ARAMCO Report - The Mother of ALL Mortgage Blogs!

California housing shortage worse than previously thought

Posted by Mehran Aram on Thu, Aug 29, 2019 @ 06:08 AM

After several months of prodding by Gov. Gavin Newsom, the Southern California Association of Governments, representing half of the state’s population, agreed in June to zone for the development of 430,000 new homes through 2029. Apparently, that figure is short of what is actually needed, drastically so.

According to a letter released by state housing officials last week, the need over the next decade is closer to 1.3 million new homes. Even this new estimate is still far off from the 3.5 million dwellings Newsom is pushing for.

The call for more housing comes as California is battling an unprecedented housing shortage.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 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: new homes, new housing, Mortgage rates, California Housing Market, Affordable Housing, housing shortage, Gavin Newsom, California Housing Shortage

New housing for developmentally disabled breaks ground in San Diego

Posted by The Aramco Group on Tue, Oct 23, 2018 @ 10:10 AM

Ground has been broken on three new affordable apartment buildings in Otay Mesa which will housing people and families with developmental disabilities. Pacific at Playa del Sol includes a dozen units specifically for low-income residents which such disabilities. Rent costs will start at $730 for a single bedroom.

“Adults with developmental disabilities desire what we all desire,” said San Diego Regional Center Executive Director Carlos Flores. “Good jobs, benefits, good pay and a nice affordable place to live.”

Chelsea Investment Corporation, in collaboration with the County, the San Diego Housing Commision, the Foundation for Developmental Disabilities, Pardee Homes and Banner Banks. The apartments are promised to remain affordable until about 2074.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.75 percent, 15-year rates are near 4.25 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: San Diego, Mortgage rates, Rent, Housing Affordability, Monthly Rent, San Diego Housing Commission, Affordable Housing, Rent Costs