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Californians who sold their homes in the second quarter netted large profits. Also, the end of federal COVID jobless benefits will have a huge impact on renters in the state, CalHFA helps record number of first-time buyers, and record-low rates are luring younger buyers — and saving all buyers and owners a ton of money.

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Forbearances jump in state

With millions of Californians out of work, the almost 6% of mortgages in forbearance in the state could eventually become homes in foreclosure.

Also in the blog:
  • 1 of 3 renters worries about rent
  • Mortgage refi boom
  • New-home sales slow
  • Tweet this: Facebook, Twitter employees Like cheaper housing
  • CalHFA boosts income limits

Big profits for sellers — and much equity for owners

Homes sold generated hefty paydays for sellers, and many owners are now equity-rich, owing 50% or less on their mortgage than the current market value of their home.

Also in the blog:
  • Lenders demand higher credit scores, larger down payments
  • California dreamin’: 3.5M homes by 2025
  • State warns against forbearance, foreclosure scams

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Mortgage rates

Long-term rates dropped to a new all-time record low for the week ending Aug. 6. It’s the eighth record low in 2020.
30-year: 2.88% vs. 2.99% a week ago
15-year: 2.44% vs. 2.51% a week ago
Source: Freddie Mac

Bits and bytes from the CHN Blog

End of federal jobless help will deeply hurt renters
Apple to invest $400M in affordable housing
Home-flipping soars, but profits slide. LA bucks trend