The median price of an existing, detached single-family home rose significantly in Southern California in October compared with the same month a year ago, the California Association of REALTORS® reports.
San Bernardino had the greatest increase: 12 percent.
Los Angeles County’s median climbed 8.1 percent Riverside County went up by 7.5 percent, and Orange had the smallest hike of the four counties: 4.8 percent.
The median price — the midpoint of sales – was $786,000 in Orange; $580,360 in Los Angeles; $382,500 in Riverside and $274,450 in San Bernardino.
Statewide, the median price was $546,430, up 6.1 percent from $515,170 in October 2016. Sales were down 3.4 percent from a year ago.
A low supply of homes on the market continued to put a crimp on sales, especially in the relatively affordable price ranges.Economy, Home Prices, Real Estate
Source: The Orange County Register
California continues to see more folks moving elsewhere in the nation rather than relocating here, a sign the state looks relatively unappealing to others.
Last year, California had 142,932 more residents exit to live in other states than arrive, according to an analysis of a new report from the U.S. Census Bureau, released Wednesday, Nov. 15.
This “domestic net outmigration” was the second-largest outflow in the nation behind New York and just ahead of Illinois and New Jersey. And it was up 11 percent (13,699 net departures) vs. 2015.California’s net outmigration has been ongoing for two-decades-plus.
Yet the state’s population continues to grow: By this count, up 108,301 in 2016 — or 0.3 percent — to 38.8 million.
Source: Housing Wire
Grants immediate foreclosure relief
The U.S. Department of Housing and Urban Development announced Thursday it will offer relief to disaster victims of the recent California wildfires.
As of Wednesday, wildfires that raged across northern California left a death toll of 42. The number of missing people peaked at more than 2,000, but since then shrank back down to 50 people missing.
The fires are being called the deadliest and most destructive in the state’s history. About 3,000 homes were destroyed in Santa Rosa alone.
Last week, President Donald Trump issued a disaster declaration for Butte, Lake, Mendocino, Napa, Nevada, Orange, Sonoma and Yuba counties.
Now, HUD is offering disaster assistance to these areas. That relief will include foreclosure suspensions and other assistance to certain homeowners in the affected counties.
Here are the programs HUD announced are available for homeowners in the declared disaster area:
Immediate foreclosure relief: HUD announced it will grant a 90-day moratorium on foreclosures for Federal Housing Administration-insured home mortgages. HUD explained there are tens of thousands of FHA-insured homeowners in the impacted areas.
Forbearance and loan modification options: HUD is offering forbearance and loan modifications for FHA borrowers in the disaster areas.
Making mortgage insurance available: HUD will provide FHA insurance to disaster victims who have lost their homes and must rebuild or buy another home. Borrowers are eligible for 100% financing, including closing costs from FHA-approved lenders.
Making insurance available for both mortgages and home rehabilitation: HUD’s Section 203 loan program enables homeowners who lost their home to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged homes to finance its rehabilitation.
HUD also announced it would be sharing information with FEMA and the state on housing providers that could have available units in the impacted counties including public housing agencies and multifamily owners.
Foreclosures, Housing availability, Mortgage, Real Estate
Have you noticed how different renting is today from one or two decades ago? I think most of us would agree that renters were usually people in their 20s, renting mostly bare-bones dingy apartments with stinky carpeting and peeling windows in poorly-maintained old buildings until they saved enough to buy a place of their own. With some exceptions, this was the profile of the typical renter until recently.
But the newest trends in apartment development are suddenly attracting a new kind of renter. This renter is interested to live in a place that offers a convenient, quality lifestyle, a comfortable living space, a place to exercise, and a place to socialize all-in-one. We were very interested to find out who exactly are these new renters and what motivates them to rent instead of buy.
3 big ways in which the U.S. renter profile has changed
We turned to U.S. Census data to see if it can shed some light on how renting has evolved since 2009 — around the time when the scales started tilting in favor of renting. We looked at changes in the number of renter households by age, education level, and family type.
Real Estate, Rentals, Renters