Another Southern California home-price boom is cooling. Is a crash looming?

The Southern California housing market has been on a nearly seven-year tear, with prices in many communities reaching all-time highs. But now, as mortgage rates rise, the boom appears to be fading. Sales are dropping; inventory is swelling; more sellers are scaling back their ambitious asking prices.

The annals of postwar Southern California real estate history are full of boom-and-bust cycles, with periods of sharp price appreciation that suddenly skid to a halt. Whether those ups and downs offer any guidance — or hope — for today’s homeowners is a subject for debate.

Some of those who study the housing market predict annual price increases will slow. Others think values could dip. But there is general agreement that a meltdown is not in the offing, given a healthy economy and dearth of home building. The current slowdown, said Christopher Thornberg of Beacon Economics, “is a bump in the road.”

The article is written by Andrew Khouri for LA Times. You can read the full article here.

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Sheila Abai is a senior mortgage consultant at PNC Bank. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at Sheila.Abai@PNC.com or via telephone at 310-666-5959.

Southern California suffers its worst housing slump in over a decade

Higher mortgage rates and overheated home prices hit Southern California home sales hard in September.

The number of new and existing houses and condominiums sold during the month plummeted nearly 18 percent compared with September 2017, according to CoreLogic. That was the slowest September pace since 2007, when the national housing and mortgage crisis was hitting. Sales have been falling on an annual basis for much of this year, but this was the biggest annual drop for any month in almost eight years. It was also more than twice the annual drop seen in August.

The article is written by Diana Olick for CNBC. You can read the full article here.

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Sheila Abai is a senior mortgage consultant at PNC Bank. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at Sheila.Abai@PNC.com or via telephone at 310-666-5959.

Southern California, home to nation’s most overvalued housing — at least, by this math

Los Angeles County homes are the most overpriced in the nation, according to a curious new study. And Orange County and the Inland Empire don’t score much better.
By one Fed researcher’s math, Los Angeles County had the most overvalued U.S. homes, an eye-catching 68.6 percent above what research showed was normal. That was ahead of Miami (64.6 percent overvalued) and San Francisco (61.9 percent overvalued).

Bill Emmons, a researcher at the Federal Reserve Bank of St. Louis, looked at the changing relationship between state incomes and regional home pricingbetween 2000 and 2018’s first quarter to determine a “fair value” for local housing in 41 major metropolitan areas. Then Emmons considered how far current pricing deviated from each area’s norm. By his math, Los Angeles County had the most overvalued U.S. homes, an eye-catching 68.6 percent above what research showed was normal. That was ahead of Miami (64.6 percent overvalued) and San Francisco (61.9 percent overvalued).

The article is written by Jonathan Lansner for TheOCR. You can read the full article here.

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Sheila Abai is a senior mortgage consultant at PNC Bank. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at Sheila.Abai@PNC.com or via telephone at 310-666-5959.

First home buyer advice I wish someone had told me

Purchasing a property is often the single largest investment a person or family will make, but it can be a bewildering experience if you don’t really know what’s going on.

Having just bought my first home, I was left wishing I could find a course on “how to buy a house”, instead of having to learn by experience and blunder through with little understanding.

Some things might seem self explanatory or obvious to people who already own property, but I found there was a lot of contradictory information out there.

Here are some things I wish I knew before I started looking to buy a home.

The article is written by Liam Butterworth for ABC. You can read the full article here.

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Sheila Abai is a senior mortgage consultant at PNC Bank. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at Sheila.Abai@PNC.com or via telephone at 310-666-5959.

Mortgage rates slide the fastest in four years, but it may be too late for the housing market

Rates for home loans tumbled as turmoil rocked global financial markets, but any reprieve in rates may come too late for would-be home buyers or refinancers.

The 30-year fixed-rate mortgage averaged 4.81% in the November 21 week, down 13 basis points, mortgage liquidity provider Freddie Mac said Wednesday. That’s the biggest weekly decline since January 2015 and the lowest level for the popular product since early October. The 15-year fixed-rate mortgage averaged 4.24%, down 12 basis points during the week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.09%, down from 4.15%.

The article is written by Andrea Riquier for MarketWatch. You can read the full article here.

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Sheila Abai is a senior mortgage consultant at PNC Bank. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at Sheila.Abai@PNC.com or via telephone at 310-666-5959.

Tips on saving money as a new homeowner

There are a few things that you can do to ensure that you save money as a new or potential homeowner.

Here are a few things Barry and his wife did to save money as new home owners

The article is written by Barry Choi for Money Sense. You can read the full article here.

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Sheila Abai is a senior mortgage consultant at PNC Bank. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at Sheila.Abai@PNC.com or via telephone at 310-666-5959.

Six Ways The Real Estate Industry May Change In The Next Few Years

The real estate industry is one market that is embracing technology at a steady pace, and buyers and sellers are starting to reap some of the rewards of these changes. Streamlined processes can, for instance, allow people to buy a property without having to be physically there to do so, or tap into larger amounts of valuable — and understandable — data, something that can help buyers find and track properties they’re interested in, or help agents best reach their clients.

These are not the only changes in the works. So what will the real estate industry look like in the next few years? Below, six members of Forbes Real Estate Council discuss some of the changes they see coming, as well as what these developments will mean for the buying and selling process. Here’s what they have to say.

The article is written by Forbes Real Estate Council for Forbes. You can read the full article here.

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Sheila Abai is a senior mortgage consultant at PNC Bank. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at Sheila.Abai@PNC.com or via telephone at 310-666-5959.

Relevant Real Estate: How To Give Young People What They Really Want

The past decade has seen major shifts in the way people live, from renting permanently to living with roommates longer than anticipated or wished, to delaying homebuying or not even considering it. Many people think homeownership is down, but that’s not necessarily the case.

It appears that millennial and Gen Z renters and buyers simply expect more from the real estate they consider. So, what must real estate builders and brokers do in order to meet their differing and expanding home needs? In this article, 13 members of Forbes Real Estate Council tackle that very question.

The article is written by Forbes Real Estate Council for Forbes. You can read the full article here.

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Sheila Abai is a senior mortgage consultant at PNC Bank. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at Sheila.Abai@PNC.com or via telephone at 310-666-5959.

Looking For Your First Property Deal? 12 Important Things You Should Do First

The real estate market is an exciting one, and there’s no shortage of would-be investors drawn in by the possibility of big profits. Just like any investment, though, finding a property to flip or rent is rarely as easy as they make it look on real estate reality shows.

Although you likely know you need to conduct your due diligence before making an offer on a property, it never hurts to go back to basics to make sure your first deal goes smoothly. We asked a panel of Forbes Real Estate Council members what every aspiring real estate investor should do when searching for a property deal. Their best answers are below.

The article is written by Forbes Real Estate Council for Forbes. You can read the full article here.

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Sheila Abai is a senior mortgage consultant at PNC Bank. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at Sheila.Abai@PNC.com or via telephone at 310-666-5959.

The Top Seven Traits Of A Successful Real Estate Investor

Real estate is said to have made more millionaires than anything else. For those who have successfully made money in it, it’s not hard to see why. With so many different ways to grow wealth investing in real estate, there are tons of opportunities for many different people with different skill sets and talents to be successful, make money, and improve their financial position in meaningful ways.

The author is a real estate investor and he has created wealth through it. Having interviewed successful investors on the BiggerPockets podcast and networked with them in many forms, David has recognized patterns in the abilities of an investor that often lead to their success. Here’s a list of some of the traits among the most successful investors. Whether it’s a house flipper, residential home landlord, or large apartment complex owner, these same traits are almost always involved.

The article is written by David Greene for Forbes. You can read the full article here.

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Sheila Abai is a senior mortgage consultant at PNC Bank. She utilizes her 20+ years of finance and mortgage experience to identify the best mortgage and refinancing solutions for her clients. Sheila can be contacted via email at Sheila.Abai@PNC.com or via telephone at 310-666-5959.