Real Estate News 05/03/2024

Today’s News Synopsis:

The Los Angeles region offers a useful setting to explore the prospects of affordable ADUs. Four jurisdictions within the region have developed affordable ADU pilot programs. One program, the city of Los Angeles’ LA ADU Accelerator Program, offers operating subsidies for existing ADUs, while the other three offer development subsidies as well as vouchers to cover operating costs.

In The News:

Brookings.edu– “ADUs could expand the affordable housing toolkit“ (04-29-24)

“Los Angeles faces some of the worst affordability problems in the country: More than 1 million renter households are cost-burdened (spending over 30% of their income on housing) and 75,000 Angelenos were experiencing homelessness in 2023 on any given night. ”

Fox59 –  “Average long-term US mortgage rate rises for again, reaching highest level more than five months“ (05-02-2024)

“he average rate on a 30-year mortgage climbed this week to its highest level in more than five months, pushing up borrowing costs for prospective homebuyers in what’s typically the housing market’s busiest stretch of the year.”

Redfin –  “Today’s Fed Meeting Unlikely to Send Mortgage Rates Up or Dow” (05-01-24)

“In their May 1 meeting, the Fed held interest rates steady and didn’t take the possibility of rate cuts later this year off the table. For homebuyers, the meeting shouldn’t move the needle on mortgage rates; the more important piece of economic news will be the next inflation report. ”

MPA Mag – “Real estate, mortgage industry react to Fed’s policy announcement” (05-02-2023)

“The housing industry is abuzz following the Federal Reserve’s policy announcement on Wednesday, with economists offering varied analyses and predictions for the market.”

Washington Post – “Average long-term US mortgage rate rises for again, reaching highest level more than five months” (05-02-2023)

“The average rate on a 30-year mortgage climbed this week to its highest level in more than five months, pushing up borrowing costs for prospective homebuyers in what’s typically the housing market’s busiest stretch of the year”