Steve Spiro’s Blog
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California Aims for 2.5M New Units by 2031
Critical shortage exacerbates economic, social issues: Particularly severe for lower-income families in urban areas.Rising costs hinder construction: Inflation, interest rates, and red tape drive up prices, especially for low-income housing.
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Real Estate Forecast Next 5 Years California: Crash or Boom?
California's housing market is expected to face ongoing challenges as it transitions into 2024. A persistent inventory shortage and rising mortgage rates have dampened existing home sales, but a strong job market has prevented significant price drops. The California Association of Realtors predicts a 6.2% increase in median home prices to $860,300 in 2024. Mortgage…
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California Rent Crisis: Can Prop 33 Help?
California’s avg monthly rent is $2,867, straining renters’ budgets and increasing homelessness. Proposition 33 aims to repeal the Costa-Hawkins Act, allowing local rent control expansion.
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How soon could home insurance rates drop? 2025
The California Department of Insurance has approved rate increases for insurers, urging them to write new policies, especially in high-risk areas. Deputy Insurance Commissioner Michael Soller emphasizes the need for insurers to take on higher-risk homes and highlights issues like delays in forest management affecting rates. California uniquely requires insurers to use historical data for…
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California Housing Market Crash: Is a Correction Coming Up?
The supply of houses for sale in California has been consistently lagging behind buyer demand, which is expected to continue in 2024.A dramatic crash seems unlikely due to persistent housing shortages; a market correction and stabilization of prices are possible.
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Score Savings on California Property Taxes With 2024 Appeals
California’s property tax values are set at purchase or construction and can only increase by 2% annually.For 2024, properties from 2018 will see a 12% higher assessed value, while 2022 properties will face a 4% increase.
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You just bought a home? Here’s what you should do before moving in
Before moving into your new home, change all exterior locks and garage codes. Consider a thorough cleaning, set up utility accounts, and update your address with the post office. Ensure all detectors are working and locate important controls. Once settled, establish routines and explore the neighborhood. The FHA's 203(k) program now allows borrowers to include…
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Orange County faces a population exodus. Its housing market couldn’t care less.
Orange County faces a significant housing and affordability crisis, with a recent poll indicating that over half of residents have considered leaving due to high housing costs. Despite its appeal, the average home price exceeds $1.1 million, and many residents are moving inland for more affordable options. The housing market remains competitive, with luxury properties…
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California Forecasts Better Affordability by Year-End
Despite the sales slump, national housing prices remain steady, but slight price drops are seen in California. California's housing expert predicts home prices will fall in the coming months.
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Newsom Awards $790M for Calif. Affordable Housing Development
California is allocating nearly $790 million to develop 2,483 rent-restricted homes across 24 affordable housing projects, alongside initiatives for public transit, bike paths, and pedestrian walkways. The funding, part of the Affordable Housing and Sustainable Communities program, aims to reduce greenhouse gas emissions by situating housing near jobs and schools. Projects include the purchase of…
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