Explore the latest real estate and local news headlines: Why San Francisco is the nation’s most competitive housing market. Tech execs back California bill that aims to build more housing near transit locations. Here in Contra Costa County, there is a debate over whether home owners are responsible for storm drain repairs under private property or not. Now for things that affect more of the Bay Area: A proposed $3 toll hike moves to the ballot box. Finally, for those who ride BART, their first new train is here at last.

This is what makes S.F. the nation’s most competitive housing market

In possibly a bit of unwelcome news for prospective homebuyers, San Francisco comes up on top in a LendingTree ranking of the most competitive housing markets in the country.

The online lending exchange identified the financial elements that make buying a home difficult and used its database of 1.5 million mortgage loan requests to rank cities based on three factors: the share of buyers shopping for a mortgage before choosing a home, average down payment percentage and percentage of buyers who have prime credit.  Read More…

CoCo County: Homeowners Responsible for Storm Drain Repairs Under Private Property

KPIX ConsumerWatch reporter Julie Watts explains there is a storm brewing over who is responsible for paying to fix and replace aging storm drain pipes buried under Bay Area neighborhoods.

Click ‘play’ on the video above to watch the report and Click Here to see the original post on Claycord.com

Now in voters’ hands: Proposed $3 toll hike moves to the ballot box

SAN FRANCISCO — Bay Area voters now will decide which is worse — unrelenting traffic or paying up to $9 to cross a bridge.

The Bay Area Toll Authority on Wednesday voted unanimously to place a $3 toll hike on the June 5 ballot in all nine counties. If approved, the $4.45 billion measure is expected to be at least a partial answer to the traffic woes plaguing commuters. Read More…

It’s here! First train in BART’s new fleet makes inaugural run

OAKLAND — Brighter, cleaner, quieter: Those were just a few words BART riders used to describe the first train in the agency’s new fleet, which made its inaugural ride Friday…

The milestone was significant for the transit agency, which struggled with delays as it sought to iron out all the kinks with the new cars. BART is replacing all 669 of its train cars with 775 new ones, a $2.6 billion effort to update the aging and sometimes unreliable fleet, add capacity by running longer trains and improve passengers’ experience. Read More…

Tech execs back California bill that aims to build more housing near transit

Bigger, taller apartment buildings surrounding your neighborhood BART station? More than 100 California tech leaders are enthusiastically saying yes, please. Read More…

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Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach Peter Maclennan please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest homes for sale in Concord by map (click the map below):

 

Review the latest real estate and local news headlines: Concord will move to district council elections. Affordable apartments in Walnut Creek and Russians at center of bribery trial! Also for renters, the new normal: lower expectations and shrinking apartments. Economists say both 2018 rents and house prices will continue to grow with no end in sight. Plus, Millenial homebuyer credit scores are apparently decreasing.

Bowing to pressure, Concord will move to district council elections

CONCORD — In a move that may empower the city’s Latino voters, Concord will transition from at-large City Council elections to selecting representatives by district.

Although several of his colleagues expressed concern that districts may lead to “provincial” leaders who advocate for their areas instead of the entire city, Mayor Edi Birsan said the onus will be on voters to choose wisely.

“You are going to have to pick leaders who are sophisticated enough to represent your interests, not only in the district, but wherever else the city is,” said Birsan, a longtime proponent of district elections.

Concord joins Martinez among Contra Costa County cities scrapping at-large elections to avoid a potentially costly lawsuit. Read More…

Affordable apartments in Walnut Creek and Russians at center of bribery trial

MARTINEZ — The trial started Monday for a man accused of bribery involving low-income apartments in a lavish transit village in Walnut Creek, but the defense alleged its client and numerous others were discriminated against because they are Russian nationals.

It is an outlandish case, which authorities say might not have been solved if not for the defendant’s love of quirky, old-fashioned automobiles that led to numerous parking complaints, the property manager being transferred to another building, and the new property manager using Nancy Drew-like instincts to uncover what was going on.

The defendant, Walnut Creek resident Aziz Artykov, 50, is accused of facilitating tens of thousands of dollars in bribes to the former property manager of Avalon Walnut Creek Apartments, Matthew McVicker, who would in turn move Artykov’s friends to the top of a wait list for Avalon’s low-income housing program, which offered nice units for way below the market rate, to people who made less than half the median income. Read More…

For renters, the new normal: lower expectations and shrinking apartments

Gabriel Rodarte grew up in San Jose and has worked there for 30 years as a mailman for the U.S. Postal Service. Making his rounds, he says, “I see it all. I see three families living inside one small apartment, or total strangers who share a room. None of them stay very long; they can’t afford it”… A generation of tenants now sees itself as rent-poor, with every last dime doled out for gas, groceries and the landlord. Renters struggle throughout the Bay Area.  In San Jose, the median monthly rent for a two-bedroom apartment is now $2,550, far above the national average of $1,560.  A similar two-bedroom flat can cost even more elsewhere: $3,080 in Walnut Creek and $4,910 in Cupertino, according to a recent report.

As the Bay Area’s economy booms, and as the tech sector continues to expand, this is the new normal for those on the margins: shrinking expectations and shrinking apartments. Nearly 40 percent of working adults in the Bay Area are now “doubled up” with roommates in order to afford rent, according to a study from Zillow. Read More…

2018 house prices and rents will keep growing with no end in sight, economists say

Will 2018 be the seventh year home prices go up? Or the year the market stalls? Will this be the year that tenants get the upper hand over landlords? Or will rent hikes just keep coming?

In other words, will the seller’s market of the past 69 months continue in 2018?

We interviewed 10 economists and reviewed nine forecasts to find an answer to that question. It can be summed up in one word.

Yes. Read More…

Ellie Mae: Millennial homebuyer credit scores decreasing

The latest Ellie Mae Millennial Tracker report shows a slight decline in the average credit scores of closed loans to Millennials from the previous year.

The report, which covers November 2017, shows that the trend was most noticeable for FHA and VA loans.

According to Ellie Mae, in November 2016, the average FICO score on a closed FHA refinance loan to a Millennial borrower was 678, but that dropped to 669 in November 2017. On VA loans, the average FICO scores on closed VA refinance loans dropped from 725 in 2016 to 710 in 2017.

“With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “While these scores are still significantly above the levels seen a few years ago, it is encouraging to see increased accessibility, especially as the millennial population continues to pursue home ownership.” Read More…

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Having a knowledgeable and experienced real estate broker on your side helps protect your interests and insure you make the best possible decisions. We are dedicated to keeping on top of the real estate market and keeping you informed of changes. You can rest easily knowing you made a well-informed decision based on experience and insight into the Concord California market.

To reach Peter Maclennan please call 925.385.8798 or email us at peter@maclennaninvestments.com.

Search for the newest homes for sale in Concord by map (click the map below):