Welcome to today’s real estate news! In our first story, Forbes Advisor explores the housing market predictions for 2024. As the spring home-buying season approaches, challenges such as high mortgage rates, soaring home prices, and limited housing stock continue to make homeownership out of reach for many. However, experts predict a slower rise in home prices this year, with regional variations. To learn more about the housing market predictions for 2024, click here.
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Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again? – Forbes Advisor
As the spring home-buying season approaches, there are signs that buying and selling activity in the market may not fully bloom. High mortgage rates and home prices, coupled with historically low housing stock, continue to make homeownership out of reach for many, especially first-time buyers. Experts predict a slower rise in home prices in 2024, but regional variations will occur. To achieve a housing recovery, inventory levels need to increase, and mortgage rates must cool off gradually. Despite challenges, some positive signs are emerging, such as an uptick in builder outlook and new single-family building permits. However, persistently high mortgage rates may hinder activity from flourishing. To learn more about the housing market predictions for 2024, click here.
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California housing: The impact of corporate landlords – CalMatters
Some of California’s most powerful lawmakers are targeting corporate landlords this legislative session. The debate centers around the effect of institutional investors on California’s housing market, particularly in single-family neighborhoods. Several bills aim to restrict these investors from acquiring too many single-family homes. While defenders argue that corporate ownership helped stabilize housing markets during the Great Recession, critics claim it deprives potential homeowners of affordable options. The size and impact of the industry remain disputed due to limited data availability. Learn more about the proposed legislation and its potential implications here.
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An all-electric affordable housing project in Southern California offers 48 apartments plus community spaces
Brunson Terrace, an all-electric and 100% affordable housing project in Santa Monica, California, is a net-zero building that has been certified LEED Platinum. The $21.8 million building features 48 apartments, a community garden, gym, wellness studio, and more. Designed by Brooks + Scarpa, the building’s unique carved-out-cube look emphasizes social spaces and connectivity. The apartments cater to households with incomes ranging from 30% to 80% of the area median income. Owned by Community Corporation of Santa Monica, Brunson Terrace is their third new affordable housing development in the city. Discover more about this innovative project here.
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CALIFORNIA, NEW JERSEY AND ILLINOIS STILL FACING HIGHER RISK OF HOUSING MARKET DECLINE
According to a Special Housing Risk Report by ATTOM, California, New Jersey, and Illinois continue to have the highest concentrations of housing markets vulnerable to declines. The report highlights county-level data on home affordability, underwater mortgages, and other measures in the fourth quarter of 2023. The most at-risk markets are clustered in areas such as New York City, Chicago, and inland California. On the other hand, less-vulnerable markets are mainly spread throughout the South and Midwest regions. The report emphasizes that these findings are not a warning sign for homeowners to sell or rush to buy but rather provide insights into areas more or less exposed to potential market falls. Explore the full report here.
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