Welcome to today’s Real Estate news roundup! Stay informed about the latest developments in the housing market with a diverse range of stories. Discover how some California cities are using innovative tactics to navigate state housing laws, explore predictions for future home prices and affordability, and learn about the impact of housing impact fees across local jurisdictions in California. If you’re a first-time home buyer in California, we have resources and programs available to assist you in your journey towards homeownership. Additionally, find out which housing markets in California, New Jersey, and Illinois are at a higher risk of a slowdown, and delve into the significant investments made by New Home Co. in the Sacramento market. Read on to stay up-to-date with the latest news and trends in the real estate industry.
California housing laws: Cities try a new tactic to evade them – CalMatters
Discover how some California cities are using a new tactic to evade state housing laws. A recent court ruling exempted certain charter cities from a controversial housing law, sparking inspiration among anti-density advocates. As cities explore the possibility of becoming charter cities, they aim to defend their constitutional right to local control and gain more flexibility in housing policy and governance. Learn more about this strategy and its potential implications.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
Discover the latest predictions for the housing market in 2024. Despite the challenges faced by home shoppers in the current market, experts believe there is hope for more affordable home prices in the future. Factors such as mortgage rates, inventory levels, and buyer demand all play a role in shaping the housing market.
Learn more about the housing market predictions and what they mean for prospective buyers and sellers. Stay informed and make informed decisions about your real estate journey.
New Report: How California Jurisdictions Abuse Housing Impact Fees – California YIMBY
A new report released by the California YIMBY Education Fund in collaboration with graduate researchers at the UCLA Luskin School of Public Affairs sheds light on the wide variation of housing impact fees across local jurisdictions in California. The report highlights how these fees contribute to the state’s housing shortage and affordability crisis.
According to the findings, housing impact fees in California are significantly higher than the national average. The average fee for a home in a multifamily building is $21,703, nearly triple the national average. Similarly, the average fee for a single-family unit is $37,471, also triple the national average. In some cases, total development fees can reach up to $150,000 per unit.
The report reveals that many jurisdictions charge higher fees for multifamily homes compared to single-family homes, discouraging the construction of multifamily housing. This approach often stems from deliberate efforts to impede the development of new apartment buildings.
To address these issues, the report proposes a range of reforms and remedies. These include reevaluating impact fee structures, ensuring fairness and equity, and finding alternative revenue sources to support infrastructure and schools without hindering housing growth.
Learn more about the report and its recommendations. Click here to access the full report.
California First-Time Home Buyer | 2024 Program & Grants
Buying your first home in California can be a challenge, especially considering the high prices in the state. Fortunately, there are various first-time home buyer loans and grants available to provide assistance. If you’re looking to get started, the California Housing Finance Agency (CalHFA) is an excellent resource.
CalHFA offers a range of loan programs specifically designed for first-time home buyers, featuring special interest rates. To qualify for these mortgage loans, you’ll need to meet certain requirements. CalHFA also provides an online home buyer education course and offers one-on-one counseling sessions to guide you through the process.
Some of the loan programs offered by CalHFA include the CalHFA FHA loan, CalPLUS FHA program, CalHFA VA program, CalHFA USDA program, and CalHFA conventional program. These programs cater to different needs and offer benefits such as fixed interest rates, down payment assistance, and closing cost coverage.
In addition to CalHFA, there are other down payment assistance programs available throughout California. These programs can help cover your down payment and closing costs, making homeownership more affordable. Some notable programs include the CalHFA MyHome Assistance Program, The CalHFA ADU Grant Program, and the Pathway to Homeownership Closing Cost Assistance grant program.
If you’re a first-time home buyer in California, there are numerous resources and programs available to support you in your journey. To explore all the details and find the right program for you, click here.
HIGHER RISK OF HOUSING MARKET SLOWDOWN CONTINUES IN CALIFORNIA, NEW JERSEY AND ILLINOIS
According to a Special Housing Risk Report released by ATTOM, certain county-level housing markets in the United States are more vulnerable to declines. The report highlights that California, New Jersey, and Illinois have the highest concentrations of at-risk markets, with significant clusters in the New York City and Chicago areas. In contrast, less-vulnerable markets are primarily spread throughout the South and Midwest regions.
The report examines various factors such as home affordability, underwater mortgages, foreclosures, and unemployment rates to determine market vulnerability. Counties in California, New Jersey, and Illinois consistently appeared on the list of areas most at risk of downturns. On the other hand, counties in Virginia, Wisconsin, and Tennessee were considered least likely to experience declines.
ATTOM CEO Rob Barber emphasizes that the report does not suggest an imminent decline in any specific market but rather measures vulnerability gaps. However, with the housing market slowing down over the past year, some metro areas appear better positioned than others to withstand a potential market downturn.
For a detailed methodology and more information, refer to the full report.
New Home Co. Makes Significant Investments in Sacramento Market to Solidify its Growing Regional Position | Business Wire
New Home Co., a prominent builder headquartered in Irvine, California, is expanding its presence in the Sacramento market with two major land acquisitions. These acquisitions will add seven residential neighborhoods, totaling 870 homes, to the region in the coming months. The communities, located in the Natomas Panhandle and Elk Grove, represent estimated future homebuilding revenue of over $650 million. Natomas Landing, one of the communities, will feature three neighborhoods offering one- and two-story single-family residences ranging from 1,700 to 3,147 square feet. In Elk Grove, New Home Co. is constructing Arbor Ranch, a master-planned community with plans for 527 homes. The company is committed to providing much-needed housing options and improving the lives of families in the area.