Wonder why April’s six-county sales count was off 18% from a year ago?
“Payment Pulse” deals with the gut-twisting reality of Southern California homebuying finances. It’s really about the size of the monthly check to the lender, not the headline-grabbing, rising median sales price.A mix of high home prices and soaring mortgage rates proved an expensive mix for Southern California homebuyers in April.got a record-breaking $3,010 house payment, up 37% in 12 months and the largest jump ever.
Other record-smashing, one-year surges in the estimated payments were found in Riverside and San Diego counties.My trusty spreadsheet looked at the messy intersection of skyrocketing home prices and climbing mortgage rates dating to 1988. Using that data, we generated a hypothetical but typical monthly house payment a buyer would get, assuming a 20% downpayment. The total did not account for property taxes, association dues or insurance.
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