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The Orange County Housing Finance Trust (OCHFT) launched a subsidized loan program on October 24, 2023 for Orange County homeowners building Accessory Dwelling Units (ADU). This program provides eligible homeowners with up to $100,000 to complete construction for rental ADUs for very low-income tenants. The loan is partially forgivable, deferred, and low-interest as long as…

Southern California's real estate markets saw a variety of changes in the third quarter of October 2023, with varying vacancy rates and property acquisitions. Conejo Valley had a stable market, Equity Union made a notable acquisition in Westlake Village, and Santa Clarita Valley experienced an increase in vacancy rate. Antelope Valley saw an increase in…

California faces a home insurance crisis due to escalating wildfire and climate risks. Regulation Prop 103, designed to protect consumers, inadvertently caused insurers to withdraw coverage. Sweeping reforms are expected to result in higher premiums, but may entice top insurers to return to high-risk areas.

California successfully passes multiple housing production bills in 2023. Public awareness of the housing crisis significantly expands. Worsening housing conditions exert pressure on legislators to act.

Halloween falls on October 31 because the ancient Gaelic festival of Samhain, considered the earliest known root of Halloween, occurred on this day. In the eighth century, Pope Gregory III designated November 1 as a time to praise all saints. Soon, All Saints' Day incorporated some traditions of Samhain and the evening before was known…

California’s diverse architecture and fluctuating weather make home inspections crucial for revealing hidden issues like structural flaws and water damage. Older homes, common in California, may require updates like plumbing and electrical system repairs, affecting future needs and maintenance. Specialized inspections, beyond standard ones, are often necessary due to California's unique conditions, such as aging…

As of October 2023, rents in California's major cities are still too high for the standard of living, with rents often exceeding 50% of gross income. Rentals in Bakersfield are the only major region with a positive change, while the U.S. average for a one bedroom is up 0.5% from the year before. With an…

In October 2023, Realtor.com's data showed that the median list price for homes in Orange County, California, was $467,000, a 1.2% decrease from the previous month, but a 6.1% increase compared to the same period in 2022. Additionally, the median size of a home in Orange County was 1,952 square feet, with a list price…

In 2023, Southern California's residential real estate market is transitioning to a more moderate market, with buyers having more options and bargaining power. Factors influencing housing include rising mortgage rates, inflation, remote work flexibility and affordability challenges. Prices have decreased by 5.3%, creating an opportunity for prospective buyers. Remote work has also influenced housing demand,…