Mortgage Lender In Santa Clarita Explains State Of Housing Market During Coronavirus Pandemic

Posted by: KHTS Newsroom in Real Estate News, Santa Clarita Latest News July 14, 2020 - 9:00 am 0 1,707 Views

A mortgage lender in Santa Clarita is explaining the current state of the housing market as the coronavirus pandemic continues to impact the economy.

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In contrast to the negative economic effects of the pandemic elsewhere, the housing market is seeing low interest rates, an increase in sale prices and a shortage of available homes, according to Dave Cantrell of American Family Funding.

“You hear about all this somewhat negative news, about unemployment or where the economy is going,” Cantrell said. “But housing — boy, it sure is not having any problems at all.”

Related: Santa Clarita Mortgage Lender Explains How To Raise Your Credit Score

Fred Arnold, also of American Family Funding, noted that a few reasons for this have to do with supply and demand, and an increase in household formations among young people.

In addition, new land is in short supply in Southern California, especially in Los Angeles County, Arnold continued.

“They don’t have a whole lot of land there between the ocean and the mountains,” he said. “In order for them to make new land, they’ve got to knock down three homes to build eight apartment units or 10 condo units, so land is a shortage.”

Another reason has to do with environmental lawsuits that cause continued delays of housing projects, and the fact that labor is expensive and limited in supply.

“(Labor) is very expensive,” Arnold said. “Bottom line is, there’s not a whole lot of people that want to do that trade, and so we have a shortage of labor.”

To learn more about the housing market from American Family Funding, listen to the full “Financial Hour” on KHTS Radio by watching the YouTube video above or clicking here.

Ed. Note: This article is a KHTS Community Spotlight for American Family Funding.

American Family Funding a Division of American Pacific Mortgage Corporation NMLS #1850

David Cantrell NMLS #1427091 — Licensed by the Department of Business Oversight Under the California Residential Mortgage Lending Act.

About American Family Funding, Your Resource for Santa Clarita Mortgages

Santa Clarita mortgage lender American Family Funding can help you fulfill your dream of home ownership. A highly rated mortgage lender in Santa Clarita, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly Santa Clarita mortgages advisor will make the first-time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. Unlike some mortgage companies in Santa Clarita or mortgage brokers in Santa Clarita, the home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program. If you’re looking for the best mortgage lender in Santa Clarita or a “mortgage lender near me,” contact American Family Funding today.