SOURCE: Desert Community Bank

July 14, 2005 12:40 ET

Desert Community Bank Real Estate Marketplace Continues to Thrive

VICTORVILLE, CA -- (MARKET WIRE) -- July 14, 2005 -- Ronald L. Wilson, Chairman, President and CEO of Desert Community Bank (NASDAQ: DCBK), announced the findings of a Daily Press report that indicated home prices in the High Desert jumped 31 percent the past year. DCB serves the High Desert with offices in Victorville, Barstow, Apple Valley, Adelanto, Hesperia and Wrightwood.

Housing prices jumped $68,040 from May 2004 to May 2005. Median home prices presently stand at $282,510.

The housing affordability index plummeted in the High Desert as it has throughout California. In May 2004, 46 percent of High Desert families could afford to buy a median priced home. The affordability index is presently calculated to be 34 percent.

While the affordability index has dropped to 34 percent in the High Desert, it is 20 percent in neighboring Riverside and San Bernardino. In California, the affordability index is 16 percent. It is 7 percent in Northern California Wine Country and 6 percent in Santa Barbara, California.

The minimum household income needed to purchase a median-priced home in California is $122,690 based on a median price of $522,590. The minimum household income needed to purchase a home in the U.S. is $48,600 based on a median-priced home at $207,000.

Wilson said, "Our marketplace continues to explode with opportunity. We are presently managing 580 construction projects, the most in our 25 year history. We have loan applications in process that total $100 million. It's a great time to be a banker in the High Desert."

If you should have any questions please feel free to contact Mr. Wilson at rwilson@dcbk.org.

Contact Information

  • Contact:
    Ronald L. Wilson
    President/Chairman/CEO
    (760) 243-2140 ext. 1001
    Email Contact