If you need assistance, please call 916-864-3500

Gary Meek
916-995-9385

NewVision Realty Group Blog

Thursday, October 17, 2019   /   by Scott Ivey

Greater buying power amid historically low rates bolsters September home sales

 Greater buying power amid historically low rates bolsters September home sales,C.A.R. reports.
- Existing, single-family home sales totaled 404,030 in September on a seasonally adjusted annualized rate, down 0.5 percent from August and up 5.8 percent from September 2018.
- September’s statewide median home price was $605,680, down 1.9 percent from August and up 4.7 percent from September 2018.
- Year-to-date statewide home sales were down 3.1 percent in September.
LOS ANGELES (Oct. 16) – Amid the most favorable mortgage interest rates in nearly three years, California’s housing market recorded a third consecutive year-over-year sales increase as month-over-month sales remained essentially flat, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. 
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 404,030 units in September, according to ...

Read More

Wednesday, October 16, 2019   /   by Scott Ivey

September 2019 County Sales and Price Activity, Unsold Inventory and Days on Market

September 2019 County Sales and Price Activity



(Regional and condo sales data not seasonally adjusted)



 
 
 
 
 
 
 
 
 
 



Sep-19
Median Sales Price of Existing Single-Family Homes
Sales



State/Region/County
Sept.
Aug.
 
Sept.
 
Price MTM% Chg
Price YTY% Chg
Sales MTM% Chg
Sales YTY% Chg



2019
2019
2018



Calif. Single-f
$605,680
$617,410
 
$578,420
r
-1.90%
4.70%
-0.50%
5.80%



Calif. Condo/
$460,000
$468,000
 
$470,000
r
-1.70%
-2.10%
-11.70%
9.40%



Los Angeles
$545,000
$545,000
 
$520,000
 
0.00%
4.80%
-10.40%
9.20%



Central Coast
$695,000
$698,000
 
$678,990
 
-0.40%
2.40%
-10.40%
6.60%



Central Valle
$340,250
$343,000
 
$325,000
 
-0.80%
4.70%
-13.10%
7.50%



Inland Empire
$385,000
$380,000
 
$368,000
 
1.30%
4.60%
-11.10%
5. ...

Read More

Sunday, October 13, 2019   /   by Scott Ivey

Home sale under $400,000? An Appraisal May Not be Required if a Recent Fed Rule is Adopted.

A little over 10 years ago, California and nation suffered the greatest financial setback since the Great Depression of the 1930s. At the core of the Great Recession was deregulated mortgage securities that encourage high risk loans and inflating home prices that created unsustainable growth in the real estate market leading to a functional collapse of the real estate market causing hundreds of banks and business to fail and resulting in millions of Americans losing their homes to foreclosure. This was the legacy of the early 2000 deregulation of mortgages.
 
Now as we see home prices beginning to exceed the 2006 highs, no doc loans are reappearing in an effort to help more people qualify for loans, sub-prime lending options in places are on the rise again and now the FDIC and OCC have submitted to the Fed a proposed rule to eliminate the necessity of appraisals on certain home sales under $400,000. It is of course no surprise that most banks support this move while most consume ...

Read More

Sunday, October 13, 2019   /   by Scott Ivey

RENT CONTROL BILL SIGNED BY GOVERNOR NEWSOM

RENT CONTROL BILL SIGNED BY GOVERNOR NEWSOM
AB 1482 Limits Annual Rent Increases and Limits Powers to Evict
By: Alexander W. Munn, Esq.  
  

We all know that California has a housing crisis. Home prices are some of the highest in the nation, and rents have followed suit. In an attempt to address this problem, the California Legislature drafted and passed AB 1482, which limits the amount rent can be increased, and gives eviction protections for most tenants. In today's Blog post, we'll examine AB 1482 and its possible impacts.

 
Evictions: Prior to the passage of AB 1482, property owners could terminate a tenancy at the expiration of its term for any reason whatsoever. Not anymore. The new law breaks evictions into two categories: 'at-fault' just cause and 'no-fault' just cause. If a tenant has resided in the unit for 12 consecutive months, the owner can, under most circumstances, only evict for at-fault just cause, including:

Default in payment ...

Read More