A bill that will create a statewide restrictive rent cap and burdensome “just cause” eviction standards passed the legislature late Wednesday afternoon. C.A.R. had reached an agreement with the sponsors and the bill’s author to make reasonable amendments to remove C.A.R.’s opposition. The consensus language would have promoted tenant protections and protected property ownership, but the language did not make it into the final bill, and C.A.R. remained opposed.
C.A.R. Foundation Sues City of Whittier
Californians for Homeownership, a new nonprofit organization sponsored by C.A.R. that aims to address California’s housing crisis through impact litigation, today announced that it has filed its first lawsuit against the City of Whittier, Calif. The lawsuit seeks to protect the right of every homeowner in California to develop an accessory dwelling unit (ADU) through the conversion of an existing garage, studio or other underutilized space.
C.A.R. Statement on Proposal to Reform Fannie, Freddie
The U.S. Department of the Treasury recently released its plan to address the 11-year conservatorship of Fannie Mae and Freddie Mac and reform the mortgage finance market as a whole. In response, C.A.R. issued a statement saying the Association appreciates the Treasury’s efforts to address the conservatorship, but that there are concerns the proposal will harm high-cost areas, such as California, by reducing support for mortgages with higher loan balances.
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Housing Sentiment Inches Higher
The Fannie Mae Home Purchase Sentiment Index increased 0.1 points in August to 93.8, another new survey high. An increase of 11 percentage points in the net “Mortgage Rates Will Go Down” component drove the index slightly higher. On a year-over-year basis, the forward-looking mortgage rates component is up 35 percentage points.
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CalHFA Introduces New Program for Native American Homebuyers
The California Housing Finance Agency (CalHFA) has added a new program to help Native Americans become homebuyers throughout California – not just on native land. Native Americans can benefit from competitive interest and mortgage insurance rates through the Indian Home Loan Guarantee Program and also apply for CalHFA programs, which can help with the down payment.
Got Rental Applicants?
Check out RentSpree, found inside your zipForm® Plus account. With RentSpree, the screening process is easy for you and your applicants. Once the applicant completes the online forms, you receive a completed C.A.R. rental application, credit report, background check and eviction report. It’s the fastest and most cost-effective way to get your future tenants screened and into a rental.
Mortgage Fraud Risk Decreases in Q2
A new report by CoreLogic shows an 11.4 percent year-over-year decrease in fraud risk, the first decrease since the third quarter of 2016.