C.A.R. Reports California's Housing Affordability Index Falls Three Points to 18 Percent in March

R. C. HOUSING AFFORDABILITY INDEX(a)

Mar-05 Feb-05 Mar-04
California 18 19 21
California - Condos 25 26 r 31
United States 53 55 r 57
C . (sf) $495,400 $470,920 r $428,060 r
Calif. REGION
Central Valley $324,640 $311,570 r $254,400 r
High Desert $264,320 $257,320 $192,270
Los Angeles $466,250 $473,550 $391,740
Monterey Region $669,350 $693,660 $575,550
Monterey County $612 ,000 $635,000 $509,000
Santa Cruz County $725,000 $730,000 $606,250
Northern California $401,480 $385,330 $325,560
Northern Wine Country $596,970 $591,320 $472,530
Orange County $667,200 $663 ,600 $605,560
Palm Springs/Lower Desert na $362,120 $325,970 r
Riverside /San Bernardino $347,200 $342,120 $274,660
Sacramento $357 ,360 $351,900 r $287,000 r
San Diego $588,800 $580,860 $494,020
San Francisco Bay $704,060 $677,850 $618,900
San Luis Obispo $493,400 $496,430 $387,120
Santa Barbara County $595,830 $638 ,890 $475,000
Santa Barbara South Coast $1,150,000 $1,200,000 $999,000 r
North Santa Barbara County $454,540 $450,000 $352,270
Santa Clara $733 ,000 $705,000 $625,000
Ventura na $632,320 r $552,120

na - not available
r - revised

Source: California Association of REALTORS(R)

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Tealdi will join VREO's management team as vice president of the
company's Tablet division and will take a seat on the board.
Criterion Corporation's REDtablet, introduced in 2002, was the
first Tablet PC hardware and software solution designed in conjunction
with major PC makers and Microsoft expressly for use by real estate
professionals to facilitate an entirely paperless, wireless mobile
real estate transaction.S.R. is headquartered in Los Angeles. (condo) $397,980 $385,400 r $335,370
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(www.vreo.R. REGION
Central Valley 21 23 33
High Desert 36 38 53
Los Angeles 17 17 22
Monterey Region 10 10 14
Northern California 17 19 25
Northern Wine Country 9 9 14
Orange County 11 11 14
Palm Sprgs/Lwr Desert n.A.

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The purchase of REDtablet (TM), when combined with VREO's
powerful Website and software products, completes the "last mile" of a
paperless, mobile real estate transaction process extending from the
back office out to REALTORS (R) in the field. The March Housing Affordability Index (HAI) declined 1
percentage point from February , when it stood at 19 percent.
C. The minimum household income needed to
purchase a median-priced home was up from $97,290 in March 2004, when
the median price of a home was $428,060 and the prevailing interest
rate was 5.'s April 2005 sales and median price report for the state
and regions within the state will be released on May 24.A.

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's monthly housing affordability index measures the
percentage of households that can afford to purchase a median-priced
home in California.org) is one of the
largest state trade organizations in the United States, with more than
160,000 members dedicated to the advancement of professionalism in
real estate. Year Ago

Mar-05 Feb-05 Mar-04
------------ ------------ ----------
Statewide
Calif.R.

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R.A.R.a.

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Francisco Bay Area 12 13 17
San Luis Obispo 13 13 20
Santa Barbara County 9 8 14
Santa Clara 19 20 23
Ventura n.

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C.(R) in California real estate for 100 years, the
California Association of REALTORS(R) (www.

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VREO Software Inc. to Acquire REDtablet; Deal Makes Real Estate Paperwork History

com) today announced it will
acquire Criterion Corporation and its flagship product, REDtablet(TM),
as part of its corporate strategy to provide the residential real
estate brokerage industry with a complete electronic transaction
solution.).
The minimum household income needed to purchase a median-priced
home at $195,000 in the U.
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"REDtablet's
e-signature and document management capabilities and VREO's agent,
broker and enterprise Website and software systems will lead the
transition to an entirely mobile, paperless real estate brokerage
environment.

Business Editors/Real Estate Writers

LOS ANGELES ----The percentage of
households in California able to afford a median-priced home stood at
18 percent in March, a 3 percentage-point decrease compared with the
same period a year ago when the Index was at 21 percent, according to
a report released today by the California Association of REALTORS (R)
(C.
The minimum household income needed to purchase a median-priced
home at $495,400 in California in March was $115,910, based on an
average effective mortgage interest rate of 5.

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+ SAN FRANCISCO----VREO Software, Inc. 13 20
Contra Costa 10 10 12
Fresno 24 26 35
Marin 11 13 17
Merced 16 17 31
Riverside 14 16 22
San Bernardino 19 24 36
San Francisco 9 10 12
San Joaquin 15 17 28
San Mateo 11 14 17
Santa Cruz 12 12 17
Sonoma 9 10 16
Stanislaus 21 24 35

(a) - percentage of California households that can afford to purchase
a median-priced home
r - revised

Source: California Association of REALTORS(R)

Median Prices By Region - Current Month vs.

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VREO Software has
created agent, brokerage and enterprise solutions that integrate
transaction management activities, Websites and electronic marketing
tools .

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"This is all about growth," said James Dwiggins, co-founder of
VREO. VREO was awarded the Inman
Innovator Award for the most innovative real estate transaction
application of 2004.81 percent and assuming
a 20 percent downpayment.

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A. The index is the
most fundamental measure of housing well-being in the state..

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also reports housing affordability indexes
for regions and select counties within the state.car . 15 20
COUNTY
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The price and terms of
the acquisition were not disclosed. Together, we will create efficiencies for
our customers and a faster, friendlier experience for homebuyers and
sellers. The
transaction is expected to be completed by May 15.

For more
information about VREO, call 1-805-546-2020 or visit
http://www.A.R.

C .

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"The acquisition of REDtablet(TM) makes VREO the single-source
solution provider for residential real estate businesses of all sizes
that choose to go paperless."
"Combining our companies will make our products more compelling to
our customers given the challenges they will face in the very near
future," said Daniel Tealdi, president of REDtablet. The Northern Wine Country and Santa Barbara regions were the
least affordable in the state at 9 percent, followed by the Monterey
and San Diego regions at 10 percent.a.

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com
VREO Software, Inc.A. in March 2005 was $45,620.a.

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As separate companies, Criterion has marketed and sold the
pen-based REDtablet(TM) PC equipped with a suite of transaction,
document and lead management applications to several thousand real
estate brokerage and agent clients nationwide.
The companies will continue to maintain offices and existing staff
in their San Luis Obispo and San Francisco Bay Area locations. provides real estate brokers, agents and
franchise organizations software and hardware solutions that improve
productivity and profitability in the industry and the customer
experience for homebuyers and sellers.A. 12 13
Riverside /SBernardino 17 17 29
Sacramento 23 24 34
San Diego 10 11 15
S.

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At 36 percent, the High Desert region was the most affordable
C. region in the state, followed by the Sacramento region at 23
percent.