Gov. Newsom Signs New Eviction Protections Lasting Through January

Gov. Newson signs new eviction protections lasting through January.

From: Source: Los Angeles Times – Full article by Patrick McGreevy.

California state lawmakers passed a plan to protect tenants from eviction through January as long as they pay 25% of the rent due starting with the month of September.

This minimum of 25% of the rent can be paid each month, or it can be paid in delayed payments as long as all of it is paid by January 31, 2021.  Gov. Newson signed the legislation Aug.31^st. 

Tenants are still responsible for paying unpaid amounts to landlords, but other than the 25% of the rent due beginning in September, any rent unpaid between March 1, 2020, and January 31, 2021, because of a COVID-19 related inability to pay cannot be the basis for an eviction.

Landlords will be able to recover this debt in court, however, beginning March 1,2021, and small claims court jurisdiction will be temporarily expanded to allow landlords to recover these amounts.

Francis

Silicon Valley real estate
Trends: Local prices and graphs.
Price your home with my online valuator.

Non-homeowners in SF could spend $2.5 million in rent by age 60

A new report finds that those who put their money into rent rather than home equity blow an

estimated $2.5 million between the ages of 25 and 60.

The study by the personal finance site Go Banking Rates (see the article by Gabriele Olya - June 6, 2018) looked at how much someone who starts paying rent at 25 would spend by ages 30, 40, 50 and 60 in America's 25 most populous cities.

I like to put things in perspective: in real life most people would move at some point or other, relocate, change jobs or change their family situation.

Purchasing a home is not always the best option: it depends on many factors - job stability, savings, goals in life, priorities, family situations etc...  Still, the information is an important part of the equation when considering a home purchase.
.... As is the current home ownership rate in the US: 64.4%.

Any question regarding a real estate purchase or sale? Or trying to understand the parameters? Let me know!   
Thanks for reading,

Francis

My Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   (came down a bit, thank you Wall Street  ;-) 

Bay Area rents are coming down a bit...

In the process of helping clients to rent their income property, I had noticed since last March/April that prices were not as strong a before, and recently had even been going down a bit.  But this is difficult to verify, since there are so few rentals locally in a given month.

I am glad to see some confirmation of that in this article from the Mercury News that I just read last Tuesday (10/25/16), in which Richard Scheinin pools several sources showing that rents have stopped going up in several cities around the Bay, and even come down a bit since last year.

It is interesting to note the Axiometrics study which found that rents in San Jose fell 3.4% since last year, San Francisco rents fell about 3.3% too, while nationwide rents overall continued a slight up curve.
Thank you for reading! - and if you like my blog, share it ;-)
Francis

Silicon Valley real estate specialist
Detailed, local trends etc...
Current mortgage rates
A worthy local non-profit to remember: Community Services Agency in Mountain View