Sept. 12, 2013
Southern California home prices stayed flat in August for the second straight month, an indication the market may be normalizing after a period of torrid price hikes.
Aug. 22, 2013
California has experienced negative domestic migration in recent years. The increase in the number of residents moving out of the Golden State to other places in the United States is often blamed on California’s high personal income taxes. In fact, this was one of the main arguments waged against the recently enacted Proposition 30, which raised the statewide income tax rate as a way to address the state’s fiscal woes. However, data from the U.S. Census Bureau show that the perceived connection between out-migrants and the state’s income tax is likely overblown. Statistics on the characteristics of California’s inbound and outbound migrants suggest that the patterns in domestic migration over the past decade are more related to housing costs in the state than to the local income tax structure.
As the real estate market conƟnues to improve, or, more specifically, as homes conƟnue to appreciate, homeowners with underwater mortgages will reap the benefits. However, naƟonal policies stemming from the federal Dodd-Frank Act may temper growth as the changing standards for what defines a convenƟonal mortgage will make qualifying more difficult. These standards may serve a greater purpose in the long term, but their short-term effects are currently hurƟng potenƟal homebuyers.
July 1, 2013
Citing research by Beacon Economics, the California Bankers Association warns that limited access to mortgage credit is hindering the economy.
June 26, 2013
Mortgage rates have zoomed a full percentage point above their recent record lows, raising costs for borrowers and questions about the housing recovery.