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Reader, locked-out mortgage borrowers and due-on lease assignments
Week of September 11, 2023

Features

Tightened mortgage standards lock out mid- to high-tier homebuyers, sellers
Mortgage loan availability fell in July 2023 to its lowest level in a decade for non-qualified mortgages (QMs).

Zoning obstacles for manufactured homes in California
More acceptance of manufactured homes within California's zoning laws may help address the state's 980,000-unit housing deficit.

Due-on Assignment or Modification of a Lease
This video covers the due-on clause on a lease modification which extends the lease term beyond three years, or grants the tenant a purchase option.

Vote on it

How often are your buyers' mortgage applications facing denials compared to last year?

Is an owner of commercial property entitled to insurance coverage for loss of the functional use of their property caused by a pandemic-related government closure order when the insurance policy excludes coverage for loss caused by a virus?

Recent Case Decision: Starlight Cinemas, Inc. v. Mass. Bay Ins. Co.
Is a commercial property owner entitled to insurance coverage for the loss of their use of the property during the government ordered pandemic closure when the insurance policy excludes coverage for loss caused by a virus?

S&P 500: Stock pricing vs. earnings (P/E ratio)
Stock prices continued to rebound in the second quarter of 2023. The price-to-earnings (P/E) ratio also rose slightly to 20.5 in Q2 2023.

5/1 Adjustable Rate Mortgage (ARM) Rate
The average monthly rate on ARMs continued to edge higher in August 2023, averaging 7.08%. The interest rate on the ARM is higher than the 15-year FRM and roughly level with the 30-year FRM rate.

Current mortgage rates
The average 30-year FRM rate decreased to 7.12% in the week ending September 8, 2023. The average 15-year FRM rate also decreased slightly to 6.52%.

Trending: Today's homeowners are stuck on yesterday's rates
Homeowners with interest rates below 5% are half as likely to sell as those with an interest rate higher than 5%.

2023's real estate market trends influence all participants; Monthly Statistical Update (September 2023)

Popular: Monthly Statistical Update: September 2023
Today's market includes low buyer purchasing power, consumers saving for a rainy day and a yield spread pointing towards a late-2023 recession.

Trending: California home sales volume: July 2023 sales continue the slide
Year-to-date sales volume is a fee-killing 28% below 2022 and 27% below 2019 as of July 2023.

RealtyPop™
Test your real estate knowledge and climb to the top of the leaderboard with RealtyPop™, our latest video game. Prepare for the state exam, or just have some fun!

Real Estate Crossword
Test your real estate fundamentals with the weekly firsttuesday Real Estate Crossword Puzzle! This week: Property Valuation.

RPI Form Updates

— No RPI Form updates this week.

To access all updated forms, view our RPI Forms library here.
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