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.
The pandemic is pushing rents lower in the Bay Area and higher in inland areas. Also, Apple allocates $400 million for affordable housing, high-end home prices harder hit than most and higher prices are being offset by record-low mortgage rates.
Stitch Fix has announced plans to leave much of its customer representatives from San Francisco to other U.S. cities. Affected employees could buy a house and save a ton of money. Also, home-flipping sales soar but profits tumble, Welk Resorts agrees to $5.4 million settlement with timeshare owners, and a 60-hour work week is needed to pay the rent in many cities in California.
Forbearances could lead to foreclosures with millions of residents jobless. Also, many renters are worried about paying rent, mortgage refis skyrocket, new-home sales stall, and Facebook and Twitter employees search for lower-priced homes.
California homeowners are enjoying hefty profits when selling — and when they don’t. Also, bigger down payments and higher credit scores needed for buyers, and don’t expect 3.5 million more homes anytime soon.