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"Just Thinking"
I attended a memorial service yesterday at a catholic church in Burlingame. It was a beautiful service and a great tribute to a wonderful woman, During the service I noticed the statue of Mother Mary in front to of the alter with a crown of flowers on her head.
My first thought was hey it’s May, then a bunch on memories flooding me from all of the May Days that we celebrate in parochial school in the city in the late 60’s and early 70’s. Fond memories, of Mom helping me make a flower crown that I would bring to school to take part in the procession then put my crown on the Queen of May. After all those May Day celebrations, I can still sing the song to this day. “We gather ‘round your shrine today, to crown you as the queen of May Ave Maria.”

The crowning of a statue of the Virgin Mary with a crown of flowers is a key feature in many Catholic parochial schools. This act symbolizes the honor given to Mary during the month of May, which is traditionally dedicated to her in the Catholic Church. This is one of many celebrations that happens at the beginning of May to celebrate spring. One of the most iconic May Day traditions is the maypole dance, where people dance around a tall pole decorated with ribbons and flowers. The dancers weave intricate patterns with the ribbons as they move around the pole.

My mother and her family were dancers at Betty May Dance Studios, she often told me stories of a traditional celebration of May Day at the Polo Fields in Golden Gate Park. The celebration typically involved various activities including dance performances, Maypole dances, and other festivities that honor the arrival of spring.

I also have visions of druids gathering flowers and greenery dancing under the moonlight, celebrating nature and the arrival of spring.

As a summer guy, I enjoy spring and all it represents, the longer days, the warmer weather, the flowers in bloom, the green fields, and the images of summer days ahead.

Let me know what you think.
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This Weeks Top Story
Down Payments Averaging $26,000, The Highest Q1 Level on Record
The median down payment in the first quarter of 2024 was $26,000—an average of 13.6% down, according to Realtor.com’s latest down payment report.

Based on its analysis of down payment trends at the national, state, and (top 100) metro levels, down payments have climbed three percentage points (roughly $12,000) from the first quarter of 2023.

And while they’ve fallen from the record high set in Q3 2023, down payments are still well above pre-pandemic levels. Buyers put 87.8% more as a down payment in Q1 2024 ($26,400) than they did in Q1 2020 ($14,000).

The current housing market’s overall unaffordability has an impact on who is buying homes right now. Given persistently high home prices and elevated mortgage rates, many of today’s purchasers are likely either high-earners or repeat buyers leveraging existing home equity to use as a down payment, and this may explain why down payments have dipped but remained relatively high. Danielle Hale - Realtor.com Chief Economist

KEY TAKEAWAYS

Here are the key takeaways from the Realtor.com down payment trends report:
  • Down payments in Q1 2024 rose to an average of 13.6% down—or $26,000—marking the highest recorded first-quarter average.
  • Down payments are still down from the all-time high of 14.7% ($30,400) set in Q3 2023.
  • The average down payment percentage grew 0.6 percentage points ($2,300) year over year.
  • The typical down payment dollar amount grew in all but eight states.
  • The top U.S. metros where buyers made the largest down payments were all high-end California markets. Down payments rates are highest in these metros because larger loan amounts incentivize buyers to put down as much as possible to reduce their monthly mortgage payments. Also, buyers in these expensive markets tend to have more money to put toward a down payment.

Metros with the largest down payments:
  1. San Jose-Sunnyvale-Santa Clara, CA (24.00% for a median down payment of $213,267)
  2. Santa Maria-Santa Barbara, CA (24.10% – Median down payment: $206,033)
  3. San Francisco-Oakland-Berkeley, CA (24.20% – Median down payment: $201,617)
  4. Oxnard-Thousand Oaks-Ventura, CA (24.50% – Median down payment: $168,683)
  5. Los Angeles-Long Beach-Anaheim, CA (21.50% – Median down payment: $149,332)
  6. San Diego-Chula Vista-Carlsbad, CA (20.00% – Median down payment: $128,813)
  7. Santa Rosa-Petaluma, CA (20.50% – Median down payment: $128,467)

Metros with the fastest growing down payments in Q1 2024:
  1. Oxnard-Thousand Oaks-Ventura, CA (Average down payment: 24.5% — up 4.7% YOY)
  2. Modesto, CA (16.0% — up 3.9%)
  3. Stockton, CA (16.7% — up 3.1%)
  4. New Haven-Milford, CT (16.0% — up 3.0%)
  5. Springfield, MO (13.60% — up 2.80%)
Finish - The Full Story

Posted by:
Sarah Lentz 
May 15, 2024 
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