Recent data indicates that home values in SoCal may have begun to rebound.In April, the median sales price for existing single-family houses in SoCal ↑ 2%. The number of homes available for sale in SoCal ↓ 21% since the beginning of the year. Despite limited inventory, sales in SoCal ↑ 34%....
Assembly Constitutional Amendment 10 proposes to enshrine housing as a fundamental right in California's state constitution. The amendment aims to address the housing crisis by providing a legal tool and ongoing obligation for the state. It is to ensure access to permanent, stable homes for all individuals. Public opinion supports affordable housing...
Residents in San Benito County affected by the severe storms and flooding that started on February 21 can apply for temporary rental assistance from FEMA. The first two months of rental assistance is provided without having to provide rental receipts. Extensions on rental assistance may be granted for three-month periods at a time, up to a maximum of 18 months from the date of the FEMA disaster...
The national real estate market is facing a shortage of homes for sale due to various factors such as low mortgage rates and high demand, as well as the pandemic. This is causing buyers to struggle to find homes that fit their criteria and budget. Experts suggest that the issue could be solved by more inventory, but it may be a short-term fix. The bigger issue is the mortgage rates, which impact not...
Home prices have declined the most in the western states but have stayed stable or slightly increased in the eastern states. The default mentality when buying a house should be to aim for a 10% discount to market price. There is pent-up demand and growing cash balances among potential homebuyers, leading to an increase in housing market activity. The...
Fannie Mae's chief economist Doug Duncan warned that the US is headed into a moderate recession, citing a slowdown in US housing activity as a major indicator. Existing home sales have plummeted to their lowest level since 2010 and are on track to post further declines this year. High borrowing costs have pushed buyers and sellers to the sidelines, but the strength of the housing sector could help...
US home prices increased more than previously expected in Q1 2023. The increase in home prices adds to the challenges faced by buyers in the US, including inventory shortages and higher mortgage rates.Higher mortgage rates are contributing to the shortage of inventory, as potential move-up sellers are reluctant to sell due to their current low mortgage...
The U.S. housing market inventory is low due to the changes in the housing credit channels. With the current low purchase applications data and lack of credit boom, inventory has not skyrocketed like it did in 2012-2019 and is near all-time lows, leading to a low days on the market. NAR Total Inventory Data has decreased since 2007, with first-time buyers responsible for 29% of sales in April and...
Dropping prices mean a greater opportunity for buyers to purchase the home they've been waiting for. For buyers who've been priced out of the market, there's no guarantee of either a market crash or lower prices in their region of the country. Establishing a relationship with a trusted local Real Estate agent means knowing they will give you...
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