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C.A.R. news release: 2nd quarter housing affordability

 Higher housing prices and tight inventory drag down California housing affordability; income required to buy doubles in five years, C.A.R. reports

• Twenty-nine percent of California households could afford to purchase the $553,260 median-priced home in the second quarter of 2017, down from 32 percent in first-quarter 2017 and down from 31 percent in second-quarter 2016.
• A minimum annual income of $110,890 was needed to make monthly payments of $2,770, including principal, interest, and taxes on a 30-year fixed-rate mortgage at a 4.09 percent interest rate.
• Thirty-eight percent of home buyers were able to purchase the $443,400 median-priced condo or townhome. An annual income of $88,870 was required to make a monthly payment of $2,220.

LOS ANGELES (Aug. 9) – Higher home prices resulting from a severe lack of homes for sale and high demand during the hot home-buying season eroded California’s housing affordability in the second quarter, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California in second-quarter 2017 fell to 29 percent, down from 32 percent in the first quarter of 2017 and down from 31 percent in the second quarter a year ago, according to C.A.R.’s Traditional Housing Affordability Index (HAI). This is the 17th consecutive quarter that the index has been below 40 percent and the lowest since third-quarter 2015. California’s housing affordability index hit a peak of 56 percent in the first quarter of 2012.

C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California. C.A.R. also reports affordability indices for regions and select counties within the state. The Index is considered the most fundamental measure of housing well-being for home buyers in the state.

A minimum annual income of $110,890 was needed to qualify for the purchase of a $553,260 statewide median-priced, existing single-family home in the second quarter of 2017. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,770, assuming a 20 percent down payment and an effective composite interest rate of 4.09 percent. The effective composite interest rate in first-quarter 2017 was 4.36 percent and 3.85 percent in the second quarter of 2016.

Home prices have nearly doubled since affordability reached its highest level five years ago, and compared to then, home buyers now need twice the income to purchase a median-priced home. In the first quarter of 2012, buyers statewide needed a minimum annual income of $56,320 to purchase a home that was priced $279,190. And in the San Francisco Bay Area, a home buyer needed a minimum annual income of $90,370 to purchase a $447,970 priced home just five years ago. Compare that to the current minimum income of $179,390 needed to purchase an $895,000 priced home now.

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Realtors®, House Financial Services Committee Reach Agreement to Move Key Flood Insurance Legislation Forward

 

Media Contact: Jon Boughtin / 202-383-1193 / Email (link sends e-mail)

WASHINGTON (July 20, 2017) – The National Association of Realtors® today said that significant improvements to the “21st Century Flood Reform Act,” key legislation aimed at strengthening and reauthorizing (link is external) the National Flood Insurance Program, have cleared the way for endorsement of the bill. Among the changes, Realtors® support the House Financial Services Committee’s commitment to retaining “grandfathering” – a policy that protects homeowners from significant rate increases when a flood map changes.

The most recent draft will also limit proposed increases to fees and rate hikes that policyholders faced under previous iterations of the legislation. Earlier versions of the legislation included more dramatic cost increases for homeowners and eliminated grandfathering protections beginning in 2021.

NAR President William E. Brown, a second-generation Realtor® from Alamo, California and founder of Investment Properties, thanked the committee for working with Realtors® to strengthen the bill and announced NAR’s support for it:

“House Financial Services Committee Chairman Jeb Hensarling (R-Texas), as well as Subcommittee on Housing and Insurance Chairman Sean Duffy (R-Wis.), deserve high praise for working with Realtors® to improve this legislation. The changes to the 21st Century Flood Reform Act will help give certainty to homeowners who have brought their property to code and have done their part to protect it against flood risk. It’s a fair and reasonable approach that recognizes the need for accessible, affordable flood insurance, while taking us one step closer towards reauthorization.

“This legislation protects taxpayers, as well as homeowners, which is no easy task. The September 30 reauthorization deadline still looms in front of us, and Realtors® are eager to see this legislation progress quickly. Leaders on both sides of the aisle are well aware that this issue touches 22,000 communities – in every state, both coastal and inland. We’re grateful for the committee’s support and look forward to their continued efforts on behalf of homeowners.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

View article on www.nar.realtor.com

 

RED ALERT: SB 231

redalertwonderwomanSB 231 Allows Property Owners to Be TAXED WITHOUT a Vote
URGE YOUR ASSEMBLY MEMBER TO VOTE "NO"
PLEASE CALL TODAY!
THE VOTE COULD BE THURSDAY!

C.A.R. is OPPOSING SB 231 (Hertzberg), a bill that allows local governments to circumvent the State Constitution and Proposition 218 and directly tax property owners for costs related to stormwater infrastructure projects without the legally required voter approval. C.A.R opposes SB 231 because it uses legal "word games" to allow local governments to impose new taxes without required voter input. The bill will be considered by the ENTIRE Assembly as soon as THURSDAY, JUNE 22nd..

Action Items

Call Your Assembly Member TODAY!
Urge a NO Vote on SB 231
Call 1-800-798-6593
Enter the correct PIN Number (see this chart to locate your legislator's PIN number)
followed by the # sign to be connected to your legislator's office.

IF YOU DO NOT SEE YOUR LEGISLATORS NAME LISTED, THAT MEANS THEY ARE NOT TARGETED FOR THIS RED ALERT.

Spring Homebuying Season

Spring homebuying season kicks off strongly as prices and sales propel higher, C.A.R. reports

 

  • Existing, single-family home sales totaled 416,580 in March on a seasonally adjusted annualized rate, up 4 percent from February and up 6.9 percent from March 2016.
  • March's statewide median home price was $517,020, up 8 percent from February and up 6.8 percent from March 2016.
  • At the regional level, the San Francisco Bay Area, Inland Empire, and Los Angeles metro area all experienced healthy annual sales gains of 6.4 percent, 8.5 percent, and 6.7 percent, respectively.

LOS ANGELES (April 17) – California's spring housing market posted a strong start to the year as existing home sales and median price registered healthy gains in March on both a monthly and annual basis, as did every major region in the state, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California remained above the 400,000 benchmark for a full year and totaled a seasonally adjusted annualized rate of 416,580 units in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide sales figure represents what would be the total number of homes sold during 2017 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The March figure was up 4 percent from the 400,720 level in February and up 6.9 percent compared with home sales in March 2016 of a revised 389,770.

"March's solid sales performance was likely influenced by the specter of higher interest rates, which may have pushed buyers off the sidelines and close escrow before rates moved higher," said C.A.R. President Geoff McIntosh. "The strong housing demand, coupled with a shortage of available homes for sale, is pushing prices higher as would-be buyers try to purchase before affordability gets worse."

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