Steve Spiro’s Blog
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CA Ranks 15th With 7% Home Price Growth
CA home prices are projected to ↑4.6% by Early-Q2 2025, above the national forecast of 3.4%. In the past 12 mo, CA saw ↑7% in price, higher than the national avg of 5.3%.
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Optimism Abounds in CA Housing Market
The CA housing market shows medium to long-term optimism. Population growth and a strong desire among renters to buy homes are boosting housing demand.
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California’s Largest Home Insurer Seeks Dramatic Rate Increase
State Farm, insuring 1 in 5 California homes, seeks to raise home insurance policies by 30%, renters insurance by 52%, and condo insurance by 36%. The proposal aims to recoup losses from wildfires and severe weather. The California Insurance Commissioner questions State Farm's financial condition. If approved, the rate hike would increase annual costs by…
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First-generation homebuyers approved for California’s ‘Dream For All’ home loan program
California's 'Dream For All' home loan program has conditionally approved second-round recipients for vouchers from a $255 million fund. The program assists homebuyers with up to 20% of a home's value for down payment and closing costs. This year, 1,700 first-generation homebuyers have been approved, aiming to build generational wealth. The state faces high housing…
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California’s $500M Anti-Foreclosure Fund Faces Cuts
The Foreclosure Intervention Housing Preservation Program aimed to preserve affordable housing in California. Governor Newsom froze the program due to budget deficits, proposing to cut it in half later.
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Terner Center report explores financial feasibility of small-scale complexes
Researchers from UC Berkeley's Terner Center studied the financial feasibility of building missing middle housing in California. The report concluded that without policies reducing development costs, such housing is not financially viable. The term "missing middle housing" refers to the lack of small-scale housing in the current market. While California has implemented reforms to promote…
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CA Housing Bill Unites NIMBYs and YIMBYs
A new California bill proposes converting vacant office buildings into housing to address the housing shortage. The bill offers faster approvals, tax credits, and fee exemptions to incentivize conversions.
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Current Mortgage and Refinance Rates in California
Interest rates in California are expected to remain stable, with mortgage rates slightly decreasing but holding steady. The Federal Reserve's decision to maintain the federal funds rate has caused minimal changes in mortgage rates. Current average interest rates for 30-year and 15-year fixed-rate mortgages align with national averages. Refinance rates are following national trends. No…
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California Hit Record: Can You Afford the Golden State?
California's median home price hit a record high of ~ $904K in Early-Q2, an 11.4% increase yearly. The Bay Area and Southern California saw the biggest price jumps, exceeding $1.3M and $880K respectively.
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California Housing Market Heats up Again
Southern California home sales jumped 8.7% yearly, and the statewide median home price exceeded $900K for the first time.This shows increase 11.4% yearly and increase 5.8% monthly.
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