Million

the 12 Federal Reserve Districts. It characterizes regional economic conditions and prospects based on a variety of mostly qualitative information, gathered directly from each District’s sources.

San Jose Has Lowest Percentage Of All-Cash Purchases: Redfin

San Jose (17.9%) and Oakland (18.6%) had the first and third lowest, respectively, percentages of all-cash purchases of homes in April across 40 of the most populous metros, according to a Redfin report released June 7.

Nationwide, one-third (33.4%) of home purchases were made in cash in April, up from 30.7% a year earlier and comparable with February’s 33.5% share, which was the highest in nine years. Other key points of the report:

• All-cash purchases increased the third most in Riverside, by 16.6% to 40.4%.

• Down payments and down payment percentages were highest in San Francisco ($370,563, 25%), San Jose ($360,000, 23.5%), and Anaheim ($227,500, 20%).

• Riverside (44.2% decline to $44,663) had the third-biggest drop in down payment dollar amount. .

• FHA loans were most common in Riverside (30.7%) and least common in San Jose (1.6%), San Francisco (1.8%), and Anaheim (4.2%).

• Jumbo loans were most common in the Bay Area: San Jose (45.6%), San

Francisco (39.0%), and Oakland (20.3%). Use of jumbo loans declined in 37 of the metros Redfin analyzed, with the biggest drop in San Francisco (25.5%) and the third biggest in Oakland (15.1%).

$16M Program To Increase Farmworkers’ Homeownership

California is awarding $16 million in grants to increase homeownership for farmworkers. The grants will support five programs statewide to build or purchase homes for lower-income farmworkers and advance programs that help farmworkers become or remain homeowners through mortgage assistance.

The Department of Housing and Community Development awarded today’s grants through the Joe Serna, Jr. Housing Grant program to advance homeownership development projects, self-help technical assistance projects, mortgage assistance programs, and programs for the acquisition of manufactured housing for agricultural workers.

The grants will be awarded to:

San Mateo County, Half Moon Bay: $5 million for the purchase of 28 manufactured housing units. Fresno County - California Center for Cooperative Development: $5 million for the acquisition of manufactured housing.

Santa Maria - People’s SelfHelp Housing: $4.004 million for a homeownership development project and technical assistance for self-help housing. The development project will have 49 total homes with 40 of those being affordable for people at 40-80% AMI; of these, 16 homes will be reserved for farmworker families. The community will be built in Santa Maria, Santa Barbara County.

Watsonville - Habitat For Humanity Monterey Bay: $1.202,500 to assist five units with funding under the Firsttime Homebuyer Mortgage Assistance Program and Technical Assistance for Self-Help Housing Grant.

Kern, Madera, Merced - Self-Help Enterprises: $999,370 to provide firsttime homebuyer mortgage assistance.