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)
