut small holes on both sides of the leg and stuff with chopped garlic. Sprinkle both sides with spices and vinegar. Add 1/2 cup pineapple juice. Cover with foil and marinate for 24 hours.

Remove from refrigerator 1 hour prior to cooking. Pre-heat oven to 325. Place pork uncovered in oven. Set timer to baste every 20 minutes for the full cooking time which will be 1/2 hour per pound, or about 9 hours. Use juice from the pan to baste and add pineapple juice as the liquid starts to evaporate.

Note: The 20 minute basting is very important. The pork should be so tender it flakes when finished cooking.

When pork turns dark brown (usually 1 1/2 to 2 1/2 hours) put a tent of foil over it and leave it for the rest of the cooking time. When done, let it cool 45 minutes before carving. Use some of the fluid in the roasting pan to pour over it once you remove the fat.

To reheat add more pineapple juice or the mojo already posted on my blog.

This meat is paired with, congri, yuca con mojo, fried bananas, a Cuban avocado/tomato/bacon salad and Flan for dessert, and a good Marques De Riscal Bordeaux. Merry Christmas.

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Vinyl fencing is manufactured from polyvinyl chloride (PVC), blended with other chemical additives that add strength and protection from ultraviolet (UV) rays. Unlike wood, vinyl fencing is completely weather-resistant and virtually impervious to rot, insects, or other environmental damage. Another advantage to vinyl is that the color of the fence is created by the color of the vinyl itself — it is completely through the vinyl, as opposed to a surface layer like paint that can chip, peel or wear off.

Vinyl fencing still is more expensive than wood, but the lower maintenance expense typically makes the lifecycle cost considerably lower. Vinyl also compares very favorably to aluminum — vinyl has similar durability properties with a lower initial cost — and is typically considerably cheaper than wrought iron. However, you have to want the look of a painted fence, since vinyl fencing materials are currently available only in white, tan and gray.

When shopping for vinyl fencing materials, remember that not all fences are created equal, and you typically get what you pay for. Carefully compare the manufacturer’s specifications for the thickness of the vinyl, and look at how the components are constructed and structurally reinforced. Also, compare the length of the manufacturer’s warranties, as well as how complete they are and what they cover.

4 lbs. of boneless chicken breasts cut in chunks
1 tsp. dried oregano
1 tsp. ground cumin
1/2 tsp freshly ground white pepper
1 Tbs red wine vinegar

Sofrito and broth (sauce)

2 Tbs Extra Virgin Olive Oil
1 small onion, finely chopped
1 small red bell pepper, cored, seeded and finely chopped
3 cloves garlic, minced\1 small tomato, seeded and diced
1 cup dry white wine
1-1.5 cups beer
1.2 tsp Annatto seeds, or 1./4 tsp saffron threads, I use Annatto cheaper than saffron
1 can tomato sauce
1/4 cup Spanish olives
1/4 cup raisins
salt and fresh ground black pepper to taste
1 lb. Valencia or Arborio rice
Sliced red pimientos for garnish
1 can green peas (Petit Pois) for garnish

Wash chicken and blot dry with paper towels. Mix the oregano, cumin, white pepper and vinegar in large bowl. Add chicken, turning the pieces to cover with the mixture. Let marinate at least 15-30 minutes.

Heat oil in large casserole brown the chicken pieces all over about 2 minutes per side. Transfer chick to platter and pour out all fat but 2 tablespoon.

To Make Sofrito: Add onion, bell pepper, and the garlic to the oil in a casserole and cook over medium heat until soft for about 1-2 minutes, do not brown. Add tomato and cook for one more minute. Fold chicken into the sofrito in the casserole and cook for 2 more minutes.

Add wine, and beer, saffron or annetto seeds, tomato sauce, and salt and pepper. Add raisins and sliced olives and simmer for 30 minutes covered. Bring to a boil and add the Arborio or Valencia rice bring to a boil and simmer for 20-25 minutes until rice is tender. Before it is done add 1/2 of the petit pois and pimientos, garnish with the rest.

Serve with a green salad French bread and a Sauvignon Blanc.

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