Fremont Real Estate and Beyond

From the City of Union City, CA-- Rent Review Ordinance On June 27, 2017, the City Council adopted an ordinance that adds Chapter 5.55 "Rent Review" to the City's municipal code. The Rent Review Ordinance regulates most residential rental units in Union City and 1) provides a non-binding mediation process for qualifying rent increases; and 2) requires that landlords provide tenants with a notice of tenant rights. Effective October 2, 2017 The full ordinance and additional information can be found at the following link: www.unioncity.org/rent-requirements Eviction Protection Ordinance On April 11, 2017, the City Council adopted an ordinance that adds Chapter 5.50 “Residential Landlord and Tenant Relations” to the City’s municipal code. The ordinance regulates most residential rental units in Union City and 1) requires landlords to provide a specific reason for terminating a tenancy; 2) prohibits landlords from engaging in specific harassment activity; and 3) requires th

State legislators are looking for funding sources to help pay for affordable housing and help alleviate California’s housing crisis. A proposed bill, AB 71, would eliminate the deductions. The law would apply only to Californians who spend a significant amount of time in their second homes (not rentals, defined by the IRS as properties where owners spend “less than 10% of their time”). In other words, AB 71 targets those wealthy enough to afford a second house and not use it primarily for rental income.  The Franchise Tax Board estimates 195,000 homeowners would be affected by AB 71. The change would cost these second homeowners, on average, about $1,140 annually, in additional to the sizable tax breaks they receive at the federal level on both their properties. More info here-- https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201720180AB71

Fannie Mae just announced major underwriting changes for loans submitted to its Desktop Underwriter (DU) making it easier for homebuyers with debt to qualify for a home loan. With the upcoming change, the maximum allowable debt-to-income (DTI) ratio that can be submitted in DU will be 50%. HOW THIS BENEFITS HOMEBUYERS: • Wider range of homebuyers may now qualify • More home buying opportunities for those with debt • Dream homes are now more attainable than ever This change will apply to new loans submitted on or after July 29th.

BayEast posted their housing statistics for the month of July.  You can find it here-- https://bayeast.org/community-info/community-info/ Click on the city you want and then "Housing Market Information" followed by "Current Attached" or "Current Detached"