Housing follows the basic economic 101 fact that if demand is higher than supply, pricing will go up. The age chart reflects the Millennials are in their prime housing formation years. The aging population is staying put, and the average time of housing retention used to be 7 years, now it's 11. ... » Learn More about Why the Structural Elements of New Housing Construction and Age Demographics Feeds Into a Continuing Strong Real Estate Market
economics
Mortgage Rates – Not Where They’ve Been, But Where Are They Going?
The big news is the CPI (Consumer Price Index) is now at 7.5%. Most in 40 years. The Federal Reserve is behind the curve on normalizing interest rates from their end. They are still tapering their Quanitative Easing (purchasing Mortgage-Backed Securities and Bonds) artificially keeping long rates ... » Learn More about Mortgage Rates – Not Where They’ve Been, But Where Are They Going?
California Real Estate Market at a Glance
We knew the real estate market statistics were going to be rough in April, and they were. I blogged last week on the San Fernando Valley numbers, but it was a difficult month throughout the state. Generally real estate is local. In this case, the COVID-19 malfunction is having its way with the ... » Learn More about California Real Estate Market at a Glance
Another Change to Post Forbearance New Loan Qualification
The Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac borrowers in forbearance can apply for refinancing and new purchase mortgages once their loans are current It waives a previous mandatory wait of 12 months. That move allows faster access to record-low ... » Learn More about Another Change to Post Forbearance New Loan Qualification
Unintended Consequences of Mortgage Forbearance – Video
The mortgage forbearance program is a moving target, and changing constantly. This is as of 5/13/20. There are the unintended consequences on taking a mortgage forbearance. If you're in a financially distressed position because of COVID, us it. If you can afford to make the payments, pay it. There ... » Learn More about Unintended Consequences of Mortgage Forbearance – Video