Week of May 13, 2022 DailyRepublic.com
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1446 Rockville Road, Green Valley Highlands
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2 Friday, May 13, 2022 — DAILY REPUBLIC
ALL THINGS REAL ESTATE
Ugly block wall can make a great windbreak
Q: I grew up in Vacaville but now I live in Covina. However, I read your column online every week. And now I have a question. I live in a 20-year-old subdivision. When I moved in, we had the normal redwood good neighbor fence around all of our backyards. This summer, the old redwood fence between my neighbor to the south and I blew down in a wind storm. Without even asking me, he completely took out the rotting redwood fence and built a 6-foothigh cinderblock wall. The thing is straight and solid, but really looks ugly and detracts from the appearance of my yard. I’ve had time to stare at it for over two months now and I really hate it. Since I never gave permission for the wall to be built, can I make him remove it? I’m willing to pay my half for a new redwood fence, but I don’t want to stare at this monstrosity for the next 30 years or more. Sign me: Cinder Blocked in Covina! A: Cute. At least you won’t have to worry about the new fence rotting like the old one did! Given the age of your house, there probably aren’t any subdivision CC&Rs that specify what type of fence is allowed. If such rules exist, you’ll need to read the whole subdivision declaration to see what to do next. Assuming there are no such restrictions, you can look to the local municipal code. I don’t know about Covina specifically, but odds are there is a city ordinance requiring subdivisions to have good neighbor fences installed between the properties. You can probably get online and search Google to find out or ask your city’s planning department.
Tim Jones Now, the biggest question is, “is this a good neighbor fence?” I know of no formal definition. The one commonly used goes something like this: A good neighbor fence is any fence that is as attractive on one side as it is on the other. Assuming the cinderblocks are equally ugly on both sides, this wall may constitute a good neighbor fence. There could also be building code issues. Covina sits in a pretty seismically active area. I can easily imagine, for safety’s sake, that masonry walls over a certain height, especially in residential areas, need steel bracing. If that’s true, then a building permit would have been necessary. Without it, the wall may have to be torn down. All of the above simply constitute legal avenues you can pursue. All of them involve really The Law Offices of
irritating your neighbor, possibly to the point where you won’t want to walk down to the sidewalk to get your mail. Since your neighbor apparently hasn’t asked you to pay any portion of the fence, which he could do if the fence is considered a good neighbor fence, the monolith hasn’t cost you anything. Rather than going to war with your neighbor, you could simply build your own fence right next to the cinderblock wall. You could build any type of fence you wanted that would obscure your view of the wall. You said you were willing to pay for half of a new fence anyway. And while it’s true that this would cost you a few bucks more, you would have the bonus of knowing that, since the wall should provide a pretty good windbreak, you’ll never have to worry about your fence blowing down again. Tim Jones is a real estate attorney in Fairfield. If you have any real estate questions you would like answered in this column, send an email to AllThingsRealEstate@TJones-Law.com.
Timothy Jones
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Mortgage rates edge up, adding hundreds to buyers’ monthly payments THE WASHINGTON POST Mortgage rates continued to climb this week, adding more financial strain on hopeful home buyers as they wade into the competitive spring and summer markets. The 30-year fixed-rate mortgage averaged 5.3%, a rise
from last week, when it averaged 5.27%, according to data released Thursday by Freddie Mac. This time last year, the 30-year rate was 2.94%. The rate for the 15-year fixed-rate mortgage averaged 4.48%, down from last week’s See Mortgage, Page 15
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DAILY REPUBLIC — Friday, May 13, 2022 3
SOLANO REAL ESTATE SCENE
ON GARDENING
Graceful Tut family creates It’s time for the ‘Weekend Update’ true container elegance
F
irst, apologies to the good folks at “Saturday Night Live.” The real estate and mortgage market has been affected by two big things happening today. 1. The 8% inflation rate is causing the Federal Reserve to aggressively talk about five to 10 half-point hikes in the Fed funds rate to slow down inflation and the economy. This has caused mortgage rates to jump from 3.5% to 5.25% year to date, which has hindered affordability for buyers and decimated the refinance volume for mortgage lenders. Yes, buyers can now afford a little less, but our local Solano County market remains robust because we are the most affordable Bay Area county and buyers still outnumber sellers – making it a great time to list and sell to move up, down or out. 2. The stock market has been a nightmare in 2022 and is off to the worst start since World War II. Because of this loss of wealth, people like me over 55 in the private sector who are counting on our IRAs and 401(k)s are fearful, frustrated and can even become a little depressed and a bit hesitant to move up to the dream retirement home or buy a vacation home in 2022. I wrote about investing in the U.S. stock markets in the past and how I have been convinced over the past 30 years by people a lot smarter and more educated than me that very few people can time the market, and that having a diversified investment portfolio in the stock market will get me a 7% to 10% return on average over the long run, which is better than cash and normally better than the inflation rate.
Jim Porter Let’s pray for a bottom soon. On another note, and by way of an update about my recent column about Wall Street investing in single-family homes: A couple of Goldman Sachs-backed rental funds just purchased an entire 87-home community from DR Horton called Cypress Bay in central Florida. These investors know what I have been saying for many years is true. 2022 is nothing like 2008 for residential real estate because 100% of the buyers over the past 14 years have had to qualify for a mortgage. Stated-income, aka liar loans, were outlawed after the real estate crash that spawned the Great Recession. Home values are real and not artificially inflated. Home values are 20% higher than they were two years ago because of the lack of inventory that still exists and the Fed-induced sub-3% mortgage rates we enjoyed during the pandemic. So, keep believing! Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.
Norman Winter
P
rince Tut and the dwarf exquisite Queen Tut papyrus grasses have put the proverbial ta-da in ‘The Garden Guy’s containers this year. The story, however, really goes back to October. I have two containers I call smokestacked in their shape. They are about 20 inches tall, ceramic-glazed and about the diameter of a Frisbee. The containers get adjusted two or three times a year, and I am headed to where they were what I call Tut Tweaked. I planted Superbells Grape Punch and Superbells Tangerine Punch calibrachoas in the container that always have Goldilocks Creeping Jenny and White Knight sweet alyssum, which has been acting perennially for me. They came through the winter perfectly, perhaps flinching a day or two after we had a 21-degree day March 13. In early April, I had the opportunity to try the new Supertunia Mini Vista Scarlet petunia. The containers already looked full, fairly fluffy and really pleasing. I used my trowel to gently part or start a crevice in between the runners of the Creeping Jenny. Then I used my fingers to fashion the hole in the potting soil just right for planting the petunia. A week or so later I received Graceful Grasses Queen Tut papyrus. I felt this would be the perfect vertical but dwarf
NORMAN WINTER/TNS
Graceful Grasses Queen Tut is a dwarf papyrus perfect for giving a vertical element to small containers. element for the containers. I admit in a yard full of monster perennials, I really had become slack in choosing vertical plants for height in containers. The Queen Tut was grown in a little larger container with a more vigorous root system. I fashioned a little larger hole using the same method. I really can’t tell that any detrimental root disturbance occurred. Queen Tut will reach about
2 feet tall with a spread of 12 inches. I don’t have that much room for spread in these smoked containers and will cut back as needed to make The Garden Guy happy. These are considered annuals for most of the country, as they are cold hardy in zones 9 and warmer. I will evaluate their fate when October planting rolls around. I did much the same thing See Winter, Page 8
4 Friday, May 13, 2022 — DAILY REPUBLIC
Real estate transactions BENICIA
TOTAL SALES: 4 LOWEST AMOUNT: $595,000.00 HIGHEST AMOUNT: $1,462,500.00 MEDIAN AMOUNT: $732,500.00 AVERAGE AMOUNT: $880,625.00
498 Arguello Drive – $1,462,500
04-08-22 [4 Bdrms – 3485 SqFt – 2005 YrBlt], Previous Sale: 06-30-06, $902,500
138 West C Street – $750,000
04-05-22 [3 Bdrms – 1798 SqFt – 2009 YrBlt]
2269 Clearview Circle – $595,000
04-04-22 [3 Bdrms – 1014 SqFt – 1959 YrBlt]
2402 Lighthouse Court – $585,000
04-06-22 [3 Bdrms – 1234 SqFt – 1984 YrBlt], Previous Sale: 08-12-19, $430,000
129 Manchester Drive – $455,000
04-05-22 [3 Bdrms – 1349 SqFt – 1995 YrBlt], Previous Sale: 04-03-18, $307,000
1511 Mariposa Way – $850,000
04-05-22 [4 Bdrms – 2345 SqFt – 1999 YrBlt], Previous Sale: 09-02-04, $582,000
423 Mountain Meadows Drive – $875,000 04-06-22 [5 Bdrms – 3303 SqFt – 2002 YrBlt], Previous Sale: 08-28-02, $475,500
04-05-22 [2 Bdrms – 1224 SqFt – 1983 YrBlt], Previous Sale: 05-21-03, $302,000
3563 Norwalk Place – $675,000
04-04-22 [3 Bdrms – 1602 SqFt – 1983 YrBlt], Previous Sale: 10-27-03, $375,000
3138 Olympic Road – $1,150,000
467 Hawthorne Lane – $715,000
DIXON
04-06-22 [3 Bdrms – 1548 SqFt – 1980 YrBlt], Previous Sale: 05-31-16, $415,000 04-07-22 [5 Bdrms – 3292 SqFt – 2006 YrBlt], Previous Sale: 06-17-15, $745,000
3092 Orchard View Court – $850,000
04-08-22 [4 Bdrms – 2557 SqFt – 1991 YrBlt], Previous Sale: 02-27-19, $518,000
TOTAL SALES: 5 LOWEST AMOUNT: $490,000.00 HIGHEST AMOUNT: $700,000.00 MEDIAN AMOUNT: $600,000.00 AVERAGE AMOUNT: $598,000.00
175 Santa Barbara Way – $410,000
04-08-22 [4 Bdrms – 2595 SqFt – 1975 YrBlt]
725 Sequoia Drive – $555,000
04-08-22 [3 Bdrms – 1416 SqFt – 1940 YrBlt], Previous Sale: 01-23-18, $309,000
724 Utah Street – $405,000
640 West A Street – $600,000
231 West Chestnut Street – $510,000 885 Green Drive – $490,000
04-07-22 [4 Bdrms – 1617 SqFt – 1995 YrBlt]
300 Heritage Lane – $700,000
04-08-22 [3 Bdrms – 2590 SqFt – 2017 YrBlt], Previous Sale: 05-07-19, $499,000
1485 Valley Glen Drive – $690,000
04-07-22 [4 Bdrms – 2443 SqFt – 2004 YrBlt], Previous Sale: 09-26-06, $582,000
FAIRFIELD TOTAL SALES: 23 LOWEST AMOUNT: $405,000.00 HIGHEST AMOUNT: $1,150,000.00 MEDIAN AMOUNT: $585,000.00 AVERAGE AMOUNT: $651,543.00
279 Atlantic Avenue – $540,000
04-04-22 [3 Bdrms – 1426 SqFt – 1969 YrBlt]
801 Briarwood Court – $695,000
04-07-22 [3 Bdrms – 1661 SqFt – 1981 YrBlt], Previous Sale: 10-18-13, $195,000
2208 Concord Court – $580,000
04-07-22 [3 Bdrms – 1406 SqFt – 1982 YrBlt]
3210 Corte Valencia – $625,000
04-04-22 [2 Bdrms – 1410 SqFt – 1996 YrBlt], Previous Sale: 08-25-14, $350,000
5317 Dynasty Court – $1,000,000
04-04-22 [4 Bdrms – 3275 SqFt – 2005 YrBlt], Previous Sale: 01-02-20, $750,000
849 Finch Way – $443,000
04-06-22 [3 Bdrms – 1300 SqFt – 1966 YrBlt]
2399 Hanson Drive – $656,000
04-08-22 [3 Bdrms – 1999 SqFt – 2005 YrBlt], Previous Sale: 06-03-09, $275,000
2513 Hastings Way – $645,000
04-04-22 [3 Bdrms – 1556 SqFt – 1966 YrBlt], Previous Sale: 02-22-20, $385,000
1561 James Street – $450,000
04-06-22 [3 Bdrms – 1213 SqFt – 1973 YrBlt]
178 Santa Barbara Way – $410,000
04-07-22 [3 Bdrms – 1335 SqFt – 1972 YrBlt] 04-07-22 [4 Bdrms – 1953 SqFt – 1978 YrBlt] 04-04-22 [3 Bdrms – 1034 SqFt – 1950 YrBlt]
5228 Valerian Drive – $1,136,500 04-07-22, Previous Sale: 08-14-20, $5,984,500
2623 Waverly Way – $520,000
409 Three Rivers Way – $479,000
04-04-22 [2 Bdrms – 1767 SqFt – 2012 YrBlt], Previous Sale: 09-23-14, $293,000
SUISUN CITY TOTAL SALES: 5 LOWEST AMOUNT: $500,000.00 HIGHEST AMOUNT: $640,000.00 MEDIAN AMOUNT: $580,000.00 AVERAGE AMOUNT: $567,000.00
918 Liberty Drive – $640,000
04-05-22 [4 Bdrms – 2202 SqFt – 2005 YrBlt], Previous Sale: 09-07-18, $435,000
04-05-22 [2 Bdrms – 1262 SqFt – 1936 YrBlt], Previous Sale: 03-19-21, $336,000
1016 Brookside Lane – $500,000
04-08-22 [2 Bdrms – 1767 SqFt – 2007 YrBlt], Previous Sale: 08-26-19, $388,000
381 Edgewood Drive – $539,000
04-04-22 [3 Bdrms – 2065 SqFt – 2000 YrBlt]
1958 Freedom Way – $600,000
04-05-22 [4 Bdrms – 1874 SqFt – 2019 YrBlt], Previous Sale: 10-18-19, $419,000
350 Edwin Drive – $605,500
7048 Westminster Court – $676,000
04-06-22 [4 Bdrms – 1470 SqFt – 1976 YrBlt]
TOTAL SALES: 44 LOWEST AMOUNT: $250,000.00 HIGHEST AMOUNT: $1,050,000.00 MEDIAN AMOUNT: $615,000.00 AVERAGE AMOUNT: $607,477.00
398 Aaron Circle – $625,000
04-08-22 [3 Bdrms – 1671 SqFt – 1993 YrBlt]
04-04-22 [3 Bdrms – 1809 SqFt – 2012 YrBlt], Previous Sale: 06-07-12, $337,500
212 Wimbledon Drive – $690,000
04-07-22 [4 Bdrms – 1790 SqFt – 1967 YrBlt]
107 Wisteria Circle – $655,000
04-08-22 [2 Bdrms – 1043 SqFt – 1964 YrBlt], Previous Sale: 03-30-18, $360,000 04-04-22 [4 Bdrms – 2516 SqFt – 1978 YrBlt], Previous Sale: 11-04-19, $622,500
284 Loch Lomond Drive – $690,000
04-04-22 [4 Bdrms – 2308 SqFt – 1988 YrBlt], Previous Sale: 01-06-21, $597,000
206 Mariposa Avenue – $529,000
04-05-22 [4 Bdrms – 1258 SqFt – 1971 YrBlt], Previous Sale: 08-30-18, $369,000
930 Monticello Court – $638,000
04-08-22 [4 Bdrms – 1661 SqFt – 2007 YrBlt], Previous Sale: 09-15-15, $343,000
04-07-22 [3 Bdrms – 1564 SqFt – 1998 YrBlt], Previous Sale: 09-18-13, $350,000 04-05-22 [5 Bdrms – 2159 SqFt – 2010 YrBlt], Previous Sale: 09-13-10, $352,500 04-05-22 [3 Bdrms – 1827 SqFt – 2017 YrBlt], Previous Sale: 08-26-19, $479,000
VALLEJO TOTAL SALES: 32 LOWEST AMOUNT: $276,000.00 HIGHEST AMOUNT: $860,000.00 MEDIAN AMOUNT: $605,000.00 AVERAGE AMOUNT: $594,844.00
6126 Ashwell Way – $765,000
04-08-22 [4 Bdrms – 2259 SqFt – 2004 YrBlt], Previous Sale: 10-11-17, $520,000
761 Basalt Drive – $700,000
04-06-22 [4 Bdrms – 1978 SqFt – 1987 YrBlt]
04-08-22 [3 Bdrms – 1540 SqFt – 1977 YrBlt], Previous Sale: 06-15-05, $465,000
2265 Newcastle Drive – $745,000
9302 Big Ben Court – $755,000
04-04-22 [3 Bdrms – 1195 SqFt – 1985 YrBlt], Previous Sale: 10-05-18, $415,000
2670 Nut Tree Road – $485,000
74 C Street – $690,000
04-08-22 [4 Bdrms – 1602 SqFt – 1977 YrBlt], Previous Sale: 00/1990, $52,500
807 Oak Creek Drive – $670,000
251 Campbell Avenue – $542,500
04-08-22 [4 Bdrms – 1602 SqFt – 1964 YrBlt], Previous Sale: 04-19-13, $235,000
128 Olympic Circle – $300,000
248 Cliff Walk Drive – $535,000
430 Andrea Drive – $620,000
100 Arrowhead Court – $620,000
04-06-22 [5 Bdrms – 2566 SqFt – 2011 YrBlt], Previous Sale: 05-26-11, $380,000 04-06-22 [3 Bdrms – 1287 SqFt – 1989 YrBlt], Previous Sale: 10-04-19, $352,000 04-08-22 [3 Bdrms – 2193 SqFt – 1990 YrBlt], Previous Sale: 04-01-20, $538,000 04-08-22 [2 Bdrms – 1314 SqFt – 1964 YrBlt]
167 Bald Eagle Drive – $800,000
501 Ridgewood Drive – $700,000
344 Bartlett Lane – $515,000
637 Shady Glen Road – $650,000
223 Belford Place – $585,000
299 Shasta Drive #20 – $412,500
464 Berryessa Drive – $557,000
836 Sonnet Drive – $550,000
04-04-22 [4 Bdrms – 2641 SqFt – 1991 YrBlt], Previous Sale: 07-17-18, $584,000 04-04-22 [2 Bdrms – 1222 SqFt – 2000 YrBlt], Previous Sale: 09-13-00, $171,400 04-04-22 [3 Bdrms – 1604 SqFt – 1977 YrBlt], Previous Sale: 08-25-16, $355,000 04-05-22 [4 Bdrms – 1402 SqFt – 1966 YrBlt]
490 Cache Court – $715,000
04-07-22 [4 Bdrms – 1423 SqFt – 1943 YrBlt], Previous Sale: 08-23-21, $665,000 04-05-22 [3 Bdrms – 1282 SqFt – 1949 YrBlt], Previous Sale: 07-14-09, $79,000 04-04-22 [3 Bdrms – 1560 SqFt – 1997 YrBlt], Previous Sale: 04-09-99, $187,000
432 Corcoran Avenue #2 – $276,000
04-08-22 [3 Bdrms – 1200 SqFt – 1935 YrBlt], Previous Sale: 05-27-21, $520,000
807 Daniels Avenue – $440,000
04-05-22 [3 Bdrms – 1712 SqFt – 1982 YrBlt], Previous Sale: 04-05-16, $197,500
122 Dawson Place – $500,000
04-04-22 [3 Bdrms – 1478 SqFt – 1989 YrBlt], Previous Sale: 12-08-09, $259,500
334 Del Mar Avenue – $700,000
04-06-22 [2 Bdrms – 819 SqFt – 1972 YrBlt], Previous Sale: 09-23-09, $39,000
100 Doncaster Drive – $750,000
04-06-22 [4 Bdrms – 1895 SqFt – 1978 YrBlt]
34 Garthe Court – $860,000
04-07-22 [3 Bdrms – 1774 SqFt – 1989 YrBlt], Previous Sale: 11-04-98, $185,000
1967 Southwood Drive #4 – $250,000
04-07-22 [5 Bdrms – 2857 SqFt – 2012 YrBlt], Previous Sale: 07-19-12, $401,500
138 Stirling Drive – $605,000
273 Circle Drive – $530,000
337 Sussex Circle – $755,000
04-07-22 [2 Bdrms – 1767 SqFt – 2005 YrBlt], Previous Sale: 10-12-10, $250,000
748 Clifton Way – $560,000
426 Sussex Circle – $810,000
04-06-22 [3 Bdrms – 1346 SqFt – 1955 YrBlt], Previous Sale: 10-26-21, $350,000
04-08-22 [3 Bdrms – 2409 SqFt – 2005 YrBlt], Previous Sale: 10-09-08, $423,000
04-08-22 [3 Bdrms – 1779 SqFt – 1975 YrBlt], Previous Sale: 09-30-20, $569,000
04-06-22 [2 Bdrms – 1439 SqFt – 2002 YrBlt]
349 Spyglass Drive – $530,000
04-04-22 [2 Bdrms – 1634 SqFt – 1999 YrBlt], Previous Sale: 05-22-03, $340,000
04-06-22 [2 Bdrms – 1345 SqFt – 2003 YrBlt], Previous Sale: 09-20-04, $354,500
910 Linwood Street – $800,000
VACAVILLE
04-07-22 [4 Bdrms – 1471 SqFt – 1988 YrBlt], Previous Sale: 08-07-08, $255,000
286 White Sands Drive – $565,000
04-07-22 [3 Bdrms – 1488 SqFt – 1978 YrBlt], Previous Sale: 11-23-21, $427,000
512 Wood Duck Drive – $595,000
04-06-22 [3 Bdrms – 960 SqFt – 1975 YrBlt], Previous Sale: 12-13-21, $300,000
04-06-22 [4 Bdrms – 2825 SqFt – 2016 YrBlt], Previous Sale: 08-22-16, $619,500
178 Lassen Circle – $425,000
952 Olympic Drive – $499,000
302 Spyglass Drive – $440,000
967 Westgate Drive – $610,000
04-06-22 [2 Bdrms – 1022 SqFt – 1987 YrBlt], Previous Sale: 10-08-15, $250,000
04-05-22 [4 Bdrms – 1304 SqFt – 1976 YrBlt], Previous Sale: 12-01-21, $415,500
143 Breakwater Way – $690,000
04-05-22 [2 Bdrms – 1864 SqFt – 1997 YrBlt]
109 Dream Street – $524,000
479 Grandview Drive – $670,000
1942 Lavender Place – $590,000
04-06-22 [4 Bdrms – 1874 SqFt – 2019 YrBlt], Previous Sale: 07-11-19, $412,000
6111 Vanden Road – $588,000
04-07-22 [2 Bdrms – 952 SqFt – 1971 YrBlt], Previous Sale: 10-15-19, $255,000
806 Spoonbill Lane – $580,000
04-07-22 [2 Bdrms – 1190 SqFt – 1992 YrBlt], Previous Sale: 05-31-19, $390,000
531 Amanda Court – $560,000
46 North 4th Street – $395,000
142 Del Rio Circle #2 – $365,000
324 Grand Canyon Drive – $520,000
04-06-22 [3 Bdrms – 1040 SqFt – 1954 YrBlt], Previous Sale: 11-04-16, $260,000
TOTAL SALES: 9 LOWEST AMOUNT: $395,000.00 HIGHEST AMOUNT: $600,000.00 MEDIAN AMOUNT: $500,000.00 AVERAGE AMOUNT: $508,000.00
521 Trinity Drive – $523,000
04-07-22 [4 Bdrms – 1887 SqFt – 1990 YrBlt], Previous Sale: 12-18-19, $450,000
208 Seabury Street – $520,000
04-07-22 [3 Bdrms – 1327 SqFt – 1986 YrBlt], Previous Sale: 02-03-12, $132,000
04-08-22 [4 Bdrms – 2431 SqFt – 1990 YrBlt], Previous Sale: 05-13-16, $415,000
110 Colony Way – $621,000
702 Elderberry Loop – $1,050,000
221 North Alamo Drive – $675,000
RIO VISTA
04-05-22 [3 Bdrms – 1312 SqFt – 1993 YrBlt], Previous Sale: 11-26-08, $276,500
1425 Plumas Drive – $500,000
04-06-22 [3 Bdrms – 1296 SqFt – 1974 YrBlt], Previous Sale: 05-06-08, $235,000
342 Wisconsin Street – $475,000
These are the local homes sold recently, provided by California Resource of Lodi. The company can be reached at 209.365.6663 or CalResource@aol.com.
04-05-22 [5 Bdrms – 2452 SqFt – 1995 YrBlt], Previous Sale: 09-14-18, $559,500
04-08-22 [2 Bdrms – 880 SqFt – 1975 YrBlt], Previous Sale: 02-11-99, $32,000 04-06-22 [4 Bdrms – 1782 SqFt – 2003 YrBlt], Previous Sale: 07-31-18, $349,100 04-04-22 [3 Bdrms – 1180 SqFt – 1982 YrBlt], Previous Sale: 11-24-98, $129,950 04-08-22 [3 Bdrms – 1860 SqFt – 1954 YrBlt], Previous Sale: 10-01-20, $585,000 04-07-22 [3 Bdrms – 1954 SqFt – 1984 YrBlt], Previous Sale: 06-22-11, $220,000 04-05-22 [4 Bdrms – 2192 SqFt – 1976 YrBlt], Previous Sale: 11-08-17, $440,000
See Transactions, Page 5
DAILY REPUBLIC — Friday, May 13, 2022 5
Transactions From Page 4 245 Haviture Way – $570,000
04-08-22 [3 Bdrms – 1509 SqFt – 1990 YrBlt], Previous Sale: 05-13-09, $170,000
2404 Helen Avenue – $640,000
04-04-22 [3 Bdrms – 1752 SqFt – 1950 YrBlt]
539 Longridge Drive – $730,000
04-06-22 [4 Bdrms – 1827 SqFt – 1988 YrBlt], Previous Sale: 07-30-08, $321,000
YrBlt], Previous Sale: 10-01-21, $400,000
165 Oddstad Drive #24 – $338,000
04-07-22 [2 Bdrms – 1100 SqFt – 1981 YrBlt], Previous Sale: 08-22-11, $50,000
1202 Ohio Street – $520,000
04-06-22 [2 Bdrms – 1033 SqFt – 1938 YrBlt]
453 Phoenix Circle – $705,000
04-05-22 [4 Bdrms – 1929 SqFt – 1981 YrBlt]
135 Quartz Lane – $540,000
04-08-22 [3 Bdrms – 1523 SqFt – 1989 YrBlt]
1320 Shea Terrace – $670,000
04-06-22 [4 Bdrms – 1931 SqFt – 1978 YrBlt]
1574 Magazine Street – $375,000
2 Spruce Street – $530,000
529 Maine Street – $433,000
198 Stageline Court – $550,000
64 Marshall Way – $670,000
148 Stanford Drive – $500,000
04-08-22 [3 Bdrms – 966 SqFt – 1953 YrBlt], Previous Sale: 03-23-05, $325,000 04-06-22 [4 Bdrms – 2719 SqFt – 1920 YrBlt], Previous Sale: 06-01-12, $152,000
04-07-22 [2 Bdrms – 1044 SqFt – 1941 YrBlt], Previous Sale: 07-31-17, $310,000 04-04-22 [2 Bdrms – 1225 SqFt – 1985 YrBlt], Previous Sale: 02-03-04, $320,000 04-06-22 [4 Bdrms – 1088 SqFt – 1966 YrBlt]
04-08-22 [3 Bdrms – 1656 SqFt – 1964 YrBlt], Previous Sale: 09-16-21, $470,000
656 Steffan Street – $428,000
04-06-22 [3 Bdrms – 1740 SqFt – 1954 YrBlt], Previous Sale: 10-22-15, $265,000
137 Suncliff Place – $680,000
217 Mayfair Avenue – $550,000
416 Moonraker Drive – $712,500
04-04-22 [3 Bdrms – 1808 SqFt – 1980 YrBlt], Previous Sale: 08-31-21, $650,000
647 Newport Way – $670,000
04-07-22 [4 Bdrms – 1542 SqFt – 1984
04-07-22 [2 Bdrms – 1256 SqFt – 1940 YrBlt], Previous Sale: 00/1991, $105,000 04-07-22 [4 Bdrms – 1695 SqFt – 1994 YrBlt], Previous Sale: 04-21-16, $412,000
300 Topsail Drive – $710,000
04-05-22 [4 Bdrms – 1661 SqFt – 1987 YrBlt], Previous Sale: 00/1992, $177,000
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claireboyd@comcast.net
6 Friday, May 13, 2022 — DAILY REPUBLIC
OPEN HOU
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DAILY REPUBLIC — Friday, May 13, 2022 7
Should you co-sign your adult children’s mortgage? MICHELE LERNER
R
SPECIAL TO THE WASHINGTON POST
ising home prices and higher mortgage rates are reducing affordability for many first-time home buyers. Rather than give up their dream of buying a home, some people are turning to their parents for help with down payments or to co-sign their mortgage. While it’s natural for parents to want to help their adult children become homeowners, it may not always be the best decision to co-sign a loan. We asked John McCafferty, director of financial planning for Edelman Financial Engines in Alexandria, Va., and Chaim Geller, a financial adviser and
founder of Help Me Build Credit in Brooklyn, for their advice for parents. Both responded via email and their comments were edited. A big concern about co-signing is that as a co-signer, the parent has no rights to the property but assumes responsibility for the entire debt, McCafferty wrote. Q: When should parents consider cosigning a mortgage for their adult children? McCafferty: Parents get involved when an adult child is not in the financial position to qualify for a mortgage on their own. There are pros and cons to being a co-signer. I would only suggest a parent move forward
if it is very clear that their own financial health – such as their retirement security – will not be compromised. Geller: Co-signing is one of the biggest favors a person can do for their child. But co-signing is not meant for everyone. To ensure that you’re not going to regret it, you need to understand the seriousness of co-signing. It needs to make financial sense, and you need to have the proper confidence in your kid. If you don’t, then co-signing can be a devastating mistake, which can have severe consequences. It can ruin you financially, mess up your credit, and the worst – cause a rift in your relationship. Q: Are there some red flags about when it’s a bad idea to co-sign a mortgage?
McCafferty: Yes, the fact that co-signing is required is a red flag, and it should at least prompt the parties involved to ask, “Why is co-signing necessary?” While the answer may be evident, going through the vetting process is important. There may be an expectation that mom and dad must help, especially if they’ve taken care of most other financial obligations up to this point. But there are many reasons assuming this significant responsibility would not be in their best interest, and they should discuss all the variables. For example, what is the career trajectory of the borrower? Is he or she married? If so, what is the spouse’s career trajectory? Do they have children? The list of questions can be lengthy, and there are a number of risks.
OPEN HOU
Meanwhile, the child is leveraging the parent’s financial position to buy something he or she may not be able to afford. For the parent, this creates a higher debt-to-income (DTI) ratio, which could negatively impact their credit score and future borrowing potential. Relationships could also be impacted if any challenges come up with making payments. Through this lens, I encourage common sense and to not let the family relationship cloud any thinking. The critical question I pose to clients is this – would you agree to this type of arrangement if your child wasn’t involved? Geller: Young adults can often have unrealistic dreams, and your kids may dream of buying See Co-sign, Page 10
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8 Friday, May 13, 2022 — DAILY REPUBLIC
Winter From Page 3 with two white self-watering AquaPots. They were planted in October with Primo Wild Rose heuchera, Superbells Dreamsicle calibrachoa, Superbena White Out and Superbena Royale Chambray verbenas. Although the containers were eye-popping, they too were adjusted or tweaked in April, so to speak, by adding Graceful Grasses Prince Tut, the Proven Winners National Annual of the Year, and Superbells Pomegranate Punch calibrachoa. Prince Tut is one of the most loved grasses for containers and flower beds. It will reach 30 inches tall, perhaps a little taller in the South, and screams “look at me!” When the early morning sun hits the curly tufts of foliage, you become mesmerized. It is cold hardy to zones 10 and warmer, but you’ll find it to be priceless as an annual. King Tut papyrus is the leader
of the family and is used the same way, as thrillers, accents in the garden and even as a water garden feature. It reaches close to 6 feet in height, which is dwarf compared to those growing along the Nile River. It is the granddaddy in the United States however, garnering 147 awards. The Tut family of papyrus are must-have plants whether you want to use them in the landscape or in containers. The design possibilities will be endless. If you feel like you are too late this season for some reason, just remember The Garden Guy’s method of adjusting your containers with fresh plant material — you will always find you can do some Tut Tweaking to put the finishing touches to your designer containers. Norman Winter, horticulturist, garden speaker and author of “Tough-as-Nails Flowers for the South” and “Captivating Combinations: Color and Style in the Garden.” Follow him on Facebook @ NormanWinterTheGardenGuy.
NORMAN WINTER/TNS
Above: The late afternoon sun lights up the curly tufts of Graceful Grasses Prince Tut papyrus grown here in a white self-watering AquaPot with Primo Wild Rose heuchera, Superbells Dreamsicle calibrachoa and Superbena Whiteout and Superbena Royale Chambray verbenas. Right: Graceful Grasses Prince Tut is the Proven Winners National Annual of the Year.
NORMAN WINTER/TNS
DAILY REPUBLIC — Friday, May 13, 2022 9
Solano County Listings: Homes for sale PRICE
ADDRESS
CITY
BEDS
BA (F/H)
SQ. FT.
LOT/AC
MLS #
$929,000 $549,900 $590,000 $649,000 $699,000 $205,000 $225,000 $235,000 $399,900 $535,000 $539,000 $560,000 $569,012 $579,000 $579,000 $635,000 $659,000 $675,000 $699,000 $749,000 $750,000 $799,000 $848,000 $895,000 $1,090,000 $570,000 $599,969 $799,000 $285,000 $430,000 $525,000 $525,000 $528,000 $549,997 $550,000 $580,000 $599,000 $599,000 $599,500 $599,997 $619,000 $639,000 $639,997 $645,000 $658,000
116 Mountview Ter 1655 Winfield Street 385 Calmace Drive 33 S 8th St 1820 Dailey Dr 423 Gregory Ln #62 1625 Park Ln #11 1625 Park Ln #24 2848 Sunburst Drive 2166 Sandpiper Dr 226 Sunhaven Dr 2459 Carnation Drive 745 Marigold Dr 2705 Gramercy Pl 2902 Juniper St 5027 Oakbrook Circle 801 Stoneridge Cir 1225 Astoria Dr 4637 Suisun Valley Road 2469 Bay Hill Cir 4599 Turnstone Wy 568 Pine Creek Cir 3201 Rivera Ct 2152 Fieldcrest Ave 5099 Falls Ct 810 Greenhead Wy 1737 Ventura Way 539 Bella Vista Dr 1342 Callen St #B 178 Revere Ct 1548 Amapola St 207 Madrone St 707 Peregrine Wy 468 Royal Oaks Dr 133 Berryessa Drive 797 Notre Dame Dr 260 Heritage Ln 531 Westwood Ct. 512 Davis Street 160 Kingswood Ave 715 Embassy Cir 454 Regency Circle 579 Chateau Way 8001 Finchley Court 107 Sandalwood Drive
Benicia Dixon Dixon Dixon Dixon Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Fairfield Suisun City Suisun City Suisun City Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville
4 3 3 3 4 1 2 2 3 3 3 4 4 3 3 3 3 4 3 4 4 4 4 4 4 3 3 5 2 2 4 3 2 4 4 3 3 3 2 4 3 3 4 3 4
3/0 2/0 2/1 2/0 2/1 1/0 1/0 1/0 2/1 2/0 2/1 2/0 2/0 2/1 2/0 2/0 2/0 2/1 2/0 3/0 2/1 2/1 3/0 2/1 2/1 2/0 2/0 4/0 1/1 1/0 2/0 2/0 2/0 3/0 2/0 2/1 3/0 2/0 2/0 3/0 2/0 2/1 3/0 2/0 3/0
2,288 1328 1664 1726 2282 648 794 794 1603 1438 1403 1474 1,556 1725 1661 1378 1558 1926 1470 2294 2110 2210 2411 3156 2624 1440 1,434 2,358 952 806 1,218 1286 1048 1,799 1404 1807 1,711 1,394 1006 1685 1571 1900 1,852 1625 2075
0.11 5532 0.17 0.23 0.1709 0.0162 0.0179 0.0187 0.06 0.14 0.1148 7405 0.13 0.035 0.16 0.18 0.1808 0.25 0.45 0.201 0.0775 0.1416 14851sf 0.2609 0.3931 0.13 0.13 0.29 0.0131 0.13 0.17 0.11 0.1073 0.13 10018 0.1653 0.07 0.13 0.15 0.13 0.1155 0.13 0 0.13 0.16
322031987 322042459 322024597 322039999 322041770 322042047 322042076 322042003 322040035 322025763 322040355 322042091 322036962 322038981 322040025 322040597 322042490 322028085 322036266 322040371 322040673 322017976 322020501 322033269 322041703 322033208 322036781 322030702 322042771 322040115 322033835 322040262 322036797 322041513 322035211 322040391 322027821 321073159 321111961 322037097 322040154 322040665 322026823 322034329 322034479
OFFICE #
PRICE
707.448.6119 707.689.0392 707.448.1158 707.448.6119 707.446.0600 707.864.0205 707.864.0205 707.864.0205 707.448.1158 707.864.0205 707.864.0205 707.689.0392 707.448.6119 707.864.0205 707.864.0205 707.864.6101 707.864.0205 707.864.0205 707.448.1158 707.864.0205 707.864.0205 707.864.0205 707.864.0205 707.864.0205 707.864.0205 707.864.0205 707.448.6119 707.448.6119 707.446.0600 707.446.0600 707.448.6119 707.446.0600 707.446.0600 707.448.6119 707.689.0392 707.446.0600 707.448.6119
$690,000 $695,000 $699,950 $729,000 $735,000 $779,950 $780,000 $825,000 $899,000 $899,900 $974,500 $995,000 $599,000 $729,950 $799,000 $895,000 $1,995,000
707.448.1158 707.448.6119 707.446.0600 707.448.1158 707.448.6119 707.448.1158 707.448.1158
PRICE
Let Us Find You the Perfect Home
ADDRESS
CITY
721 Forest Ridge Cir 2093 Marshall Rd 379 Timber Dr 417 Shannon Dr 485 Crownpointe Cir 206 Joyce Dr 230 Willow Green Way 1000 Keystone Ct 467 Royal Tern Dr 520 Wellington Wy 7921 Spencer Ln 8025 Claret Ct 1728 Napa St 411 Rickover St 3931 Central Ln 8457 Pleasants Valley Rd 26518 County Road 34
Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vacaville Vallejo Vallejo Winters Winters Winters
LOTS AND LAND
PRICE
$459,000 $1,250,000 $500,000 $1,870,000 $549,000 $15,000,000 $55,000 $359,950 $895,000 $324,999
ADDRESS
7215 Pleasants Valley Rd 8362 Auction Ln 360 Butcher Rd 2300-11 E. Monte Vista County Rd Mankas 340 Black Oak Ln Gibson Canyon 8457 Pleasants Valley Rd 2939 Mix Canyon Rd
MULTI-UNIT
PRICE
$735,900
ADDRESS
549-551 Pacific Avenue
CITY
BEDS
4 5 4 4 4 4 4 4 5 4 3 5 3 3 3 2 3
CITY
SQ. FT.
LOT/AC
MLS #
3/0 2282 2/1 2357 2/1 2048 3/0 1,829 3/0 2200 2/0 1956 2/0 2264 3/0 2702 5/0 4,082 3/1 3600 2/0 2042 4/0 3127 2/1 2203 2/1 2203 2/0 1782 1/0 5/0 3,135
0.1894 0.1263 0.19 0.14 0.1385 0.1885 0.24 0.2122 0.14 0.19 5 0.14 0.0963 0.0963 5.52 22.16 20
32203764 322014512 322038252 322036937 322034969 322032023 322041905 322040853 322027703 322041654 322039067 322040276 322028120 322028120 322032322 321006700 222005840
LOT/AC SUB TYPE
Vacaville 6 Dixon 2.16 Vacaville 1.1 Vacaville 3.66 Crockett 1.06 Fairfield Napa 0.26 Vacaville 1.55 Winters 22.16 Vacaville 24.42
Fairfield
BA (F/H)
UNITS/BEDS
2/1
MOBILE/FLOATING HOME
$195,000 $199,000
ADDRESS
COMMERCIAL
PRICE
$599,500
CITY
260 American Canyon Rd #141 American Canyon 2525 Flosden Rd #46 American Canyon
ADDRESS
512 Davis Street
CITY
Vacaville
TYPE
OFFC
MLS#
AGRI COMM COMM COMM RESA RESA RESA RESA RESA RESL
SQ. FT.
2479
2/0 2/0
707.446.0600 707.446.0600 707.446.0600 707.448.6119 707.446.0600 707.446.0600 707.448.1158 707.446.0600 707.448.6119 707.446.0600 707.446.0600 707.864.6101 707.864.0205 707.864.0205 707.446.0600 707.446.0600 707.448.6119
OFFICE #
322010137 322014651 321098151 321102156 321089387 21825708 321079279 22029146 321000406 321007519
707.446.0600 707.448.6119 707.448.6119 707.448.6119 707.448.6119 707.864.0205 707.448.6119 707.446.0600 707.446.0600 707.446.0600
MLS #
OFFICE #
MLS #
OFFICE #
MLS #
OFFICE #
321043438 707.689.0392
BEDS BA(F/H) SQ. FT
2/2 2/2
OFFICE #
1400 900
322036695 707.448.6119 322035792 707.448.6119
321111889 707.448.1158
10 Friday, May 13, 2022 — DAILY REPUBLIC
Co-sign From Page 7 a home that they can’t afford. Before you co-sign for your kids, sit down with them and discuss their finances. What is their income? What are their monthly expenses? How much do they spend on groceries, restaurants, etc.? Do they have monthly car payments? That should help you see if you feel comfortable the mortgage is affordable for them. Leave some financial breathing room for unexpected expenses. If you feel that they are overextending themselves and you’re afraid they will not be able to afford the mortgage payments, then politely explain that you recommend them to find a more affordable home, or else they can count you out from co-signing. Q: How does co-signing work? Do parents need to pay anything at closing? McCafferty: A co-signer helps a borrower qualify for a mortgage by agreeing to pay back the loan if the borrower stops making payments. As a
co-signer, you don’t have an ownership stake in the home and your name doesn’t appear on the property title. An ideal co-signer will have plenty of income, an excellent credit score and a healthy debt-to-income ratio. Co-signers complete a residential loan application as part of the process. After the lender’s conditions have been met, the co-signer must agree to all loan terms by signing final loan agreement documents. As the official loan agreement, the note outlines all the loan’s most important terms. If the borrower doesn’t have sufficient funds at closing, the co-signer may need to cover any down payment, closing cost and related additional fees. Q: Is it a better option to help with the down payment rather than co-sign? Why or why not? McCafferty: This is a more prudent approach – as long as the parent’s financial health is not compromised. The main reason is that the risk is limited to the amount of money offered up and the parent’s liquidity to supply it. This approach can be a win-win
for all parties. The parents satisfy the need to help while the family member gets to become a homeowner. Geller: In some cases that will work better as you’re not going to be tied to the loan for the next 30 or so years. On the other hand, if your kid is not mortgage eligible without you co-signing then paying part of the down payment will not help them. Q: Are there legal steps that protect the parent’s finances and credit? McCafferty: Generally, the only way the co-signer can get their name off the loan is if the borrower refinances. Remember, a mortgage is a contract. Once it’s signed, it’s tough to undo. Some precautions to consider: 1. Act like a bank. Establish criteria for the borrower you are helping. For example, examine their credit report or ask about their job situation, or review their monthly expense. 2. Review the agreement. This seems obvious, but make sure you know what you’re signing. 3. Be the primary holder (not secondary). This will give you
more control. Statements will go to you. You can then collect from the secondary borrower. 4. Collateralize the deal. Set conditions for missed payments. For example, get the second set of keys to their car. Missed payments have penalties. 5. Create your own contract. Create a promissory note that discusses obligations, costs and consequences that the borrower will have if they default. 6. Consider a trust. Work with a legal professional to protect
personal assets with the use of a trust. 7. Establish an exit strategy. For example, 12 to 24 months may be suitable. At that point a refinance should occur. Set proper expectations at the beginning. Geller: There are two things I recommend. One is to sign an agreement with your child that your child agrees to refinance the mortgage loan as soon See Co-sign, Page 11
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DAILY REPUBLIC — Friday, May 13, 2022 11
Home affordability worsens – but not everywhere, report finds MICHELE LERNER
H
SPECIAL TO THE WASHINGTON POST
ome buyers have been feeling the pinch of rising prices for more than a year, but now higher mortgage rates are further cutting into affordability. The first-quarter “2022 U.S. Home Affordability Report” from Attom, a property dataanalytics firm, showed that the portion of wages required to buy a home grew at the fastest pace in
Co-sign From Page 10 as they become mortgage eligible and remove you from being a co-signer. This will ensure that you’re not tied to the loan longer than necessary. Secondly, I highly recommend requesting the bank to mail mortgage statements to your address as well. Banks usually only send mortgage statements to a co-signer if the co-signer requests them explicitly. For you to be able to properly be on top of the loan and make sure the payments are made on-time, be sure to request to receive monthly statements and review them every month. Q: Any other advice for parents? McCafferty: It’s understand-
more than 15 years between the first quarter of 2021 and the first quarter of 2022. The median-priced home was less affordable than historical averages in 79% of counties nationwide during the first quarter of 2022, according to the report. That compares to 38% of counties that were historically less affordable during the first quarter of 2021 and represents the highest point since mid-2008. Affordability is determined by Attom’s researchers as a com-
able when a parent wants to help their children – especially in the current real estate market. If you work with a financial planner or wealth adviser, include them in the process. They can offer relevant experience and objective perspective. In the end, understand the monthly payment obligations and whether they can be comfortably met by the borrower. Most important – use common sense and don’t allow a family member to get in over their head. Geller: In some cases, you’re better off saying “no” to co-signing. I know a few cases of close family members who are not on talking terms because of a co-signing going sour down the road. So sometimes the best thing you can do for your relationship with your kid is saying “no” to co-signing. It will be better for you and for your kid.
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parison of the average income needed to pay for homeownership costs (including the mortgage payment, taxes and insurance) for a median-priced home for each county. The analysis assumes a 20% down payment and that the homeownership costs represent a maximum of 28% of the household income. Until recently, low mortgage rates and rising wages were able to offset rising home prices, but with mortgage rates approaching 5% during the first quarter of the year, affordability was reduced. The median national home price rose 16% from the first quarter of 2021 to the first quarter of 2022 to a record high of $320,000. During the same period, average wages rose just 7%. While in the near-term housing affordability has deteriorated and the housing shortage
continues to be an issue, particularly for entry-level homes, a recent report from First American Financial Corporation, a provider of real estate settlement and risk solutions, shows that housing is actually more affordable today than it was in the 2006 housing market peak. The First American Real House Price Index (RHPI) measures price changes of single-family homes in the United States adjusted for the impact of income and interest rate changes to determine housebuying power. In January, First American’s analysts found that adjusted house prices remain 29% below the peak in April 2006 because of the combination of higher wages and lower mortgage rates. Household incomes are nearly 48% higher today than in
April 2006, according to Mark Fleming, the chief economist at First American. The average mortgage rate is more than three percentage points lower than in April 2006, too. According to First American’s analysis, nationally homes are 34% more affordable today than in April 2006 on average. Washington and Baltimore are the cities where affordability has improved the most since April 2006, both 53% more affordable. The other top three cities where affordability has improved since the peak include Chicago (52%), Miami (50%) and Riverside, Calif. (48%). Affordability has improved the least since the housing market peak in Nashville (0.3% from the peak), Buffalo (3%), Denver (9%), Kansas City, Mo. (12%) and Salt Lake City (15%).
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12 Friday, May 13, 2022 — DAILY REPUBLIC
Rising rates will cool the housing market. But a crash is unlikely. THE WASHINGTON POST Home prices have been setting record after record, making this a great time to be a homeowner. Unlike stocks and bonds, which have fallen sharply this year, U.S. home prices have kept on rising. Stocks were down a record 13.5% for the first four months of the year, as measured by the FT Wilshire 5000 Total Market Index, and bonds were down a record 9.4% for the period,
according to the Bloomberg Aggregate Bond Index. Not so houses. Freddie Mac says that house prices rose 5% for the first quarter of this year, and the National Association of Realtors (NAR) says the median price of homes changing hands was up 6%. From the start of last year through this year’s first quarter, median home sale prices were up 21%, according to the NAR, and Freddie Mac’s home price index rose 24%.
And wait, there’s more. From the start of 2020 through this year’s first quarter, the NAR says median home sales prices were up 41%, and Freddie Mac’s home price index was up 38%. But if you step back a bit and do some elementary arithmetic, it’s clear that the days of such rapid home price growth are almost certainly over. Why? Higher mortgage costs caused by the Federal Reserve raising rates to try to bring down inflation. On Wednesday, the Fed
raised interest rates by half a percentage point, saying inflation was much too high. Not long ago, when the Fed was in full stimulus mode, rates on 30-year fixed-rate home mortgages were at record lows, dipping below three percent for a good part of 2020 and for parts of last year. Now, mortgage rates are rising sharply – up almost two points from the end of last year through late April. The combination of rising
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house prices and rising mortgage rates means greatly increased monthly interest and principal payments for people buying homes. This makes it much harder for people to qualify for mortgages and holds down the rise in home prices. Let’s look at some numbers, using Freddie Mac’s house price statistics and Bankrate’s mortgage payment calculator. Let’s say that you bought a
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DAILY REPUBLIC — Friday, May 13, 2022 13
Rates From Page 12 home for $500,000 at the end of last year and took out a $400,000, 30-year fixed-rate mortgage to help pay for it. (That’s a 20% down payment, the ratio that I’m using for all my calculations.) The interest rate on that mortgage would have been 3.11%, and your monthly interest and principal payments would have been $1,710. Now, let’s say you took out a $400,000 mortgage at the
current 5.1% interest rate to buy a $500,000 house in late April. Your monthly payment would have been $2,171 – a 27% increase that would cost you about $5,500 more a year than it would have cost last year. Which means that you needed 27% more income to qualify for that mortgage than you needed last year. But what was a $500,000 home at the end of 2021 would have become a $525,000 home, based on the 5% increase in Freddie Mac’s home price index. That would mean a $2,280 monthly payment, a 33% increase over last year that
would add $6,840 to your annual mortgage outlays and require 33% more income to qualify for the loan. Obviously, if you keep jacking up the price of homes by double digits and combining that with higher mortgage rates, you get fewer eligible buyers. As a result, we don’t see people lining up to bid on homes the way they did a few months ago. I don’t think that the double-digit annual growth in house prices since the start of 2020 can possibly continue. “Price growth will steadily decelerate where year-over-year annual home price gains will
look quite normal at five percent by the end of the year,” Lawrence Yun, chief economist of the National Association of Realtors, said in an emailed statement. That’s pretty close to Freddie Mac’s home price projections. Freddie’s predicted price increase falls to 2.2% this quarter, down from 5% in the first quarter, then continues to fall to 1% a quarter next year. “I think we’re at the most pivotal part of the housing market since the aftermath of the Great Recession about a decade ago,” said Len Kiefer, Freddie Mac’s deputy chief economist.
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“If we’re not in a period of permanently high inflation, then the days of 10% annual growth are coming to an end.” But even though the days of double-digit national home price growth seem to be over, I don’t think we’re looking at anything like the home price bubble that popped in 2006 and helped touch off the Great Recession, which ran from late 2007 through mid2009. That’s why I don’t think there will be a price crash. “This hasn’t been a creditfueled housing bubble,” See Rates, Page 14
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14 Friday, May 13, 2022 — DAILY REPUBLIC
How to remove gummy buildup from wood furniture Rates From Page 13
JEANNE HUBER
SPECIAL TO THE WASHINGTON POST
Q: What is the best way to clean older wood furniture that has gummy buildup from the finish breaking down and/or cleaning product buildup? A: When older furniture gets gummy, it’s often the worst around knobs, armrests and edges of tabletops or cabinet doors, because that’s where people grip and leave fingerprints. Other times, the entire surface is sticky, a sign that cleaning products have built up or the finish is breaking down. You’ll find advice online that includes wiping off the sticky stuff with vinegar and water or using a homemade mix of equal parts turpentine, white vinegar and boiled linseed oil. Jeff Jewitt, a finishing expert and author of “Refinishing Furniture Made Simple” and other books on finishing, recommends starting by putting on nitrile gloves and dampening a cloth in paint thinner or mineral spirits. Rub a small area in circles, he said, then turn the rag to expose a clean area and go on to the next spot. This treatment will take off oily dirt, old wax and polish, but it won’t remove water-soluble grime, which is often a bigger problem. For that, he recommends using a capful of Dawn hand dishwashing detergent in a pint of lukewarm water. Carol Fiedler Kawaguchi, a finishing expert on Bainbridge Island, Wash., and owner of C-Saw (cfkawaguchi.com/ csaw), a business that focuses on restoring antiques, usually skips the step involving paint thinner or mineral oil, and instead of Dawn, she uses Murphy original oil soap ($4.59 for 16 ounces at Ace Hardware) diluted in warm water. The label suggests using 1/4 cup, or two ounces, in one gallon of water, but for a smaller job, you could mix three teaspoons of the cleaner with four
cups of water. For tough jobs, you can double the concentration of the cleaner. It might seem counterintuitive to clean wooden furniture with a cleaning solution that’s so high in water, but remember that you’re now cleaning the finish, not bare wood. The trick, according to Jewitt and Fiedler Kawaguchi, is to avoid saturating the finish or creating puddles. Jewitt uses a clean cloth that’s damp, not dripping, and he refolds it frequently to expose clean areas. Fiedler Kawaguchi uses a sponge or a mild scrub pad that’s wrung out well. She rinses the sponge or pad frequently in warm water, wrings it out, dips it into the cleaning solution and wrings it out again to clean a new area. Both Jewitt and Fiedler Kawaguchi recommend performing a light final rinse with plain water and a wrung-out, clean cloth. “The idea is to keep water rinse to a minimum,” Fiedler Kawaguchi said. When she’s done, she wipes the surface dry. If the piece still feels sticky once it’s dry, the finish itself is probably compromised, and simple cleaning won’t be enough. Fiedler Kawaguchi’s next move is to determine whether the finish is shellac, a natural resin created by a type of insect. Shellac is a common finish on antiques but is rare on modern furniture, which is usually coated with lacquer, varnish or polyurethane. Pour a small amount of denatured alcohol onto the finish, wait a few minutes and see whether the finish is sticky; if it is, the finish is shellac. If it’s shellac, Fiedler Kawaguchi puts on nitrile gloves and goes over the finish again, this time with denatured alcohol on a cloth or soft scrub pad. When she’s lucky, this revives the
COURTESY PHOTO/THE WASHINGTON POST
finish enough and no further work is needed. “It can sometimes pull off the gunky stuff without taking everything off,” she said. It’s okay to stop at any point, wait for the surface to dry and test whether it’s still gummy. Once the sticky stuff is off, a new coat of shellac can go on if needed, because fresh shellac sticks to old shellac. If the finish isn’t shellac, she switches to a solution that’s half denatured alcohol and half lacquer thinner, which will strip off gummy lacquer. Lacquer thinner is a more powerful (and more toxic) solvent than denatured alcohol, so she is careful to have good ventilation. She uses shop towels to wipe off residue. If that doesn’t work, she uses Citristrip’s paint and varnish stripping gel ($12.98 a quart at Home Depot), which removes many finishes, including paint, varnish, polyurethane, lacquer and shellac. Wearing nitrile gloves thick enough to stand up to strippers and working where there is abundant ventilation, she applies the stripper with a paint brush and waits for the finish to soften, which can take 30 minutes to 24 hours. The surface must also be covered with plastic overnight, so the stripper doesn’t dry out. She then uses a nylon scraper – never a metal one –
to remove most of the residue. She gets the rest off using a 3M heavy-duty stripping pad ($2.98 for two at Home Depot) with a little paint thinner or turpentine, as well as shop towels. For a final rinse, she uses paint thinner or turpentine. (She avoids water, because the surface is bare wood at that point.) Once the surface is dry, which can take a while after paint thinner is applied, it is ready for an oil-based stain or finish. For shellac, lacquer or a water-based stain or finish, it also needs a final cleaning with denatured alcohol to remove the oily residue from the paint thinner.
Kiefer said. These days, you don’t hear about “liar loans,” no-down-payment mortgages and similar financial excesses that were a feature of the house price bubble in the early 2000s. We’ve got legitimate mortgage lenders these days rather than the predators we saw during the bubble. We’ve also got borrowers who have put up down payments of 20% or so. That’s why I think that even though house prices are going to stop rising rapidly and may even fall a bit. Yes, the days of rapidly rising home prices are drawing to an end. But we’re not looking at a Great Recession-like implosion or the steep drop that we’ve seen so far this year in U.S. stocks and bonds. If you’re rushing out to buy a home today because you’re hoping to turn a big, quick profit, you’re likely to be disappointed. But if you’re thinking long-term and buying a home to have a stake in our economy and be an owner rather than a renter, the value of your equity will likely grow gradually even if home prices rise only modestly over the years. And you will probably do just fine.
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DAILY REPUBLIC — Friday, May 13, 2022 15
Mortgage From Page 2 average of 4.52%. A year ago at this time, it averaged 2.26%. The five-year adjustable-rate averaged 3.98%, up from last week’s 3.96%. A year ago at this time, it averaged 2.59%. “Monthly payments have increased by more than 50% in just four months because of higher mortgage rates,” said George Ratiu, a senior economist with Realtor.com. “While everyone is shocked by inflation of 8.3%, rent increases of 17% and home price increases of 14%, the impact of higher mortgage rates is even greater.” High prices and multipleoffer situations have made it almost impossible for first-time home buyers to purchase property this spring, said Michael Isaacs, the chief executive of GO Mortgage in Columbus, Ohio. Rising mortgage rates compound that problem. Last year, rates hit a low of 2.5% in October and November, and they were at 3% last May, he said. The additional interest associated with higher rates is adding hundreds of dollars to mortgage payments. “Now they’re at 5.5%, that means the monthly principal and interest is now $600 higher today than it was last year for a $400,000 mortgage,” Isaacs said. Buyers with fixed budgets who are on the hunt for new homes have faced additional financial pain for months now, with rising costs for gasoline, groceries and other everyday goods affected by rising inflation. But the pace of inflation could be starting to slow, according to data released Wednesday by the Bureau of Labor Statistics, even though inflation remains at 40-year highs. Prices rose 8.3% in April compared with a year earlier, and 0.3% compared with the month before. By contrast, March prices rose 8.5% compared with the previous year, and a sharper 1.2% compared with
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the previous month. What that means for the home buyers and sellers is unclear. There are mixed signals about whether the housing market is cooling. While 15% of home sellers dropped their asking prices during the four weeks that ended May 1, 56% of homes sold for above listing prices in that period, a record high, according to Redfin real estate brokerage. Listings continue to be well below last year’s already low level and prices are up 17% year over year. Meanwhile, mortgage applications increased 2% from one week earlier, according to the
Mortgage Bankers Association. The refinance index fell 2% from the previous week and was 72% lower than the same week one year ago. “Mortgage applications increased for the second consecutive week, driven by a 5% jump in purchase activity,” Bob Broeksmit, the president and CEO of the Mortgage Bankers Association, said in an email. “With the spring home-buying season in full swing, demand is still strong in most of the country, despite mortgage rates now at highs last seen in 2009.” This week’s rate increase follows by about a week the Federal Reserve’s raising its
benchmark interest rate by half a percentage point, the sharpest increase since 2000 and the second of seven hikes expected this year. Although the central bank does not set mortgage rates, its own rate-setting activity does indirectly affect them. Stanley Middleman, the president and CEO of Freedom Mortgage in Boca Raton, Fla., said that there is still a “great deal of volatility in the marketplace” and that he hopes the Fed’s increase of its short-term rate will slow inflation and the rise of mid – to long-term rates. “However, there is a lag effect from the Fed’s activity, so it will take longer to impact
inflation and, therefore, interest rates,” he said. The Mortgage Bankers Association also this week released its mortgage credit availability index (MCAI), which showed credit availability decreased in April. The MCAI fell by 3.2% to 121.1, a drop that reflects the tightening of lending standards. It follows a decline of credit availability in March. “Mortgage credit availability fell for the second month in a row, as lenders reacted to the jump in mortgage rates over the past two months,” said Joel Kan, MBA’s associate vice president for economic and industry forecasting, in a statement.
16 Friday, May 13, 2022 — DAILY REPUBLIC
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