firstname.lastname@example.org | May 18, 2019 | 0
CoreLogic: Q3 equity jumps $37,000
By Ron Trujillo / email@example.com
If you’re a homeowner, chances are you’re feeling richer. A lot richer.
The average California enjoyed a $37,000 increase during the third quarter compared to the same period a year ago, according to CoreLogic. The state had the second-largest equity gain in the nation, behind only red-hot Washington state at $40,000.
The Golden State’s third quarter performance easily exceeded the $30,000 boost in equity during first- and second-quarter 2017, and the $26,000 for the final four months of 2016.
With the fast-climbing home prices, the percentage of negative equity mortgages — also known as being underwater — continues to decline every quarter.
Only 3.2% of mortgages in the state were underwater during the three-month period, with many of those properties in the Central Valley, the High Desert and inland Northern California.
San Francisco has the lowest percentage of negative equity mortgages at 0.6%. Los Angeles has the fourth-lowest percentage at 2.0%.
Texas and Utah have the smallest percentage of underwater mortgages at 1.5%, followed by Oregon and Washington state at 1.6%. Louisiana and Florida have the largest percentage of negative equity mortgages at 10.1% and 9.0% percent, respectively.
Feature photo by Konstantin L/Shutterstock.
5 of nation’s largest rent increases in California
Five California cities had the nation’s fastest-growing rents in November compared to a year ago, but longtime leaders San Francisco and San Jose failed to make the list.
Instead, inland markets — including Lancaster, Modesto and Victorville — were among the top 10 nationwide, according to RENTCafe.
Lancaster, about an hour commute from downtown Los Angeles, had average rent increase 11.2% to $1,167, the fourth-largest gain in the nation. Odessa, Texas, had the largest increase at 33.2% to $1,111.
Sacramento finished in seventh-place, with a 9.1% increase to $1,289. The state capitol’s rental market has been among the hottest in the nation during the past year.
Modesto, Victorville and Ventura finished in eighth through 10th-place, respectively. All three cities had annual gains of about 8%.
A critical lack of housing coupled with a booming demand are pushing rents higher in inland communities throughout the state. Now, San Jose and San Francisco rents increase, but at a more modest pace at 2.2% and 1.1%, respectively.
Both San Francisco and San Jose — and three other Bay Area cities — were among the 10 most expensive in the nation. San Francisco was the second-most expensive market in the nation at $3,432, a far distance from Manhattan (New York) at $4,089.
You can check many California cities and the rent increases — or, in some cases, the decreases on the RENTCafe website.
Foster City apartment community photo by Sundry Photography.