Market Matters

A city's 'walkability' drives real estate values Source: CNBC A new report from Smart Growth America ranks the walkability of the nation's 30 largest metropolitan areas, and there is a distinct correlation between walkability and real estate values. The author of the report, Chris Leinberger, commented, “Walkable, urban for-sale housing is by far the most expensive housing in the country. The range, depends on the market, between 40 percent and 200 percent greater than drivable, suburban housing. Twenty-five years ago that relationship didn't exist because walkable (cities back then) was not valued.” Read the full story

UCLA Anderson Forecast predicts 'normal' California housing market Source: LA Times   Construction jobs should continue to help drive job growth in Southern California over the next few years, according to the quarterly UCLA Anderson Forecast. The forecast predicts that the market will move toward more “normal territory” as foreclosures and other so-called distressed properties no longer flood the market, which will encourage builders to launch new construction. Read the full story

Obama’s housing nominee open to ending Fannie and Freddie Source: The Hill San Antonio Mayor Julián Castro, who President Obama nominated to be secretary for Housing and Urban Development (HUD), appeared before the Senate Banking Committee this week and expressed willingness to end the federal backstop established through Fannie Mae and Freddie Mac. Castro commented, “I absolutely believe that there are better alternatives than what we have in place with this duopoly and with the conservatorship.” Read the full story