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

ARAMCO Report - Wednesday July 23, 2014

Posted by Mehran Aram on Wed, Jul 23, 2014 @ 17:07 PM

More good news on housing and the mortgage market as applications for U.S. home mortgages including refinance and purchase transactions rose by 2.4% last week. This according to the mortgage Bankers Association. Meanwhile the national inventory of loans in foreclosure fell by 1.5% last month to its lowest level since May of 2008. And Freddie Mac predicts that new housing construction will increase 14% this year and home sales are expected to accelerate for the rest of this 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 Chicago River is the only river in the world that flows backward? 

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: Aramco Report, Loans, 30 year fixed rates, foreclosure, Freddie Mac, ARAMCO, Construction, Mortgage Bankers Association, new housing, Chicago River