Steve Spiro’s Blog

Rising mortgage rates and builder confidence issues are impacting home sales, leading to an increase in price cuts and sales incentives. Despite this, home prices continue to rise due to reduced inventory. In California, new home sales increased in September, despite high mortgage rates. However, affordability remains a challenge, with the median sales price of…

In November 2023, the U.S housing market is becoming increasingly challenging for buyers due to high mortgage rates, steep home prices, and low levels of inventory. This situation is expected to remain the same in 2024, however, a drop in mortgage rates could spur the market for both buyers and sellers. Home prices, mortgage rates,…

The Southern California housing market is being affected by rising mortgage rates. Homebuyers need to consider factors like increasing property values, stricter lending standards, and higher interest rates when making decisions. Continue to full article

In September 2023, Southern California's housing market was dampened by rising mortgage rates, causing home sales and prices to fall. The median price of a home dropped to $725,000, a 1.4% decline from August levels. Home sales in the six-county region fell to 13,051, the second-lowest sales tally for a September in records dating back…

The “11th hour of the 11th day of the 11th month" of 1918 signaled the end of World War I. It's honored as Veterans Day to remember the men and women who have served, and continue to serve during times of war, conflict and peace. Salute to all heroes, and thank you for your service.personnel…

The California housing market is facing hardship due to higher mortgage rates, resulting in a decrease in home sales and less willingness from sellers to lower prices. Despite this, the median price of homes has still increased by 3.2% from the previous year. The Federal Reserve’s decision to keep rates higher for longer will continue…

California home sales ↓ 5.3% MoM and ↓ 18.9% yearly, as rising rates and low inventory continued to weigh on the market. The statewide median home price ↑ 3.3% MoM and ↑ 3% yearly to $860K, the biggest annual increase in 14-mo. 43 of the 52 counties tracked by CAR experienced sales ↓ yearly in…

This week, the Department of Housing and Urban Development announced new policies that make it easier for prospective homeowners to qualify for FHA loans on accessory dwelling units (ADUs), or "granny flats". This policy is part of the Biden-Harris Housing Supply Action Plan, which was set in motion in 2022 to close the housing supply…

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…