ARAMCO Report - The Mother of ALL Mortgage Blogs!

Affordable housing bill gaining traction

Posted by The Aramco Group on Sun, Mar 5, 2017 @ 14:03 PM

An effort to ease the price burdens of the California housing market is making progress in the statehouse. A bill that would create a permanent source of funding for affording housing cleared a key committee in the California State Legislature last week. Senate Bill 2, also known as The Building Homes and Jobs Act, would require a $75 recording fee on real estate documents, excluding property sales.

The Senate Transportation and Housing Committee agreed to move forward on the legislation which some estimates say would raise $250 million annually.

Authored by Senator Toni G. Atkins (D-San Diego), the bill also aims to create jobs as well through an increase in construction projects. Opponents of the bill say it would be a burden to small contractors who frequently record real estate documents. SB2 will next head to the Senate Governance and Finance Committee before being debated by the Senate Appropriations Committee. If not defeated, the bill would then be eligible for consideration by the entire state Senate.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent while 15-year rates are near 3.275 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.