An interesting note about millennials is that, at a median income of $35,000 per year, it could take 10 years before a house purchase will be considered affordable, assuming a 20% down payment on a house in order to avoid personal mortgage insurance on a home mortgage.
Great images now available with housing affordability in California!
California: $452,570
Calif. highest median home price by region/county December 2014: Marin, $990,130 million
Calif. lowest median home price by region/county December 2014: Glenn, $176,670
Calif. Pending Home Sales Index:
November 2014: Decreased 13.4 percent from 104.8 in October to 90.7 in November.
Calif. Traditional Housing Affordability Index: Second Quarter 2014: 30 percent (Source: C.A.R.)
Mortgage rates: Week ending 1/15/2014 (Source: Freddie Mac)
• 30-yr. fixed: 3.66% fees/points: 0.6%
• 15-yr. fixed: 2.98% fees/points: 0.5%
• 1-yr. adjustable: 2.37% Fees/points: 0.4%
Recently I have read how affordable home ownership has become, including how foreclosure filings are at a 7 year low. On the flip side, mortgage delinquencies are up! Mortgage delinquencies mean that the borrower is behind on their payments, but no sale is pending on the home. I believe if it weren’t for several states enacting new laws that delay foreclosure sales, the filing against delinquent borrowers would be much higher …http://dsnews.com/news/12-30-2014/foreclosures-falling-delinquency-rate-climbing
Short Sales transactions rejoice!! Under the Mortgage Debt Forgiveness Act, any mortgage forgiveness achieved in a short sale is not counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage. Read here…http://www.housingwire.com/articles/32456-short-sale-tax-break-signed-into-law
Thanksgiving is right around the corner too!
Calif. median home price: October 2014:
California: $450,620
Calif. highest median home price by region/county October 2014:
San Mateo, $1.07 million
Calif. lowest median home price by region/county October 2014:
Tehama, $160,000
Calif. Pending Home Sales Index:
September 2014: Increased 2.6 percent from 99.78 in August to 102.4 in August.
Calif. Traditional Housing Affordability Index: Second Quarter 2014: 30 percent (Source: C.A.R.)
Mortgage rates: Week ending 11/13/2014 (Source: Freddie Mac)
30-yr. fixed: 4.01 % fees/points: 0.5%
15-yr. fixed: 3.20% fees/points: 0.5%
1-yr. adjustable: 2.43% Fees/points: 0.4%
This is a great example of home improvement projects homeowners are taking on to add value to their homes.
Happy Halloween everyone!!!
Calif. median home price: September 2014:
California: $460,940
Calif. highest median home price by region/county September2014:
Marin, $1.15 million
Calif. lowest median home price by region/county September 2014:
Glenn, $147,500
Calif. Pending Home Sales Index:
September 2014: Increased 2.6 percent from 99.78 in August to 102.4 in August.
Calif. Traditional Housing Affordability Index: Second Quarter 2014: 30 percent (Source: C.A.R.)
Mortgage rates: Week ending 10/23/2014 (Source: Freddie Mac)
30-yr. fixed: 3.92 % fees/points: 0.5%
15-yr. fixed: 3.08% fees/points: 0.5%
1-yr. adjustable: 2.41% Fees/points: 0.4%
I love the new report from the California Association of Realtors – do you find this information helpful? It would be great to hear from you!
Fast Facts:
Calif. median home price: August 2014:
California: $480,280
Calif. highest median home price by region/county August 2014: San Mateo, $1 million
Calif. lowest median home price by region/county August 2014: Siskiyou County, $127,500
Calif. Pending Home Sales Index:
August 2014: Decreased 4.5 percent from 104.5 in July to 99.78 in August.
Calif. Traditional Housing Affordability Index: Second Quarter 2014: 30 percent (Source: C.A.R.)
Mortgage rates: Week ending 9/18/2014 (Source: Freddie Mac)
30-yr. fixed: 4.23% fees/points: 0.5%
15-yr. fixed: 3.37% fees/points: 0.5%
1-yr. adjustable: 2.43% Fees/points: 0.4%
Buy or Rent My Homes 