Blog

October 11, 2019

AB 1482 Signed into Law: Find out what Rent Control means for you.

At a signing ceremony in Oakland on October 8, Governor Gavin Newsom signed AB 1482 – Rent Caps and Just Cause. If you are confused about how this new law may affect rental property that you own, please contact us at Pasas Property Management.  Here are some basics you need to know: Rent increases in any 12-month period will be limited to 5% plus the change in inflation from April 1 of […]
September 15, 2019
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California housing affordability dips in second quarter

The California Association of Realtors recently reported on California housing in Q2. Here are some of their findings:  Thirty percent of California households could afford to purchase the $608,660 median-priced home in the second quarter of 2019, down from 32 percent in first-quarter 2019 but up from 26 percent a year ago. A minimum annual income of $122,960 was needed to make monthly payments of $3,070, including principal, interest and […]
August 28, 2019
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California home sales up in July

California home sales perk up in July for first time in more than a year, C.A.R. reports – Existing, single-family home sales totaled 411,630 in July on a seasonally adjusted annualized rate, up 5.6 percent from June and up 1.1 percent from July 2018. – July’s statewide median home price was $607,990, down 0.4 percent from June and up 2.8 percent from July 2018. – Year-to-date statewide home sales were down 4.9 percent […]
August 21, 2019
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HUD to announce long-awaited FHA Condo Rules

The U.S. Department of Housing and Urban Development is expected to release updated guidance on FHA-insured condominium financing. The new rules should benefit real estate purchasers by allowing more buyers to obtain low down-payment mortgages on affordable housing options. Specifically, the new rules will: Extend FHA certifications on condo developments from two years to three years, reducing the compliance burden on condo boards. Allow for single-unit mortgage approvals—often known as […]
August 14, 2019
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San Diego changes zoning policies to allow more mixed-use projects

From an article in the San Diego Union Tribune. The San Diego City Council approved new zoning policies Monday allowing developers to more quickly and cheaply build large mixed-use projects featuring dense housing blended with commercial and industrial uses. The goal is spurring more developments in suburban-style parts of the city with large surface parking lots, such as Mission Valley, Kearny Mesa, Mira Mesa and University City. The zoning would […]
July 27, 2019
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San Diego Free Summer Concerts 2019

Summer is a great time for music!  Grab friends, family and a picnic – then go check out one of these free summer concerts. Point Loma Summer Concerts. Select dates at Point Loma Park (1049 Catalina Boulevard). https://www.plconcerts.org/ Bird Park Summer Concerts. Select Saturdays in July and August. 5:30-7:30 pm. Bird Park, 28th and Thorn Street (next to Morley Field.) http://www.explorenorthpark.com/post/bird-park-summer-concerts Coronado Summer Concert Series. Sundays, through Sept. 1, 6 pm. Spreckels Park, 7th […]
April 17, 2019

Landlord/Tenant and Rent Control Bills in Sacramento

  Lawmakers in Sacramento are trying to address the housing crisis but below are bills that could hurt property owners, specifically those with rentals. The bills range from those that would implement rent control – even after voters defeated it at the polls in November – to bills that would make it very difficult to evict problem tenants. AB 36 (Bloom) Residential tenancies: rent control. Proposes amendments to the State’s Costa […]
April 8, 2019
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Mortgage rates hit long-term lows

Homebuyers won big last week as the industry saw the lowest mortgage rates since January 2018. Recent numbers from Freddie Mac reported the average rate on a 30-year fixed mortgage fell to 4.06% percent with an average 0.5 point for the week ending March 28, 2019. Why are mortgage rates taking a nose dive? Freddie Mac’s Chief Economist, Sam Khater, explains that this low point is a crucial indicator that […]
January 23, 2019
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What to check for in a rental property insurance policy?

From Rentometer.com: Whether you are renting a vacation home to travelers or a group of apartments in a building, a rental property insurance policy is essential. This type of insurance protects your business and your property in case of disaster, from floods to hurricanes to theft. Before you finalize the purchase of a rental property insurance policy, however, it is important to understand exactly what it covers, how you can […]
January 4, 2019
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How the government shutdown affects the mortgage market

How does the current government shut-down affect the mortgage market? A recent article on Forbes.com outlines  four ways the shutdown really does impact the mortgage market. Read the full story here. 1) Lower rates may be due to the shutdown 2) FHA loans will be affected 3) I.R.S. documents out of reach 4) A weaker U.S. housing market