Don’t let unemployment shatter your home-buying dreams

Record-high unemployment since the Great Depression is worrying for people looking to buy a home. And it’s true that it’s very difficult to buy a home while unemployed, since lenders are are looking for stable income. Unemployment income is considered temporary income, which lenders aren’t going to look at. Even once you find a job… Continue reading Don’t let unemployment shatter your home-buying dreams

Coronavirus exposes the wealth gap

For some people, the impact of coronavirus was minimal and short-lived. These are the people who had job security and a place to work from home, enabling them to continue to earn money while many people were left unemployed or temporarily out of work. Many low-income workers, a group with a large percentage of minorities,… Continue reading Coronavirus exposes the wealth gap

Eviction laws under the Tenant Protection Act

The Tenant Protection Act of 2019 (TPA), enacted last fall, establishes regulations for just cause evictions. The laws primarily apply to apartment units, but may affect other types of residences in certain scenarios. Just cause is required if all tenants have lawfully occupied the residence for 12 consecutive months, or if at least one tenant… Continue reading Eviction laws under the Tenant Protection Act

Forbearances down overall, but not for private loans

Data has been showing that forbearances on mortgage loans have been trending downwards in June from the peak on May 22, albeit at a slow rate. However, this doesn’t tell the whole story. The downward trend totalling 158,000 is almost entirely from loans backed by Fannie Mae or Freddie Mac or FHA/VA loans. Loans backed… Continue reading Forbearances down overall, but not for private loans

June COVID-19 Impact Update

Two months after reopening, the California economy is recovering unevenly, but recovering nonetheless. The housing market is a strong leader in the recovery process, with low interest rates contributing to a surge in activity after the last two months’ lull. The recovery will take time, though. The UCLA Anderson Forecast predicts a GDP decline of… Continue reading June COVID-19 Impact Update

Scams are an increasing threat to online real estate

Don Sabatini, a real estate agent in Willow Glen, CA, relates his true story of his client becoming the victim of a digital real estate scam. The COVID-19 outbreak meant that Sabatini had to conduct much of his business via email, though he and his client agreed to present the cashier’s check in person, while… Continue reading Scams are an increasing threat to online real estate

Foreclosure and eviction moratorium extended

As a result of the COVID-19 outbreak, the Federal Housing Finance Agency (FHFA), which regulates Fannie Mae and Freddie Mac (the Enterprises), had instituted a moratorium on foreclosures and evictions for Enterprise-backed single-family mortgages. The moratorium was scheduled to end on June 30th, but on June 17th, the FHFA announced that the date will be… Continue reading Foreclosure and eviction moratorium extended

Expanded rent control to appear on 2020 ballot

It’s no secret that California has a problem with rent prices and rental availability. Which solution to pick remains controversial. Rent control is the most immediate solution, but is a stopgap measure that can potentially do more harm than good over long periods. Building more affordable housing is a more permanent solution, but is a… Continue reading Expanded rent control to appear on 2020 ballot

Housing Recovery Will Take Both Time and Action

According to a recent poll of readers of the Real Estate journal First Tuesday, the most optimistic recovery date from the current recession is late 2020, with 30% of respondents hopeful for a quick rebound. A quarter of respondents believe that recovery will be tied to a COVID-19 vaccine, which is predicted to arrive no… Continue reading Housing Recovery Will Take Both Time and Action

COVID-19: A boon for the rural real estate market?

Photo by Karol Kaczorek on Unsplash

As we recover from COVID-19, experts are saying it may benefit the rural real estate market. California Association of Realtors deputy chief economist Jordan Levine explains why. Levine notes that rural housing is generally more affordable, which may become one of the most important decision factors as people are recovering from temporary unemployment and business… Continue reading COVID-19: A boon for the rural real estate market?