Welcome to today’s real estate news roundup! In this edition, we explore the current state of the housing market and what experts are saying about the possibility of a crash. Despite high mortgage rates and rising home prices, economists predict that any correction will be modest and not on the scale of the Great Recession. Low inventory, strict lending standards, and other factors contribute to the belief that a housing market crash is unlikely. However, the affordability squeeze continues to challenge potential buyers. To learn more about the housing market predictions, click here.
Is the housing market going to crash? What the experts are saying
Mortgage rates may be high, but home prices continue to rise due to a lack of housing supply. Despite concerns, economists predict that any market correction will be modest and not on the scale of the Great Recession. Experts point to low inventory, strict lending standards, and other factors as reasons why a housing market crash is unlikely. While prices are pushing the bounds of affordability, industry experts believe that this boom will not end in a bust.
Want to learn more about the housing market predictions? Read the full article here.
Housing activates the power of California’s young voters | Opinion
High rents and home prices have become key issues for young voters, particularly Blacks and Latinos, in the current election cycle. Access to safe, stable, and affordable housing has become increasingly rare in California, with the state experiencing one of the highest rates of homelessness in the nation. The housing crisis disproportionately affects young people of color, with high rent and eviction being significant barriers. Despite these challenges, young Californians remain optimistic about their futures and see civic engagement, including voting and running for office, as effective ways to improve their communities.
Read the full guest commentary here.
The Housing Crisis Ties Directly to the Health of California’s Democracy – Carnegie Russia Eurasia Center
Housing is a critical issue in California, with affordability at an all-time low and homelessness rates on the rise. The housing crisis has the potential to impact the upcoming election, as families consider housing affordability when deciding how to vote for president. The price of homes in California far exceeds national averages, while wages have not kept pace. Homeownership rates have stalled for working-class families, leading to overcrowding and an increase in homelessness. Historically, homeownership rates have shaped political beliefs, and the connection between housing and politics remains strong in California. Local and state leaders are taking steps to address the crisis, but finding consensus on housing inequities is challenging. The ongoing crisis requires sustained commitments to affordable housing and a broader conversation about access to housing equity.
Read the full article here.
Apple helps launch Bay Area Housing Innovation Fund – Apple
Apple is partnering with the San Francisco Housing Accelerator Fund, Sobrato Philanthropies, and Destination: Home to launch the Bay Area Housing Innovation Fund. This fund, part of Apple’s $2.5 billion commitment to address housing affordability in California, will provide targeted loans to advance affordable housing development. With an initial $50 million investment, the fund aims to support four projects in the greater San Francisco Bay Area, creating over 400 homes within the next two years. The fund’s focus is on removing barriers and delivering high-quality units faster and at lower costs than industry averages. Apple’s total investment in affordable housing initiatives in California now exceeds $1.6 billion, benefiting over 60,000 Californians.
Learn more about Apple’s efforts to address housing affordability here.
California Secures $16.2 Million HUD Grant for Affordable Housing | Planetizen News
California has been awarded a $16.2 million grant from the U.S. Department of Housing and Urban Development (HUD) to develop affordable housing, reduce regulatory barriers, and address systemic racism in land use policies. The grant is part of a larger $85 million funding competition aimed at supporting affordable housing initiatives and overcoming obstacles in the housing market. The funds will benefit communities in Los Angeles County, the Bay Area, Anaheim, and Arcata, with each jurisdiction receiving varying amounts. The goal is to update land use policies, improve infrastructure, and increase financing options to create more equitable housing opportunities. Read more about this grant and its impact on affordable housing in California here.