COVERAGE INFORMATION:
California Department of Real Estate (DRE) NEWS CLIPS service coverage:
Monday through Friday (except state holidays) each week includes electronic format articles retrieved from newspapers or news services that report real estate related news in California and some national services. Coverage is for California newspapers that are available electronically via the Internet - and any significant related breaking news.
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Copyright © , California Department of Real Estate
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Monday, 10/14/2024
Top Stories
Average long-term US mortgage rate climbs for fourth straight week to highest level since November
ALEX VEIGA,
The average long-term U.S. mortgage rate climbed this week to its highest level since late November, another setback for home shoppers in what's traditionally the housing market's busiest time of the year. The average rate on a 30-year mortgage rose to 7.17% from 7.1% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.43%.
Mortgage and refinance rates today, October 14, 2024: It's probably a better time to buy than refinance
LAURA TARPLEY, Yahoo Finance
Most mortgage rates have been increasing. According to Zillow data, today's 30-year fixed mortgage rate is up three basis points to 6.21%, and the 15-year fixed mortgage rate has risen by three basis points to 5.52%. On the other hand, the 5/1 ARM rate has decreased by two basis points to 6.79%.
Daily mortgage rates for Oct. 14, 2024: Average rates open the week higher after positive inflation data
KELLY WAGGONER, Aol.com
Average mortgage rates open the week higher as of Monday, October 14, 2024, after the release of last week's economic reports that showed inflation cooling to its lowest level since February 2021, though with moderate concern around elevated food costs. When considered alongside September's positive jobs report, the two consumer and producer price readings put a quarter-point cut on the table for the Federal Reserve's next policy meeting in November. While the Fed doesn't set mortgage rates, lenders keep a close eye on the Fed rate, which responds to many of the same economic factors that can influence borrowing rates on large loans like mortgages.
National News
First-Time Home Buyer Advice: Fourth Quarter 2024
PAUL CENTOPANI, Mortgage Reports
Through much of 2024, many potential home buyers labored in the housing market, biding their time until conditions improved. The fourth quarter brings a more welcoming environment with mortgage rates downtrending — aided by the Federal Reserve’s big September cut — slowing home price growth, and increasing inventory. In most of the country, it’s the peak time to buy a house. Being prepared is a major key to becoming a homeowner. So is talking to people in the know. The Mortgage Reports spoke with six industry experts to see what advice they’d give to first-time home buyers heading into 2025.
Mortgage rates could revive housing market in 2025
CAITLIN CAHALAN, TheStreet
The Fed cut interest rates for the first time in four years last month, and most experts predict two more cuts by the end of 2024. Fannie Mae predicts the average mortgage rate will dip to 5.7% by the end of 2025, a compelling contrast from the 8% mortgage rates seen in October 2023. Despite mortgage rates falling modestly over the past year, housing sales remain sluggish and are expected to reach a thirty-year low.
Mortgage Rates Predictions for October 2024: What to Expect
Marco Santerelli, Norada
As we enter mid-October 2024, mortgage rate predictions are garnering attention from potential homebuyers and homeowners alike. Current forecasts suggest that the average mortgage rate for a 30-year fixed loan is projected to remain between 6.2% and 6.5% by the end of the month. This trend might indicate a mixture of both optimism and caution in the housing market, reflecting a delicate balance of various economic factors.
Mortgage Rate Slash Set to Rock U.S. Real Estate: High-Stakes Shakeup in Top Markets!
TIM ALEXANDER, MSN.com
As the Federal Reserve begins to lower mortgage rates, a new study from Realtor.com® suggests that markets with a high percentage of owner-occupied homes with a mortgage are poised for significant changes. The impact of these rate reductions will vary, with areas like Washington D.C., Denver, Raleigh, Virginia Beach, and Portland expected to feel the most substantial effects due to their high mortgage utilization.
'You were wrong!': Dave Ramsey takes a victory lap on his real estate prediction from 2 years ago and makes another prediction about what's next for housing
VISHESH RAISINGHANI, Aol.com
After 46 years in the real estate industry, Dave Ramsey is confident about his real estate analysis. In an episode of “The Ramsey Show,” he took a victory lap on a prediction he made about America’s housing market in July 2022: there was “zero chance” of a housing crash.
California News
How Fast You Can Expect To Sell Your Home in These 19 California Housing Markets
CAITLYN MOORHEAD, Yahoo Finance
Many potential homeowners dream of the California real estate market, as it is one of the most dynamic and sought-after in the country. The Golden State is one of contrasts — its vast geography includes coastal cities, desert communities, rural farmland and urban hot spots. This makes the housing market in numerous cities both competitive and potentially lucrative.
California's Rent Control Ballot Measure could Reverberate across the US
ROBBIE SEQUEIRA, Nevada Current
Among the many ballot questions American voters will consider next month, housing experts are paying close attention to California and a question known as Proposition 33 — a proposed repeal of the state’s restrictions on local rent control. If passed, the measure would give authority back to local governments to enact or change laws on rent control. For advocates, passing Proposition 33 would be a critical opportunity to address California’s housing crisis head-on. For the real estate industry, defeating Proposition 33 would mean maintaining the status quo in a market that has made billions for corporate landlords.
California City Sees Flood of Homeowners Trying to Sell Houses
OMAR MOHAMMED, Newsweek
San Jose, California, saw new listings rise nearly 50 percent in June compared to a year ago, a signal that property owners in the city are increasingly looking to sell their homes in one of the more expensive housing markets in the country. Along with a high number of listings, the city saw pending sales—a forward-looking indicator of home purchases—jump 18 percent last month from a year ago, according to data from Redfin. Other cities that experienced a jump in listings included Seattle at nearly 29 percent, Miami at 25 percent, and Boston at 24 percent, while Montgomery County in Pennsylvania saw a 22 percent increase.
California’s New Housing Laws: What You Need to Know
DIANE IONESCU, Planetizen
With some of the costliest housing markets in the country, California desperately needs solutions that advance both short- and long-term affordable housing goals and reduce the risk of falling into homelessness facing many of the state’s households. A set of new California laws could help stem the state’s housing crisis and steer development toward higher density, more transit-oriented and mixed-used neighborhoods. We take a look at some of the key laws passed — or vetoed — by Governor Gavin Newsom in recent weeks.
Industry News
6 Ways To Get Around the Real Estate ‘Lock-In Effect’ and Buy a Home
JORDAN ROSENFELD, Aol.com
Mortgage rates are starting to ease downward after the Fed’s first-in-a-long-time rate cuts. While this seems like it should start to free up the housing market, there’s a phenomenon that might keep the housing market tight for a while longer, the “lock-in effect.”
Real Estate Technology
No stories today
Property News
These 16 spectacular California homes hit the housing market in 2024. Take a look inside
Staff, Sac Bee
California’s housing market in 2024 has seen a range of spectacular homes, each with unique architectural and historical significance. Notable listings include a $8.5 million wine country estate featured in HBO’s “Sharp Objects” and a Frank Lloyd Wright-inspired Danville property expected to break local sales records. From luxury estates in Silicon Valley to the unique Glass House in Sonoma, these homes underscore the state’s diverse real estate offerings. Listings span from historical residences with ties to Silicon Valley’s early days to modern masterpieces in prime wine country locales. Note: These houses were on the market in 2024, but may have since sold.
In Case You Missed It
Mortgage market poised for growth as buyer sentiment improves
FERGAL MCALINDEN, Mortgage Professional America
Fannie Mae said this week that its Home Purchase Sentiment Index (HPSI), a gauge of homebuyers’ optimism across the country, had hit its highest level for more than two years amid growing indications that mortgage rates will fall further through the rest of this year and 2025.
‘Every week seems like a different market’: San Diego home price drops, down $20K from peak
PHILLIP MOLNAR, San Diego Union-Tribune (Subscription)
Home prices continued to decrease toward the end of the summer as sales hit historic lows in what was the slowest August on record for San Diego County.
‘Loophole’ in state law opens door to 22-story high-rise in Pacific Beach
JENNIFER VANGROVE, San Diego Union-Tribune (Subscription)
A Los Angeles developer is seeking to erect a 22-story high-rise with a combination of hotel rooms and apartments above ground-floor shops blocks from the coast in Pacific Beach, flouting a voter-enacted law that has long kept building heights at 30 feet or less in the beach community.
Resources, Webinars, and Other Items of Interest
Limited home insurance options in California as major carriers pull back
NATALIE TODOROFF, Bankrate
California is home to nearly 40 million people, 55 percent of whom are estimated to own homes. If you are a current or prospective California homeowner, finding home insurance may be a challenge. In fact, the California Association of Realtors’ 2023 Annual Housing Market Survey found that nearly 7 percent of real estate deals in the state fell out of escrow because buyers couldn’t find affordable insurance. Seven of California’s largest property insurers, State Farm, Allstate, Farmers, USAA, Travelers, Nationwide and Chubb recently limited new homeowners policies in the Golden State, raising questions about the stability of the California home insurance market.
