California Faces Affordability Challenges

first_img The Best Markets For Residential Property Investors 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe September 16, 2019 1,275 Views Demand Propels Home Prices Upward 2 days ago Affordability California rents 2019-09-16 Seth Welborn Previous: Housing Market Braces for Rate Cuts Next: What Weighs on Housing? Tagged with: Affordability California rents Home / Daily Dose / California Faces Affordability Challenges The Best Markets For Residential Property Investors 2 days ago California Faces Affordability Challenges About Author: Seth Welborn in Daily Dose, Featured, Investment, Market Studies, Newscenter_img  Print This Post Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago California has the highest poverty rate in the nation, according to analysis from the U.S. Census Bureau, and according to Texas Public Policy Foundation VP Chuck DeVore on Forbes, California’s new rent control law will likely make things worse.“California’s new housing stock has been severely restricted by the state’s myriad of web of development fees, restrictive zoning rules, environmental laws—including greenhouse gas restrictions—and lawsuits,” DeVore said. “Now it’s about to get much worse, with statewide rent control further discouraging new investment in the state.”DeVore notes that the bill also strengthens already-strong tenant protections, now barring property owners from pursuing evictions without a government-approved reason. The California Association of Realtors said that the bill will, “…impose onerous standards upon small property owners and, in turn, exacerbate the state’s housing crisis.”“In 2018, California builders started construction on 116,400 single and multi-housing units, likely not enough to accommodate demand with what was expected to be about 125,000 new households in the state,” DeVore notes. “At this rate, it would take builders 122 years to completely turnover the state’s 14.3 million housing units. California’s 2018 construction starts were 31% below the state’s historical average since 1960.”There is good news for homeowners and buyers in California, though. CoreLogic reported that home sales in July grew from the year prior for the first time in a year. Growth was motivated by lower mortgage rates. Home prices across the state were less than 2% above last year, and prices in the Bay Area fell annually for the third-consecutive month.The nine-county San Francisco Bay Area saw the purchase of 7,404 new and existing houses and condos, which is a 2.2% year-over-year decline. Median-sales prices, though, fell 4.1%—the largest decline December 2011’s 10.5% drop.The report finds that an estimated 42,432 new and existing homes and condos were sold in July, which is a 5.1% increase from June and up 1.8% from July 2018. CoreLogic, however, stated that housing activity usually declines, with the average decline for the two months being 5.3%. Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

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Louisiana floods hit about 200 credit union employees

first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Louisiana Credit Union League said Monday the homes of up to 200 credit union employees have been damaged by the worst floods ever recorded in the state.“The 200 figure is a preliminary one and it is probably a low figure,” Connie Major, EVP and CFO for the Louisiana league, said. “Credit unions are still trying to get their arms around how many of their employees have been affected. There are a couple of credit unions that we still have not received a list from on the number of employees affected and whether their homes have been damaged by the flood.”From Aug. 8 to Aug. 14, more than 2.5 feet of rain deluged parts of the state in what the American Red Cross called the worst U.S. disaster since Superstorm Sandy in 2012. About 13 people died in the flood and more than 60,000 homes were damaged, according to national media reports. continue reading »last_img read more

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Police looking for 3 ‘persons of interest’ in Hard Rock Hollywood garage shooting

first_imgSeminole Police have released surveillance video of potential shooting suspects.Authorities are searching for three people who they believe are persons of interest in a shooting that occurred Thursday morning in the Winner’s Way parking garage at the Seminole Hard Rock Hotel & Casino Hollywood.According to authorities, Pierre Jules LaCroze, 37, of North Lauderdale, was fatally shot just before 12:30 a.m. on the sixth floor of the parking garage.According to police, they are looking for two men and a woman, seen on video walking together in the casino and walking off an escalator together.Police said the group left the casino’s garage in a four-door, gray sedan that had its right-side hubcaps missing and its left brake light burned out.No motive for the shooting has been released.The FBI is assisting Seminole police detectives in the investigation.Anyone with further information about the shooting is asked to call Seminole Police at 954-967-8900. Anonymous tips can be made by calling Broward Crime Stoppers at 954-493-8477.last_img read more

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