ADVERTISING SUPPLEMENT San Fernando Valley Low Rates Fuel Mortgage Relief, Foreclosure Ban Extended to June 30 Buyer Demand, Surge in Sales President Joe Biden extended a ban on home foreclosures for federally backed mortgages by three months and expanded a mortgage relief program in a push to stabilize the nation's housing affordability crisis amid the COVID-19 pandemic. The foreclosure moratorium was set to expire March 31 and instead will be in place through June 30. It's the second time Biden has extended the ban after he used one of his record number of Day One executive actions to push back a previous Jan. 31 end date. Southand Regonal Assocation of Reators By Dane Sydet, Presidert, and Dvid waker Interest rates hovering near histori- cally low levels fueled unseason- SOUTHLAND REGIONAL ASSOCIATION OF REALTORS", INC. ably strong home resale activity during January, pushing sales and prices higher even as homes listed for sale fell to a record low, the January since Jamary 2011. "The extremely limited supply and heavy demand super-charged com- petition over most listings," said Tim The condominium record high of $500,000 came in December. The 148 condos that closed escrow in Jamuary had a median price of $485,000, up 15.5 percent from Southland Regional Association of Realtors reported Thursday. Not once since the Association started keeping the statistic in 1986 has the Interest Rate Update National Average s reported by Freddie Mac on: February 11 30-Yr FRM 2.73% 15-Yr FRM 2.19% The Biden administration also extended the enrollment window to request a mort- gage payment forbearance - which allows borrowers to pause or reduce mort- gage payments - until June 30. That program also was scheduled to end in March. The extremely limited supply and r ago, ye ff heavy demand super-charged 3.0 percent from December's high. Pending competition over most listings' Johnson, the Association's chief execcu- tive officer. "Not surprisingly, even with all the safety protocols imposed by the pandemic, buyer competition translated into fast sales-generally less than a month-and rising resale prices." The median price of homes that changed owners last month came in at $835,000, up 12.8 percent over the prior January. The San Femando Valley median price-meaning half were escrowsa measure of future sales activitysuggest the local market will stay robust in the months ahead. At the end of January there were 606 open escrows pending, a number that was 11.8 percent higher than a year February 4 30-Yr FRM - 2.73% 15-Yr FRM 2.21 local inventory of homes and condominiums for sake fallen below the 700 unit benchmark. The 662 active listings reported ago. Santa Clarita Valley Motivated buyers realize the low interest rates give them added buying power while the pandemic, according to some studies, has prodded renters to go house hunting for a larger residence or because they are untethered to a workplace or a long Realtor Diane Sydel 2021 SRAR President January Home, Condo Sales Soar 2021 jumped off to a strong start with home and condominium sales during January in the Santa Clarita Valley up dramatically over a year ago, which continued an upswing started in the midst of the global pandemic, the Southland Regional Association of Realtors reported Thursday. in January were down 15.9 percent from a year ago and represented a mere 1.2-month supply at the curent pace of sales. "To give Valley rs an ample supply to choose from while also keeping prices in check, the inven- tory needs to be in the thousands of listings,"said Diane Sydell, the 2021 president of the Southland Re- gional Association of Realtors, noting that the record high listing total was 14,976 in July 1992. "Heavy buyer demand combined with low interest rates got us out of the pandemic rut, she said. "Let's hope listings increase with the approach of Spring," Even with the tight supply, Real- tors assisted the close of escrow in 409 single-family homes and 148 condominiums during January, which was respectively a 25.5 percent and 8.0 percent increase from the prior year. The since, setting a record high of $852,000 409 home sales total was the highest in a San Fernando Valley - Single-Family Home Sales commute. s00 The Associations Income-to-Loan Guide calu- lated the minimum income needed to buy a median-price home of $835,000, assuming a 20 per- cent downpayment, came in 43 percent higher than a year ago at $154,309, That was based on a 2.74 percent rate on a $668,000 koan. The total monthly housing payment came to $3,858, with $2,724 Santa Clarita Valley - Single-Family Home Sales 400 300 100 200 Jan Feb March Apri May hune A Sept Nov. Dec. H0021 -2020 326 26a 238 353 434 525 473 540 200 2019 2018 143 495 489 487 478 S20 453 462 423 458 452 454 150 SFV - Total Active Listings - Combined Residential 100 Ma May Sept Oet N De 144 300 244 231 The 198 homes that changed owmers was the highest total for the month since to the loan principal 2004 and was 67.8 percent higher than the January 2020 tally. Similarly, condo sales last month rose 38.3 percent above the prior year with 74 units changing and interest, $870 for the monthly pro-rated property tax, and $264 for Ma Art Ane 2 04 owners, which was the highest for the month since 2006. 1006 "The market is humming even as the number of new open escrows slows due to the dire shortage of inventory," said Nicole Stinson, the 2021 chair of the the pro-rated home insurance premium. Santa Clarita Division of SRAR. "Buyers are plentiful, eager to capture histori- higher and half the sales were lower priced-broke through the $800,000 benchmark in July as sales took off once Realtors and their clients adapted to nules designed to keep clients healthy. The median has stayed there ever cally low interest rates. But buyers also are hungry for inventory." Combined residential sales-home and condos-were nearly 60 percent higher than a year ago even as the inventory plunged 35.1 percent to a mere 200 active listings, which was up slightly from the record low of 193 listings set in December. The January single-family home median price-meaning half were higher and half lower-of $690,000 was up 12.0 percent from January 2020, while the $436,000 median for condos rose 12.1 percent. The income needed to qualify for a loan to buy the median price condo- minium was $89,628. 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. in August. THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 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 REALTORSe and subscribes to its strict Code of Ethies. ADVERTISING SUPPLEMENT San Fernando Valley Low Rates Fuel Mortgage Relief, Foreclosure Ban Extended to June 30 Buyer Demand, Surge in Sales President Joe Biden extended a ban on home foreclosures for federally backed mortgages by three months and expanded a mortgage relief program in a push to stabilize the nation's housing affordability crisis amid the COVID-19 pandemic. The foreclosure moratorium was set to expire March 31 and instead will be in place through June 30. It's the second time Biden has extended the ban after he used one of his record number of Day One executive actions to push back a previous Jan. 31 end date. Southand Regonal Assocation of Reators By Dane Sydet, Presidert, and Dvid waker Interest rates hovering near histori- cally low levels fueled unseason- SOUTHLAND REGIONAL ASSOCIATION OF REALTORS", INC. ably strong home resale activity during January, pushing sales and prices higher even as homes listed for sale fell to a record low, the January since Jamary 2011. "The extremely limited supply and heavy demand super-charged com- petition over most listings," said Tim The condominium record high of $500,000 came in December. The 148 condos that closed escrow in Jamuary had a median price of $485,000, up 15.5 percent from Southland Regional Association of Realtors reported Thursday. Not once since the Association started keeping the statistic in 1986 has the Interest Rate Update National Average s reported by Freddie Mac on: February 11 30-Yr FRM 2.73% 15-Yr FRM 2.19% The Biden administration also extended the enrollment window to request a mort- gage payment forbearance - which allows borrowers to pause or reduce mort- gage payments - until June 30. That program also was scheduled to end in March. The extremely limited supply and r ago, ye ff heavy demand super-charged 3.0 percent from December's high. Pending competition over most listings' Johnson, the Association's chief execcu- tive officer. "Not surprisingly, even with all the safety protocols imposed by the pandemic, buyer competition translated into fast sales-generally less than a month-and rising resale prices." The median price of homes that changed owners last month came in at $835,000, up 12.8 percent over the prior January. The San Femando Valley median price-meaning half were escrowsa measure of future sales activitysuggest the local market will stay robust in the months ahead. At the end of January there were 606 open escrows pending, a number that was 11.8 percent higher than a year February 4 30-Yr FRM - 2.73% 15-Yr FRM 2.21 local inventory of homes and condominiums for sake fallen below the 700 unit benchmark. The 662 active listings reported ago. Santa Clarita Valley Motivated buyers realize the low interest rates give them added buying power while the pandemic, according to some studies, has prodded renters to go house hunting for a larger residence or because they are untethered to a workplace or a long Realtor Diane Sydel 2021 SRAR President January Home, Condo Sales Soar 2021 jumped off to a strong start with home and condominium sales during January in the Santa Clarita Valley up dramatically over a year ago, which continued an upswing started in the midst of the global pandemic, the Southland Regional Association of Realtors reported Thursday. in January were down 15.9 percent from a year ago and represented a mere 1.2-month supply at the curent pace of sales. "To give Valley rs an ample supply to choose from while also keeping prices in check, the inven- tory needs to be in the thousands of listings,"said Diane Sydell, the 2021 president of the Southland Re- gional Association of Realtors, noting that the record high listing total was 14,976 in July 1992. "Heavy buyer demand combined with low interest rates got us out of the pandemic rut, she said. "Let's hope listings increase with the approach of Spring," Even with the tight supply, Real- tors assisted the close of escrow in 409 single-family homes and 148 condominiums during January, which was respectively a 25.5 percent and 8.0 percent increase from the prior year. The since, setting a record high of $852,000 409 home sales total was the highest in a San Fernando Valley - Single-Family Home Sales commute. s00 The Associations Income-to-Loan Guide calu- lated the minimum income needed to buy a median-price home of $835,000, assuming a 20 per- cent downpayment, came in 43 percent higher than a year ago at $154,309, That was based on a 2.74 percent rate on a $668,000 koan. The total monthly housing payment came to $3,858, with $2,724 Santa Clarita Valley - Single-Family Home Sales 400 300 100 200 Jan Feb March Apri May hune A Sept Nov. Dec. H0021 -2020 326 26a 238 353 434 525 473 540 200 2019 2018 143 495 489 487 478 S20 453 462 423 458 452 454 150 SFV - Total Active Listings - Combined Residential 100 Ma May Sept Oet N De 144 300 244 231 The 198 homes that changed owmers was the highest total for the month since to the loan principal 2004 and was 67.8 percent higher than the January 2020 tally. Similarly, condo sales last month rose 38.3 percent above the prior year with 74 units changing and interest, $870 for the monthly pro-rated property tax, and $264 for Ma Art Ane 2 04 owners, which was the highest for the month since 2006. 1006 "The market is humming even as the number of new open escrows slows due to the dire shortage of inventory," said Nicole Stinson, the 2021 chair of the the pro-rated home insurance premium. Santa Clarita Division of SRAR. "Buyers are plentiful, eager to capture histori- higher and half the sales were lower priced-broke through the $800,000 benchmark in July as sales took off once Realtors and their clients adapted to nules designed to keep clients healthy. The median has stayed there ever cally low interest rates. But buyers also are hungry for inventory." Combined residential sales-home and condos-were nearly 60 percent higher than a year ago even as the inventory plunged 35.1 percent to a mere 200 active listings, which was up slightly from the record low of 193 listings set in December. The January single-family home median price-meaning half were higher and half lower-of $690,000 was up 12.0 percent from January 2020, while the $436,000 median for condos rose 12.1 percent. The income needed to qualify for a loan to buy the median price condo- minium was $89,628. 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. in August. THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 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 REALTORSe and subscribes to its strict Code of Ethies.