ADVERTISING SUPPLEMENT San Fernando Valley October Home 2 Million Homeowners Protected from Insurance Non-Renewal for One Year Sales Highest Since June 2018 A mandatory one-year moratorium went into effect Nov. 5 on insurance companies refusing to renew or cancelling residential property insurance policies impacted by wildfires. Insurance Commissioner Ricardo Lara said the order will help 2.1 million policyhokders, or 18 percent of California's residential insurance market, affected to date by the record 2020 wildfire season. The Commissioner's action implements a California law that he authored in 2018 while serving as a state senator in order to provide tem- porary relief from non-renewals to residents living within or adjacent to a declared wildfire disaster. "Losing your insurance should be the last thing on someone's mind after surviving a devastating fire," Lara said. "My action gives millions of Californians breathing room and hits the pause button on insurance non- renewals while we take additional steps to expand our competitive market. "If we don't want to be in this position every year," he said, "we have to reduce the risk to lives and homes, which means everyone plays a part - homeowners and state and local governments through home-hardening, the federal government though forest management, and the insurance industry working as a partner. The announcement also affects nearly 364,000 policyholders who were included in last year's moratorium, giving these particular policyholders an additional period of protection. The moratorium order follows Governor Gavin Newsom's emergency declarations this ycar on Aug. 18, Sept. 6, Sept. 10, and Sept. 28, giving protections for one year from those dates for residential insurance policies in ZIP codes within or adjacent to the fire perimeter. Consumers can go to the Califormia Department of Insurance website to see if their ZIP code is included in the moratorium. This is the second year Commissioner Lara has implemented the 2018 moratorium law. After last year's wikdfire emergencies, he invoked the law for the first time on Dec. 5 to protect more than 1 million policyholders who suffered either a partial loss or no loss in that year's fire emergencies. Soutiand Regional Association of Reators By Nancy Trovel Camahan, President, and Davd Waler SOUTHLAND REGIONAL AssoCIATION OF REALTORS', INC. Home sales in the San Femando Valley during October rose 18.8 percent over a year ago, erasing the steep downturn earlier this year caused by the Coronavirus pandemic, and hitting 549 closed escrows-the highest monthly total since June 2018, the Southland Regional Association of Realtors reported Thursday. The Association also reported 107 condominium sales, which were up 10.2 percent over October Voice of Real Estate 2020 1920 High demand also put upward pressure on prices: The median price of home sold last month was $841,000, up 11.4 percent from a year ago. The condominium median price of $485,000 was 11.5 percent ahead of 2019. "We've witnessed a remarkable tum- with home-schooled children and parents working at home realized a need for more space, fueling a desire for larger homes. But increased demand also boosted pressure on an inventory that had bcen too tight for many years. October eded with 1,006 active listings throughout the around," said Tim Johnson, the Associa- San Femando Valky. That was the first time this year the inventory passed the 1,000-listing benchmark, though it was down 8.5 percent from a year ago and represented a mere 1.4-month supply at the current pace of demand. A3- to 6-month supply is needed in a region as vast as the valley. tion's CEO. "It looks like the market will stay strong heading into winter, which is unusual, though the Coronavirus may well have the last word." 2019. Both totals are light years up from their low points when the cconomic lock down prompted by the pandemie The Southland Regional Association of Real tors is a local trade association with more than 10,300 members serving the San Fer nando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation. Nancy Tronel Camahan, SRAR 2020 Presidert saw home and condo sales plunge to low levels in May. "Three points seem noteworthy,"said Nancy Troxell Camahan, presi- dent of the Southland Regional Association of Realtors. "First, Realtors truly stepped up at a mo- ment of crisis, they along with owners and buyers, xdapted to emergency safety concerms and found ways to safely serve all parties. "Second, histori- cally low interest rates on home loans could not have come at a better time," she said. "And, third, crazy as it may seem, the pandemic changed consumer wants and needs and Realtors responded to meet the new demand." Buyers realized they Could work anywhere, which triggered demand for homes in areas that once seemed to0 removed from their workplace. And, families San Fernando Valley Single-Family Home Sales 600 DRE Deadline Extended SRAR Online Real Estate Store 500 An executive order issued recently by Gov. Gavin Newsom extended to June 30, 2021, the deadline by which real estate license application and renewal fees need to be paid. Continuing education require- ments for licensees are also ex- tended through the same date. Executive order N-83-20, which addressed a variety of COVID-related issues, also allows California residents 70 years of age or older to renew their drivers licenses by mail. 400 The Southland Regional As- sociation of Realtors' online real estate store carries a variety of items, from Supra lockboxes, house signs and flags, to emergency supplies, such as shoe covers, PPE kits, and more. 300 200 Jan. Feb. March April May June July Aug. Sept. Oct Nov. Dec. -2020 326 318 367 263 238 353 474 495 525 549 -2019 301 266 399 495 489 487 478 520 453 462 423 401 2018 341 309 458 473 497 571 S18 528 422 452 414 380 Items are available for doorside pickup. Delivery or shipping are not available. For questions or assistance, please call Debbie Rodriguez at $18-947-2114, San Fernando Valley. Or Becky at 818-947-2294, Santa Clarita Valley. Please call during real estate store operat- ing hours, which are listed online at SRAR.com. The San Fernando and Santa Clarita valley offices of SRAR are closed until state and local orders regarding the coronavirus pandemic are lifted. San Fernando Valley - Condominium Closed Escrows 210 190 170 150 130 110 Interest ate Update 90 As reported by Freddie Mac on: 70 November 5 30-Yr FRM 2.78% 15-Yr FRM 2.32% 50 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2020 137 124 153 82 66 131 170 178 190 184 October 29 30-Yr FRM - 2.81% 15-Yr FRM 2.32% -2019 94 108 127 155 176 158 155 190 169 167 149 178 2018 146 125 167 163 188 188 159 188 126 136 133 130 THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Nancy Troxell Carmahan, SRAR 2020 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code of Ethics. ADVERTISING SUPPLEMENT San Fernando Valley October Home 2 Million Homeowners Protected from Insurance Non-Renewal for One Year Sales Highest Since June 2018 A mandatory one-year moratorium went into effect Nov. 5 on insurance companies refusing to renew or cancelling residential property insurance policies impacted by wildfires. Insurance Commissioner Ricardo Lara said the order will help 2.1 million policyhokders, or 18 percent of California's residential insurance market, affected to date by the record 2020 wildfire season. The Commissioner's action implements a California law that he authored in 2018 while serving as a state senator in order to provide tem- porary relief from non-renewals to residents living within or adjacent to a declared wildfire disaster. "Losing your insurance should be the last thing on someone's mind after surviving a devastating fire," Lara said. "My action gives millions of Californians breathing room and hits the pause button on insurance non- renewals while we take additional steps to expand our competitive market. "If we don't want to be in this position every year," he said, "we have to reduce the risk to lives and homes, which means everyone plays a part - homeowners and state and local governments through home-hardening, the federal government though forest management, and the insurance industry working as a partner. The announcement also affects nearly 364,000 policyholders who were included in last year's moratorium, giving these particular policyholders an additional period of protection. The moratorium order follows Governor Gavin Newsom's emergency declarations this ycar on Aug. 18, Sept. 6, Sept. 10, and Sept. 28, giving protections for one year from those dates for residential insurance policies in ZIP codes within or adjacent to the fire perimeter. Consumers can go to the Califormia Department of Insurance website to see if their ZIP code is included in the moratorium. This is the second year Commissioner Lara has implemented the 2018 moratorium law. After last year's wikdfire emergencies, he invoked the law for the first time on Dec. 5 to protect more than 1 million policyholders who suffered either a partial loss or no loss in that year's fire emergencies. Soutiand Regional Association of Reators By Nancy Trovel Camahan, President, and Davd Waler SOUTHLAND REGIONAL AssoCIATION OF REALTORS', INC. Home sales in the San Femando Valley during October rose 18.8 percent over a year ago, erasing the steep downturn earlier this year caused by the Coronavirus pandemic, and hitting 549 closed escrows-the highest monthly total since June 2018, the Southland Regional Association of Realtors reported Thursday. The Association also reported 107 condominium sales, which were up 10.2 percent over October Voice of Real Estate 2020 1920 High demand also put upward pressure on prices: The median price of home sold last month was $841,000, up 11.4 percent from a year ago. The condominium median price of $485,000 was 11.5 percent ahead of 2019. "We've witnessed a remarkable tum- with home-schooled children and parents working at home realized a need for more space, fueling a desire for larger homes. But increased demand also boosted pressure on an inventory that had bcen too tight for many years. October eded with 1,006 active listings throughout the around," said Tim Johnson, the Associa- San Femando Valky. That was the first time this year the inventory passed the 1,000-listing benchmark, though it was down 8.5 percent from a year ago and represented a mere 1.4-month supply at the current pace of demand. A3- to 6-month supply is needed in a region as vast as the valley. tion's CEO. "It looks like the market will stay strong heading into winter, which is unusual, though the Coronavirus may well have the last word." 2019. Both totals are light years up from their low points when the cconomic lock down prompted by the pandemie The Southland Regional Association of Real tors is a local trade association with more than 10,300 members serving the San Fer nando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation. Nancy Tronel Camahan, SRAR 2020 Presidert saw home and condo sales plunge to low levels in May. "Three points seem noteworthy,"said Nancy Troxell Camahan, presi- dent of the Southland Regional Association of Realtors. "First, Realtors truly stepped up at a mo- ment of crisis, they along with owners and buyers, xdapted to emergency safety concerms and found ways to safely serve all parties. "Second, histori- cally low interest rates on home loans could not have come at a better time," she said. "And, third, crazy as it may seem, the pandemic changed consumer wants and needs and Realtors responded to meet the new demand." Buyers realized they Could work anywhere, which triggered demand for homes in areas that once seemed to0 removed from their workplace. And, families San Fernando Valley Single-Family Home Sales 600 DRE Deadline Extended SRAR Online Real Estate Store 500 An executive order issued recently by Gov. Gavin Newsom extended to June 30, 2021, the deadline by which real estate license application and renewal fees need to be paid. Continuing education require- ments for licensees are also ex- tended through the same date. Executive order N-83-20, which addressed a variety of COVID-related issues, also allows California residents 70 years of age or older to renew their drivers licenses by mail. 400 The Southland Regional As- sociation of Realtors' online real estate store carries a variety of items, from Supra lockboxes, house signs and flags, to emergency supplies, such as shoe covers, PPE kits, and more. 300 200 Jan. Feb. March April May June July Aug. Sept. Oct Nov. Dec. -2020 326 318 367 263 238 353 474 495 525 549 -2019 301 266 399 495 489 487 478 520 453 462 423 401 2018 341 309 458 473 497 571 S18 528 422 452 414 380 Items are available for doorside pickup. Delivery or shipping are not available. For questions or assistance, please call Debbie Rodriguez at $18-947-2114, San Fernando Valley. Or Becky at 818-947-2294, Santa Clarita Valley. Please call during real estate store operat- ing hours, which are listed online at SRAR.com. The San Fernando and Santa Clarita valley offices of SRAR are closed until state and local orders regarding the coronavirus pandemic are lifted. San Fernando Valley - Condominium Closed Escrows 210 190 170 150 130 110 Interest ate Update 90 As reported by Freddie Mac on: 70 November 5 30-Yr FRM 2.78% 15-Yr FRM 2.32% 50 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2020 137 124 153 82 66 131 170 178 190 184 October 29 30-Yr FRM - 2.81% 15-Yr FRM 2.32% -2019 94 108 127 155 176 158 155 190 169 167 149 178 2018 146 125 167 163 188 188 159 188 126 136 133 130 THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Nancy Troxell Carmahan, SRAR 2020 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code of Ethics.