Real Estate News 10/18/2023

Today’s News Synopsis:

Accessory dwelling units, also referred to as ADUs and “granny flats,” have been available in California only as rentals. But a new law, Assembly Bill 1033, is giving Californians the opportunity to buy and sell them as condominiums.

In The News:

LA Times – “Here’s how AB 1033 works” (10-14-2023)

“Under AB 1033, which was signed into law this week, property owners in participating cities will be able to construct an ADU on their land and sell it separately, following the same rules that apply to condominiums”

Yahoo Finance –  “Mortgage originations will surge 19% in 2024 as a recession will force rates down, MBA says” (10-17-2023)

“Housing demand will rebound from this year’s strained levels after a mild recession pulls down today’s high mortgage rates, the Mortgage Bankers Association says.”

CBS News –  “Is it a good idea to take equity out of your home? Here’s what experts say” (10-17-2023)

“While the economy has made everyday expenses more costly for Americans over the past few years, it’s had a positive impact on home values. According to real estate research firm CoreLogic, the average American homeowner had more than $274,000 in equity in early 2023. That figure represents a $182,000 boost since before the pandemic.”

Yahoo Finance – “Homebuyers are putting more money down than ever before despite difficult housing conditions” (10-14-2023)

“The average down payment percentage reached 14.71% of the purchase price in the same period, also the highest in the last decade.”