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 15, 2024 / by Bob Cowan
In June, home sales in California remained flat for the second month in a row, according to the California Association of Realtors® (C.A.R.). The seasonally adjusted annualized rate of existing single-family home sales was 270,200, a 0.8 percent drop from May's revised figure of 272,410. Compared to June 2023, sales fell by 2.7 percent from 277,690 homes sold.
Sales have stayed below the 300,000 mark for 21 months. Year-to-date, statewide home sales have decreased by 0.5 percent compared to the previous year. This stagnation is primarily due to high mortgage rates exceeding 7 percent during most of May, when many sales were initiated.
Current Trends in the California Housing Market (2024)
California Home Prices
In June, the statewide median home price slightly fell by 0.8 percent from May's $908,040 to $900,720. However, compared to June 2023, this price represents a 7.5 percent increase from $837,850. This marks the 12th consecutive month of annua ...
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bob cowan, platinum living realty, california, southern california, august 2024
Wednesday, August 14, 2024 / by Bob Cowan
California Rental Market
Last updated August 12, 2024
Source: Zillow Rentals Data
Market Summary
The median rent for all bedrooms and all property types in California is $2,850.
Median Rent
$2,850
Month-Over-Month Change
+$0
Year-Over-Year Change
-$100
Available Rentals
73,218
Median Rental Price over Time
In the last year, rent has decreased by $100 compared to the previous year.
JanFebMarAprMayJunJulAugSepOctNovDec$2,730$2,800$2,870$2,940$3,010
• This year (2024) • Last year (2023)
Price Range
The price range for all bedrooms and all property types is $200 to $350,000.
$500$900$1,400$2,000$2,600$3,200$3,800$4,400$5,000+030006000900012000
• Rental Properties
Frequently Asked Questions
1. What is the average rent in California?
The median rent in California is $2,850.
2. How me ...
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bob cowan, platinum living realty, california, orange county, southern california, august 2024
Monday, July 29, 2024 / by Bob Cowan
SAN JOSE, Calif. (KGO) -- San Jose has become the first city in California to authorize the sale of accessory dwelling units (ADUs), which are often found in many backyards.
Previously used to generate extra income or provide housing for family members, these units can now be a key factor in providing affordable housing options.
A new law enacted in January permits ADUs to be sold separately from the primary residence.
Dan Kearnan noted, "People are often surprised by how small a space you need for an ADU."
He constructed his 500-square-foot ADU behind his five-bedroom house in 2021.
Kearnan notes that everyone who has rented his ADU appreciates its spaciousness.
"They love the high ceilings, which are 15 feet tall, and the separate kitchen, bedroom, and bathroom," Kearnan said. "They find it fantastic, especially since they have their own patio and can walk right to the front door."
With the new law, Kearnan can now sell the ADU like a condominium, rather than ju ...
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bob cowan, california, southern california, july 2024