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Darius Aram

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Nearly half of renters wish they were owners

Posted by Darius Aram on Mon, Jun 3, 2019 @ 05:06 AM

Despite the increased cost, repairs, taxes and insurance, 45 percent of renters regret renting instead of being able to buy a home. This is more than five times the share of homeowners (8 percent) who regret buying instead of renting. This information comes from a survey conducted by Zillow Research.

The top two regrets that renters have include not being able to build equity in a property and not having the ability to customize or improve their home. This was followed by feeling that that rental prices are simply too high.

87 percent of renters have regrets about their current home compared to 72 percent of people who own. San Diego ranked near the top, with 91 percent of renters reporting at least one regret.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 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.

Topics: San Diego, homeowners, home equity, Zillow, homeownership, Mortgage rates, Renters, San Diego Housing Market, Rental Prices

Buyers’ make comeback in the West

Posted by Darius Aram on Wed, Mar 20, 2019 @ 07:03 AM

After years of shrinking affordability and limited choices, the housing market in the U.S. may be on the verge of normalizing. According to Zillow’s latest Buyer-Seller Index, home prices have cooled in 30 out of 35 major metropolitan areas. The top 10 are all in the West.

San Jose, often one of the most expensive housing markets in the nation, is currently the fastest-cooling metro. In fact, Zillow says that the region has cooled off so much that it is now a cold market – favoring buyers over sellers.

Six of the top 10 cooling housing markets are in California including San Diego, San Francisco, Riverside, Sacramento and Los Angeles.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 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.

Topics: Housing Market, Mortgage rates, Housing Affordability, California Housing Market, home buyers

San Diego homes seeing cuts in sales-prices

Posted by Darius Aram on Tue, Mar 19, 2019 @ 06:03 AM

More San Diego homes are selling for a discount according to a new report. In fact, research from real estate website Trulia shows that San Diego County had the second-most home price reductions in the nation so far this year.

Data reveals that approximately one-in-five homes in San Diego saw a cutback from its original list price in the first several weeks of 2019 – the highest amount since 2014. Economists are saying that the increase in sales prices are an indication of a slow shift towards a buyers market.

The number of homes for sale in the region has also increased over the past year. There were 6,362 homes for sale in San Diego as of February, up from 4,636 during the same month last year.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.25 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 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.

Topics: home sales, San Diego, Trulia, Mortgage rates, San Diego Housing Market

How the Greek crisis affects mortgage rates

Posted by Darius Aram on Wed, Nov 9, 2011 @ 10:11 AM

Mortgage rates dropped yesterday as the average rate on a 30-year fixed-rate mortgage fell to an even 4 percent, down a tenth of a point over the previous week. The average rate on a 15-year fixed-rate mortgage fell to 3.31 percent, down from 3.38% in the prior week.

Greek Debt Crisis affects mortgage rates - socrates says so

Year-over-year, the average rate is a full quarter-point lower than this time last year.

The primary reason for the dip in mortgage rates is increasing consternation over the debt crisis in Europe. As the situation in Greece continues to deteriorate, more and more investors are seeking investing refuge in the United States.

This is good news, at least in the sense that for all of our own economic challenges, our economy is still seen as a safe haven of sorts for investors. (One of those investments deemed safer is U.S. Treasury bonds. When demand for U.S. T-bonds grows, the yield, or rate of return, drops, and mortgage rates normally follow the lead of T-bond yields.)

The situation in Greece remains fluid. The government of George Papandreou reversed course yesterday on its plan to put to a referendum its membership in the European Union – and, along with it, whether or not it will receive additional bailout funds from the EU.

That decision eased somewhat the international worry over the Greek debt situation, but it may be a case of too little, too late.

The October employment figures came out today, and they remain a mixed bag: the unemployment rate ticked down a tenth of a point to 9.0 percent, but the economy added only 80,000 jobs, which were fewer than expected. There’s good news/bad news on the horizon: The number of new jobs should grow over the next two months, but many of those will be temporary, seasonal positions.

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Topics: Greek Debt Crisis, Interest Rates, Mortgage rates