Steve Spiro’s Blog

Determining your budget starts with housing costs, especially rent, which affects essentials, savings, and discretionary spending.GOBankingRates used Apartment List's data to find avg rents for various unit types in every state.

Around 36% of California renters reside in mid-sized complexes, below the national average. Large apartment complexes house 25% of renters, but most live in small buildings. California leads in the number of households in large rental complexes, while Massachusetts leads in mid-sized rentals. Many Californian renters live in single-family homes, and 2% live in mobile…

California implemented a new mansion tax earlier this year on property sales above certain thresholds. The tax applies to property sales exceeding $5M, with a 4% rate, and surpassing $10M, with a 5.5% rate.

In Early-Q4, San Luis Obispo County, saw stagnant prices, low sales, and record-low affordability, indicating a possible recession.A household would need an annual income of $221,200 to afford monthly payments of $5,530 at a 7.14% interest rate.

3650 REIT has provided $145 million in loans to support two major development projects in Southern California. Chestnut Properties received $91 million for the construction of Gillespie Field iPark, a 400,000-square-foot industrial facility in San Diego County. Wood Investments Companies secured $54 million for The Ranch at Model Colony, a 200,000-square-foot retail development in Ontario.…

California is known for its high cost of living, but there are more affordable pockets within the state. The Central Valley, including cities like Fresno, Bakersfield, and Modesto, offers significantly lower housing costs compared to coastal cities.

Mortgage Lender Vs. Servicer: What’s The Difference? Continue to full article

Using a home equity line of credit (HELOC) is an unconventional approach to paying off your mortgage early. While tapping your home equity to reduce your home loan balance has several potential … Continue to full article

The US Federal Reserve has decided to maintain its benchmark interest rate, but projections suggest a potential reduction of rates by approximately 75 basis points in the upcoming year. The Federal Reserve aims to balance tight monetary policy to curb inflation while safeguarding the economy. Analysts predict at least three quarter-point cuts in 2024. The…

Planada: – Median home value: $251,868 – Price change: ↑ 7.8% yearly, ↑ 0.3% year-to-date . Hume: – Median home value: $313,356 – Price change: ↑ 7.9% yearly, ↑ 5.4% year-to-date