Silicon Valley Real Estate Market Update 6-8-2023



 Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends. 



Sustainable home upgrades for owners on any budget Here's a breakdown by budget of the projects that can save homeowners money on energy bills—and the potential results. Full Story: REALTOR® Magazine (5/29) 

 

California case shows money alone won't fix homelessness In Oakland, Calif., a fire at a homeless camp under Interstate 880 last year led to a legal and bureaucratic battle over responsibility for the those who are homeless. Full Story: The Wall Street Journal (6/2) 

 

Banks move to anticipate possible real estate problems Some banks are preparing for a possible crisis in the ailing commercial real estate sector by offering to sell property loans off their books at a discount, even if borrowers have been on-time with payments so far. HSBC US and PacWest have reportedly made moves already in this direction, and industry insiders said there are more conversations taking place about banks selling such loans. Full Story: Financial Times (6/4) 

 

Biden, McCarthy look to move debt deal through Congress After forming a deal to break the debt ceiling impasse, President Joe Biden and House Speaker Kevin McCarthy, R-Calif., must ensure the bill has enough support to make it through Congress before a June 5 deadline. The Fiscal Responsibility Act calls for suspending the debt limit for two years in exchange for concessions, including clawing back some IRS funding in the Inflation Reduction Act and accelerating environmental reviews and infrastructure permitting, but offers little in the way of transmission infrastructure. Full Story: The Associated Press (5/29),  The Wall Street Journal (5/29),  The New York Times (5/30),  Bloomberg (5/29) 

 

FHA to propose plan to aid struggling homeowners The Federal Housing Administration is set to propose a plan that will help temporarily reduce mortgage borrowers' monthly payments if they are behind without forcing them to give up loans made at low interest rates. Under the plan, the FHA would essentially use its insurance fund to pay a portion of the monthly payment, with the borrower having to pay off the assistance as a second loan. Full Story: The Wall Street Journal (5/31) 



State Farm, Allstate Stop Selling Home Insurance to New Customers in CA State Farm and Allstate have announced they will no longer sell new home insurance policies in California because of wildfire risks and an increase in construction costs. C.A.R. has created a fact sheet to help address some common questions you and your clients may have about how this will affect consumers.

The fact sheet explains that these two companies HAVE NOT left the California insurance market, the implications for prospective homebuyers, whether other insurance companies will follow, the primary problems in the California insurance market, resources for clients who have further questions and what C.A.R. is doing to address the issue.

C.A.R. also is putting together additional information and will send to members in coming weeks.

Additionally, United Policyholders, a non-profit organization whose mission is to be a trustworthy and useful information resource and an effective voice for consumers of all types of insurance, is offering a free webinar on Friday, June 9, at 12 noon to help consumers find insurance in fire-prone areas. Register here. ​​​Full Story: CAR.org

 

Market Update  Policy makers in Washington D.C. avoided a default on U.S. debt obligations as Congress and the Whitehouse engineered a last-minute deal to raise the debt limit. In anticipation of the agreement, mortgage rates have already been heading down for several days after having risen above 7% as worries over the debt ceiling reached fever pitch. And despite higher rates in May, the U.S. labor market showed little signs of cooling down as employers added nearly 340,000 new jobs last month—well above expectations and raises the prospect that the Fed may have to raise rates one more time to help get inflation under control. Full Story CAR Market Minute Write Up

#siliconvalleytrusteepartners #seniorrealestatespecialist #siliconvalleyrealtor #realestatecalifornia #siliconvalleyrealestate #realestateservices #homeiswhereyouare #realestatemarketupdate #currentaffairsnews #funfacts #fastfacts #almostfriday #wisdomoftheages

Popular posts from this blog

How To Plan An Add On

Image
Expanding your home with an add-on is an exciting venture that can enhance your living space, boost property value, and cater to your changing needs. Whether you're considering a new bedroom, a sunroom, or a garage, careful planning is crucial to ensure a successful project. In this step-by-step guide, we'll walk you through the process of planning an add-on to your home. Step 1: Define Your Goals and Needs -  Begin by identifying your goals and needs. What's the purpose of the add-on? Do you need more space for a growing family, a home office, or a recreational area? Understanding your objectives will help you make informed decisions throughout the planning process. Step 2: Set a Budget -  Determine a realistic budget for your project. Consider factors like construction costs, permits, design fees, and any unexpected expenses. It's advisable to allocate a contingency fund to handle unforeseen challenges. Step 3: Research Local Regulations-  Check with your local munici...
Read more

12 Creative Home Add Ons

Image
Expanding and enhancing your home doesn't have to be a mundane process. There are plenty of creative ways to add on to your home that can transform your living space and make it more functional, visually appealing, and enjoyable. Here are some creative ideas to consider: Sunroom or Conservatory:  A sunroom or conservatory is a beautiful way to bring the outdoors in. This space, often made of glass, lets in abundant natural light and offers a serene environment for relaxation, gardening, or enjoying meals. Rooftop Garden:  If you have limited horizontal space, look up! A rooftop garden can be a lush and secluded oasis in an urban environment. It's a fantastic way to utilize underused space while improving energy efficiency. Greenhouse:  For those with a green thumb, a greenhouse can be a fantastic addition. You can grow your favorite plants year-round and experiment with exotic or climate-sensitive species. Multi-Purpose Garage:  Transform your garage into more than j...
Read more

12 Financial Tips For September

Image
September marks the transition from summer to fall, and it's also an ideal time to reassess your financial goals and make some smart money moves. As you start to settle into the routines of the autumn season, consider implementing these September money tips to help you achieve financial success and set yourself up for a more secure future. Review Your Budget:  Kick off September by revisiting your budget. Ensure it accurately reflects your current income, expenses, and financial goals. Take the time to analyze your spending habits and identify areas where you can cut back. Creating or revising your budget is a crucial step in managing your finances effectively. Set Financial Goals:  With summer vacations behind you, it's a great time to set new financial goals or revisit existing ones. Whether you're saving for a down payment on a house, building an emergency fund, or planning for retirement, clearly define your objectives and create a plan to achieve them. Setting SMART (S...
Read more