Steve Spiro’s Blog
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Second Chance for Denied Tenants in CA Rent Relief Settlement
The settlement provides new opportunity for >100K denied California tenants. The housing department will audit denials and improve access and the appeal process. California received $5.2B in federal relief funds, but faced criticism for rejecting applications without adequate explanations.
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California Has a 4.1% Rental Vacancy Rate, 13th Lowest in the U.S.
The COVID-19 pandemic caused a drastic transformation in how and where people live. Following the initial lockdowns, society re-opened with a strong emphasis on remote work and social distancing, leading to many relocating away from city centers. While some moved to more spacious and affordable Sun Belt states, many others ended up moving to suburban…
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Short-term rental tax must be rejected
Senate Bill 584, by state Sen. Monique Límon, seeks to impose a tax on short-term rentals (Airbnb, Vrbo, etc.), in order to raise funds for low-income housing. However, this bill would end up deterring people from seeking short-term rentals and increase costs, while also mandating expensive labor-union wages for private contractors. This would punish short-term…
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Move To One Of These 5 Places In Northern California For Amazing Affordable Living
In Northern California, there are many affordable towns that offer a laid-back lifestyle, a tight-knit community vibe, and lower cost of living. Two towns worth exploring are Grass Valley and Anderson. Grass Valley is a vibrant Gold Rush town with a bohemian vibe, and features various events and festivals, plenty of outdoor activities, and captivating…
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Office Leasing Remains Robust in California’s Mixed-Use Projects
The pandemic has had a major effect on the office sector, resulting in higher vacancy rates and a transformation in what employees are seeking from their office environment. Companies are now choosing urban mixed-use projects offering a variety of amenities, such as childcare, groceries, food, and health and fitness. The ROW DTLA is a prime…
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Mortgage Rates Continue to Rise in the U.S.
Freddie Mac's Primary Mortgage Market Survey shows that the 30-year fixed-rate mortgage rate has increased to 6.79% and the 15-year fixed-rate mortgage rate has increased to 6.18% as of June 1, 2023. This is due to the current buoyant economy and the likelihood of a Federal Reserve rate hike. Sign up for WPJ's free weekly…
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Homebuyers Jump on the Chance to Lock in a Good Deal
Mortgage rates are still falling as the Fed announced another quarter-point rate hike in March. The avg 30-yr fixed rate ↓ to 6.42% and the avg rate on a 15-yr home loan ↓ to 5.68% last week. Also, the purchase demand has improved and home prices have stabilized. Demand for mortgages ↑ 3% WoW by…
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Strategies and Loan Options for First-Time Homebuyers
Home prices ↑ 30.7% in just 2-yrs, making it difficult for many to afford a mortgage. There are ways to save on a mortgage, including loan programs Loan programs that allow for lower monthly payments can make homeownership more attainable. Adjustable rate mortgages (ARMs) can offer lower monthly payments during the initial fixed-rate period.
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Homes Remain Hard to Find for Buyers
A shortage of homes for sale is creating a difficult market for buyers in the US. The number of homes for sale is at a record low, and prices are ↑ due to high demand. The pandemic has caused a shift in housing preferences, with many people looking for larger homes in suburban or rural…
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Happy Father’s Day
Approximately 2.5 billion Father's Day cards are sent each year. Neckties have become a popular traditional gift for Father's Day. "World's Greatest Dad" is a popular Father's Day phrase. Breakfast in bed is a common Father's Day treat. Wishing a fantastic Father's Day to all the dads who strive to be the best versions of…
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