By Louis Hansen | [email protected] | Bay Area News Group PUBLISHED: January 2, 2019 at 6:30 am | UPDATED: January 2, 2019 at 1:51 pm The old real estate adage “location, location, location” could be replaced in California by “compromise, compromise, compromise.” Bay Area home buyers are saving longer, paying more, getting less and commuting farther than they wanted because of the region’s crippling housing shortage, according to a new survey by the California Association of Realtors. The survey highlights the extreme efforts Bay Area residents make to buy into a market where the median home sells for four times the national average. The typical Bay Area buyer spends 10 weeks searching for a home, about 25 percent longer than home buyers in other parts of the state. A home buyer trying to afford a 20 percent down payment on a $1 million property — just under the median price for a home in Santa Clara, San Mateo and … [Read more...] about Just how long does it take to buy a home in the Bay Area?
By East Bay Times editorial | PUBLISHED: September 18, 2018 at 5:00 am | UPDATED: September 18, 2018 at 5:01 am In a move that would make housing in the region even less affordable, officials in six East Bay cities are trying to siphon off tens of millions of dollars of property owners’ equity to balance their budgets. Voters should reject measures on the Nov. 6 ballot in Oakland, Berkeley, Richmond, Hayward, Union City and El Cerrito that would raise property transfer taxes to rates that would dwarf almost all other cities in the state. The taxes are typically split between buyers and sellers. In most cases, the changes would cost homeowners thousands — often tens of thousands — of extra dollars when they buy or sell their homes. For property buyers, that means more money that they must borrow to finance their homes. For sellers, the transfer taxes are subtracted from the hard-earned equity left after their mortgages are paid off. That’s less money for the … [Read more...] about Editorial: Don’t let these six Bay Area cities take your home equity
Wells Fargo said Thursday that it is laying off 55 employees from its home mortgage call center in the Briargate area as part of nationwide cutback that is eliminating 683 jobs to “better align with current volumes.”In an email statement from Denver- based spokeswoman Nicole Schwab, the San Francisco-based financial giant attributed the cutbacks to “continuing market changes” that have resulted in “several team member staff reductions in various markets since the beginning of 2018. We continue to adjust capacity within our lines of business to meet customer needs — and to ensure we’re operating as efficiently and effectively as possible.”Schwab declined further comment on the layoff, but said the move came after “carefully evaluating market conditions and consumer needs.”Wells Fargo’s center in the Springs focused mostly on home-equity lending, employing underwriters, processors and others to help borrowers tap the … [Read more...] about Wells Fargo laying off 55 from home mortgage unit in Colorado Springs
By Louis Hansen | [email protected] | Bay Area News Group PUBLISHED: August 9, 2018 at 6:00 am | UPDATED: August 10, 2018 at 4:43 am The Bay Area continues to lead the state in shattered home-ownership dreams. Record home prices and rising interest rates have pushed statewide home affordability rates to a 10-year-low. In the Bay Area, fewer than 1 in 5 residents can afford to buy into one of the nation’s most expensive real estate markets, according to a study released Wednesday by the California Association of Realtors. “It’s not the worst I’ve ever seen, but it’s pretty darn close,” said Dave Walsh, vice president at Alain Pinel in San Jose. “It’s a challenge for any segment of society.” A swirl of forces has made the region too pricey for even double-income families: a shortage of new housing, booming job growth bringing more professionals to Silicon Valley, and interest rates ticking up from recent lows. The … [Read more...] about Fewer than 1 in 5 residents can afford a home in Bay Area
By CHRISTOPHER RUGABER Published June 07, 2018 Features Associated Press Facebook Twitter Comments Print article Increased home prices boosted U.S. household net worth 1 percent in the January-March quarter to crack $100 trillion for the first time. Continue Reading Below The Federal Reserve said Thursday that home values rose $500 billion, offsetting a decline in stock portfolios of $400 billion. Overall household wealth rose to $100.8 trillion from $99.7 trillion in the October-December quarter. The figure reflects the value of assets like homes, bank accounts and stocks minus debts like mortgages and credit cards. The figures aren't adjusted for inflation or population growth. Increased wealth could boost consumer spending in coming months. Still, wealth increases aren't widely shared: Roughly 80 percent of the U.S. stock market is owned by 10 percent of the population. And a smaller share of Americans now own homes compared with a decade ago. … [Read more...] about Home equity boosts US household wealth 1 pct. to $100.8T