firstname.lastname@example.org | May 18, 2019 | 0
California remains Golden State, $30,000 boost in equity in Q1
By Ron Trujilloemail@example.com
California homeowners should feel pretty rich, with the average homeowner enjoying a $30,000 increase in equity during the first quarter compared to a year ago, the second-highest gain in the nation, according to CoreLogic.
Washington state homeowners had the biggest equity gain at $40,000 compared to second-quarter 2016, followed by California and third-place Utah at $27,000.
Only 3.6% of homeowners are dealing with a negative equity mortgage, one of the lowest rates in the nation. San Francisco has the nation’s lowest rate of negative equity mortgages, at 0.6%. Los Angeles has the fourth-lowest rate in the nation at 2.3%.
Despite the impressive increase during the first quarter, CoreLogic says only some markets – such as San Francisco, the Inland Empire (Riverside and San Bernardino counties) and part of the Central Coast – were overvalued in July, the latest report available.
About a third of the state is considered “normal,” while the other third – primarily the Central Valley, from about Bakersfield to Stockton – is “undervalued.”
So, homeowners concerned about a bubble can breathe a bit easier, while home-shoppers should still consider entering about two-thirds of the markets, if financially possible.
Photo by Joseph Sohm/Shutterstock
Thinking about moving out-of-state? You’re not alone
Fast-rising home prices, already at record-highs in some parts of the state, are causing more Californians to look into moving – including out-of-state, according to a University of California, Berkeley IGS Poll released in mid-September.
Almost half (48%) of registered voters surveyed say the housing cost is an “extremely serious” problem in the are where they live, and 58% think about moving from their region because of housing costs. In fact, 25% of folks surveyed say they are considering leaving California in favor of lower-priced states.
As expected, voters who are renters and/or under 50 years old are more likely to relocate out of California, according to the report.
Photo by B Calkins/Shutterstock