Blog Posts
Mortgage rates have shot up since the beginning of the year following a honeymoon period of record-low rates through the pandemic; home buyer demand thrives, and inventory levels remain scarce — the Bay Area housing market is “normalizing” and seeing less-intense competition. You may wonder: “Are the days of homes going for $1 million over the asking price after just days on the market coming to an end?” You may find your answer with three key metrics that show where the Bay Area and California housing markets stand.
1. Home sales are declining.
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As previous sponsors of “Feed the Need” and “Show Your Love” events, Advent has contributed more than just money to help make a difference and impact people’s quality of life.
Benjamin and Darryl have helped increase awareness of Spectrum’s senior service programs by engaging our team and reaching out to a vast network of contacts. Whether making calls to personally invite people to get involved or donating wine glasses to offset event expenses, Advent has impacted the success of Spectrum’s fundraising events. Ensuring that dollars donated go directly to helping those in need of daily service programs like Meals on Wheels. more...
Photo by Kindel Media.
California launched two programs last month to help those interested in becoming homeowners, and one allows first-time homebuyers to borrow a down payment at 0% interest. more...
Photo by Pavel Danilyuk
Mortgage rates have finally hit 5% and if mortgage rates continue on their current trajectory, some experts predict 30-year fixed rates could hit 6% within the next few months. But others say the timeline is a little longer. Whenever rates hit this benchmark, one thing is clear: Though a 6% mortgage rate is still considered historically low, it would signify the highest level for rates in about the last decade. more...
Photo by Andrea Piacquadio.
Mortgage rates took another jump higher last week, taking their toll on current borrowers who might have wanted to refinance. Demand from homebuyers, however, appears to be hanging in for now. more...
03/22/2022
Appeals Court Upholds San Francisco Law, Protecting Tenants from ‘eviction by another name.’
Photo by Saúl Bucio on Unsplash
A state appeals court upheld a San Francisco tenant-protection law that bars property owners from bypassing city limits on evictions to force tenants to leave with hefty rent increases. more...
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Record increases in home prices are pushing up the number of equity people have in their abodes. For many Americans, they can borrow more against what is often their most substantial asset. However, financial experts caution you should think carefully before making such a move. more...
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Assembly Bill 854 would’ve curbed an owner’s ability to evict tenants using the Ellis Act in rent-controlled jurisdictions. Tenant advocates, racial equity groups, YIMBYs, and even some of their usual opponents wanted to see the bill pass. The cities of San Francisco and Los Angeles — which rarely see eye to eye on housing issues — as well as every Democrat on the Assembly Housing and Community Development Committee, signed on. more...
Photo by Brett Jordan on Unsplash
According to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics, the prices of goods used in residential construction ex-energy climbed 3.6% in January (not seasonally adjusted). The index was higher by a 25.4% jump in softwood lumber prices and 9.0% price increases for indoor and outdoor paint.
Building materials prices increased 20.3% year over year and have risen 28.7% since January 2020. Over the past four months, the index has climbed 8.4%. more...
On January 6th, 2022, ATTOM released its 2022 Rental Affordability Report, which proves that owning a median-priced home is more affordable than average rents on a three-bedroom property in 666, or 58%, of the 1,154 U.S. counties analyzed in this report. That means major homeownership expenses consume a smaller portion of average local wages than renting.
That can be pretty hard to believe, considering how much the median price of homes skyrocketed since the start of the pandemic, but the data does not lie. Home prices have increased more than average rents and more than average wages in 88% of the counties analyzed. more...