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FHA Loans in California

About This State and its People, Places, and Industries

California is the most populous state in the United States, and the third largest by land area, after Alaska and Texas; it is also the second most populous sub-national entity in the Americas, behind only São Paulo, Brazil. California is located on the West Coast of the United States, bordered by Oregon to the north, Nevada to the northeast, Arizona to the southeast, the Mexican state of Baja California to the south, and the Pacific Ocean to the west. Its four largest cities are Los Angeles, San Diego, San Jose, and San Francisco. The state is home to the nation's second and sixth largest census statistical areas as well as eight of the nation's fifty most populous cities. California has a varied climate and geography, and a diverse population.

California's geography ranges from the Pacific coast to the Sierra Nevada mountain range in the east, to Mojave desert areas in the southeast and the Redwood–Douglas fir forests of the northwest. The center of the state is dominated by the Central Valley, one of the most productive agricultural areas in the world. California is the most geographically diverse state in the nation, and contains the highest (Mount Whitney) and lowest (Death Valley) points in the contiguous United States. Almost 40% of California is forested, a high amount for a relatively arid state.
Beginning in the late 18th century, the area known as Alta California was colonized by the Spanish Empire, being part of the Viceroyalty of New Spain. In 1821, Mexico, including Alta California, became the First Mexican Empire, beginning as a monarchy, before shifting to a republic. In 1846 a group of American settlers in Sonoma declared the independence of a California Republic. As a result of the Mexican-American War, Mexico ceded California to the United States. It became the 31st state admitted to the union on September 9, 1850.

In the 19th century, the California Gold Rush brought about dramatic social, economic, and demographic change in California, with a large influx of people and an economic boom that caused San Francisco to grow from a hamlet of tents to a world-renowned boomtown. Key developments in the early 20th century included the emergence of Los Angeles as center of the American entertainment industry, and the growth of a large, state-wide tourism sector. In addition to California's prosperous agricultural industry, other important contributors to the economy include aerospace, petroleum, and information technology. If California were a country, it would rank among the ten largest economies in the world, with a GDP similar to that of Italy. It would be the 35th most populous country.

California's population is estimated by the US Census Bureau at 36,961,664 for the year 2009, making it the most populous state. This includes a natural increase of 3,090,016 since the last census (5,058,440 births minus 2,179,958 deaths). During this time period, international migration produced a net increase of 1,816,633 people while domestic migration produced a net decrease of 1,509,708, resulting in a net in-migration of 306,925 people. The State of California's own statistics show a population of 38,292,687 for January 1, 2009.

California is the second-most-populous sub-national entity of the Western Hemisphere, exceeded only by São Paulo, Brazil. California's population is greater than that of all but 34 countries of the world. Also, Los Angeles County has held the title of most populous U.S. County for decades, and it alone is more populous than 42 U.S. states. The center of population of California is located in the town of Buttonwillow, Kern County. In 2010, illegal immigrants constituted an estimated 7.3 percent of the population. This was the third highest percentage of any state in the country. Starting in the year 2010, for the first time since the California Gold Rush, California-born residents make up the majority of the state's population.

As of 2007, the gross state product (GSP) is about $1.812 trillion, the largest in the United States. California is responsible for 13 percent of the United States gross domestic product (GDP). As of 2006, California's GDP is larger than all but eight countries in the world (all but eleven countries by Purchasing Power Parity). California's unemployment rate exceeds 12%.

In terms of jobs, the five largest sectors in California are trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. In terms of output, the five largest sectors are financial services, followed by trade, transportation, and utilities; education and health services; government; and manufacturing.

California currently has the 5th highest unemployment rate in the nation at 12.5% as of January 2010 and had continued to rise, up significantly from 5.9% in 2007.

California's economy is very dependent on trade and international related commerce accounts for approximately one-quarter of the state’s economy. In 2008, California exported $144 billion worth of goods, up from $134 billion in 2007 and $127 billion in 2006. Computers and electronic products are California's top export, accounting for 42 percent of all the state's exports in 2008.

Agriculture is an important sector in California's economy. Farming-related sales more than quadrupled over the past three decades, from $7.3 billion in 1974 to nearly $31 billion in 2004. This increase has occurred despite a 15 percent decline in acreage devoted to farming during the period, and water supply suffering from chronic instability. Factors contributing to the growth in sales-per-acre include more intensive use of active farmlands and technological improvements in crop production.

Per capita GDP in 2007 was $38,956; ranking eleventh in the nation Per capita income varies widely by geographic region and profession. The Central Valley is the most impoverished, with migrant farm workers making less than minimum wage. Recently, the San Joaquin Valley was characterized as one of the most economically depressed regions in the U.S., on par with the region of Appalachia. Many coastal cities include some of the wealthiest per-capita areas in the U.S. The high-technology sectors in Northern California, specifically Silicon Valley, in Santa Clara and San Mateo counties, have emerged from the economic downturn caused by the dot-com bust.

In 2010, there were more than 663,000 millionaires in the state, more than any other state in the nation
California hosted the 1960 Winter Olympics at Squaw Valley Ski Resort, the 1932 and 1984 Summer Olympics in Los Angeles, as well as the 1994 FIFA World Cup.

California has nineteen major professional sports league franchises, far more than any other state. The San Francisco Bay Area has seven major league teams spread in three cities, San Francisco, Oakland and San Jose. While the Greater Los Angeles Area is home to ten major league franchises, it is also the largest metropolitan area not to have a team from the National Football League. San Diego has two major league teams, and Sacramento also has two.

Home to some of the most prominent universities in the United States, California has long had many respected collegiate sports programs. California is home to the oldest college bowl game, the annual Rose Bowl, among others.

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