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The Weekly ™

By G. David Lapin On July 25 2023

Here's Your Roundup Of Recent Major News Affecting California Real Estate, Housing, And Mortgages

TheWeekly™

Here's your roundup of recent major news affecting California real estate, housing, and mortgages.

OC Is One of The Most Competitive Rental Markets in California

CALIFORNIA - For every vacant apartment in Orange County, there are 11 people applying for them. More than half of apartment renters in the OC renew their leases. 96% of apartment buildings are occupied.
 
San Diego and Los Angeles rank 2nd and 3rd competitively. Nationally, the most competitive rental markets are on the East Coast. North Jersey, New Jersey is first, followed by Miami-Dade, Florida and Harrisburg, Pennsylvania.

REAL ESTATE - A proposed 235 unit apartment community is planned in south Sacramento. A west coast developer of multi-family community has applied with the city of Sacramento to build an apartment building on Delta Shores circle south.
 
A three- and four-story building would be built on 8.5 acres. The building will have amenities like “work from here stations”, swimming pool and deck, indoor golf simulation center, dog park and dog self-wash, bike rooms, and many outdoor lounge and picnic areas. The new Sacramento Regional transit light raill station is about a mile away from the building.

MORTGAGE - 10 year terms lower back down to 5.625%/ July 24,2023. The 10-year fixed mortgage rate is down from 6.5% to 5.625%, -0.875. Rates for the 10-year term fell the most today, dropping by a half of a percentage point to 5.625%.
 
Borrowers looking to save the most on interest should consider today’s lowest rate. .Just to put mortgage rates in perspective - the highest annual average rate recorded by Freddie Mac was 16.63% in 1981!

 
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