The Federal Housing Finance Agency publishes the House Price index, which is defined as the measure of the movement of single-family prices in the whole nation, United States. Fannie Mae and Freddie Mac provide monthly and quarterly data for the Federal Housing Finance Agency’s House Price Index (HPI). Fannie is a term derived from Federal National Mortgage Association (FNMA), while Freddie mac is from FHLMC or the Federal Home Loan Mortgage Corp
The S&P CoreLogic Case-Shiller Indices track the change in the value of single-family homes in the U.S., but they don’t cover newly constructed houses, condos, and co-ops.
Buying Real Estate in CA in 2023?
According to Marco Santarelli of CAR
-In the fourth quarter of 2022, you had to make $158,000 to qualify for a $797,000 statewide median-priced, existing single-family home.
-For a 30-year, fixed-rate loan with a 20% down payment and with an effective composite interest rate of 3.97%, the monthly payment would be $3,950.
– A minimum income of $148,000 was needed to make $3,700 a month
– For a monthly payment of $3,170, you had to make $126,800 a year.
Why do people stay in California while others are looking to move out?
California truly has it all, if you think about it- Richard Uzelac
1. Hard-to-beat weather – great for any outdoor activities!
There are a lot of great places to ski in the California mountains during the winter, beaches to surf in the summer; a variety of things you can enjoy without having to leave the state.
2.Hollywood and Silicon Valley are two of the biggest and most admired industries in the world, along with tons of others.
3.In California, there are several of the greatest music venues in the world (Hollywood Bowl, Troubadour) are among the biggest in the world.
4.Home of the world’s top crops
5.California is home to many large tech companies and startups, including giants like Apple and Google, as well as many smaller firms.
6. Home of the best and diverse exotic restaurants
7. Californians are generally nice!
Tips for Prospective Buyers
- Friendly housing programs – The banks are offering affordable housing loan programs and less down payment to cover your upfront cost in purchasing
– a bank provided down payment and no closing cost!
– 3 percent down payment mortgage!
– For first time home owners check this article I wrote!
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