California’s housing market is less affordable after mortgage interest rates drove up costs for many potential buyers last year.
Mortgage payments increased year-over-year by 43% in San Francisco and 56.5% in Bakersfield, Divounguy said. Dianna Silva, a Concord-based real estate agent, has witnessed the change first hand with many of the first-time buyers she works with.
The economic woes of the pandemic have added another layer of uncertainty. Fewer than 56% of Californians live in homes they or their families own, the second lowest rate of any state and just slightly higher than New York. On Tuesday, state officials said they were expandingCalifornia Mortgage Relief Program, a $1 billion program designed to help people who already own a home. The program was created in 2021 using federal dollars from the American Rescue Act.
Nine months into 2022, only 18% of households could afford the state’s median priced home, the California Association of Realtors reported. A seller accepted their offer on a three-bedroom, two-bathroom home in San Luis Obispo, but they walked away from the potential purchase after an initial inspection revealed water damage and mold.
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