ARAMCO Report - The Mother of ALL Mortgage Blogs!

Homeownership for singles

Posted by Mehran Aram on Mon, Feb 25, 2019 @ 05:02 AM

ATTOM Data Solutions released last week new data that suggests that despite gains in closing the gap in gender pay discrepancies, single men are more likely to be homeowners than single women. The analysis shows that on average single men owned over 1 million properties with the average value just over $300,000, and single women owned just under 1 million properties with the average value just under $300,000.

“According to the US Census Bureau, women earn 80.5 cents for every dollar a man earns, which in turn gives them less purchasing power when it comes to buying a home,” said Jennifer von Phlmann, director of PR for ATTOM. “Therefore, it’s not surprising to see almost a $30,000 home value gap between single men and single women homeowners.”

The data showed that six of the top ten metro areas with the biggest gender gap are in California.

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: census bureau, homeownership, Mortgage rates

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

ARAMCO Report - Tuesday June 3, 2014

Posted by Mehran Aram on Tue, Jun 3, 2014 @ 17:06 PM

Home prices are still moving higher while the pace of appreciation is slowing down. According to CoreLogic, nationwide home prices year over year rose by 10.5 % in April, marking the 26th consecutive month of year over year increase in home values. Meanwhile the census bureau reports a trend of preference towards building larger homes. The average size of a single family home built in 2013 hit an all-time high of 2,598 square feet.

And now for something completely different: Pittsburgh, Pennsylvania is also known as the “city of Bridges” and has more bridges than Venice, Italy. The city boasts 445 of them.

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.

Ask Mehran Aram

Topics: Reverse Mortgage, Aramco Report, home prices, home purchase, Mehran Aram, census bureau, Pennsylvania, bridges, CoreLogic, Pittsburgh, Single Family Home

ARAMCO Report - Monday May 5, 2014

Posted by Mehran Aram on Mon, May 5, 2014 @ 17:05 PM

According to the U.S. Census Bureau, first quarter home ownership rate was at 64.8 percent, the lowest in 19 years. But on a much more positive note, according to Black Night Financial, nationwide negative equity levels are down 60 percent from their peak, with only 1 in 10 Americans underwater on their mortgages versus 1 in 3 in 2010. Meanwhile conforming no point 30 year fixed mortgage rates still average 4 1/4 percent with 15 year rates closer to 3 1/4.

And now for something, completely different: In July of 1934, Babe Ruth paid a fan $20 for the return of the baseball he hit for his 700th career home run. Of course, that was a lot of money back then.

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.

Ask Mehran Aram

Topics: Reverse Mortgage, Aramco Report, and now for something completely different, San Diego, Mehran Aram, census bureau, negative equity levels, home ownership rate, babe ruth, Mortgage rates