Posts from July 2023
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July
17
17
Court finds City of La Cañada Flintridge failed to comply with housing element law following lawsuit by housing group.
Court finds City of La Cañada Flintridge failed to comply with housing element law following lawsuit by housing group.
LOS ANGELES (July 13) – Californians for Homeownership, a nonprofit organization sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)that aims to address California's housing crisis through impact litigation, announced today that it has prevailed on a core claim in its lawsuit against the City of La Cañada Flintridge, Calif., to enforce state housing element law.
In the July 11 decision, a Los Angeles County Superior Court judge held that La Cañada Flintridge had failed to rezone sites to accommodate the city's regional housing needs allocation (RHNA) in a timely manner, and that the city's housing element will not be considered substantially compliant with state...
July
3
3
Current mortgage interest rates in California
Current mortgage interest rates in California
As of Monday, July 3, 2023, current interest rates in California are 7.20% for a 30-year fixed mortgage and 6.51% 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 confor...
July
3
3
California REALTORS® urge State Legislature to prioritize homeownership
California REALTORS® urge State Legislature to prioritize homeownership
LOS ANGELES, Calif. (June 15) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement regarding the 2023-24 state budget passed by the California Legislature:
The CALIFORNIA ASSOCIATION OF REALTORS® is disappointed that the legislature failed to prioritize critical funding for housing and the California Dream for All down payment assistance program, championed and envisioned by Senate President pro Tempore Toni Atkins as part of the 2023-24 state budget. Countless studies demonstrate that homeownership opens the door to true economic security, better health and educational outcomes and is critical to building intergeneratio...