AVOCADO RASPBERRY POPS

Recipe from: Barbara Boyce

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The Legal Hotline has received several calls from listing agents who, after taking a listing on vacant land, have become suspicious that the person who signed their listing is not the actual owner. This aligns with a nationwide trend of title companies reporting that vacant land property scams are on the rise.

The Scam

Of course, in this scam, the "owner" is not actually the owner at all but instead is an identity theft criminal.  The criminal poses as the owner of vacant land and, taking advantage of e-notaries and online communications, attempts to defraud the actual owner, the buyer and every service provider involved by selling the property under market with an exceptionally quick escrow and pocketing the proceeds. 

Know the tell-tale signs and red flags of the vacant land property scam

These criminals usually use a number of tactics designed to keep their crimes from being discovered...

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Showing results for: Single-family home, 30 year fixed and 5 year ARM mortgages with all points options.

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Lender	Rate	APR	Mo. payment	as of June 26, 2023
NMLS #240415 | State Lic: 01525044 5.0(687) (844) 365-0454	5.500% 30 year fixed refinance	5.729% Points: 1.926	$2,044 Upfront costs: $ 8,929	Next More information
NMLS #1374724 | State Lic: 60DBO87037 4.8(293)	5.625% 30 year fixed refinance	5.889% Points: 1.973	$2,072 Upfront costs: $ 10,281	Next More information
NMLS #1067 | State Lic: 6038575 4.9(111)	5.875% 30 year fixed refinance	6.004% Points: 1.375	$2,130 Upfront costs: $ 4,950	Next More information
NMLS # 1025894 5.0(3)	5.875% 30 year fixed refinance	6.046% Points: 1.747	$2,130 Upfront costs: $ 6,539	Next More information
NMLS #3304 5.0(5)	5.875% 30 year fixed refinance	6.092% Points: 1.868	$2,130 Upfront costs: $ 8,280	Next More information
NMLS #449401 4.9(12) (844) 392-7953	6.040% 30 year fixed refinance	6.219% Points: 1.5	$2,168 Upfront costs: $ 6,795	Next More information
NMLS #3304 5.0(5)	6.125% 5/6 ARM refinance	7.506% Points: 1.949	$2,187 Upfront costs: $ 8,571	Next More information
NMLS #1374724 | State Lic: 60DBO87037 4.8(293)	6.500% 5/6 ARM refinance	7.707% Points: 1.99	$2,275 Upfront costs: $ 10,342	Next More information
Market Survey Rates The rates below are intended for educational purposes. The lenders listed are not active participants in Bankrate's mortgage marketplace.
San Diego County Credit Union	6.125% 30 year fixed refinance	6.184%	$2,187
San Diego County Credit Union	7.000% 5/1 ARM refinance	7.991%	$2,395

Important information about our rate tables

Current mortgage interest rates in California

As of Monday, June 26, 2023, current interest rates in California are 7.12% for a 30-year fixed mortgage and 6.45% for a 15-year fixed mortgage. After hitting record lows in 2021, mortgage rates rose sharply in 2022. So far, in 2023, they've plateaued somewhat in the 6 percent range. Still, the seemingly here-to-stay higher rate environment means housing affordability, already a challenge in California's high-priced real estate market, presents an even higher hurdle.

One silver lining: Rates on jumbo mortgages have been below rates for conforming mortgages, so Californians who need to borrow more than $1 million can do so at favorable rates.

While interest rates no longer are at historic lows, you might be able to do a cash-out refinance to pay for renovations. You can use Bankrate's mortgage refinance calculator to run the numbers.

 

Shopping around for quotes from multiple lenders is one of Bankrate's most crucial pieces of advice for every mortgage applicant. When you compare, it's important to look at not just the interest rate you're being quoted, but also all the other terms of the loan. Be sure to compare APRs, which include many additional costs of the mortgage not shown in the interest rate. Keep in mind that some institutions may have lower closing costs than others, or your current bank may extend you a special "existing clients" offer. There's always some variability between lenders on both rates and terms, so make sure you understand the full picture of each offer, and think about what will suit your situation best.

 

• Why trust Bankrate's mortgage rates?

How to find the best mortgage rate in California for you

Comparison-shopping for a mortgage is crucial. By comparing at least three offers, borrowers can save thousands of dollars over the life of a loan. Bankrate can help you find the best mortgage deal in today's volatile rate environment. Here are the basic steps to making the best decision:

• Determine which type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan. If you're a veteran or servicemember, VA loans offer compelling benefits. If you're a first-time buyer, an FHA loan might make the most sense.
• Figure out whether you'll be above or below the jumbo loan limit. In California's largest counties, conventional loan limits go up to $1,089,300. If you borrow more than that, you need a jumbo loan. See California loan limits by county.
• Compare mortgage rates. Once you decide which mortgage type fits your needs, you can begin comparing current options. There's only one way to be sure you're getting the best available rate, and that's to look at least three lenders, including large banks, credit unions and online lenders, or by using a mortgage broker. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders.
• Choose the loan that best fits your needs. Bankrate's mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees, so it's usually a larger figure, but often a more accurate one — in terms of what you'll effectively be paying.

Mortgage options in California

The Golden State is aptly named: Home to three of the 10 largest cities in the country, but also blessed with beautiful countryside and coastal areas. Luckily, when it comes to mortgages in California, you have plenty of options. Here are some common loan types:

• California conventional mortgages: Rates and requirements will vary depending on the area you want to live in and your financial situation. You can compare mortgage rates to find the option that's right for you.
• CalHFA: The California Housing Finance Agency (CalHFA) offers state residents access to mortgages, as well as smaller loans designed to help with a down payment or closing costs. To get started, borrowers can contact a CalHFA-approved lender or preferred loan officer.
• California FHA loans: Home loans backed by the Federal Housing Administration (FHA) are offered throughout the U.S. While the FHA doesn't offer loans directly, you can find one through an FHA-approved lender in California. They are offered to first-time homebuyers, defined as those that have not purchased a home in the past two years, as well as repeat buyers. FHA loans are generally designed for low- to moderate-income borrowers with lower credit scores.
• California VA loans: Backed by the Department of Veterans Affairs, VA loans are offered to eligible veterans and active-duty service members. While the VA doesn't offer loans directly, you can find one through a VA-approved lender in California. They require no down payment and typically have lower interest rates than conventional mortgages.

First-time homebuyer programs in California

Buying a house in California is a pricey proposition, but first-time homebuyers in California have access to assistance in the form of grants and programs. Learn more about California first-time homebuyer programs.

• CalHFA down payment assistance programs: Low- to moderate-income borrowers can apply for small down payment and closing costs assistance loans through CalHFA. One option is the MyHome Assistance program, which allows you to borrow a deferred loan worth up to 3.5 percent of the purchase price or appraised value to help you cover closing costs and the down payment.
• CalHFA and CalPLUS Conventional Loan Programs: With the CalHFA Conventional Loan Program, you can get a 30-year fixed-rate mortgage on the conventional market. This means you'll have access to competitively low interest rates, but you'll also need to meet qualification requirements. The CalPLUS Conventional Loan Program is similar, but with a slightly higher interest rate that can be combined with the CalHFA Zero Interest Program to help pay closing costs.

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For release:
June 20, 2023   

Interest rate reprieve boosts California home sales to highest level in eight months, C.A.R. reports

Statewide median home price notches above $800,000 for second straight month.

• Existing, single-family home sales totaled 289,460 in May on a seasonally adjusted annualized rate, up 9.8 percent from April and down 23.6 percent from May 2022.
  
  
• May's statewide median home price was $836,110, up 3.0 percent from April and down 6.4 percent from May 2022.
  
  
• Year-to-date statewide home sales were down 35.1 percent in May.
  
  

LOS ANGELES (June 20) – California's housing market rebounded in May as home sales surged to the highest level in eight months and the statewide median price notched above $800,000 for the second straight month, theCALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) said today. 

Infographic: https://www.car.org/Global/Infographics/2023-05-Sales-and-Price

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 289,460 in May, according to information collected by C.A.R. from more than 90 local REALTOR^® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2023 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

May's sales pace was up 9.8 percent on a monthly basis from 263,650 in April and down 23.6 percent from a year ago, when a revised 378,640 homes were sold on an annualized basis. Sales of existing single-family homes in California remained below the 300,000-unit pace for the eighth consecutive month.

"The bounceback in May's home sales and price shows the resilience of California's housing market and is a testament to the value that consumers place on homeownership," said C.A.R. President Jennifer Branchini, a Bay Area REALTOR^®. "The housing market is stabilizing and even showing signs of improvement as competition is on the rise again; nearly half of homes are selling above asking price, fewer sellers are reducing listing prices, and homes for sale are going into pending status in just two weeks compared to more than 30 days early this year."

California's median home price exceeded $800,000 in May for the second straight month, increasing 3.0 percent from April's $811,950 to $836,110 in May. The statewide median price continued to rise and reached the highest level in nine months. Tight housing supply and more high-end homes being sold relative to prior months continued to put upward pressure on prices.  Despite the improvement from early 2023, the median home price in California dipped 6.4% on a year-over-year basis for the seventh consecutive month from $893,200 in May 2022. The price drop seems to be stabilizing but more negative annual price changes will be observed in the coming months as rates are expected to remain high in the third quarter of 2023.

"While home sales rose solidly in May, we don't expect to see a rapid recovery because of the lock-in effect that's keeping prospective sellers with low interest rate mortgages from listing their homes on the market and keeping inventory extremely tight." said C.A.R. Senior Vice President and Chief Economist Jordan Levine. "Consequently, we expect prices to continue to rise on a month-to-month basis for the next few months because of the shortage of homes for sale. Even with reduced homebuyer demand, California still has more homebuyers than homes to put them in. It is this imbalance between supply and demand that continues to put upward pressure on home prices and nudge the median price up month over month since the beginning of the year."

Other key points from C.A.R.'s May 2023 resale housing report include:

• Sales declines moderated at the regional level, with sales in all major regions falling less than 24 percent from the same month last year. The San Francisco Bay Area experienced the biggest sales drop at -23.8 percent from a year ago, followed by Southern California (22.3 percent) and the Far North (21.8 percent). The Central Coast (-17.3 percent) and the Central Valley (-20.0 percent) were the only regions that recorded a drop of 20 percent or less from last year.
  
  
• Forty-nine out of 51 counties tracked by C.A.R. registered a sales decline from a year ago in May, with 36 counties dropping more than 20 percent year-over-year and nine counties falling more than 30 percent from the same month last year. Mariposa (-51.5 percent) had the biggest sales dip in May, followed by Siskiyou (-45.5 percent) and Mendocino (-44.3 percent). Tehama (2.6 percent) was the only county with a year-over-year sales gain.

• Despite mortgage rates rising sharply since mid-May and peaking late last month at the highest point in six months, the number of pending sales recorded in May remained steady and only dipped slightly by less than 2 percent from the prior month. The consistent level of open-escrow sales suggests that the California housing market will register closed sales in June at around 275,000, a level between what was recorded in April and May.

   

• The Federal Reserve met earlier this week and decided to pause rate hikes in their latest FOMC meeting. While the Committee held the fed funds rate steady this time around, Fed Chairman Powell suggested that they are prepared to raise rates couple of more times, or another 50 bps, this year to tame stubborn inflation. Next year, Fed officials see interest rates falling by 100 basis points as economic growth slows further. This is the first time since January 2022 that the Fed made no rate change following a policy meeting. Before the Fed's announcement, the bond market generally priced in one more 25 bps rate increase by the end of 2023. Interest rates have been moving side way since the announcement but will stay elevated longer than what the market previously anticipated.

• At the regional level, all but one major region registered a dip in its median price from a year ago in May, with two regions dropping more than 10 percent year-over-year. The San Francisco Bay Area (-11.3 percent) continued to post the biggest drop of all regions, with four of its nine counties declining by double-digits from a year ago. The Far North (-10.6 percent) recorded the second largest drop in its median price, followed by Southern California (-5.3 percent) and the Central Valley (-4.9 percent). The Central Coast region was the only major region that registered a median-price gain from a year ago, and it was the first time in six months that the region registered a positive year-over-year price growth.
  
  

• More than 80 percent of all counties experienced a decline in their median home price from a year ago in May, with 12 counties sliding more than 10 percent on a year-over-year basis. Siskiyou (-30.4 percent) had the biggest drop of all counties, followed by Plumas (-29.6 percent) and Lassen (-25.7 percent).

• The number of counties recording a median-price gain from last year dropped in May to eight from 12 counties in April. Most of the increases were mild, with Santa Barbara (41.7 percent) and Lake (10.6 percent) being the only exceptions. The price surge in Santa Barbara was attributed primarily to a shift in the mix of sales in the region in May.

   

• Thirty-three counties posted an increase in their median price from April 2023 to May 2023, with four of them surging more than 10 percent month-over-month. The high number of counties with a price improvement from earlier this year is an encouraging sign that housing values are stabilizing as the market moves further into the home-buying season.

• Housing inventory in California dipped in May after a brief bounceback in April, as sales improved while supply remained tight. The statewide unsold inventory index (UII) in May 2023 was flat from last year and declined 16 percent on a month-over-month basis. Assuming a softer sales level in June, there could see a minor inventory improvement in the upcoming month, but the upward adjustment would be entirely due to a change in the demand side.

   

• None of the price ranges except the $1 million and higher price sector recorded an increase in UII from a year ago. The unsold inventory index remained flat in the $500,000-$749,000 price range (0 percent) but dipped year-over-year in the $750,000-$999,000 sector (-9.1 percent) and the sub-$500,000 (-4.3 percent). The $1 million and higher sector recorded a gain in UII by 21.1 percent from last May.

• The median number of days it took to sell a California single-family home was 17 days in May and 11 days in May 2022.

• C.A.R.'s statewide sales-price-to-list-price ratio* was 100 percent in May 2023 and 103.4 percent in May 2022.
• The statewide average price per square foot** for an existing single-family home was $409, down from $434 in May a year ago.
• The 30-year, fixed-mortgage interest rate averaged 6.43 percent in May, up from 5.23 percent in May 2022, according to Freddie Mac.

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS^® throughout the state and represent statistics of existing single-family detached homes only. County sales data is not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS^® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

# # #

May 2023 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)

r = revised

May 2023 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)