Editor's note: The following information is adapted from this week's script for Realty Times TV. See Realty Times TV every Saturday morning at 11:00 a.m. Eastern time on channel 223 (Dish Network) and on Sundays at 11:00 a.m. Eastern time on channel 227 (DirecTV).

Freddie Mac released the results of its Primary Mortgage Market Survey in which the long term mortgage rates dropped for the fourth week in a row... Frank Nothaft, its Vice President and chief economist says, "These rates are an indication the Fed doesn't see inflation to be as great a threat as the markets previously had thought it would be." "And when inflation is thought to be in check, mortgage rates naturally drift downward as they did this week."

In Realty Times' latest news roundup from columnist Broderick Perkins , the minority home ownership rate rose a record 51.6 percent during the first quarter of 2005, according to the U.S. Census Bureau. Overall, home ownership was also at an all-time high in the first quarter, with 74.5 million American families now owning their own homes.

Two years ago, President George W. Bush challenged the nation to create 5.5 million new minority home owners by the end of the decade and since then, there has been a net increase of 2.3 million such home owners, which is 43 percent of the Presidents' goal.

Lew Sichelman , our columnist in Washington, D.C., has an interesting piece on Fannie Mae making it easier to get a loan when you purchase a condo. According to the National Association of Realtors, sales of existing condominiums and cooperatives hit their ninth consecutive annual record in 2004. There were almost one million condos sold last year.

If you are planning to move or relocate to California you can expect the average price of a home to be almost $500,000 according to the California Association of Realtors. The most expensive regions include Santa Barbara's posh South Coast, with a median of $1.15 million.

Realty Times' Market Conditions Reports

In Greenwich, Connecticut , Realtors say they are now well into the 2005 spring market, and real estate is in high demand. Our local Realtor experts tell us that prices are still on the rise, especially in condominium investments, with a 21 percent increase in price as compared to 2004 prices. Buyers and sellers are both benefiting from the market. The average price of a single family home was $2,350,000 which was up 28 percent from the year before. The average number of days on the market was 77 as compared to 90 a year ago. At the present time, the least expensive single family home in Greenwich is priced at $520,000, while the most expensive currently is $37,500,000.

Moving to California, the housing market within San Diego County is still very strong. Sellers are getting close to the asking price but there is a little negotiating room for the buyer. Homes at the bottom of the market, under $450,000, sell relatively quickly. And according to our Realtors there, the homes in the middle range, $450,000 to $700,000 are taking from 45 to 60 days to sell. Homes in the upper ranges are selling from 60 to 90+ days. The median price of an existing California home bumped up 20 percent and sales increased by 3.2 percent compared with this time last year.

Over in St. Clair Shores, Michigan , the weather is starting to break and real estate activity is beginning to increase. Currently, there are quite a few homes in all sizes and price ranges for sale in the area. Prices are down a percent or two from previous years, making correct pricing and showing condition of homes extremely important. The average days on market is about 60. However, a home that is priced right will sell quickly.

This week, Realty Times TV viewers asked:

Jim from Kansas asks: I purchased a townhouse for $170,000 last April. I don't like the area, and I now want to sell, which means I've lived here for only one year. If I sell it now, will I be penalized because I haven't lived there for two years? Also, if I sell it for $175,000 is that considered a gain? Aren't you able to write off the closing costs, commissions, etc., from the sale price?

Answer: You bought for $170,000 and you may be able to sell for $175,000. However, when you bought you also paid an array of closing costs. When you sell, you'll again face closing and marketing expenses. Thus you are likely to have a loss. Get out the HUD-1 settlement sheet from your purchase to see your true cost.

Sandy from Michigan asks: My husband and I are building a house. We signed the contract July 2004 for $157,000. Right now (April 2005) the house is appraised and would currently sell for $225,000. Since the mortgage is less that 80 percent the value of the home, will I be required to pay private mortgage insurance (PMI)?

Answer: Yes. When you bought the property you put down less than 20 percent of the purchase price. You can typically cancel MI once the original loan amount has been paid down 20 percent. Coverage must be canceled when the original balance has been reduced by 22 percent. In your situation, the lender might agree to cancel coverage after several years of good payments -- after the loan has "seasoned" a bit.

Lucy from Utah asks: I had a home built two years ago. Six months after moving in, we found that the condensation overflow pipes had been sealed within the stucco of the outside wall during construction of our house. This oversight then manifested itself into a mold problem, which the builder has since repaired. When we go to sell our home will we have to disclose this problem in the purchase contract? We have the mold report stating that everything was taken care of.

Answer: One disclosure theory goes like this: If a home has a problem and the problem has been fixed, then the problem does not exist so there is nothing to disclose. Another theory takes this approach: If a home had a problem, the problem was repaired and thus not disclosed -- but the same problem or a like problem shows up after closing, then the seller might face a claim of some sort, whether justified or not.

You're actually in a wonderful position -- you have every reason to disclose. You had the problem resolved and you have a report from a professional showing that the matter is no longer a concern. Thus, when you sell, disclose the problem, provide a copy of the report and get a receipt showing that the report was received and accepted by the purchasers. As well, make sure the buyers get a home inspection satisfactory to them.