Calif. advocacy groups unveil affordable housing plans

Calif. advocacy groups unveil affordable housing plans

Calif. advocacy groups unveil affordable housing plans
Affordable housing advocacy group Housing California and a nonprofit organization called California Housing Partnership announced last week a bold initiative to introduce more economical housing in the Golden State. Entitled “California’s Roadmap HOME 2030” has a goal to create “a California with homes for all.”

While specifics were not shared, the roadmap is in response to an affordability crunch that has left many California would-be homeowners with limited choices. In a recent report, The National Association of Home Builders said Los Angeles is the least affordable place to live in the U.S.

Gov. Gavin Newsom has attributed the rising home prices in the state to the growing homelessness issue, calling it a “disgrace”.

Meanwhile, mortgage rates have dropped to a new all-time low easing affordability concerns with conforming no-point 30-year fixed mortgage rates are averaging 3.25 percent and 15-year rates are near 2.875 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.