This document summarizes the key economic and housing market trends in the United States and California. It discusses the slow economic recovery at the national and state level, high unemployment rates, weakness in consumer spending and housing markets. Specifically, it outlines the large number of foreclosures and distressed sales in California's housing market, declining home prices, and skepticism about a near-term rebound in home values. It also provides an overview of the National Association of Realtors' legislative agenda focusing on issues like the mortgage interest deduction, government support for housing finance, and flood insurance programs.
This document provides an overview and forecast of the California real estate market in 2010. It summarizes key economic indicators such as GDP, unemployment, housing permits, and consumer spending. It also reviews housing market data including home sales, prices, inventory levels, and distressed property sales at the state and regional levels. The document concludes with survey results on home buyer and seller trends including first-time buyers, mortgage types, and price discounts.
The document discusses the state of the housing market in Southwest California. It notes that home prices have increased 22% year-over-year in June 2013, with median prices reaching their highest levels since 2008. Home sales have remained steady while inventory has risen, alleviating pressure. Distressed home sales now make up a smaller portion of the market. The recovery appears to be continuing but uncertainty remains around employment, the economy, and new state regulations governing foreclosures. The author advocates restoring a tax exemption for senior homeowners to attract more to the region and boost the economy.
- The document discusses trends in the US housing market from 2008-2010, including the impact of homebuyer tax credits and higher loan limits that boosted home sales.
- It notes a bifurcated recovery with lower-priced homes rebounding faster than high-end homes. Pending home sales have increased but are taking longer to close.
- The number of potential first-time buyers grew between 2000 and 2009, though many renters remain unqualified for a mortgage. The tax credit further increased the pool of potential first-time buyers.
- National home prices, while still declining, are expected to rise 2-4% in 2010 as the overcorrection in prices is halted and inventory levels stabilize.
Four counties in Central Indiana reported increases in home sales in August 2009 compared to August 2008. Johnson County saw a 17.8% increase, followed by Hancock at 15.4% and Marion and Hamilton with increases of 5.9% and 0.9%, respectively. Overall home sales were down just 0.1% from the previous year. Available homes for sale dropped 16.3% from August 2008, with Marion County seeing the largest decrease of 20%. The average home sales price in the nine-county region was 5.5% lower than the previous year.
The document provides an update on commercial and residential real estate listings and market activity in Paulding County and northwest metro Atlanta. It includes details on 27 new commercial and industrial property listings, as well as several new residential subdivision listings. It also summarizes recent housing market trends nationally and in the southeast region, such as existing home sales increasing and inventory of new homes declining.
Annie Williams Real Estate Report Nov-Dec 2015Jon Weaver
California home sales to increase slightly, while prices post slowest gain in five years. California’s housing market will continue to improve into 2016, but a shortage of homes on the market and a crimp in housing affordability also will persist,
according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2016 California Housing Market Forecast”.
This document provides an overview and forecast of the California real estate market in 2010. It summarizes key economic indicators such as GDP, unemployment, housing permits, and consumer spending. It also reviews housing market data including home sales, prices, inventory levels, and distressed property sales at the state and regional levels. The document concludes with survey results on home buyer and seller trends including first-time buyers, mortgage types, and price discounts.
The document discusses the state of the housing market in Southwest California. It notes that home prices have increased 22% year-over-year in June 2013, with median prices reaching their highest levels since 2008. Home sales have remained steady while inventory has risen, alleviating pressure. Distressed home sales now make up a smaller portion of the market. The recovery appears to be continuing but uncertainty remains around employment, the economy, and new state regulations governing foreclosures. The author advocates restoring a tax exemption for senior homeowners to attract more to the region and boost the economy.
- The document discusses trends in the US housing market from 2008-2010, including the impact of homebuyer tax credits and higher loan limits that boosted home sales.
- It notes a bifurcated recovery with lower-priced homes rebounding faster than high-end homes. Pending home sales have increased but are taking longer to close.
- The number of potential first-time buyers grew between 2000 and 2009, though many renters remain unqualified for a mortgage. The tax credit further increased the pool of potential first-time buyers.
- National home prices, while still declining, are expected to rise 2-4% in 2010 as the overcorrection in prices is halted and inventory levels stabilize.
Four counties in Central Indiana reported increases in home sales in August 2009 compared to August 2008. Johnson County saw a 17.8% increase, followed by Hancock at 15.4% and Marion and Hamilton with increases of 5.9% and 0.9%, respectively. Overall home sales were down just 0.1% from the previous year. Available homes for sale dropped 16.3% from August 2008, with Marion County seeing the largest decrease of 20%. The average home sales price in the nine-county region was 5.5% lower than the previous year.
The document provides an update on commercial and residential real estate listings and market activity in Paulding County and northwest metro Atlanta. It includes details on 27 new commercial and industrial property listings, as well as several new residential subdivision listings. It also summarizes recent housing market trends nationally and in the southeast region, such as existing home sales increasing and inventory of new homes declining.
Annie Williams Real Estate Report Nov-Dec 2015Jon Weaver
California home sales to increase slightly, while prices post slowest gain in five years. California’s housing market will continue to improve into 2016, but a shortage of homes on the market and a crimp in housing affordability also will persist,
according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2016 California Housing Market Forecast”.
Each month, This Month in Real Estate provides expert opinion and analysis on real estate trends across North America. The aim of the consumer-oriented segments is to help Keller Williams Realty realtors combat the “doom and gloom” messages of the national print and television media with real information on the state of the real estate market.
The housing report for Central Indiana in the first quarter of 2012 found that home sales increased 14% compared to the same period in 2011, with the largest increases in Hancock, Boone, Shelby, Johnson, Marion and Hamilton counties. However, Madison county saw a 3% decline in home sales. The average home price remained flat, dropping 0.46%, with prices rising in some counties and falling in others such as Johnson, Hamilton, Hendricks and Madison. The RE/MAX executive attributed the rise in home sales to mild winter weather and predicted modest price increases in the coming months.
The Southwest California housing market saw declines in sales and prices recently but hopes a traditional spring buying season will provide a boost. While sales were down 7% year-over-year, prior years saw an increase starting in March. Low inventory and high buyer qualifications continue to hamper the market. The region saw a 4% increase in inventory and 9% rise in days on market last month.
Housing Market and Economic Outlook: July 2011REALTORS
- The housing market showed signs of improvement in the first quarter of 2011 compared to 2010, though sales were still down in many areas due to the end of the homebuyer tax credit.
- Job growth and economic factors like rising stock markets and rents are expected to support a more stable housing market going forward, with annual sales growth projected around 4% without tax credits.
- However, uncertainty remains around potential policy changes in Washington and high unemployment could continue hindering the recovery.
The document discusses the state of the housing market in California. It notes that while prices rose quickly in 2013, driven by low inventory and investors, the market may be reaching a tipping point. Rising mortgage rates have slowed buyer demand and impacted affordability. However, inventory levels are starting to increase, and investors are playing a smaller role. While interest rates caused pause, the recovery is expected to continue as buyers adjust to new market conditions. The recovery is moving toward a more sustainable pace led by traditional buyers and sellers.
This document summarizes a presentation given by Lawrence Yun at the NAR Midyear Meetings on May 17, 2007. The presentation discusses trends in local real estate markets and forecasts, showing data on housing prices, sales, construction jobs, mortgage rates and delinquencies, and economic indicators in different cities and regions. It also lists the top markets for growth and global livable cities. The key message is that the housing market needs to be analyzed at the local level as conditions vary significantly between areas.
The real estate market in the Portland metro area saw decreases in activity in November compared to previous months. Closed sales were down 1% from October but up slightly from November of the past two years. Pending sales were also higher than the past two Novembers. Inventory saw a small drop, which is positive for sellers. The brokerage expects a record number of sales in December despite the overall RMLS numbers due to increased buyer activity recently.
- Home sales in California decreased 4.2% in June compared to June 2009, while the median home price rose 13.6% to $311,950.
- The supply of homes for sale remains constrained, contributing to price gains and market stability. Sales are expected to remain above 2007 levels but below levels seen with stimulus programs.
- Higher-end home sales are increasing with some improvement in jumbo loan availability, although financing remains limited overall.
Charlotte Real Estate - A Factual Overview in a Time of UncertaintyEric Johnson
This document provides an overview of the Charlotte real estate market from the perspective of realtor Eric Cox. It discusses the current state of the market as uncertain, but provides data on housing inventory, prices, and sales to analyze market conditions. It also outlines strategies for sellers to price their homes appropriately and maximize interest. Throughout, it emphasizes properly evaluating market conditions and pricing homes competitively.
Boulder County - 2009 Year End Real Estate Market StatisticsNeil Kearney
This is a presentation which highlights the year end market statistics and trends for Boulder Colorado and the surrounding area. Information presented includes: Sales Trends, Price Trends, Inventory Trends, Luxury Home Market Analysis. Statistics are also separated into locales including: Boulder, Louisville, Lafayette, Longmont, Erie, Superior, Suburban Plains (Niwot, Gunbarrel) and Suburban Mountains.
- The housing stimulus had a significant impact, helping over 4 million first-time buyers between 2009-2010 and providing a 3-5% boost to home prices.
- The real estate market recovery has been bifurcated with lower-priced homes rebounding faster than higher-priced homes.
- Renters with the means to buy outnumber potential first-time buyers, but many renters are still unqualified for a mortgage.
- Continued overcorrection in home prices risks further loss of household wealth and delaying the market recovery.
- Commercial markets are also recovering but with a lag, with vacancy rates remaining high and rental rates stagnant through 2009 before anticipated modest improvements in 2010.
Annie Williams Real Estate Report - June 2020Jon Weaver
Sales of single-family, re-sale homes tanked, again, in May compared to last year. Home sales were down 56.5%. There were 104 homes sold in San Francisco last month. The average since 2000 is 214. We expect home sales to continue dropping for the next two months.
Your one-stop-shop for housing data for the Southwest California market. Sales, median and average price, distressed property, absorption and INVENTORY! By city.
The document summarizes recent events in the Canadian real estate market. It discusses how home sales and prices increased over the last year due to low interest rates and an improving economy. It also mentions that a legal challenge was filed against the Canadian Real Estate Association regarding access to the MLS system. The document provides cleaning tips for going green and maintaining a clean home.
Slide presentation from Gary Keith, vice president and regional economist for M & T Bank, who assessed the key economic indicators for 2008 and talked about what’s in store for our region in 2009 at the Greater Syracuse Chamber of Commerce's 2008 Economic Forecast Luncheon.
- The economic recovery is gaining traction slowly, with first quarter GDP growth of 3.2% indicating a sustainable recovery, though it remains subdued compared to past recessions. High unemployment and foreclosures continue to hamper a robust recovery.
- Existing home sales strengthened in March, up 6.5% from February and 16% from the previous year, with 44% of sales being first-time buyers. The median home price was up 0.4% from a year ago.
- Total housing inventory rose slightly but is down 1.8% from the previous year, indicating the market may bottom out in the next few months. Fannie Mae shortened the waiting period for a new mortgage after a short sale
- The document discusses recent economic and real estate market data from April 2010, including increased existing home sales, stable home prices, declining inventory, and high affordability due to low mortgage rates.
- It also summarizes a recent policy change by Fannie Mae to shorten the waiting period for homeowners going through a short sale to get a new mortgage, as well as provides summer home maintenance tips.
- The document concludes by noting the importance of consulting a local real estate agent to understand conditions in one's specific housing market.
Annie Williams Real Estate Report - May 2020Jon Weaver
Home sales in San Francisco significantly declined in April 2020 compared to the previous year due to the Covid-19 pandemic. Sales of single-family homes dropped 55.3% and condo/townhome sales declined 65%. Meanwhile, average home prices set new records with the median single-family home price up 5.4% and median condo price rising 5.3% from the previous year. Inventory levels also fell substantially. The housing market is expected to continue struggling over the next few months due to economic uncertainties caused by the pandemic.
Each month, This Month in Real Estate provides expert opinion and analysis on real estate trends across North America. The aim of the consumer-oriented segments is to help Keller Williams Realty realtors combat the “doom and gloom” messages of the national print and television media with real information on the state of the real estate market.
The housing report for Central Indiana in the first quarter of 2012 found that home sales increased 14% compared to the same period in 2011, with the largest increases in Hancock, Boone, Shelby, Johnson, Marion and Hamilton counties. However, Madison county saw a 3% decline in home sales. The average home price remained flat, dropping 0.46%, with prices rising in some counties and falling in others such as Johnson, Hamilton, Hendricks and Madison. The RE/MAX executive attributed the rise in home sales to mild winter weather and predicted modest price increases in the coming months.
The Southwest California housing market saw declines in sales and prices recently but hopes a traditional spring buying season will provide a boost. While sales were down 7% year-over-year, prior years saw an increase starting in March. Low inventory and high buyer qualifications continue to hamper the market. The region saw a 4% increase in inventory and 9% rise in days on market last month.
Housing Market and Economic Outlook: July 2011REALTORS
- The housing market showed signs of improvement in the first quarter of 2011 compared to 2010, though sales were still down in many areas due to the end of the homebuyer tax credit.
- Job growth and economic factors like rising stock markets and rents are expected to support a more stable housing market going forward, with annual sales growth projected around 4% without tax credits.
- However, uncertainty remains around potential policy changes in Washington and high unemployment could continue hindering the recovery.
The document discusses the state of the housing market in California. It notes that while prices rose quickly in 2013, driven by low inventory and investors, the market may be reaching a tipping point. Rising mortgage rates have slowed buyer demand and impacted affordability. However, inventory levels are starting to increase, and investors are playing a smaller role. While interest rates caused pause, the recovery is expected to continue as buyers adjust to new market conditions. The recovery is moving toward a more sustainable pace led by traditional buyers and sellers.
This document summarizes a presentation given by Lawrence Yun at the NAR Midyear Meetings on May 17, 2007. The presentation discusses trends in local real estate markets and forecasts, showing data on housing prices, sales, construction jobs, mortgage rates and delinquencies, and economic indicators in different cities and regions. It also lists the top markets for growth and global livable cities. The key message is that the housing market needs to be analyzed at the local level as conditions vary significantly between areas.
The real estate market in the Portland metro area saw decreases in activity in November compared to previous months. Closed sales were down 1% from October but up slightly from November of the past two years. Pending sales were also higher than the past two Novembers. Inventory saw a small drop, which is positive for sellers. The brokerage expects a record number of sales in December despite the overall RMLS numbers due to increased buyer activity recently.
- Home sales in California decreased 4.2% in June compared to June 2009, while the median home price rose 13.6% to $311,950.
- The supply of homes for sale remains constrained, contributing to price gains and market stability. Sales are expected to remain above 2007 levels but below levels seen with stimulus programs.
- Higher-end home sales are increasing with some improvement in jumbo loan availability, although financing remains limited overall.
Charlotte Real Estate - A Factual Overview in a Time of UncertaintyEric Johnson
This document provides an overview of the Charlotte real estate market from the perspective of realtor Eric Cox. It discusses the current state of the market as uncertain, but provides data on housing inventory, prices, and sales to analyze market conditions. It also outlines strategies for sellers to price their homes appropriately and maximize interest. Throughout, it emphasizes properly evaluating market conditions and pricing homes competitively.
Boulder County - 2009 Year End Real Estate Market StatisticsNeil Kearney
This is a presentation which highlights the year end market statistics and trends for Boulder Colorado and the surrounding area. Information presented includes: Sales Trends, Price Trends, Inventory Trends, Luxury Home Market Analysis. Statistics are also separated into locales including: Boulder, Louisville, Lafayette, Longmont, Erie, Superior, Suburban Plains (Niwot, Gunbarrel) and Suburban Mountains.
- The housing stimulus had a significant impact, helping over 4 million first-time buyers between 2009-2010 and providing a 3-5% boost to home prices.
- The real estate market recovery has been bifurcated with lower-priced homes rebounding faster than higher-priced homes.
- Renters with the means to buy outnumber potential first-time buyers, but many renters are still unqualified for a mortgage.
- Continued overcorrection in home prices risks further loss of household wealth and delaying the market recovery.
- Commercial markets are also recovering but with a lag, with vacancy rates remaining high and rental rates stagnant through 2009 before anticipated modest improvements in 2010.
Annie Williams Real Estate Report - June 2020Jon Weaver
Sales of single-family, re-sale homes tanked, again, in May compared to last year. Home sales were down 56.5%. There were 104 homes sold in San Francisco last month. The average since 2000 is 214. We expect home sales to continue dropping for the next two months.
Your one-stop-shop for housing data for the Southwest California market. Sales, median and average price, distressed property, absorption and INVENTORY! By city.
The document summarizes recent events in the Canadian real estate market. It discusses how home sales and prices increased over the last year due to low interest rates and an improving economy. It also mentions that a legal challenge was filed against the Canadian Real Estate Association regarding access to the MLS system. The document provides cleaning tips for going green and maintaining a clean home.
Slide presentation from Gary Keith, vice president and regional economist for M & T Bank, who assessed the key economic indicators for 2008 and talked about what’s in store for our region in 2009 at the Greater Syracuse Chamber of Commerce's 2008 Economic Forecast Luncheon.
- The economic recovery is gaining traction slowly, with first quarter GDP growth of 3.2% indicating a sustainable recovery, though it remains subdued compared to past recessions. High unemployment and foreclosures continue to hamper a robust recovery.
- Existing home sales strengthened in March, up 6.5% from February and 16% from the previous year, with 44% of sales being first-time buyers. The median home price was up 0.4% from a year ago.
- Total housing inventory rose slightly but is down 1.8% from the previous year, indicating the market may bottom out in the next few months. Fannie Mae shortened the waiting period for a new mortgage after a short sale
- The document discusses recent economic and real estate market data from April 2010, including increased existing home sales, stable home prices, declining inventory, and high affordability due to low mortgage rates.
- It also summarizes a recent policy change by Fannie Mae to shorten the waiting period for homeowners going through a short sale to get a new mortgage, as well as provides summer home maintenance tips.
- The document concludes by noting the importance of consulting a local real estate agent to understand conditions in one's specific housing market.
Annie Williams Real Estate Report - May 2020Jon Weaver
Home sales in San Francisco significantly declined in April 2020 compared to the previous year due to the Covid-19 pandemic. Sales of single-family homes dropped 55.3% and condo/townhome sales declined 65%. Meanwhile, average home prices set new records with the median single-family home price up 5.4% and median condo price rising 5.3% from the previous year. Inventory levels also fell substantially. The housing market is expected to continue struggling over the next few months due to economic uncertainties caused by the pandemic.
Housing and the Economy: Impacts and Forecasts - presented by Dr. Geoffrey J.D. Hewings, Director - Regional Economics Applications Laboratory (REAL), University of Illinois Institute of Government and Public Affairs
RealtyTrac Vice President Daren Blomquist gave this presentation outlining where foreclosures have been over the past five years and where they are headed in the next two years as part of his keynote speech at the California Mortgage Association Winter Seminar on Feb. 2 in Universal City, Calif.
Dr. Lawrence Yun - 13th Annual Economic SummitNVAR .com
The document summarizes real estate market trends and outlook in the United States. It discusses topics such as national existing home sales, home prices, housing affordability, foreclosure and delinquency rates, housing starts, the state of the economy, job changes, and the federal budget deficit. It also provides forecasts for home sales and prices and discusses factors that could lead to inflation or deflation in the future. The outlook is that stimulus spending and falling housing inventory will help stabilize home prices in the coming years.
The document provides an overview and forecast of the 2010 California commercial real estate market. It summarizes that the US and California economies will see weak growth tied to stimulus spending through mid-2010, with a slow job recovery. The California housing market hit bottom in early 2009 and inventory is decreasing, but affordability remains high. The commercial real estate sectors of industrial, retail, office, and multifamily will see rising vacancies through 2010-2011 before starting to recover, with multifamily recovering earliest. Financing remains difficult due to the moribund commercial mortgage backed securities market. The overall forecast is for a slow economic and commercial real estate recovery in California starting in 2010.
Residential Housing Market Outlook - NAR's Chief Economist Lawrence YunWRAR
Housing Market Outlook
Lawrence Yun, Ph.D.
Chief Economist
NATIONAL ASSOCIATION OF REALTORS®
Presentation at NAR Midyear Legislative Meetings
Washington, D.C.
May 12, 2011
- The housing market outlook report discusses factors that could lead to higher home sales in 2011 such as improving job creation, a stabilizing real estate market, and more potential home buyers who can afford to purchase.
- However, there are also risks like tight lending standards, high unemployment, and potential changes in housing policies that could negatively impact the housing market recovery.
- The baseline housing market outlook predicts a moderate economic expansion with rising home sales and values but stable national home prices over the next two years.
- Home sales in 2014 are expected to hold steady at around 5.12 million units, similar to projected sales in 2013. Median home prices are forecast to rise nearly 6% in 2014 after an expected 11% increase in 2013.
- Inventory shortages continue to put upward pressure on home prices. Housing starts need to increase substantially to meet demand and alleviate the shortage.
- Mortgage rates are projected to rise through 2014, reaching over 5% by year-end, which will impact affordability. Job growth and potential easing of lending standards could offset higher rates.
- Inflation may start to rise in 2014 as the rent component increases, emphasizing the need for more new home construction to control price growth
This report summarizes the residential real estate market in Northern California from July to December 2012. It finds that the market is poised for large price increases due to two artificially created forces: historically low interest rates around 3.5% and historically low inventory around 3 weeks of homes for sale. This combination of low rates and supply is driving prices higher rapidly. The recovery is also supported by investors purchasing properties, a decline in foreclosures putting homes on the market, and government programs refinancing underwater homeowners, all reducing inventory levels. The market is shifting from a buyer's to a seller's market with many over-asking-price offers on each home.
Annie Williams Real Estate Report - Dec 2015Jon Weaver
- Housing affordability in California is expected to experience long-term issues due to high home prices, not enough homes being built, and rising rents making it difficult for many to save for a down payment.
- In many California markets, including the San Francisco Bay Area and Southern California, the luxury home market remains active with Asian buyers continuing to fuel demand. However, overall home sales are down while prices continue rising.
- A lack of housing inventory is seen as a key factor sustaining high home prices in San Francisco, with the median home price rising 13% year-over-year and staying over $1 million for most of the past two years.
The document provides an analysis of the real estate market in Princeton and Greater Princeton, NJ from January 2020. It discusses inventory levels, pending sales, absorption rates and other metrics to analyze the current state of the market across different towns. Recent data shows a stabilization of inventory levels after years of steady increases and absorption rates returning to more normal levels of 5-6 months. The local real estate market appears to have hit bottom and modest price increases are expected going forward.
The document provides an analysis of the real estate market in Princeton and Greater Princeton, NJ from January 2020. It discusses inventory levels, pending sales, absorption rates and other metrics in different towns over the past 3-4 years. The markets show signs of stability with absorption rates around 10 months and inventory either steady or declining in most towns. The summary also notes signs of modest price increases in the state.
Presentations from the Charleston Trident Association of REALTORS 2011 Year in Review Residential Market Update.
Includes presentations from Raymond Owens, senior research economist with the Federal Reserve Bank of Richmond and Dr. Joseph Von Nessen, a research economist with the University of South Carolina's Moore School of Business.
Residential real estate market report. Review of current Macro market trends and their potential affects on real estate markets. Focus on Northern CA counties including Sacramento, El Dorado, Placer, Yolo & San Joaquin.
- The document summarizes the state of the US housing market and economic outlook based on a presentation by Lawrence Yun, Chief Economist at the National Association of Realtors.
- It finds that the first-time homebuyer tax credit was successful in stimulating home sales but much of the benefit went to those who would have bought anyway. Continued job growth is needed for further recovery.
- While home prices and sales are stabilizing, high foreclosure and housing inventory rates remain risks going forward. The outlook expects moderate economic and housing market growth through 2010 but uncertainty remains from factors like a possible Greek debt crisis contagion.
A wrap-up of our 2021 legislative session with special guests California state Senator Melissa Melendez and U.S. Chamber Western Region V.P. Jennings Immel
The document provides details of a Southwest California Legislative Council meeting agenda and minutes. The agenda lists legislative items to be discussed, including bills related to taxation, healthcare, the environment, and other topics. During the meeting, council members discussed and took positions on the legislative items, with most bills receiving an "oppose" position.
This bill places a statewide general obligation bond measure on the 2022 ballot to fund kindergarten through community college facilities. If approved by voters, it would provide $12 billion for new construction, modernization, career technical education, and charter school facilities. It establishes new programs, modifies matching requirements, expands costs covered by state funds, and increases the maximum bonding capacity for districts to qualify as financially hardships. The Southwest California Legislative Council recommends supporting this bill.
This document provides the agenda and minutes for a meeting of the Southwest California Legislative Council. The agenda includes a chair report, approval of previous meeting minutes, presentations from guest speakers on topics like the French Valley Airport tower and redistricting, and reviews of several proposed bills. Key items discussed in the minutes include a presentation from the District Attorney on prosecuting fentanyl drug dealers and legislation around bail reform and limiting the use of gang enhancements. The council took positions supporting or opposing various bills.
The document is a meeting agenda for the Southwest California Legislative Council on March 15, 2021. The agenda includes a call to order, roll call, chair report, approval of minutes, and consideration of 14 legislative items. The council will also receive announcements and adjourn, with the next meeting scheduled for April 19, 2021. The document provides details on the agenda items to be discussed at the upcoming meeting of the Southwest California Legislative Council.
The Southwest California Legislative Council provides advocacy for businesses in Southwest Riverside County. It was formed in 2005 as a coalition of four local chambers of commerce. The Council monitors thousands of bills introduced in the California legislature each year and takes positions to support legislation that benefits businesses and oppose legislation that harms businesses. It publishes annual vote records analyzing how local legislators voted on the Council's priority bills. The document provides details on the Council's 2021 strategic initiatives, bills it is tracking this year, and its 2020 vote record analysis.
The document summarizes demographic and housing market statistics for the Murrieta/Temecula region. It states that 70% of residents are young families or professionals, 40% have an associate degree or higher, and incomes are higher than county and state averages. Year-to-date single family home sales and median prices are up 11% and 15% respectively compared to the previous year. It also notes various challenges on the horizon such as the end of eviction moratoriums and forbearance programs and the potential impacts on inventory, foreclosures, and rental availability.
This bill proposes to prohibit business entities from making direct contributions to political campaigns and create a public financing system to fund elections instead. It argues this is needed to reduce corporate influence over politicians and ensure elected officials represent constituents rather than corporate interests. However, others argue direct contributions are already strictly limited by law and this bill does not address the largest campaign contributors like unions and tribes, only targeting corporations. It may also violate the Citizens United ruling that prohibits restricting independent political expenditures by corporations and unions.
The Southwest California Legislative Council voted to OPPOSE ACA 1, a proposed amendment to the California Constitution that would lower the voter threshold for local governments to finance affordable housing, public facilities, and infrastructure projects from two-thirds to 55%. The resolution would amend various sections of the state Constitution relating to local finance.
The housing market in Southwest California had a strong year in 2020 despite the pandemic shutdown. Sales volume was the highest since 2010 with over 11,000 homes sold. Median and average home prices reached new peaks, with 259 homes selling for over $1 million, up from 174 in 2019. However, inventory remains very low with only 598 homes currently for sale, the lowest level since 2012. The low inventory coupled with continued high demand is expected to sustain price appreciation in 2021, though new policies and economic impacts from the pandemic could influence the market.
The document provides an overview of housing market trends in Wildomar, California and the surrounding region. It discusses Wildomar demographics and economic data, and notes that 80% of Wildomar residents are homeowners. Housing sales data for Wildomar and nearby cities is presented, showing increases in median home prices between 7-15% from 2019 to 2020. The forecast predicts home sales will decline in 2020 but rebound in 2021, while prices continue a slow rise. The impacts of COVID-19 on remote working and its potential effects on the housing market are also summarized.
The meeting agenda summarizes an upcoming Southwest California Legislative Council meeting to be held on September 21, 2020 at the Realtor House in Murrieta. The agenda includes a chair report, approval of previous meeting minutes, a 2020 legislative report, and a guest speaker - Senator Melissa Melendez. The council will discuss 2020 strategic initiatives and legislative items including ballot propositions, the 2020 legislative session progress to date, and announcements from speakers and chambers.
The document provides an overview of demographic, housing market, and economic trends in Lake Elsinore, California. It notes that Lake Elsinore has experienced population growth and shifts towards younger residents in recent years. Housing demand has remained strong, with home sales down slightly in 2020 but prices continuing to rise. The forecast predicts a bounce back in home sales in 2021 while prices continue a slow climb. Remote work is changing housing preferences, with more demand for homes further from urban centers that allow larger spaces for both living and working. Retail and office spaces struggling due to COVID-19 may be converted to residential units. The document also briefly discusses state policies from the 2020 legislative session.
A comprehensive summary of the housing market in Southwest California where we're enjoying the strongest Seller's market in years in July. Sales posted their 2nd highest month in the past decade, up 17% over June and up 11% over last July. Median prices continued to climb as well, advancing 6% year-to-date. We are now measuring inventory of homes for sale in weeks, not months.
Need help figuring out what to do with the 12 propositions you'll face on your November ballot? Every year the Southwest California legislative Council assigns our members a measure to research and present. The Council debates the issue based on what impact it will have on our business community and recommends a position. As always, we encourage voters to do their own research and to that end we have a much more extensive document available with all the arguments pro and con, what your vote means, and follow the money.
Every year the Southwest California Legislative Council evaluates statewide ballot propositions to determine which might fall within the purview of our strategic initiatives and impact our business members. Council members select a proposition to research and deliver a presentation to the group followed by discussion and a vote to recommend a YES vote, a NO vote, or NO POSITION. Here are the group's recommendation on the 12 measures you'll see on our November ballot.
Detailed information courtesy of BallotPedia.
This bill proposes several measures to provide relief for homeowners, tenants, and consumers during the COVID-19 emergency period and 180 days after. It would prohibit lenders from initiating foreclosures or evictions during this time. It would require lenders to provide up to 180 days of forbearance on mortgage payments for borrowers experiencing financial hardship, and to extend that period if hardship continues. It would also place restrictions on lenders related to foreclosure proceedings, recording notices of default, and misleading borrowers about forbearance options. Opponents argue it imposes overly burdensome obligations on lenders and could jeopardize future credit availability.
The Southwest California Legislative Council met on May 18, 2020 to discuss several legislative items and initiatives. The meeting agenda included a chair report, approval of previous meeting minutes, and discussion of 10 legislative bills. The bills covered topics such as unemployment benefits, property assessments, worker status, community emissions reduction programs, and the California Environmental Quality Act. The council also heard from a speaker about available COVID-19 business relief programs before adjourning and announcing their next meeting on June 15.
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16. Economy Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. Ronald Reagan American President
19. US Deficit Highest in Decades2010: 11% of GDP (Revenues – Expenses) Source: US Treasury, BEA, compiled by C.A.R.
20. US Debt Jumped as Government Responded to Financial Crisis 2010: 93% of GDP Source: US Treasury, BEA, compiled by C.A.R.
21. Components of GDP:Consumer Spending Weak; Gov’t Sector Down Quarterly Percent Change US Dept of Commerce, Bureau of Economic Analysis
22. Consumers Pulling BackHome Equity & Reverse Wealth Effect Consumer Spending 2011 Q1: 2.7% Q2: 0.4% Quarterly Percent Change QUARTERLY PERCENT CHANGE US Dept of Commerce Bureau of Economic Analysis
23. Unemployment Stubbornly High September 2011 California (12.1%) vs. United States (9.1%) CA Employment Development Division
24. U.S. Job Growth: Flat in August – 103,000 jobs in September Recession Job Losses: 8.4 million Since Jan’10: +1.8 million US Dept of Labor, Bureau of Labor Statistics
25. Total Payroll Jobs in the U.S. (same as in 2000, but with 30 million more people)
27. California Job Growth: Faltering Month-to-Month Changes Recession Job Losses: 1.3 million Since Jan’10: +188,100 CA Employment Development Division
28. Where are California’s Jobs? Employment Trends: Construction & Financial Biggest Losers California Association of REALTORS®
29.
30. In 2010 we saw an average of 3.9 events per week.
32. Our rate today is more than 5 times what it was then.No one knows the real level of activity because smaller companies are not required to file layoff notices with the state. A conservative estimate is that only 1 out of 5 company departures becomes public knowledge, which means California may suffer more than 1,000 disinvestment events this year. The capital directed to out-of-state or out-of-country, while difficult to calculate, is nonetheless in the billions of dollars. The top five destinations are (1) Texas, (2) Arizona, (3) Colorado, (4) Nevada and Utah tied; and (5) Virginia and North Carolina tied. Joseph Vranich Business Relocation Coach
33. Crisis of Confidence: Small Business Optimism Down National Federation of Independent Business
38. California Sales of Existing Homes and Median Price Housing Cycle Comparisons 1970- 2011 -44% UNITS/MEDIAN PRICE $ -25% -61% California Association of REALTORS®
60. “House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis” by Mian and Sufi: American Economic Review :39% of new defaults from 2006 to 2008 attributable to home equity borrowing
61. California Foreclosure FilingsAugust 2011 NTS: 24,260, -16.9% YTD • NOD: 32,338, -21.5% YTD 6 Month Average: NTSs: 23,806 NODs: 23,625 California Association of REALTORS®
62. 1 in 3 Sellers Sold Because They Were in Distress California Association of REALTORS®
63. Sellers with a Net Cash Loss Long Run Average = 11.2% What was the net cash gain or net loss to the seller as a result of this sale? California Association of REALTORS®
64. Net Cash to Sellers Q. What was the net cash gain or net loss to the seller as a result of this sale? California Association of REALTORS®
65. Proportion of Sellers Planning to Repurchase Q. Is the seller planning on purchasing another home? California Association of REALTORS®
69. CA New Housing Permits Average 1988-09: 138,000 2009: 36,200 2010: 39,000 SOURCE: CBIA. Forecast: C.A. R. California Association of REALTORS®
70. Direction of Home Prices: Sellers Skeptical; Buyers Hopeful California Association of REALTORS®
71. It’s Time To Buy Again “Forget stocks. Don't bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing.” SOURCE: “Real estate: It’s time to buy again” Fortune Magazine’s 3/28/11 article written by Shawn Tully
72. Politics If you want to understand your government, don't begin by reading the Constitution. Instead, read selected portions of the Washington telephone directory containing listings for all the organizations with titles beginning with the word National. George Will Journalist & Author
73. “Just because you don’t take an interest in politics doesn’t mean politics won’t take an interest in you.” Pericles: 500 B.C. If you don’t have a seat at the table… You’ll probably be on the menu. Wunderlich Codicil: 2000 A.D.
77. The Realtor®Party NAR: The largest grassroots Political Action Group in this country. "These groups are powers in Washington. The National Association of Realtors gave more money than any other group to candidates in the last election ($4+ million). Its 1.1 million members can do a lot of lobbying." CAR: The most effective business advocacy group in Sacramento.
82. Challenges at the Local Level Man, I know Anaheim is facing a $4 Trillion deficit, but they really need to do something about all these panhandlers!
83.
84. 1,500 MAY have some real estate relevance
85. 1,000 may get passed – 600+ during the last week
86. CAR has to read each bill,
87. Decide if we want to take action on it,
88. Monitor it all the way through until it’s passed, is defeated or dies.
98. Estate Tax Reform:NAR supports repeal of the estate tax but opposes the portion of the repeal that requires the use of so-called “carryover basis.” If the estate tax were to be revised, NAR supports the lowest possible rate (but in no event a rate higher than the maximum individual tax rates) and a substantial exclusion.
99.
100. Mortgage Loan Limits:The mortgage loan limits for the GSEs (Freddie Mac and Fannie Mae) and for FHA are critical to providing liquidity in today's housing market. Especially as the private market has yet to return, these programs are vital to our housing recovery. The current GSE limits range from $417,000 to $729,750, depending on local area median home price. The FHA limits range from $271,050 to $729, 750, also based on 125% of local area median home price. Both of these limits are set to expire on September 30, 2011 and will reset to 115% of local area median up to $625,500. Call to Action to Make FHA, Fannie & Freddie Loan Limits Permanent
101. Federal Housing Administration Programs:NAR is a strong supporter of the single- and multi-family programs administered by the Federal Housing Administration (FHA).
102. NAR Credit Policy/QRM:NAR has forged the broad-based Coalition for Sensible Housing Policy, which includes 44 organizations focused on drawing attention to the proposed regulation’s onerous 20 percent down payment requirement. The coalition asked for and recently received an extension of the comment period until August 1, 2011. NAR and its coalition partners have also gathered the support of 44 U.S. Senators, who recently wrote to regulators expressing their intent on QRM and opposing the imposition of a sizable down payment; 282 House members signed a similar letter.Call to Action on the Qualified Residential Mortgage
106. NAR Supports: Improving energy efficiency through voluntary incentives in lieu of individual building mandates. Commercially reasonable approaches that advance market and smart-growth principles of protecting private property rights and maintaining real estate affordability and availability. Additionally, NAR supports educating property owners and consumers about the benefits of energy efficiency.
113. Top 20 metros for mortgage fraud 1. San Jose-Sunnyvale-Santa Clara, Calif. 2. San Francisco-Oakland-Fremont, Calif. 3. Los Angeles-Long Beach-Santa Ana, Calif. 4. Riverside-San Bernardino-Ontario, Calif. 5. Sacramento-Arden-Arcade-Roseville, Calif. 6. Miami-Fort Lauderdale-Pompano Beach, Fla. 7. San Diego-Carlsbad-San Marcos, Calif. 8. Las Vegas-Paradise, Nev. 9. Atlanta-Sandy Springs-Marietta, Ga. 10. Salt Lake City, Utah 11. Chicago-Naperville-Joliet, Ill. 12. Washington, D.C.-Arlington-Alexandria, Va.-Md.-W.Va. 13. Tampa-St. Petersburg-Clearwater, Fla. 14. New York-Northern N.J.-Long Island, N.Y.-N.J.-Pa. 15. Orlando-Kissimmee, Fla. 16. St. Louis, Mo.-Ill. 17. Seattle-Tacoma-Bellevue, Wash. 18. Phoenix-Mesa-Scottsdale, Ariz. 19. Richmond, Va. 20. Denver-Aurora-Broomfield, Colo.
114. What is Fraud? Fraudcan be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage“. The snake oil peddler and confidence man of Old West fame are alive & well today. In the broadest sense, a Fraudis an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by jurisdiction. Fraudis a crime, and also a civil law violation. Short Sales Fraud is a term loosely used to describe fraud, deceit or trickery in a short sale transaction. It is currently among the most pervasive and fast-growing practices of real estate fraud replacing mortgage fraud, reverse mortgage fraud & loan modification fraud.
115.
116. On the state level, the Department of Real Estate (DRE) has reportedly revoked, suspended, or accepted the surrender of 886 real estate licenses from July 2009 to June 2010, which is a 60 percent jump over the preceding three years.
117. As of August 2010, the DRE reportedly had about 5,400 open investigations, including more than 100 scams involving short sales. Since 2006, the DRE has issued about 600 desist and refrain orders to unlicensed people.
118. Our new District Attorney has indicated a definite interest in taking a much more proactive role than his predecessor.
125. With full disclosure, among other things, a short sale flip is not necessarily illegal. However, in practice, scam artists often use various illegal and improper tactics to close these types of transactions. These schemes typically involve attempting to dupe Seller A’s short sale lender into believing a property is worth less than it is, and yet, simultaneously selling the property for a higher price and pocketing the difference. The scammers use the time waiting for the short sale approval to look for a new Buyer C to buy from Buyer B at the higher price.
126. At times, Seller A, Buyer B, and Buyer C, among others, are aware of the property flip but the scammers convince them that the plan is legal, or give them money for their cooperation. Buyer B, in particular, could be, among other things, a trust, a limited liability company (LLC), or a straw buyer, who could be in cahoots or a victim of identity theft. Source: CAR Legal
127. Your most obvious Red Flags Up-front fees/improper payments Unlicensed Negotiators Transfer through Trust Transfer deed to 3rd party LLC’s No disclosure to lender Concurrent escrow Same agent representing both * Disclaimer:
128. Wholesale, Rampant FraudImpacts the Economy A few million here, a few billion there, Bernie Madoff Robo-signing Countrywide Sub-Prime An industry out of work