Risk Management Fee / E&O Insurance Premium will reflect an increase due to yearly adjustments by the carrier.
(July 18th, 2023)
Sales of existing homes in California dipped on a year-over-year basis as costs of borrowing continued to climb while supply remained tight. The dip extended the months of annual declines to 26 in a row, and the sales pace in August reached the lowest level in seven months. Despite the continuing decline, sales remained above the recent bottom of 237,000 recorded in November of last year when mortgage rates surpassed 7% for the first time in over two decades. With rates staying elevated and above 7% in recent weeks, sales are expected to be muted in the coming months. Pending sales, in fact, declined nearly 25% in August, which suggests that closed sales in California will likely slip again in September before bouncing back in October. (September 25, 2023)