Author: Ruth Fisher

Price stability is often discussed as a goal for the US economy, but as someone who has navigated property markets through many cycles, I see firsthand how shifting consumer demand and broader economic forces continually reshape what things cost. For example, while advances in technology have made devices more affordable, we've also watched prices for limited resources—like hotel rooms, event tickets, and college tuition—climb higher as people redirect their spending. This dynamic suggests that true price stability, managed solely by central banks, may be more of a myth than a reality. Countless global transactions and production changes mean that prices are always adjusting. If the dollar were more stable, we might see less need for inflation hedges and a clearer path for investment—potentially compressing prices in some areas, while scarce assets could become even more valuable. In the end, fluctuating prices are not always a sign of trouble; often, they reflect growth and progress across the US economy—a perspective that resonates with real estate as well, where change is constant and opportunity emerges from movement, not stasis.

As someone who’s navigated California’s real estate markets for nearly two decades, I’ve seen firsthand how challenging the path to homeownership has become for many families. With the state’s median home price hovering around $930,000 and an estimated $212,000 annual income now needed to compete, the gap between what people earn (about $116,000 on average) and what’s required continues to widen. Even those with stable jobs, solid salaries, and years of careful saving are finding that getting the keys to a home is no longer a given.

In the Bay Area, where a typical home is now near $1.4 million, ownership can certainly feel out of reach—almost like a luxury reserved for a select few. Saving more, paying down debt, or considering a move farther from major job centers can help some buyers, but I agree that smart budgeting alone isn’t always enough to bridge the divide.

The reality is, California’s affordability crisis is reshaping who can put down roots here. As a Realtor who values trust and long-term relationships, I’m committed to helping clients consider every strategy as we navigate these evolving market dynamics together.

Proposition 37 introduces a state-backed second mortgage for qualifying buyers of select newly built homes in California, aiming to make homeownership more accessible. Under this proposal, buyers would contribute at least 3% upfront, with state assistance covering up to 17% of the purchase price. Together, this allows buyers to reach the critical 20% down payment mark, while a primary mortgage covers the remaining balance. The initiative would permit the state to issue up to $25 billion in revenue bonds, with loan payments from participating homeowners designated to repay investors and sustain the program.

This measure is especially significant for families—including many Latino households—who can manage monthly mortgage payments but find saving for a substantial down payment challenging. As someone who has navigated California’s real estate landscape for nearly two decades, I have seen firsthand how down payment barriers can stand in the way of long-term ownership. On November 3, 2026, voters will decide whether this innovative approach deserves a statewide pilot. I’ll be following the outcome closely, as programs like this could reshape the path to homeownership for many in our communities.