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December 8, 2017

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California Home Prices Almost Double

by Bob Schwartz

California Home Prices in this city up approximately 92% in the last five years!

California Home PricesHome prices nearly doubled in this surprising California city

Source: The Mercury News
As home prices skyrocket across the state, there’s one California city where they’ve shot up more than
anywhere else in the U.S. nearly doubling in the past five years.
No, it’s not San Francisco, San Jose or Oakland. It’s not even in the Bay Area.
It’s Stockton, the Central Valley community twice dubbed America’s “most miserable” city by Forbes
Magazine because of its high rates of housing foreclosures, unemployment and violent crime.
The jump in home prices in Stockton and neighboring Lodi up about 92 percent over the past five years
is dramatic evidence of the ripple effects of the Bay Area’s tight housing market and the increasingly out
of reach cost of living here.

California Home Prices

As people flee San Francisco and Silicon Valley in search of
cheaper housing heading to places like Stockton, Oakland and Sacramento prices in those second tier markets are rising.

What you should know:

• Total home mortgage applications rose 4.7 percent last week from the previous week.

• There was a 9 percent weekly jump in home loan applications to refinance.

• Home refinances are now down just 10 percent from a year ago because volume dropped by half for much of last year.

• The average contract interest rate for 30 year fixed rate mortgages with conforming loan balances.

of $424,100 or less decreased to 4.19 percent from 4.20 percent, with points increasing to 0.40

from 0.34, including the origination fee, for 80 percent loan to value ratio loans.

The 30 year fixed rate mortgage interest rate stood at 4.27 percent one year ago.

 

 

 

California Home Prices
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1 Comment
  1. Jan 17 2018

    Unfortunately home prices are not dropping in Massachusetts, if anything home sales have dropped significantly due to the fact that people can’t afford to buy at those prices anymore. Homes stay on the market for as long as 90-120 days in certain areas.

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