Article Post

The Weekly™

By Jo-Ann Lapin On August 29 2023

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

The 7 Most Expensive Zip Codes In California
CALIFORNIA - Atherton California, zip code 94027 was valued at $7.5 million at the end of June 2023-about 20 times the national median. That zip code is actually the most expensive zip code in the nation.Beverly Hills, 90210 comes in at #2. Los Altos Hills, 94022 is 3rd, Montecito, 93108 is 4th, Newport Beach, 92657 is 5th, Santa Monica 90402 is 6th, Rancho Sant Fe, 92067 is 7th. An average California home was valued at close to $750,000 at the end of June of 2023.
REAL ESTATE - Converted apartments are set for some large growth. 122,000 units are currently being rehabbed and converted into rental units, 45,000 of these are coming via repurposing of current office space.29.3% of converted apartments in 2022 were former hotel spaces.Hotels seem like an obvious easier conversion, but will this all give relief to the affordable housing sector in most states?
MORTGAGE - Starter homes are becoming harder to purchases for first time home buyers. With Mortgage rates increasing renters in 46 out of 50 larger cities in the US are not able to afford to buy the "American Starter Home." Detroit, Tulsa, Memphis, Oklahoma city have so called starter homes are affordable for renters.Those cheaper homes that are available are appealing to renters, young families, baby boomers that are downsizing, second home buyers and real estate investors. Note” i buyers” are competing with real estate investors for this asset class too!!!!The First Time Home Buyer is feeling the big squeeze!
Copyright © 2022 - 2023 Hanover Mortgage Company.
2522 Chambers Road, Tustin, CA 92780
California Department of Real Estate, real estate broker license #01410448.
NMLS I.D. number: 337458
Get Started With No

Why Wait Apply Today And Work With California's GO TO Bank-Alternative Financing Company

Apply Now

Hanover Mortgage Company is California licensed only. Real Estate Broker – California Department of Real Estate. Broker License #01410448 │ NMLS I.D. Number: 337458. INTEREST RATES CAN CHANGE WITHOUT NOTICE. ASK US FOR CURRENT RATE INFORMATION. BORROWERS AND PROPERTIES MUST QUALIFY. CONDITIONS AND RESTRICTIONS MAY APPLY. Loan programs, amounts, rates and terms are subject to change without notice. Loan approval is not guaranteed and all loan applications are subject to verification of acceptable credit, income, employment, lien position and value of collateral in the sole discretion of Hanover Mortgage Company. Flood and/or property hazard insurance may be required. Additional fees, conditions, restrictions and limitations may apply. Not all programs are available in all areas. The interest rate for adjustable rate mortgage loans is subject to increase. Please contact Hanover Mortgage Company to determine your eligibility for a specific loan product. Hanover Mortgage Company does not offer financing for those transactions defined as ‘Covered Loans’ or ‘High Cost Loans’ in any state or federal law. Hanover Mortgage Company is a Mortgage Broker. Mortgage Broker fees will apply unless stated otherwise. Disclosure: Money invested through a mortgage broker is not guaranteed to earn any interest or return and is not insured. State law dictates that we acknowledge that interest on trust deeds is not guaranteed. No investment is completely risk free and past performance is not a guarantee of future results. Before investing, investors must be provided applicable disclosure documents. Investment Products: Are Not FDIC Insured • Are Not Bank Guaranteed • May Lose Value • Are Not a Deposit • Are Not Insured by Any Federal Government Agency.