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Calif.’s high home prices driving people away

Posted by Mehran Aram on Thu, Oct 3, 2019 @ 06:10 AM

In a sampling of California voters, over half have said they have considered leaving the state, primarily because of the high cost of housing.

According to a new poll from the UC Berkley Institute of Governmental studies of registered voters in the Golden State, 24 percent of respondents say they have given “serious” consideration to leaving and an additional 28 percent have given “some” consideration to the idea.

Among the 52 percent who claim to have considered the notion, 71 percent claim it is the high cost of housing that is prompting them to think about relocating across state-lines. The poll found that this sentiment is shared by over 80 percent of people in their 20s and 30s.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.375 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, Mortgage rates, California Housing Market, California Home Prices, Golden State, Housing Cost

Bold, new rent control law passes in Calif.

Posted by Mehran Aram on Sat, Sep 14, 2019 @ 08:09 AM

Lawmakers in California last week approved a statewide limit on annual rent increases for most tenants. This sweeping mandate is the latest step to curb rapidly rising rent prices in the State. Specifically, the new law, which would become retroactively effective as of March this year, caps annual rent price hikes to 5 percent after inflation.

The bill, as of this writing, will head to Governor Gavin Newsom’s desk where he is expected to sign it into law. He has made the housing affordability crisis in California a top priority of his administration.

California voters rejected a similar ballot initiative last year that would have allowed cities to impose more strict local rent caps.

Today, 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: inflation, Mortgage rates, Housing Affordability, Rent Control, Gavin Newsom, Governor Gavin Newsom, California Rent Prices, Golden State, Rent Hikes, California Rent Control, Rent Prices, Rent Cap, california voters

Calif. state officials label California home sales as “weak”

Posted by Mehran Aram on Sun, Jul 28, 2019 @ 08:07 AM

In a report issued last week by the California Legislative Analyst’s Office, home sales in the Golden State were called “weak”, a volte-face to what is normally considered to be one of the hottest housing markets in the U.S.

The state office cited new data that shows statewide home sales were notably lower than historic norms in June.

“Home sales were on a clear downward trend during the second half of 2018 and the beginning of 2019,” the report read. “Sales remain relatively weak.” The report notes however that Californian’s shouldn’t fear an economic downturn or a bust in the housing market. Rather, the latest data is being considered by some economists as merely the ebb and flow of the industry.

Today, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent and 15-year rates are near 3.375 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: Mortgage rates, California Home Sales, Golden State

Calif. home prices reach new peak

Posted by Mehran Aram on Sat, Jun 22, 2019 @ 07:06 AM

The median home price in California reached another peak in May according to the California Association of Realtors. This marks the second consecutive month in which home prices in the Golden State reached a new high. Prices reached a new-all time high in May - beating the record the prior month – as the median home price climbed to $611,190. This is up 1.4 percent from April’s $602,920 and 1.7 percent higher than the $600,860 median in May 2018.

In San Diego, the median sold price of existing single-family homes was $650,000, up on both a monthly and yearly basis.

Home sales in May also improved over April as the summer home buying season kicked into high gear. But the affordability crunch brought on by the record-high home prices were reflected in year-over-year sales which were down 0.6 percent from May 2018.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 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, California, California Association of Realtors, Single Family Home, Mortgage rates, California Housing Market, San Diego Housing Market, Existing Homes, San Diego Home Prices, California Home Prices, California Median Home Price, Golden State