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.
More investors entering the market, competing with consumers for homes
Plus, more homeowners with a mortgage are considered ‘equity rich’ and affordability improves slightly thanks to lower prices.
A chill in the air? Home sales dip, prices fall below $800,000
Home sales have dropped four consecutive months and the median price fell below $800,000 for the first time in seven months.
Mortgage rates
3.10% vs. 2.72% a year ago. Rates are at the highest level since early April.
Median price
$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.
Gov. Newsom signs bills that could build the foundation for more housing
The state has approved $22 billion in funding to build tens of thousands of homes — but millions are needed.
California Covid rent relief, eviction protection continues through March but with some changes
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.
Rents soar, mortgage rates remain low and the buy vs. rent decision gets complicated
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.
5 of the most affordable housing markets for teachers are in California
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.
Worried about wildfires? Check the risk
Plus, Fannie Mae will consider rent payments as part of the application process for first-time buyers, affordability plummets to 14-year low, and half of homeowners in Golden State are equity rich.
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Contact Ron Trujillo at ron@calhomenews.com.
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