Real Estate News 02/10/2025

Today’s News Synopsis:

In The News:

Redfin – “17% of Homeowners With Mortgages Have an Interest Rate of at Least 6%, the Highest Share in Nearly a Decade“ (02-06-25)

“But this lock-in effect is starting to ease because Americans are growing accustomed to elevated rates, and for many, it’s not realistic to stay put forever. That’s boosting listings and easing the housing shortage.“

FOX Business – “LA real estate agent reveals No. 1 reason why Pacific Palisades residents won’t return” (01-25-2025)

“After making a shocking prediction that up to 70% of Pacific Palisades residents won’t return to rebuild and live in their homes, former “Million Dollar Listing” real estate agent Josh Altman is explaining exactly why.”

The San Diego Union-Tribune –  “California’s home insurance prices set to soar“(01-23-25)

“Property owners are keenly aware of the state’s numerous risks to their property, most notably wildfires. But they might be surprised to learn that California home insurance policies are among the nation’s cheapest.”

NAR – “Housing Affordability Index“ (02-03-25)

“The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”