Steve Spiro’s Blog

Affordability challenges persist in high-cost states like California. California ranks 1 in the US for high rental costs.

California is increasing down payment assistance for first-time homebuyers by $250 million. Changes to the program include a lottery system instead of first-come, first-serve, and a focus on reaching a more diverse group of borrowers. The program aims to help those with steady income and decent credit scores, and has income eligibility thresholds. The state…

Many California realtors believe sales will ↓ and prices will ↑ in the coming year, although they report more transactions in December.California realtors project a potential ↑ 22.9% in single-family home sales in 2024, reaching 327K units compared to 266K in 2023.

Supply costs ↑ 5.8% yearly impacting home repair expenses. Californians saw ↑ 67% in home repair costs over a decade. Pandemic sped up supply and labor cost increases. Predicting improved supply chains and lower inflation may cut repair/remodel costs.

The California Dream For All Shared Appreciation loan program is being relaunched with changes to make it more accessible. The program will now use a lottery system to select recipients and has implemented new eligibility requirements. The loans cover down payment and closing costs on first homes, offering a maximum of either $150,000 or 20%…

California allocates over $500M for affordable housing, targeting low-wage workers and veterans. The state faces fierce competition as 240 projects request $3.5B, but only $576M is available. Developers emphasize the high cost of building affordable housing, requiring substantial funding support.

Orange County, California, has seen a nearly 4% annual increase in apartment rents, leading U.S. markets. San Diego follows with less than a 1% increase, while Los Angeles and the Inland Empire have seen minimal changes. The strong gains in Orange County are attributed to a balance in supply and demand, unlike in other markets…

California renters may need to spend more to find an apartment that meets their space and location needs, according to a study by RentCafe. A $1,700 monthly budget in California can get a 704-square-foot apartment in some areas, but only a 294-square-foot apartment in others. In New York, the same budget can only afford a…

Despite challenges, well-funded buyers await rate drops to swoop on California homes and rentals. Rent prices in California are currently ↓ and are expected to continue ↓ in 2024. Mixed economic signals for 2024: – Bright spots like energy and jobs outweigh some concerns.

The California housing market is experiencing shifts, with a decline in existing home sales and fluctuations in median home prices. Elevated mortgage interest rates have suppressed sales, while a tight supply of homes has kept prices from falling. Regional variations show declines in sales across major regions and counties, with some areas experiencing significant drops.…