California Real Estate Blog
Mortgage Rates Drop to Lowest Level in Three Years
Home buyers take note: long-term mortgage rates are now at their lowest level in almost three years. Freddie Mac reported the 30-year, fixed-rate mortgage returned to a 3-year low, averaging 3.6%. The rate sits below last week’s average of 3.75% and is also a significant decline from its 2018 rate of 4.59%, according to the Freddie Mac [...]
San Diego Home Price Hits all-time High: $590K
San Diego County’s median home price hit a record high of $590,000 in June despite declining sales, according to real estate tracker CoreLogic. In a sign of a gradual cooling of the housing market, there were just 3,641 home sales in June, the lowest for that month in eight years. Despite the new record median, price appreciation in [...]
You Can Get a Mortgage With a Low Credit Score
By: Kelley Walters A low credit score doesn't have to lock you out of home ownership. In fact, the credit score to buy a house can be as low as 580. A mortgage will probably cost you more (both in dollars and angst) than someone with stellar credit, but many lenders are willing to work with you. [...]
San Diego Median Home Price Stays at $570K
The San Diego County median home price stayed at $570,000 in May, the same as it was last May, said real estate tracker CoreLogic. Home prices reached a peak in August 2018 of $584,750 but the price mostly leveled off as sales started to decline. While the buying slump continues, there are some early signs the home [...]
Homebuilding Down in San Diego County
A historically low number of homes were built in San Diego County in the first three months of 2019. There were 1,180 residential permits pulled in the first quarter, a drop of 58 percent compared to the same time last year, said the Real Estate Research Council of Southern California. It was the most significant drop of [...]
San Diego Home Price Gains Lowest in Nation
Home prices in the San Diego metropolitan area rose 1.3 percent in a year, down from 7.7 percent at the same time in 2018, said the S&P CoreLogic Case-Shiller Indices. San Diego metro prices gains were the lowest in the nation for fourth month in a row on the 20-city index. It was tied with Los Angeles [...]
San Diego Rent Cap could be on its Way
There might be a limit on how much a landlord can raise your rent if new legislation is signed by the governor. An Assembly bill from a San Francisco Democrat would stop landlords from raising rent more than 5 to 10 percent in a year. It’s not exactly the type of rent control that many activists want, [...]
Fed Holds Rates Steady, no Hikes in Coming Months
The Federal Reserve left its key interest rate unchanged and signaled that it’s unlikely to either raise or cut rates in coming months amid signs of renewed economic health but unusually low inflation. The Fed left its benchmark rate – which influences many consumer and business loans – in a range of 2.25% to 2.5%. Its low-rate [...]
San Diego Median Home Price at $549K
Home sales dropped in February for the 10th month in a row, but there were signs the market might be picking up, real estate tracker CoreLogic reported. February sales were down 8.1 percent compared to the previous year, but that was not as severe as the last few months when sales dropped 10 percent to 22 percent. [...]
Mortgage Rates Heading into Lower Territory
Spurred by the Federal Reserve's announcement that it would not raise interest rates this year and that it would start buying bonds again, the average rate on the 30-year fixed mortgage is falling. Rates are falling due to the Federal Reserve's announcement and big picture reassessments of the lack of global economic growth, as investors head back [...]
San Diego Home Sellers are Dropping Prices
San Diego County had the second-most home price reductions in the nation so far in 2019, according to research from real estate website Trulia. Price reductions are more common in the winter months, but San Diego County hasn’t seen as many cutbacks since 2014 when the market was still crawling out of the recession. Twenty percent of [...]
New Real Estate Laws Protect Renters; Strengthen Fire Insurance
California loves new laws and there are plenty of new ones for the real estate industry this year. Most of the legislation came in reaction to events in the state. New rules for balconies came after a tragedy in Berkeley that killed six students. Stronger fire insurance regulations were in reaction to destructive wildfires. Laws helping tenants [...]