Aramco Report

The Blog
Cost burden of mortgages getting lighter

Despite regular reports of rising home prices, new data released by the U.S. Census Bureau shows that the housing cost burden for many homeowners has been getting lighter of the last several years. The Bureau’s American Community Survey (ACS) found that the number of households with housing related...

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Home from 1980’s comedy flick ‘Money Pit’ lives up to reputation

A lavish estate used for the exterior shots of the 1986 comedy Money Pit, starring Tom Hanks and Shelly Long, has finally sold after sitting on the market for five years. The movie, about a nightmare home where everything that can go wrong will, seemed to have been prophetic as the Long Island mansi...

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Homeowner equity growth shows no signs of slowing

Homeowners in the U.S. are continuing to reap the benefits of a competitive housing market. Home equity levels, as reported by CoreLogic, climbed $428 billion since the second quarter of 2018. Negative home equity decreased over the same period with the total number of mortgaged residential properti...

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Apple pledges $2.5 billion to ease housing shortage

Apple Inc. announced this week that it was committing $2.5 billion to combating the ongoing housing crisis plaguing California. The plan includes $1 billion to establish a mortgage assistance fund for first-time homebuyers and another $1 billion as an open line of credit to support the construction...

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Report: Slowdown in housing starts may be short-lived

Construction of new homes in the U.S. fell more than 9 percent in September to an annual rate of 1.26 million units, down from 1.39 million in August, which was a 12-year high. However, experts anticipate the September drop to be only temporary as the number of permits filed to build new homes, an i...

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Calif. wildfires put housing market at risk

In addition to the destruction and potential life-threatening dangers of wildfires that are becoming more common in California, a new analysis shows that these types of natural disasters could have a lasting effect on the housing market in the state. Four counties in California top the list of regi...

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In advance of rent cap, tenants receiving move-out notices

AB 1482, a law capping rent increases at 5 percent plus inflation, goes into effect on January 1, 2020. Anticipating this, the opportunity to issue 60-day “notices to vacate” began going out to many California renters on October 31. That day was the last day landlords could issue such notice and tak...

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Lower mortgage rates prompt spike in San Diego home sales

A steady decline in mortgage rates over the past year has led to a significant increase in home sales in San Diego County. According to new data from CoreLogic, sales shot up 14.7 percent in September compared to a year ago. The 3,393 home sales in the region during the month is up from 2,959 in Sep...

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Federal reserve cuts rates for third time this year

The Federal Reserve announced this week that it was lowering its benchmark federal funds rate for the third time this year but hinted at a pause in further rate cuts for the time being. The policy statement released on Wednesday downplayed the need for further rate cuts in the coming months despite...

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Deal closes on most expensive property purchase in San Diego

San Diego’s most expensive land sale of the year so far just closed for a whopping $48,638,200. According to information from the San Diego County MLS and Pacific Sotheby’s International Realty, the 22-acre site in Mission Valley is slated for construction in 2020. The four-parcel property, located...

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