Weekly Round-Up #1

Weekly Roundup – October 4th, 2021

Urgent, incisive, and actionable insights concerning NorCal CRE. Curated weekly by Sparacino Realty.

Another week, more attempts to accommodate the housing crisis. California’s eviction moratorium ends, mortgage rates finally rise above the 3% mark after a seven-week flatline, and Newsom signs bills upon bills to stimulate new development. Read more below. 

What you need to know as California eviction moratorium ends

About 724,000 California households are still a total of $2.5 billion behind in rent. On Sept. 30, after a long year of waiting, California landlords will be able to take their tenants to court over missed payments. Though the California eviction moratorium is terminating, some cities and counties will have ongoing protection for tenants. Here’s a FAQ from Cal Matters

Mortgage rates finally eclipse the 3% mark

After a flat seven weeks, Freddie Mac’s latest PMMS survey reveals that the average 30-year-fixed mortgage rate rose 13 basis points to 3.01% for the week ending Sept. 30. This is the first time rates rose above 3% since June. According to Freddie Mac’s chief economist, Sam Khater, rates are expected to rise modestly. (HousingWire

New state law SB9 could shape Berkeley’s effort to end single-family zoning

When Gov. Newsom signed SB9 just days after surviving the Sept. 14 recall election, it sparked controversy. Opinion was split, with some projecting it could be a miracle cure and others frantic it would destroy everything. However, though nearly 14,000 properties in Berkeley could add new housing under the law, experts say its impact will likely be modest at best. (Berkelyside

Newsom signs more than two dozen housing bills

On Sept. 28, Newsom signed more than two dozen bills that intend to stimulate new development while also turning the pressure up for cities and counties to follow state housing laws and approve enough housing for their populations. Under the bills, a new state task force will punish cities that fail to approve housing. (East Bay Times)

Pending Home Sales in the U.S. Recovered Last Month, But…

After ticking down 1.8 percent in July, the National Association of Realtors Pending Home Sales Index, a seasonally adjusted index for which 100 denotes “an average level” of activity, recovered 8.1 percent in August for a reading of 119.5. Reference this infographic for more information. (SocketSite)

Past Insights

Weekly Roundup – October 25th, 2021

This past week brought good news on the economy’s health, but bad news on the inflationary front; initial jobless claims down, existing home sales up…but inflation may cause the Fed to increase the fed funds rates, and mortgage rates are..

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Weekly Roundup – October 18th, 2021

The middle of October brings numbers and news both encouraging and expected. The NY Times reframes the gloomy September jobs report, multifamily metrics break decades-old records in Q3, and a Medium article deftly disproves the TikTok-spurred frenzy over whether or..

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