Welcome to today’s roundup of news in the Real Estate category. In California, the highly anticipated California Dream for All program will be opening applications on April 3, providing down payment assistance to first-time homebuyers. With last year’s funding quickly depleted, this year’s program aims to assist between 1,600-2,000 new applicants. Meanwhile, there are indications that the housing market may face challenges in achieving full flourishing as high mortgage rates and home prices continue to hinder affordability. On a different note, Texas’s housing market outshines California’s, with the top three Texas markets constructing 300% more homes despite having a smaller population. Additionally, a report reveals that the United States is facing a housing shortage of about 7.2 million homes, while a proposed decision by the California Public Utilities Commission raises concerns about the future of California’s community-solar market. Explore these stories and more to stay informed about the latest developments in the real estate industry.
Applications Open April 3 for California Program That Helps Pay for Your First House | KQED
Are you a first-time homebuyer in California? Good news! The California Dream for All program is opening applications again on April 3. This program provides down payment assistance to eligible applicants, helping them achieve their dream of homeownership. Last year, the program quickly exhausted its funding of approximately $300 million within 11 days. This year, with about $250 million available, the program aims to assist between 1,600-2,000 new applicants. Find out who is eligible, how the program has changed, and what steps you need to take to apply. Don’t miss this opportunity to get help with your down payment and make your dream of owning a home a reality.
Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
As the spring home-buying season approaches, there are indications that buying and selling activity in the housing market may not fully flourish. High mortgage rates and home prices, coupled with historically low housing stock, continue to make homeownership unattainable for many, particularly first-time buyers. The challenges of elevated home prices, mortgage rates, and limited inventory persist, hindering affordability. However, experts anticipate a slower rise in home prices in 2024, albeit with regional variations. To achieve a housing recovery, increased inventory and cooling mortgage rates are necessary. While some positive signs are emerging, persistently high mortgage rates may impede the market’s full potential. Explore the latest home sales data and expert insights to gain a comprehensive understanding of the current housing market landscape.
Texas’s big 3 housing markets built 300% more homes than California’s | Fortune
When it comes to home building, Texas outshines California by a wide margin. Last year, Texas’s top three housing markets (Dallas, Houston, and Austin) constructed 300% more homes than California’s top three markets. Despite having an 11% smaller population, Texas’s housing game remains strong due to factors such as ample developable land, favorable regulations, and lower costs. While the cost of housing has increased, Texas continues to build more homes to meet the growing demand. In contrast, California faces challenges with zoning, opposition to development, limited land availability, and higher home prices. The differences in housing construction between the two states reflect their distinct regulatory environments and market conditions.
Can California Make Builder’s Remedy Work?
Alexandra Hack, a principal at Cedar Street Partners, has taken on the challenge of testing the viability of builder’s remedy in California’s courtrooms to address the state’s housing crisis. Builder’s remedy is a long-forgotten loophole that allows developers to bypass local zoning rules if a city fails to comply with state-approved housing plans. Hack’s journey involved litigation and significant financial resources, but she ultimately secured a win in court. This ruling sets a precedent for other builder’s remedy cases and clears the path for more projects in other jurisdictions. However, the process is complex and time-consuming, with many cases still pending. Governor Gavin Newsom and the state’s attorney general have expressed their support for builder’s remedy, emphasizing the consequences of non-compliance. Despite the challenges, proponents believe that builder’s remedy can be a breakthrough solution to California’s housing crisis. To learn more about this topic, click here.
California, United States Luxury Real Estate Home | California Listings
A new report from Realtor.com reveals that the United States is facing a housing shortage of about 7.2 million homes. This shortage is attributed to more than a decade of underbuilding relative to population growth. In 2023 alone, 1.7 million households were formed, resulting in a total of 17.2 million new households between 2012 and 2023. While there has been an increase in new construction, it will take time to close the housing gap. However, the elevated level of construction is expected to put downward pressure on rent prices and provide more options for home shoppers. Some areas, such as San Antonio, Austin, and Daytona Beach, have seen significant household growth compared to permitting activity. To learn more about this housing shortage, click here.
New policy proposal dims hopes of reviving community… | Canary Media
A proposed decision by the California Public Utilities Commission (CPUC) has raised concerns about the future of California’s community-solar market. The proposed decision sides with major utilities against a broad coalition that supports the Net Value Billing Tariff (NVBT) policy, which aims to create an affordable and equitable community-solar program. The CPUC argues that the NVBT conflicts with federal law and does not meet the requirements of AB2316, the state law that ordered the creation of the program. This decision has sparked criticism from solar industry groups, consumer advocates, environmental-justice organizations, and others who believe the NVBT is the best solution for expanding community solar in the state. They fear that the proposed decision could jeopardize federal aid and hinder California’s clean-energy goals. To learn more about this issue, click here.