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CCL Market Update

Mortgage Applications

Purchase applications for home mortgages rose a seasonally adjusted 0.4 percent in the week of November 10th, a marginal increase that put the purchase index a sharp 17 percent above its year ago level. Applications for refinancing rose 6.0 percent in the week, taking the refinancing share of mortgage activity to 51.3 percent, 1.3 percentage points more than in the prior week and the highest share since September.

Jobless Claims

Jobless claims rose 10,000 but it’s not due to Puerto Rico. Initial claims in the week of November 11th came in at 249,000 vs. the expected 236,000 but claims in Puerto Rico which have been backed up since September when Hurricane Irma appeared, totaled 6,565 which is down from the prior week’s 8,2181. Claims in Puerto Rico are still about three times as high as usual which did contribute to the week’s overall increase. The four-week average was up a sharp 6,500 higher to 237,750, for the first gain for the average in seven weeks. Continuing claims have shown no hurricane effects and fell a sizable 44,000 in lagging data for the week of November 4th t5o 1.860 million. The unemployment rate for insured workers is down 1 tenth to a very low 1.3 percent. Despite the jump higher in the latest initial claims, the data points to very tight conditions in the labor market.

Housing Market Index

Home builders are reporting acceleration going into the year end with November’s 70 reading for the housing market index the best since March. Both current and future sales are very strong, each at 77 and traffic is improving up 2 points to 50 for the best reading since May. Strength in this report has not translated this year to strength in actual housing data though these results are favorable for housing start and permits data.

Housing Starts

Housing starts, and permits posted unexpectedly strong gains in October, up 13.7 percent for starts to a 1.290 million annualized rate and up 5.9 percent for permits to 1.297 million. All readings show strength including single family homes, up 5.3 percent for starts to an 877,000 rate and up 1.9 percent for permits to 839,000. Multifamily starts jumped 36.8 percent to 413,000 with permits up 13.9 percent to 458,000. Completions are a special positive up 12.6 percent overall to 1.232 million and adding immediate supply to a very thin new home market. This is the high3est level of completions since February 2008. Homes under construction were also up, 0.9 percent higher to 1.096 million. Housing started off the year strong and stumbled through a weak spring season and flat summer. The year on year rates have been held down by multi units, with total starts down 2.9 percent and permits up only 0.9 percent.

House Republicans Pass Tax Reform Bill

On Thursday house republicans passed a bill to cut taxes on businesses and individuals. The tax reform plan passed the chamber with 227 votes in favor and 205 against. The House plan would permanently chop the corporate tax rate to 20 from 35 percent and make other tweaks aiming to make businesses more competitive. It would reduce individual tax brackets to four from seven and make changes to several tax breaks.

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
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New Listing!

Sought after 3 F Meadows Westside gem. This almost 2,000 sq. ft. 3-bedroom 2 bath home is positioned on one of the most picturesque 2.6 acres in our county. Expansive great room and open concept design allows you to flow with ease through the gorgeous custom double entry doors, across beautiful wood floors, out onto the inviting deck. Imagine entertaining on this massive multi-level deck, with twinkle lights above in the surrounding oaks, overlooking the stunning valley. The immense kitchen has plenty of storage and permits engagement with guests or family as you are making the meal. The large master bedroom has a quaint freestanding fireplace, huge double entry closet and a slider that opens onto the deck. The potential of building a secondary dwelling unit or horse facilities are easy because of the paved access road leading to the usable acreage on the back of the property. There is separate access to the large storage space converted to a shop under the house. To cap it off, your own solar system which reduces your energy bill dramatically. Come make this house your home.
Sal Orlando 805.235.9770

Written by Keith Byrd - Go to Keith's Website/Profile

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Tax Breaks for Fire Victims in Sonoma and Napa County

Napa County Assessor’s Post


Property owners impacted by the 2017 Napa Fire Complex are eligible for a temporary reduction of their Proposition 13 base year value and deferral of the first installment of their 2017-2018 property tax bill. Click here to read the article.
Calamity reassessment relief and deferral of the first installment of property taxes (unless paid by your mortgage company) are available by filing an application. Click here for the application.
The application can be filed electronically with a digital signature. Click here to learn how to create a digital signature.
No further action is needed on your part unless we contact you for more information.
Questions or comments? Contact Napa County Assessor John Tuteur 707-253-4459

Sonoma County Assessor’s Post

Calamity Provision –  Overview

If a calamity such as fire, flood or earthquake damages or destroys your property, you can apply for reassessment on the improvement values

About the Calamity Provision

California’s property tax laws allow the Assessor to adjust assessed values after destruction of real or personal property caused by a calamity or misfortune.

The property must have suffered more than $10,000 worth of damage and the owner must file a claim form with the Assessor within 12 months of the date of the calamity.

Calamities do not include damage that occurs over time such as termite damage, gradual earth movements or vineyard diseases such as phylloxera.

There are slightly different rules that apply depending on whether the damage is caused by a widespread event that results in a Governor’s proclamation of disaster or by a specific misfortune such as flood, fire or landslide.
[Revenue & Taxation Code section 69.4]

Visit the State Board of Equalization for more information


To be eligible for this tax relief:

  1. The application must be submitted by the person who was owner of the damaged property on the lien date (January 1) and who will be liable for the property taxes for the next fiscal year.
  2. The damage must have occurred due to misfortune or calamity without fault of the owner.
  3. You must apply within 12 months of the date on which the disaster occurred or within 60 days following the date an application form is mailed to you from the Assessor’s Office.
  4. The damage to your property must exceed $10,000 in value loss.
Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
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New Lising! 3 Bedroom 2 Bath in W. Atascadero

Situated beautifully in West Atascadero this single level 3 bedroom, with an office, three bath home offers the most spectacular million dollar views! Located off the main road this home and property give you a private place to retreat to. Inside you will find an expansive living area that wraps around the kitchen inviting a buyer with an eye for updating and remodeling to make this home amazing. The living room offers a fireplace, built-in cabinetry and large windows opening to a green lawn and striking views. An attached two car garage connects to a shop or third car bay and adjoining carport. Outside you will be greeted with a green lawn, mature landscaping and a sweeping elegant oak. The current decks give you a blueprint of what you can achieve for entertaining and relaxing. Imagine cool summer evenings entertaining from your hidden spot on top of the world or quiet time under the shade of an enormous oak. Room for the family, pets and more. The lots offer both usable and sloping natural land with open areas and beautiful trees. There is so much potential for a buyer with vision that appreciates the best of the West side of Atascadero. Both the home and an additional adjoining lot are included equaling approximately 3 acres in total. The adjoining lot has a separate APN#.
Kim Croft 805.689.2654

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! 3 Bedroom 2 Bath in Nipomo

This is home is an absolute oasis of serenity, space, and beauty. Located in coveted Oaks at Black Lakes. You’ll be drawn to the private lane by the picturesque center island adorned by majestic Redwood Trees. This home is situated on a spectacular lot of over .75 acres. The handsome driveway of patterned pavers lead you to a usable level lot. Upon entry, vaulted ceilings and a flood of natural light will welcome you. Though elegant, this home is very approachable. The open floor plan lives primarily on one floor, outstanding for many lifestyle options. It is fabulous for entertaining small and large groups alike. There is easy access to the expansive garden from indoors to out. Thoughtful detail was given to planting and use of all outdoor areas. Groomed pathways lead to you intimate settings for repose and reflection. Sunrises through the Redwood Trees are inspiring and evening sunsets from the back yard are spectacular! The master suite is an ideal retreat. This property has two large alternative living areas – upstairs, perfect for guests, a studio, office and so much more. This property exudes peace & privacy. As well as a sense of belonging to a terrific community, with access to golf, swimming, summer concerts and a variety of recreational activities this home will suit any outdoor enthusiast. Beautifully maintained and ready for you to call it home!
LeeAnne Fisher 805.440.0251 or George Fisher 805.801.0821

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! 3 Bedroom 2 Bath Atascadero Home

New construction, be the first owner of this 1840+- sq. foot, 3 bedroom 2.5 bath home with a family room/alcove, and a deck off the second story master bedroom. This house has been built with a lot of upgrades including 2×6 construction, granite counter tops, tall ceilings, ceiling fans, upgraded garage doors, and cabinets. The master bathroom has dual sinks, and tile. The location is in West Atascadero on approximately 1/2 acre with a creek behind. This property has new vinyl, and wood fencing. The property is located within 20 minutes of Morro Bay in a great school district.
Kathy Birkhahn 805.610.6650

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! 4 Bedroom 3 Bath, SLO

Privacy? Check. Views? Check. Single story, ranch style? Check. Through the private, gated, drive to the top of the hill overlooking the entire valley. On 12.5 acres this 3500 sq.ft. four bedroom home is waiting for the right owner. Massive living room, formal dining room, 3 1/2 baths, indoor laundry, and a 4 car garage fill out the living space. The home features a huge, Trex deck on 3 sides for outdoor living, entertaining, or just watching the wildlife. In the hills above San Luis Obispo but only minutes from downtown, the beach, or Edna Valley Wine country.
Bruce Freeberg 805.748.0161

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! Trillium on the Grand, Arroyo Grande

Brand new home in a brand new community! Trillium on the Grand in quaint Arroyo Grande. This home will be completed before the end of the year! Great opportunity to take advantage of what the builder is including in this home if purchased before the end of the year- washer, dryer, refrigerator and blinds! Interior amenities include wood flooring throughout the downstairs living area, solid surface countertops, stainless steel kitchen appliances, upgraded carpet in the bedroom, and upgraded tile for the bathroom and laundry room floor. Additional upgrades include added interior insulation, pre-wiring for a ceiling fan in the owner’s suite, and a plasma TV pre-plumb in the living room. Stop by and see the 2 model homes. 4 floor plans to choose from, 1700 to nearly 2000 square feet. Walk the community. Common community outdoor space is a wonderful gathering place for family, friends, and neighbors. Fenced yard. Handset paver entry walkway. Attached 2 car garage. You will appreciate the convenient location not far from freeway access, minutes from downtown, and from San Luis Obispo and South County cities. Photo is a rendering which may not be exact to actual property.
Kim Bankston 805.674.2298 or Collette Kutil 805.801.8114

Written by Keith Byrd - Go to Keith's Website/Profile

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3rd Quarter 2017: San Luis Obispo County Real Estate Update

The San Luis Obispo County includes data for all 15 cities that make up the county for the fist 3 quarters (January-September) of 2017.

3rd Quarter SLO County 2017 vs. 3rd Quarter SLO County 2016

  • 2,336 total number of sales (2017) vs. 2,168 (2016)
  • $642,717 average median home price (2017) vs. $591,456 (2016)
  • 72% average sales vs. list price (2017) vs. 97.57% (2016)
  • $426.26 average price per square foot (2017) vs. $384.58 (2016)
  • 69 average cumulative days on market (2017) vs. 79 (2016)

All five of the factors tracked improved from the first three quarters of 2016 to the first three quarters of 2017 in San Luis Obispo County as a whole. These improvements include a 168 increase in total homes sold in San Luis Obispo County. The average median home price increased by just over $50,000 with an increase of $51,261. Average sale price per a listing price per a listing price percentage increased but by only 0.15%. The average price per square foot increased on a yearly basis by $41.68. Lastly, the average cumulative days on market posted a decrease of 10 days, meaning homes for sale are selling at a faster pace in the third quarter of 2017 compared to the third quarter of 2016, despite the higher prices seen this year in both median home price and price per square foot. These 2017 third quarter statistics show a year on year improvement to all factors of the housing market being tracked in San Luis Obispo  County.

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
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One-Time-Close Construction Loans

One-Time-Close Construction Loans

If you are looking for financing to build your new home, you may not know where to start. It can be a headache to deal with the different stages of a tradition construction loan: the “pre-approval” or “commitment” stage, the “interim lending” stage, and the “permanent loan” stages. This is where the One-Time-Close option comes in. With a One-Time-Close construction loan, those three stages are combined into one single process. With this type of transaction, the borrower is able to obtain permanent loan approval, as well as close the interim and permanent loan transaction before construction begins, all in one single transaction.

Loan Requirements


  • FHA: Minimum 530 FICO (limits to LTV/CLTV may apply)
  • VA: Minimum 530 FICO & Including No Score
  • Conventional: Minimum 700 FICO (limits to LTV/CLTV may apply)
  • Full tri-merged credit report with scores—Credit report valid for 90 days

Loan Term

  • Fixed Rate Mortgage (FRM): 10—30 year terms


  • FHA: 580+ FICO and No Score: 96.5% LTV calculated per FHA Guides
    < 580 FICO: Maximum 90% LTV
  • VA: 100% LTV plus VA funding fee
  • Conventional: 70% LTV Maximum


  • FHA & VA: Owner Occupied Only
  • Conventional: 1 Unit Owner Occupied, 1 Unit Second Home

Property Eligibility

  • FHA
    • New Construction: Modular (off-frame only), Manufactured (double-wide or larger), and Traditional Construction.
    • Manufactured Homes: Engineer must certify foundation plans meet FHA guides. Must be titles as real property or have recorded affixation affidavit.
    • Loan may include simultaneous purchase of the land/lot or loan can be guaranteed for the construction of home on land/lot already owned by borrower.
  • VA
    • New Construction: 1 Unit Residential Property, Condominiums, Manufactured (double-wide or larger), and Modular Homes.
    • Condominium: Project must be acceptable/approved by VA.
    • Manufactured Homes (off frame only): Must meet all MPR-related requirements for proposed or under construction per VA Guides. Manufactured Homes can be new or used, however used Manufactured Homes to be moved to purchaser’s lot to be affixed to permanent foundation require additional inspections.
    • Loan may include simultaneous purchase of the land/lot or loan can be guaranteed for the construction of home on land/lot already owned by veteran.
  • Conventional
    • Single-Family-Detached, Modular (off frame only), and Manufactured. No Co-ops.
    • Manufactured Homes: Property may not have been currently installed prior to subject lot.

Credit History

  • FHA: Borrowers with traditional credit histories and credit scores will be underwritten on their own merits. Non-traditional and derogatory credit history considered.
  • VA: Borrowers with credit scores will be reviewed based on existing credit history. Borrowers with no score must provide alternative credit references.

Fees the Builder Must Pay

  • On a VA construction / permanent home loan, the builder is responsible for:
    • Interest payments during the construction period
    • All Fees normally paid by a builder who obtains an interim construction loan. This includes, but is not limited to:
      • Inspection fees and re-inspection fees
      • Title update fees
      • Construction loan fees
  • On an FHA construction/permanent home loan, the builder is TYPICALLY (though not required) responsible for the fees listed above.

Fees the Borrower Can Pay

  • FHA: The borrower may pay any fees and construction interest. A specific agreement between Borrower and Builder as to the responsible party for fees and interest is required.
  • VA: The veteran may not pay any fees that are the builder’s responsibility.

Additional Information

  • Conventional
    • All contracts must be fixed price.
    • Payments during construction will be based on the outstanding drawn balance and will be drawn from interest reserve if applicable, otherwise payment will be due.
  • Maximum 12-month construction period.
  • Maximum of 9 draws; Local inspections make for an easy draw process.
  • Payment automatically converts from Interest Only to Fully Amortizing payment after construction.
  • Investment properties, jumbo loan amounts, spec builds, & self builds not available with the 1x-close construction program; these options are available with the 2x-close (traditional) construction program (call or email for more info).
Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile