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September 24, 2026

18 hours ago
2 min read

California Signs Disaster Forbearance Law for Mortgage Servicers

Mortgage Professional


Governor Gavin Newsom signed the California Mortgage Relief Act on September 15, creating a statewide forbearance framework for borrowers whose homes become uninhabitable after a federally declared disaster. The law takes effect January 1, 2027.


Assembly Bill 1842 gives eligible borrowers an initial 180-day forbearance window, extendable in 90-day increments up to 12 months. Borrowers must submit their initial request within six months of the disaster declaration.



L.A. Approves $466 Million in Affordable Housing Spending, the Largest Pool Ever

MSN


On Tuesday, the Los Angeles City Council unanimously approved $466.6 million in funding that will be doled out to developers, nonprofits, land trusts and other organizations to build and renovate affordable housing.


The pool of money is the largest in the city housing department’s history, topping last year’s $387 million. Roughly 70% of the record budget will come from Measure ULA, the so-called mansion tax, which levies a 4% or 5.5% tax on L.A. property sales above $5.4 million.



California HOA Reserves Bill Could Raise Fees While Reducing Surprise Assessments

CBS News


A bill awaiting action from Governor Gavin Newsom could require some California homeowners associations to set aside more money for future repairs.


Assembly Bill 2050 would require HOAs with inadequate reserves to eventually allocate at least 15% of their annual budgets toward reserve funding. The requirement would begin in 2032.



Americans Are Turning to AI to Survive a Brutal Housing Market

Yahoo!


With the average rate on a 30-year fixed-rate mortgage surpassing 7% this week, according to Freddie Mac, and a persistent shortage of homes across the country, many Americans are feeling priced out of the market. Many buyers and sellers are increasingly turning toward AI for help.


A recent LendingTree survey shows just how open Americans have become to leaning on AI. Nearly three-quarters of respondents (72%) said they would use AI for at least one task tied to buying or selling a home, and 37% said they would let AI handle a purchase for them “with minimal human involvement.”



Mortgage Rates Climb for Fifth Straight Week, Pushing Average Rate on a 30-Year Home Loan Above 7%

Associated Press


The average long-term U.S. mortgage rate rose this week above 7% for the first time since January 2025, following a five-week run of rate increases.


The weekly average rate on a 30-year fixed-rate home loan rose to 7.03% from 6.95% last week, Freddie Mac said Thursday. One year ago, the average rate was 6.30%.


The average rate is now the highest it’s been since Jan. 16, 2025, when it was at 7.04%.


 
 
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