Thursday, November 21, 2024 / by Bob Cowan
FOR RELEASESeptember 25, 2024
C.A.R. Unveils 2025 California Housing Market Forecast
California home sales and prices are expected to rise as both buyers and sellers return to the market, encouraged by lower interest rates and improved housing supply conditions.
• Sales of existing single-family homes are projected to reach 304,400 units in 2025, a 10.5% increase from the estimated 275,400 sales in 2024.
• The median home price in California is forecast to grow by 4.6% to $909,400 in 2025, following a predicted 6.8% increase to $869,500 in 2024 from $814,000 in 2023.
• Housing affordability is expected to stay stable at 16% in 2025, maintaining the level projected for 2024, down from 17% in 2023.
According to the California Association of REALTORS® (C.A.R.), a more favorable interest rate environment, which reduces the "lock-in" effect and increases housing inventory, will encourage more buyers ae ...
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bob cowan, november 2024
Friday, October 25, 2024 / by Bob Cowan
With everything feeling more expensive these days, it’s natural to worry about how rising costs might impact the housing market. Many people are concerned that high prices and tighter budgets could cause more homeowners to fall behind on their mortgage payments, leading to a wave of foreclosures.
But before you start worrying about a housing market crash, here’s a look at what’s really happening. And the good news is: the latest foreclosure data shows there’s no wave on the horizon.
How Today’s Market Is Different from 2008
Let’s ease those fears by looking at the bigger picture. The graph below uses research from ATTOM, a property data provider, to show that the number of homeowners starting the foreclosure process is nowhere near what we saw coming out of 2008. Back then, there was a big spike in how many foreclosures were happening. Today, the number is much lower – it’s even dropped some in the latest report. There’s g ...
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bob cowan, california, orange county, southern california, october 2024
Monday, September 23, 2024 / by Bob Cowan
Thinking about relocating to Southern California? This area is known for its breathtaking beaches, rich cultural diversity, and pleasant weather throughout the year. Whether you're attracted to the vibrant cities like Los Angeles and San Diego or prefer the relaxed feel of beach towns, Southern California offers something for everyone. With its strong economy, excellent job prospects, top-notch educational institutions, and a wide range of recreational options, this region is a major contributor to California’s growth. Find out why Southern California might be the ideal place for you to settle down.
10 Reasons to Love Living in Southern California:
• Gorgeous Weather: Enjoy a Mediterranean climate with sunny skies and comfortable temperatures year-round.
• Beautiful Beaches: Southern California is home to some of the world's most famous beaches, including those in Malibu, Santa Monica, and Laguna Beach.
•Vibrant Cities: Cities like Los Angeles, San Dig ...
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bob cowan, california, orange county, southern california, september 2024
Thursday, August 29, 2024 / by Bob Cowan
The data: For the fourth month in a row, Orange County has led a list of home-price gains across 30 U.S. cities.
The source: My reliable spreadsheet reviewed the June homebuying report from First American Data and Analytics.
Brief analysis: Over the past year, Orange County’s home values have risen by 10.2%. Miami followed with an 8.9% increase, and Pittsburgh saw a 6.5% rise. The slowest markets among the 30 were Austin, Texas, with a 1.9% drop, Alameda/Contra Costa counties with a 0.5% gain, and Sacramento with a 0.9% increase.
In Orange County, affluent buyers are driving up prices due to a limited number of homes available, particularly in the higher-end market segment.
This report provides a detailed analysis of key price segments, revealing a significant disparity in Orange County between lower and higher-end homes. Starter homes, the most affordable category, saw a 6.1% increase over the year (ranked 7th out of 30), while luxury properties exg ...
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bob cowan, your home sold guaranteed, california, orange county, august 2024
Thursday, August 29, 2024 / by Bob Cowan
The program is a component of the county's larger Housing for All initiative.
Orange County has launched “Ready, Set, Orange,” an innovative initiative aimed at accelerating the construction of affordable housing.
As part of the county’s broader Housing for All program, this new effort provides residents with access to eight pre-designed floorplans—four for Accessory Dwelling Units (ADUs) and four for small single-family homes. The goal is to lower barriers to homeownership by streamlining the permitting process, thereby reducing both costs and construction time.
Carter Gresham, Chief Planner for Orange County, noted that the county invested $10,000 to $15,000 for each floor plan. He explained that this initiative eliminates the need to hire an architect and simplifies the design process.
Gresham explained, "The county covered that expense themselves, so it doesn’t have to come from the wallets and pocketbooks of single-family hog ...
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bob cowan, california, orange county, august 2024
