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.

Factors to consider for refinancing into a 15-year mortgage

For most people, a 30-year mortgage is a good option. You can always make extra principal payments to pay down the loan faster, but the lower monthly payment is easier to handle if you face financial setbacks such as a job loss.

If you can swing the payments, you’d be building equity much faster and while paying less interest. You’ll still have home debt into your 70s, which isn’t ideal, but it’s certainly better than having a mortgage in your 80s.

The article is written by Liz Weston 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.

Of course California should require solar panels on new homes

Starting in 2020, California will be the first state in the nation to require newly constructed homes and low-rise apartment buildings to have solar panels to generate electricity. This mandate, adopted this week by the California Energy Commission, may be the simplest, most logical policy yet to help wean the Golden State off fossil fuels and reduce greenhouse gas emissions.

The benefits of solar power are well established. Photovoltaics harness the sun to create electricity, reducing the need for dirtier forms of energy. And residents generate their own power, cutting their utility bills.

The article is written by The Times Editorial Board 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.

A new generation of young home buyers is tiptoeing into the market

The rate of first-time home buyers is finally picking up after eight years into the economic recovery. This is driven by young Americans growing more comfortable in their careers and reaching an age when people tend to put down roots.

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.

L.A.’s real estate industry enters the age of bitcoin

Bitcoin is an open-source digital currency that, through its peer-to-peer exchange system, avoids the need for banks.

A bitcoin real estate transaction is the confluence of two extremely bubble-prone fields. Although the technology is still in the early stages and few people are actually buying goods with the currency, real estate presents a compelling use case for bitcoin — even though spending it to buy a home can lead to a legion of unforeseen frustrations.

A handful of bitcoin-seeking luxury real estate listings have popped up around the country, and experts predict the digital currency could grow to be a viable means of home buying.

The article is written by Jack Flemming and Phillip Molnar for Forbes Online. 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 prices jump to a record high

Prices are going up and interest rates are going up too. If you’re thinking about buying a new home, do it soon!

The article is written by Andrew Khouri for Los Angeles Times Online. 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 Prices are Rising Fast!

An excellent article in Los Angeles Times indicated that home prices in Southern California jumped 11.4% in January of 2018 — the largest year-over-year gain in 44 months as the region’s already sizzling housing market got even hotter.

The price rise combined with the raising interest rate means that if you are in the market for a new home, you should act fast!

You can see 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.