ARAMCO Report - The Mother of ALL Mortgage Blogs!

California voters to decide on rent control measure

Posted by The Aramco Group on Sun, Oct 7, 2018 @ 09:10 AM

The rate at which rents are rising in California is unprecedented. More than half the state’s renters are spending 30 percent or more of their monthly income on rent according to the U.S. census bureau. Because of this predicament, organizers collected enough signatures earlier in the year to ensure that Proposition 10 is put before voters. The ballot measure would allow cities and counties across the state to expand rent control,

Supporters of the initiative say it will offer relief for renters and protect them against unreasonable or exorbitant rent increases. Opponents, on the other hand, claim it could lower demand for housing and even prevent owners from setting rent prices on rooms in their own homes.

While San Diego does not currently have any local rent control laws in place, other California cities do. The passage of Proposition 10 would give cities the discretion to expand rent control locally.

Today, 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 4.15 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: California, Rent Control, Renters, census bureau, Proposition 10, San Diego

ARAMCO Report - Tuesday May 19, 2015

Posted by The Aramco Group on Tue, May 19, 2015 @ 18:05 PM

Housing starts increased across the U.S. in April

The seasonally-adjusted annualized rate for housing starts in the U.S. increased 20.2 percent in April compared to March’s forecast (1,135,000 from 1,038,000) according to the United States Census.

This is optimistic news for the U.S. housing economy, which had been hit in Q1 by a harsh winter and deflating economic reports from other sectors. 

Californians may have even more to celebrate as the annualized rate for housing starts in the Western Region went up 39 percent over the same time period. While the California Homebuilding Foundation has not yet published California specific statistics about housing starts for April, California has represented approx. 39 percent of total housing permits in the region in Q1 2015 therefore it is reasonable to presume California builders as well.

This may be good news to potential home buyers and home sellers in California that were concerned about not being able to enter the market before interest rates went up later this year.

Potential homebuyers will find conforming no point 30-year fixed rates average 3.875 percent while 15-year rates average 3.125 percent.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

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Topics: California, inventory, 30 year fixed rates, Housing, Housing Starts

ARAMCO Report - Tuesday May 5, 2015

Posted by The Aramco Group on Tue, May 5, 2015 @ 15:05 PM

Home Prices Should Go Up for Rest of 2015

 

The prices for detached single family homes in San Diego went up 6.03 percent between March 2014 and March 2015, according to the Greater San Diego Association of Realtors.

Statewide prices in California went up 7.2 percent, and national prices went up 5.6 percent over the same time period according to the California Association of Realtors and CoreLogic’s Home Price Index respectively.

Home prices in twenty-seven states and the District of Colombia are within 10 percent of historical peaks for prices in their territories, but California is not one of them. California’s median home price of $440,000 is still -18.2 percent of its peak of $538,000 registered in May 2006.

However the CEO of CoreLogic said, “All signs are pointing toward continued price appreciation [nationally] throughout 2015.”

Prices are being driven upwards due to limited housing inventories across the country during a time with low mortgage rates and improving consumer confidence.

Those looking to sell their home and then purchase a new one will find mortgage rates near an all-time low. Conforming no point 30-year fixed mortgages averaging 3.875 percent while 15-year mortgages averaging 3.215 percent.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

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Topics: San Diego County, home prices, San Diego, California, CoreLogic, 30 year fixed rates, California Association of Realtors, Greater San Diego Association of Realtors, National Association of Realtors, home values, home selling, National

ARAMCO Report - Wednesday April 22, 2015

Posted by The Aramco Group on Wed, Apr 22, 2015 @ 14:04 PM

California’s Home Buying Season Gets Started         

Competed sales for single-family homes and condominiums ratcheted up an impressive 33.1 percent in March 2015 compared to the month before. Total sales went from 24,031 completed in February to 31,989 completed in March. That is the largest March increase in three years, and is an 8.8 percent rise in completed home sales compared to March 2014, according to Property Radar.       

Property Radar attributes this spring season kick-off to “pent-up demand, mild winter weather, and attractive interest rates”.

This increase marks the end of winter sales levels: sales in January and February 2015 increased only 6.0 percent—moving from 22,659 to 24,031—compared to the 33.1% rise between February and March.

California median single-family home prices also increased 4.8 percent, or $18,000, from $375,000 in February 2015 to $393,000 in March. Prices for the same type of homes in San Diego did not rise as much: up 0.6 percent from $498,000 in February to $501,000 in March according to Zillow.

Conforming no point 30-year mortgage rates average 3.75 percent while 15-year rates average 3.0 percent. 

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: home sales, home prices, San Diego, California, Spring Homebuying Season, Appreciation, Price

ARAMCO Report - Monday April 20, 2015

Posted by The Aramco Group on Mon, Apr 20, 2015 @ 02:04 AM

Drought may create seller’s market in San Diego

Uncertainty about water policy and the ability to obtain water connections for new developments could be stopping some builders from creating new homes in the western U.S., according to the National Association of Home Builders. Housing starts in the West fell for the third straight month in March 2015, down 19 percent, to an annualized rate of 201,000.

Only 278 permits for new single-family homes were granted in San Diego County in February 2015 — the most recent month for which there are official statistics.

Home sales in San Diego County are up however, according to CoreLogic. Last month 3,467 real-estate transactions closed in the county, a 13.4 percent jump from March 2014. Therefore existing homes are selling faster than new homes are being built.

San Diego County had less than a two-month supply of residential listings at current sales rates in March 2015. Historically, less than a three-month supply of listings could indicate a seller’s market.

If the drought is indeed the cause of builders’ reticence to build new homes, then the seller’s market might persist into the future. 

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: San Diego County, water, Drought, home starts, Seller's Market, California, Housing Market, CoreLogic, West, National Association of Home Builders

ARAMCO Report - Wednesday August 6, 2014

Posted by Mehran Aram on Wed, Aug 6, 2014 @ 17:08 PM

According to the U.S. Department of Commerce, U.S. homeownership hit a 19 year low in the 2nd quarter at 64.8%, as tight lending standards and tepid wage growth drive Americans toward renting. It peaked in 2004 at 69.4%. But in California last quarter, the number of homes that sold for a million dollars or more rose to its highest level in 7 years. Meanwhile conforming no point 30 year fixed mortgage rates average 4 1/4% with 15 year rates closer to 3 1/4.

And now for something, completely different: Did you know that the largest hotel in the world is the Izmailovo Hotel in Moscow, Russia? It has 7,500 rooms and 4 towers, each 30 stories high!

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

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Topics: Aramco Report, and now for something completely different, home purchase, California, Aramco Mortgage, 30 year fixed rates, homeownership, Moscow, World's Largest Hotel, Russia, U.S. Department of Commerce, renting

ARAMCO Report - Friday July 18, 2014

Posted by Mehran Aram on Fri, Jul 18, 2014 @ 17:07 PM

According to CoreLogic nationwide home sales across all price points are beginning to suffer. It started with lower priced homes but has moved to even the higher priced segment. But real estate is all local and in states such as California foreclosure filings were down almost 25% in the first half of 2014. This according to Realty Track. And home prices are still rising but not as fast as last year. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/8th.

And now for something, completely different: Did you know that goalies in the National Hockey League played without masks until the year 1959? That’s hard to believe considering the risks!

For more information on a home purchase, a refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (866) 700-0942.

This is Mehran Aram with today's ARAMCO report.

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Topics: Aramco Report, and now for something completely different, real estate, California, CoreLogic, NHL, Hockey Mask, 30 year fixed rates, foreclosure, ARAMCO, Realty Track, National Hockey League

ARAMCO Report - Friday July 11 , 2014

Posted by Mehran Aram on Fri, Jul 11, 2014 @ 17:07 PM

There is further evidence that the U.S. housing recover is on track. According to HUD and the U.S. Department of the Treasury’s June scorecard, new home purchases rose by 18.6% in May and rose 16.9% from a year ago. That was the biggest monthly gain in 22 year. Existing home sales also rose 4.9%. Meanwhile foreclosure starts fell 10% and are down 32% from a year ago. Conforming no point 30 year fixed mortgage rates average 4 1/8th with 15 year rates closer to 3 1/8th.

And now for something, completely different: Did you know that in 1952 Albert Einstein was offered the presidency of Israel? Of course he declined the offer. Further proof of his intelligence in staying away from politics.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

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Topics: home sales, Reverse Mortgage, Aramco Report, and now for something completely different, Mehran Aram, HUD, California, Albert Einstein, Israel, 30 year fixed rates, ARAMCO, politics, home purchases

ARAMCO Report - Monday July 7, 2014

Posted by Mehran Aram on Mon, Jul 7, 2014 @ 17:07 PM

Not a whole lot of movement in the bond market, leaving mortgage rates unchanged. Conforming no point 30 year fixed rates average 4 1/8th with 15 year rates closer to 3 1/8th, both at their lowest level of the year. Meanwhile according to the National Association of Realtors, home price appreciation is slowing with the median expected price increase this year at 4%. In states such as California and 5 other states appreciation rates are expected to be in the 5 to 7% range.

And now for something completely different: Did you know that Tug of War was a team event in the summer Olympics continuously from the year 1900 to 1920? The U.S. won all three medals in 1904!

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

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Topics: Reverse Mortgage, Aramco Report, home purchase, Olympic Games, California, home ownership, bond market, 30 year fixed rates, National Association of Realtors, Olympic

ARAMCO Report - Monday June 16, 2014

Posted by Mehran Aram on Mon, Jun 16, 2014 @ 17:06 PM

Despite a rise in homebuilder’s confidence and U.S. industrial production, mortgage rates were unchanged ahead of the Fed meeting. Conforming no point 30 year fixed rates average 4 1/4 % with 15 year rates closer to 3 1/4. IMF is forecasting that U.S. inflation will remain below the Fed’s 2 % target through 2017 and said the Fed should keep interest rates near zero for a longer period.

And now for something completely different: Today America mourns the passing for Hall of Fame Baseball player, Tony Gwynn. Playing the entirety of his 20 year career with the San Diego Padres, Tony Gwynn’s loyalty and character were unparalleled, and have rightly earned him the title of "Mr. Padre". May his memory be eternal.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at ww.ARAMCO.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Reverse Mortgage, Aramco Report, and now for something completely different, San Diego, Interest Rates, California, 30 year fixed rates, mortgage news, Mortgage Market, Baseball, Fed's, Mortgage rates, Tony Gwynn, Hall of Fame, San Diego Padres, U.S.