California Housing

The state of California is considering a new first-time buyers program. Keep in mind that the details on this program are not all in yet and nothing is official.

Some believe we are witnessing the downfall of Los Angeles, San Francisco and every city in between. We are going to see massive changes coming to the real estate space and though this will be a big impact on small business owners as well as first time home buyers who want to purchase their first home.

California Housing

California is now considering  a first time home buyer program offering 17% down payments on homes and is also increasing the minimum wage in the entire state of California to $15.50 which will make things even harder for small and medium sized businesses that are running their businesses and enterprises from the state of California.

The question is, how big of an impact will this have on the housing market and the real estate market in California? Will we see a big change in housing costs? Will we see a massive housing bubble with all of this new demand? Will we see record high unemployment rate as more and more businesses go under and have to close down?

Yet, I’m wondering because of the 17% figure as the loan for the down payment if it’s only going to require the purchaser to put 3% down and thereby have a total of 20% down which usually is the amount down necessary to get the best loan rates and also to avoid mortgage insurance.  My main concern with this program, is what happens, when we have another major market bust in California?  Back in 2008 California home values dropped  around 30%!  We saw a massive foreclosures and people just walking away from their homes because the amounts that were owed on the mortgages were way more than they could possibly sell the properties for.

I don’t think the question here is what happens if this happens again, because it will happen again, and obviously the people who partake in this program will have very little, if any equity, in their homes when they originally purchase it through this program. So should the property value drop over 20% I believe we will again see mastiff foreclosures and homeowners walking away from their homes. Will California pursue these homeowners to try to recover their 17% down payment loans?  Even if they do, how many of those will be recoverable?  I think a program like this is setting up the California taxpayer for what I think is it inevitable major loss of taxpayer dollars.

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