Feeling equity rich?
A majority of homeowners with a mortgage have more equity than debt. See the percentage of equity-rich homeowners in different regions of the state.
Plus, more homeowners with a mortgage are considered ‘equity rich’ and affordability improves slightly thanks to lower prices.
Home sales have dropped four consecutive months and the median price fell below $800,000 for the first time in seven months.
3.10% vs. 2.72% a year ago. Rates are at the highest level since early April.
$798,440 in October, up 12.3% from a year ago
Days on market
11 days in October vs. 10 days a year ago
Affordability improves, sort of
Make $100,000-plus and want to buy a home? You will likely still need more — a lot more — in much of the state. See the income needed to qualify by region.
The state has approved $22 billion in funding to build tens of thousands of homes — but millions are needed.
State has issued $650 million to 55,000 renters — or about 25% of the federal funds under the CARES Act. About 724,000 renters are behind on their rent.
Plus, the Best Places to Live winners in California, home-flipping profits slide, Stockton gets ‘overvalued’ label, and the state issues $1.75 billion more for affordable housing.
Plus, an LA mega-mansion seeking $500 million enters receivership with a mountain of debt, some rents rebound from the pandemic, and San Diego home prices surge.