FRIDAY - open to persuasion
- California's low-income housing crisis could get worse under GOP tax plan
- Housing industry unites against Republican tax plan
- Meet the startups fighting Bay Area’s soaring housing costs
- Housing Market Grows Modestly Even as Housing Production Lags
- Emerging Trends in Real Estate
- 8 Ways to Extend Your Porch and Patio Season
Enjoy!
California's low-income housing crisis could get worse under GOP tax plan - The Republicans federal tax cut proposal would have a "devastating" impact on California's affordable housing and homelessness crisis if passed as is, experts say. The largest of these proposed cuts calls for the elimination of tax-exempt private activity bonds, which developers use to finance construction for developments benefiting low-income people. Without the tax-exempt bonds, California stands to lose about $2.2 billion in funding for affordable housing construction each year, said Matt Schwartz, CEO of California Housing Partnership Corp. "We're going to lose over 20,000 affordable homes annually if this bill becomes law," Schwartz said. "That's over two-thirds of our production that would be wiped out. And that would be just a devastating blow at a time when we were just hoping to start making progress again."
Housing industry unites against Republican tax plan - The Tax Cuts and Jobs Act will slash the mortgage interest deduction in half from $1 million to $500,000, double the standard deduction and reducing the capital gains exemption, allowing homeowners to deduct profits from a home sale only once every five years, instead of two.And the mortgage industry is uniting against the bill. An analysis shows Californians could get hit the hardest under the new tax plan, so it is no surprise the California Association of REALTORS® announced its preliminary concern with the tax plan.
Meet the startups fighting Bay Area’s soaring housing costs - An emerging group of local entrepreneurs is taking up arms against the sky-high cost of living in the Bay Area, hoping to end once and for all the housing crisis crippling the region. These founders, intent on disrupting the housing market and bringing down costs, are stepping in as government officials and nonprofits struggle with the enormity of the problem. Some are launching startups focused on creating new housing units, while others are working to help people buy or rent.
Housing Market Grows Modestly Even as Housing Production Lags - Markets in 197 of the 337 metro areas nationwide returned to or exceeded their last normal levels of economic and housing activity in the third quarter of 2017, according to the National Association of Home Builders/First American Leading Markets Index (LMI). This represents a year-over-year net gain of 40 markets.
The index’s nationwide score inched up to 1.03, meaning that based on current permit, price and employment data, the nationwide average is running at 103 percent of normal economic and housing activity. Meanwhile, 84 percent of markets have shown an improvement year over year.
Emerging Trends in Real Estate - Generational homebuying trends, the lingering impact of the Global Financial Crisis and the economic outlook for the current recovery cycle all gain a mention in a joint report from the Urban Land Institute and PWC. Released October, the 39th edition of Emerging Trends in Real Estate highlights the markets to watch in 2018, with two Californian markets making the top 10. San Jose ranked 8th in markets to watch. Soft landing. High home prices may be creating panic in pockets of the U.S., but other economic indicators are trending towards a ‘soft’ rather than a ‘hard’ landing at the end of this economic cycle. Investors aren’t showing the same fervor as they have in previous economic recoveries, tending to remain conservative or defensive as the cycle has matured. Plus, economic recovery from the GFC has been gradual with GDP growth averaging just 2.1 percent annually. Baby Boomers. Residual effects from the GFC, including the wiping out of retirement savings, and unemployed adult children staying in – or returning to – the family home have resulted in a ‘silver tsunami’ of baby boomers staying put for longer.
8 Ways to Extend Your Porch and Patio Season - Get out the lanterns and throws! Even when it gets chilly, there’s still time to enjoy a cozy outdoor space
