Source: The Mercury News
While Amazon choosing to locate its second headquarters in Southern California could benefit the region’s economy, the new facility could also stress an already under-supplied housing market, experts say.
A California Association of Realtors report released Monday showed the state’s available supply of homes hit its lowest level in 13 years in December.
Due to a lack of home building and an increasing population from people coming from out of state, CAR President Steve White said California is already 1 million housing units below what’s needed.
“We expect that over the next eight years that could grow to 2 million,” White said. “It’s supply and demand. There just isn’t enough housing available for folks in all economic sectors.”
Economist Christopher Thornberg, a founding partner at Beacon Economics, said leaders in the city and county of Los Angeles are “panicked about the rising cost of housing” and the low supply of affordable housing at a time when many low-income people already can’t afford homes.
“So we’re going to plop 50,000 high-tech workers down in the middle of all this?,” Thornberg said. “Are you kidding me?”
Thursday, July 5, 2018
Sunday, July 1, 2018
Wednesday, June 27, 2018
Wednesday, June 20, 2018
Nonprofit launches "Saving Calculator" for homeowners considering solar panels
Source: San Diego Union Tribune
Homeowners in San Diego County have a new tool when considering the costs and benefits of installing rooftop solar panels. The local nonprofit Center for Sustainable Energy launched a web page this week that allows residents to see how much they could save on their electrical bills based on a number of factors. The web-based “Solar Savings Calculator” is intended to inform consumers who are considering whether to contract with a particular installation company, said Christina Machak, senior research analyst for the center.
Read the full story
Homeowners in San Diego County have a new tool when considering the costs and benefits of installing rooftop solar panels. The local nonprofit Center for Sustainable Energy launched a web page this week that allows residents to see how much they could save on their electrical bills based on a number of factors. The web-based “Solar Savings Calculator” is intended to inform consumers who are considering whether to contract with a particular installation company, said Christina Machak, senior research analyst for the center.
Read the full story
Wednesday, June 13, 2018
Major Rental-Home Companies Set to Merge as U.S. House Prices Recover
Source New York Times
After the housing market collapsed more than a decade ago, new investors poured in to buy foreclosed homes and rent them out. Now, a $4.3 billion deal suggests that the bargain-hunting binge in housing is finally over. Two of the biggest institutional single-family landlords in the United States said Thursday that they planned to merge, an indication that the housing market has recovered much of the ground it lost in the financial crisis. And as home prices rise in many areas, affordable housing, for deep-pocketed investors and young first-time buyers alike, is becoming harder to find. The two institutional landlords, Invitation Homes, a rental business spun out of the private equity giant the Blackstone Group, and Starwood Waypoint Homes said they would combine to create an entity with about 82,000 homes in more than a dozen big markets.
Read the full story
After the housing market collapsed more than a decade ago, new investors poured in to buy foreclosed homes and rent them out. Now, a $4.3 billion deal suggests that the bargain-hunting binge in housing is finally over. Two of the biggest institutional single-family landlords in the United States said Thursday that they planned to merge, an indication that the housing market has recovered much of the ground it lost in the financial crisis. And as home prices rise in many areas, affordable housing, for deep-pocketed investors and young first-time buyers alike, is becoming harder to find. The two institutional landlords, Invitation Homes, a rental business spun out of the private equity giant the Blackstone Group, and Starwood Waypoint Homes said they would combine to create an entity with about 82,000 homes in more than a dozen big markets.
Read the full story
Wednesday, June 6, 2018
Orange County existing home sales up 6.9 percent
Source: Orange County Register
The median price of an existing single family home hit $549,460 in California last month, up 7.4 percent from July 2016, the latest figures from the CALIFORNIA ASSOCIATION OF REALTORS® show. Orange County’s median price was at $785,000, up 6.9 percent over July 2016, but less than the record high price of $795,000 earlier this summer. The association’s report covers existing, single-family, detached homes only, or nearly two-thirds of the Orange County market. Los Angeles County’s median price reached $566,240, up 10.2 percent since last July; Riverside County was at $385,500, up 7.1 percent. San Bernardino’s median hit $266,250, climbing 8.3 percent. The statewide median price remained above $500,000 for the fifth month in a row. Read the full story Attending bachelor parties may be keeping you from buying a home Source: San Francisco Chronicle You might have heard that it’s really tough for millennials to buy a home these days. They’re drowning in college debt, struggling with a small housing supply because boomers aren’t selling, and it’s all making them feel bummed about their homeownership prospects. Now one report says they may never own a home if they keep attending bachelor parties in Instagram-worthy locations. The real estate site Zillow found that the average cost of attending nine bachelor or bachelorette parties in a person’s lifetime comes surprisingly close to the 20 percent down payment on a median-priced US home. Though, not so much if you’re living in the Bay Area.
Read the full story
The median price of an existing single family home hit $549,460 in California last month, up 7.4 percent from July 2016, the latest figures from the CALIFORNIA ASSOCIATION OF REALTORS® show. Orange County’s median price was at $785,000, up 6.9 percent over July 2016, but less than the record high price of $795,000 earlier this summer. The association’s report covers existing, single-family, detached homes only, or nearly two-thirds of the Orange County market. Los Angeles County’s median price reached $566,240, up 10.2 percent since last July; Riverside County was at $385,500, up 7.1 percent. San Bernardino’s median hit $266,250, climbing 8.3 percent. The statewide median price remained above $500,000 for the fifth month in a row. Read the full story Attending bachelor parties may be keeping you from buying a home Source: San Francisco Chronicle You might have heard that it’s really tough for millennials to buy a home these days. They’re drowning in college debt, struggling with a small housing supply because boomers aren’t selling, and it’s all making them feel bummed about their homeownership prospects. Now one report says they may never own a home if they keep attending bachelor parties in Instagram-worthy locations. The real estate site Zillow found that the average cost of attending nine bachelor or bachelorette parties in a person’s lifetime comes surprisingly close to the 20 percent down payment on a median-priced US home. Though, not so much if you’re living in the Bay Area.
Read the full story
Friday, June 1, 2018
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