A severe housing shortage, high demand and struggles with affordability have impacted San Diego real estate. With several ballot measures pertaining to the community developments going before the voters, San Diegans will be able to shape part of the housing market in the County.
Among them will be Measure B, to amend the county's zoning laws to allow the development of 1,746 housing units east to be called Lilac Hills Ranch east of I-15. Bringing more homes to San Diego will be Measure M which is targeted toward boosting the number of dwellings for people with low incomes and Encinitas residents will decide on Measure T, which would bring municipal housing regulations inline with state laws to encourage construction of more affordable housing.
While the effects of the passage or failure of these ballot measures may not be felt right away, the results will likely serve as an illustration for how San Diegans feel about the current state of the housing market.
Meanwhile, conforming no-point 30-year fixed rates are averaging 3.50 percent while the 15-year rate is near 2.75 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.