Wednesday, February 28, 2018
Wednesday, February 21, 2018
Is California’s housing crisis spinning out of control?
Source: The New York Times
California has a severe lack of affordable homes and apartments for middle-class families. The median cost of a home in the state has surged to $500,000—double the national cost. A booming economy, home construction, and apartments that haven’t kept up with demand have all fueled a housing crisis throughout the state. Home prices in Los Angeles, San Francisco, San Jose, and San Diego have surged as much as 75 percent over the past five years alone. Homelessness in California is also on the rise. In Silicon Valley, lines of parked recreational vehicles can be found with people living inside them. In Los Angeles, some local residents are reportedly installing makeshift kitchens and living in vans within quiet neighborhoods. The state has introduced 130 housing measures this year. Among one of the most recent actions, the Senate approved a bill to crack down on communities that have delayed or derailed housing construction proposals. The bill would restrict the ability to use zoning, environmental, and procedural laws to kill projects that may be considered “out of character” with the neighborhood. The bill is expected to be voted on again later this summer.
Read the full story
California has a severe lack of affordable homes and apartments for middle-class families. The median cost of a home in the state has surged to $500,000—double the national cost. A booming economy, home construction, and apartments that haven’t kept up with demand have all fueled a housing crisis throughout the state. Home prices in Los Angeles, San Francisco, San Jose, and San Diego have surged as much as 75 percent over the past five years alone. Homelessness in California is also on the rise. In Silicon Valley, lines of parked recreational vehicles can be found with people living inside them. In Los Angeles, some local residents are reportedly installing makeshift kitchens and living in vans within quiet neighborhoods. The state has introduced 130 housing measures this year. Among one of the most recent actions, the Senate approved a bill to crack down on communities that have delayed or derailed housing construction proposals. The bill would restrict the ability to use zoning, environmental, and procedural laws to kill projects that may be considered “out of character” with the neighborhood. The bill is expected to be voted on again later this summer.
Read the full story
Wednesday, February 14, 2018
How to dump private mortgage insurance ASAP
Source: Bankrate.com
If you bought a house with a down payment of less than 20 percent, your lender required you to buy mortgage insurance. The same goes if you refinanced with less than 20 percent equity. Private mortgage insurance is expensive, and you can remove it after you have met some conditions. Although you can cancel private mortgage insurance, you cannot cancel Federal Housing Administration insurance. You can get rid of FHA insurance by refinancing into a non-FHA-insured loan. There are steps you can take to cancel mortgage insurance sooner or strengthen your negotiating position such as refinancing, getting a new appraisal, prepaying on your loan, or remodeling.
Read the full story
If you bought a house with a down payment of less than 20 percent, your lender required you to buy mortgage insurance. The same goes if you refinanced with less than 20 percent equity. Private mortgage insurance is expensive, and you can remove it after you have met some conditions. Although you can cancel private mortgage insurance, you cannot cancel Federal Housing Administration insurance. You can get rid of FHA insurance by refinancing into a non-FHA-insured loan. There are steps you can take to cancel mortgage insurance sooner or strengthen your negotiating position such as refinancing, getting a new appraisal, prepaying on your loan, or remodeling.
Read the full story
Wednesday, February 7, 2018
First-year mistakes new owners make
Source: House Logic
Homeowners can make a lot of mistakes during that first year in homeownership, especially when eagerness can sometimes lead to ignorance. HouseLogic recently featured several of the most common and costly missteps homeowners most often make in their first year, including:
Always going with the lowest bid - Homeowners may be smart about gathering multiple bids when, say, that HVAC system needs repairs. But they may be tempted to always go with the lowest price. HouseLogic recommends ensuring that all bids include the same project scope. At times, one bid may be less expensive but may not include all of the actual cost or details of the project, or the contractor may lack the experience to do a good job.
Submitting small insurance claims - Owners shouldn’t be in a rush to submit an insurance claim every single time something goes wrong. Filing a claim or two, particularly over a short time, can prompt an increase to your premium.
Read the full story
Homeowners can make a lot of mistakes during that first year in homeownership, especially when eagerness can sometimes lead to ignorance. HouseLogic recently featured several of the most common and costly missteps homeowners most often make in their first year, including:
Always going with the lowest bid - Homeowners may be smart about gathering multiple bids when, say, that HVAC system needs repairs. But they may be tempted to always go with the lowest price. HouseLogic recommends ensuring that all bids include the same project scope. At times, one bid may be less expensive but may not include all of the actual cost or details of the project, or the contractor may lack the experience to do a good job.
Submitting small insurance claims - Owners shouldn’t be in a rush to submit an insurance claim every single time something goes wrong. Filing a claim or two, particularly over a short time, can prompt an increase to your premium.
Read the full story
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