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☆ The fastest-growing city in Texas is a tiny place no one's ever heard of
▼ + stars: | 2024-02-18 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

Texas' fastest-growing city is a small spot outside Dallas called Josephine, census data shows. “It's a stressor being in that type of environment,” Moore told Business Insider. AdvertisementAccording to census data, Josephine is the fastest-growing city in Texas. AdvertisementAn aerial view of Josephine, Texas. “The majority of the homes in the city of Josephine are overwhelmingly priced at $300,000.

Persons: Josephine, —, Cassidy Moore, Moore —, McKinney , Texas —, “, ” Moore, Moore, she’d, Redfin, Dallas ’, Antonio —, ’, Let's, ’ ”, homebuilder, Horton, Robbie Hale, Burnet, Bonnie Hunt, Lisa Palomba “ Josephine, ” Hunt, “ It's, Lisa Palomba, ” Palomba, Josephine —, We're, Sherman Organizations: Texas, Service, Fort Worth metroplex, Google, US, Waverly Estates, Estates, Texan, Real Estate, McKinney Locations: Dallas, Fort Worth, McKinney , Texas, Josephine, Texas, Florida, San Antonio, New Braunfels, Austin, DFW, Josephine , Texas, D.R, Meadow, Horton, Sun, Florida , Georgia, Arizona, McKinney, Plano, “

☆ Investors bought a record 26% of the affordable houses in the US last quarter
▼ + stars: | 2024-02-15 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

US property investors snapped up 26.1% of low-priced homes in the fourth quarter, a record share. Single-family homes accounted for more than two-thirds of investors' purchases in Q4, at 68.6%. Zooming in, low-priced homes accounted for 46.5% of investor purchases, with mid-priced homes at 24.6% and high-priced homes at 28.8%. Inventory is still low across the country as sellers cling to lower mortgage rates they locked in years ago. It's worth noting though that big institutions make up a small percentage of investors in the market buying homes.

Persons: —, Redfin, Carrie Caruthers, Sheharyar Organizations: Service, Department of Housing, Urban Development Locations: California

☆ Tarek El Moussa says he doesn't know how to make money on a starter home in California today
▼ + stars: | 2024-02-14 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +4 min

Business Insider spoke to Tarek El Moussa ahead of the release of his book, "Flip Your Life." El Moussa said building starter homes in California typically isn't profitable. "I can't tell you how to build a house in California today and make money unless it's a high-end home," El Moussa said. Tarek and Heather Rae El Moussa on "The Flipping El Moussas." Lisette GatliffFor El Moussa, remaining flexible as the market changes has been key to his success, particularly regarding location.

Persons: Tarek El Moussa, El Moussa, —, Heather Rae El Moussa, it's, Tarek, El, Redfin Organizations: Service, HGTV, Business, California El, Forbes Locations: California, Orange County, LA, Los Angeles, LA County, Orange

☆ It seems like everyone you know is moving. But our grandparents' generation actually did it much more.
▼ + stars: | 2024-02-10 | by ( Erin Snodgrass | Alcynna Lloyd | ) www.businessinsider.com time to read: +9 min

But while overall migration is down, state-to-state moves are slowly on the rise again. Nearly 20% of all Americans moved each year from the mid-1940s through the 1960s, according to census data . The Great Recession in 2008 hobbled the economy and slowed migration, sending the overall rate to 11 or 12%, according to census data. Getty ImagesLong-distance moves are on the upWhile the overall migration rate is low, big moves are slowly on the rise. Younger people are more likely to make big moves, according to census data.

Persons: —, James Gregory, Gregory, Gregory said, Jim Crow, Gregory . Migration, deindustrialization, Brookings, Matthew, he’s, Rose Kemp, millennials, Florida ., X, Zers, Marie Bailey, Dallas, ” Bailey Organizations: Service, University of Washington, Gregory ., Brookings Institution, Golden State, realtors, Community Survey, Realtors, Business, Matthew Bank, ” Bank, Orlando Regional Realtor Association, Survey, University of Minnesota's Locations: Texas, New York, California, Florida, Detroit, California , Oregon, Washington, Midwest, nonresponse, Golden State for Texas, Georgia, X . Texas, migrators, millennials, homeownership

The number of affordable units — with rents under $600 — also dropped to 7.2 million that year, 2.1 million fewer than a decade earlier. Photos You Should See View All 45 ImagesThose factors contributed to a dramatic rise in eviction filings and a record number of people becoming homeless. "It just hits you like, ‘This is for nothing.’"In Auburn, Massachusetts, pervasive rent hikes have already hit the last bastion of affordable housing. Just off an interstate alongside a pond, residents at the American Mobile Home Park face rent increases upwards of 40%. The group Lawyers For Civil Rights has sent a letter to the landlord accusing it of “unconscionable rent increases," and failing to provide critical services like adequate garbage and snow removal.

Persons: Caitlyn Colbert, Colbert, “, ”, —, Whitney Airgood, Obrycki, ” Colbert, haven’t, Amy Case, Ann Urbanovitch, Zach Neumann, Monique Gant, Gant, Nick Graetz, ” Graetz, Chris Herbert, Jared Polis, ___ Casey, ___ Organizations: DENVER, Harvard Joint Center for Housing Studies, Harvard, Habitat, Humanity, American Mobile, Civil Rights, Associated Press, Colorado Judicial, Community Economic Defense, Princeton, ”, Colorado Gov, America Statehouse News Initiative, America Locations: Denver, U.S, ”, Auburn , Massachusetts, Colorado, Washington, Massachusetts, Boston

People of color who moved to Texas said they were attracted by jobs and more-affordable homes. Census data indicates that in 2023, Texas led the nation in population growth, welcoming 473,000 people, the most new residents of any state. Millennials comprised 40.5% of people moving to Texas from 2021 to 2022, and Gen Zers made up about 30%. The Texas Demographic Center's analysis of the 2020 census found that 95% of the state's population growth was associated with a rise in people of color. Are you a person of color who recently moved to — or moved out of — Texas, and wants to share your story?

Persons: —, Jasmine Cambridge, Cambridge, she's, Austin, I've, Austin —, They've, Gen Zers, Lauren Leining, RubyHome, Holly Heard, Anna Lagos, San Antonio —, we'd, Alcynna Lloyd Organizations: Service, Wells, Bank of America, US, Brookings Institution, Americans, Cambridge, Lagos, BI Locations: Texas, Atlanta, Austin, Cambridge, California, New York, Minnesota, Dallas, Houston, what's, Mexico, Mexican, Lagos, San Antonio, New Braunfels, —, — Texas, alloyd@businessinsider.com

☆ Weekly mortgage demand drops as buyers struggle to find affordable homes
▼ + stars: | 2024-01-31 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After rising for several weeks, mortgage demand fell last week as buyers faced increased competition for a limited supply of homes. Total mortgage application volume fell 7.2% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Lower mortgage rates are putting more pressure on home prices, and are bringing more buyers into the market, increasing competition. Mortgage rates have barely moved in the last two weeks, but that could soon change. Friday's monthly employment report could also impact markets and swing mortgage rates in either direction depending on what it says about the broader economy.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Clarksburg , Maryland

☆ It's almost impossible for first-time buyers to afford a home, top analyst says
▼ + stars: | 2024-01-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewSky-high house prices and mortgage rates have dashed many Americans' dreams of owning their own home, the chief economist of Moody's Analytics says. Meanwhile, 30-year mortgage rates have surged from historic lows of 2.5% during the pandemic to nearly 7%, Zandi noted. The so-called affordability crisis has been fueled by the lock-in effect, where homeowners on cheap mortgage rates don't want to lose it by selling. Indeed, sales volumes of existing homes slumped by 17% between February and December last year, from 4.6 million units to below 3.8 million, per the St. Louis Fed. Zandi has previously warned that several things need to happen for sales volumes to return to normal levels.

Persons: —, Mark Zandi, Louis, Zandi, They've, Louis Fed Organizations: Service, Business, Louis Fed, Federal Reserve, Yahoo Finance

☆ A conservative fix for the housing crisis is making homes cheaper and more abundant in Texas
▼ + stars: | 2024-01-29 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

But unlike its coastal counterparts, Houston's homes are much cheaper and more abundant. Advertisement"It's really a way to limit housing construction," said Emily Hamilton, a housing researcher at the Mercatus Center at George Mason University. She added that minimum lot sizes maintain "a homogenous type of housing construction with often a high floor on how expensive it has to be." The policy change has spurred the construction of almost 80,000 new homes, many of them townhouses and other kinds of small-lot single-family homes. But the massive success of Houston's minimum lot size reform is getting noticed across Texas and around the country.

Persons: —, Emily Hamilton, Joseph Gyourko, Sean McCulloch, Hamilton, It's, it's, Nolan Gray, Freund, Brett Coomer, We're, Gray, Salim Furth Organizations: Service, Space, Business, George Mason University, California, Freund St, Houston Locations: Houston , Texas, New York City, San Francisco, Houston, walkable, Texas, Austin , Texas, Auburn , Maine, Helena , Montana, Arizona , Massachusetts, New York

☆ Small cities to watch in 2024: Why these 4 underrated locales are drawing movers from big cities
▼ + stars: | 2024-01-22 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Some movers are giving up on Los Angeles and Dallas for smaller cities in Texas and Nevada. The cherry on top is the relatively affordable real estate compared to other cities. That lump sum of cash got some movers in the door, but the booming job market and relatively affordable housing are keeping them there. New Braunfels, Texas Regan Bender/ShutterstockPeople flock to the Lone Star state, but not always to the usual destinations. New Braunfels, Texas, attracts more movers than Austin and Dallas today with its relatively affordable homes and dearth of job opportunities.

Persons: —, Vegas , Nevada Wendy Lee Las, Richard Katz, Katz, Andrew Arevalo, Adam Outlaw, Outlaw, New Braunfels , Texas Regan Bender, Anna Lagos, we'd, Jean Tanner Organizations: Service, Austin, . Topeka , Kansas Getty, Topeka, Lone Star, Adobe, Meta, Microsoft Locations: Los Angeles, Dallas, Texas, Nevada, New York, Austin, Las Vegas, New Braunfels , Texas, Topeka , Kansas, Provo , Utah, Vegas , Nevada, Sin, Virginia, Vegas, . Topeka , Kansas, Topeka, Boston, California, San Antonio, New Braunfels, Lagos, Denver, Salt Lake City, Provo

He cited relatively affordable homes and a free, clean, high-quality life as two of Texas' draws. Dallas Mayor Eric Johnson told Business Insider at the World Economic Forum in Davos, Switzerland, that two things consistently attract Americans to move to the state. "The housing market in Dallas is very affordable to Californians and New Yorkers," Johnson said. Johnson reminded BI that all housing costs are relative: "When you're talking about 'it's expensive to live in Dallas,' you're comparing Dallas to the Dallas of yesteryear." AdvertisementHe said Dallas residents have benefited from investments in the police department as well as infrastructure including new sidewalks and smooth streets.

Persons: Dallas Mayor Eric Johnson crowed, —, Dallas Mayor Eric Johnson, Johnson, They're, Gen Zers, Pengyu Cheng, Cheng, Dallas, Dallas —, it's Organizations: Dallas Mayor, Service, Economic, Democratic, Republican, Community Survey, University of Minnesota's, Dallas Locations: Texas, Davos, Florida, Switzerland, California, New York . Texas, Dallas, San Francisco, Austin, yesteryear

SAN FRANCISCO (AP) — Promoters of a secretive Silicon Valley-backed ballot initiative to build a new city on farmland between Sacramento and San Francisco are releasing more details of their plan as they submit paperwork Wednesday to qualify for the November election. That's why Jan Sramek, CEO and founder of California Forever, and the project's backers are turning to the ballot. California and the San Francisco Bay Area are desperate for more housing, especially affordable homes for teachers, firefighters, police and other municipal workers who make a city run. Political Cartoons View All 253 ImagesSituated between the Bay Area and the state's capital, Solano County is an attractive location for military contractors, agriculture technology and construction tech companies seeking to innovate, said Gabriel Metcalf, head of planning for California Forever. The plan calls for $400 million to help Solano County residents buy homes in the proposed community.

Persons: stealthily, Jan Sramek, Gabriel Metcalf, Metcalf, Sramek, Laurene Powell Jobs, Reid Hoffman, Marc Andreessen, ”, John Garamendi Organizations: FRANCISCO, —, California, Travis Air Force Base, Solano County —, San, California Forever, LinkedIn, Democratic U.S . Rep, U.S . Air Force Locations: Sacramento, San Francisco, Solano County, Rio Vista, California, San Francisco Bay, Texas, Vallejo, Fairfield, Silicon Valley

☆ A bipartisan group of lawmakers' plan to boost the child tax credit for parents would help 'hundreds of thousands of kids get out of poverty,' a top economic official says
▼ + stars: | 2024-01-17 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

A bipartisan group of lawmakers proposed boosting the child tax credit for parents. The White House told BI that Biden is committed to fighting "for the full expanded Child Tax Credit." AdvertisementA bipartisan proposal to boost the child tax credit for parents appears like it might be on track to get the White House's stamp of approval. "We're very supportive of expanding the child tax credit," Bernstein said. "So, helping hundreds of thousands of kids get out of poverty, reaching 16 million kids with a more fair child tax credit, that sounds like a really smart idea to us."

Persons: Jared Bernstein, Biden, —, Ron Wyden, Jason Smith, Poppy Harlow, White, Bernstein, Joe Biden, hasn't, it's, Michael Kikukawa, Wyden, Smith's, Kikukawa, Democratic Sen, Sherrod Brown, GOP Sen, Mike Crapo Organizations: White House, Service, Democratic, Republican, Tax Relief, American Families and Workers, White House Council, Economic Advisers, American, Budget, Child, GOP

☆ Prefab Homebuilder Veev Wanted to Fix the Housing Crisis. Here's What Went Wrong.
▼ + stars: | 2024-01-05 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +14 min

Veev also promised they would be green and less expensive, thanks to its factory process. The Veev representative said "no employee was requested to do so as a policy." The Veev representative said "production lines were not idle," and design errors were inevitable because the company was still testing its product. "While the Series D money was committed, not all of it was received," the Veev representative said. "Veev and Lennar made a joint decision to stop building the Gramercy project," the Veev representative wrote.

Persons: Henry Ford, Veev, Lennar, Elon, Veev Veev, Amit Haller, Ami Avrahami, Dafna Akiva, Haller, Ari Rauch, Rauch, Bond, Calcalist, I've, Scott Long, thatit, Long, Veev's Organizations: Federal Reserve, Business, Katerra, Industry, American, BI, NSF, Fortune, Employees, Dow Chemical, Lennar, Gramercy, Hayward, Wall LLC Locations: Hayward , California, homebuilding, San Carlos , California, Tel Aviv, California

☆ People are fleeing California. Here's where they're plotting to move to.
▼ + stars: | 2023-12-04 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

San Francisco, Los Angeles, and San Diego residents are looking to move to Las Vegas and Seattle, Redfin found. Some parts of California are losing residents due to the high cost of living, politics, and crime. Bob Giramma, a 63-year-old business owner, moved away from San Diego and landed in Murfreesboro, Tennessee , a town 30 miles southeast of Nashville. Now residents of some of the most populous cities in California — Los Angeles, San Diego, and San Francisco — are eyeing other cities, according to home-listings site Redfin, which tracks where its users are house-hunting. Allan BaxterPeople looking to move out of San Francisco, Los Angeles, and San Diego, Redfin additionally found, are most often searching for homes in Las Vegas and Seattle.

Persons: Redfin, —, Bob Giramma, Giramma, Francisco —, Allan Baxter, relocators, Andrew Arevalo, he's, Arevalo Organizations: Service, Census Bureau, Business, California —, Las, Los, Denver Locations: California, San Francisco , Los Angeles, San Diego, Las Vegas, Seattle, Murfreesboro , Tennessee, Nashville, Tennessee, Texas, Arizona, Florida, Oregon, Colorado, California — Los Angeles, Francisco , Los Angeles, —, Vegas , Nevada, San, Los Angeles, Washington, Nevada, Millennials, Las, Vegas

☆ Former US first lady Rosalynn Carter returned to Georgia hometown for burial
▼ + stars: | 2023-11-29 | by ( Maria Cardona | ) www.reuters.com time to read: +2 min

[1/5] Members of an Armed Forces body bearer team moves the casket after the funeral service for former U.S. first lady Rosalynn Carter at Maranatha Baptist Church, in Plains, Georgia, U.S. November 29, 2023. Alex Brandon/Pool via REUTERS Acquire Licensing RightsPLAINS, Georgia, Nov 29 (Reuters) - A private funeral was held on Wednesday for Rosalynn Carter at a church in her hometown of Plains, Georgia, marking the end of three days of tributes celebrating the life and humanitarian work of the former U.S. first lady, who died at the age of 96. Uniformed officers from local police and sheriff's departments silently lined a street in the tiny rural birthplace of former President Jimmy Carter and Rosalynn, his wife of 77 years. Residents of the town, adorned with murals of Jimmy Carter and other tributes to its most famous son, recalled Rosalynn as a humble neighbor who helped mow the lawns and organize the food bank at the Carters' church. PARTNER TO THE PRESIDENTOn Monday, Rosalynn Carter lay in repose at the Jimmy Carter Presidential Library and Museum in Atlanta.

Persons: Rosalynn Carter, Alex Brandon, Jimmy Carter, Rosalynn, Bren Dubay, Dubay, Carter, Joe Biden, Jill Biden, Bill Clinton, Maria Alejandra Cardona, Jonathan Allen, Elijah Nouvelage, Richard Chang Organizations: Armed Forces, U.S, Maranatha Baptist Church, REUTERS Acquire, Jimmy Carter Presidential Library and Museum, White, Humanity, Thomson Locations: Plains , Georgia, U.S, , Georgia, Plains, Atlanta, Guinea, West Africa, New York

☆ People are leaving Texas over rising costs, partisan politics, and a sense of disenchantment
▼ + stars: | 2023-11-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Business Insider wants to hear from you. Over 494,000 people left Texas between 2021 and 2022 (though the state gained a net population of 174,261.) "The property tax percentage rate is higher," Marie Bailey, a Texas-based realtor who moved from El Segundo, California, to Prosper, Texas, in 2017, previously told Business Insider. AdvertisementFor Texans, "the Midwest has emerged as popular recently because it is just by and large the most affordable region," Hannah Jones, Realtor.com's economic research analyst, told Business Insider in October. Burse told Business Insider in September that it played a crucial role in her decision to relocate to Texas in 2021.

Persons: —, I'm, I've, we've, Marie Bailey, Hannah Jones, they've, Jackie Burse, Burse, Bob McCranie, McCranie, Texas hasn't, Nick Thomas, he's, Thomas, Jules Rogers, hadn't, Rogers Organizations: Texas, Business, Service, Lone Star, Lone, Lone Star State, KXAN News, Austin Locations: Texas, Knoxville, Realtor.com, El Segundo , California, Prosper , Texas, Marie Bailey As Texas, California, Dallas, New York, Florida, Florida and Texas, Austin, Los Angeles, San Francisco, Portland , Oregon, Houston, Pacific, Portland

With some German property developers filing for insolvency, construction activity has dropped over a third from a year ago. That bleak outlook was despite the government recently announcing a 45 billion euro ($47 billion) support package for the property sector and measures to encourage house building, including tax incentives. With overall economic activity expected to remain weak over the coming quarters, it could take a while for the property sector to recover. The euro zone's commercial property sector could also struggle for years, posing a threat to the banks and investors who financed it, the ECB said recently. The median view of 12 property experts forecast average home rental prices to rise 4.0% or more until 2026.

Persons: Lisi Niesner, Sebastian Schnejdar, Carsten Brzeski, Indradip Ghosh, Purujit Arun, Rahul Trivedi, Sarupya Ganguly, Ross Finley, David Evans Organizations: REUTERS, European Central Bank, ECB, ING, Thomson Locations: Berlin, Germany, BENGALURU

LOS ANGELES (AP) — Sales of previously occupied U.S. homes slumped in October to their slowest pace in more than 13 years as surging mortgage rates and rising prices kept many prospective homebuyers on the sidelines. That’s weaker than the 3.90 million sales pace economists were expecting, according to FactSet. They have fallen five months in a row, held back by climbing mortgage rates and a thin supply of properties on the market. Political Cartoons View All 1260 Images“Lack of inventory along with higher mortgage rates (are) really hindering home sales,” said Lawrence Yun, the NAR’s chief economist. That amounts to just a 3.6-month supply, going by the current sales pace.

Persons: ”, Lawrence Yun, Freddie Mac, homebuyers Organizations: ANGELES, National Association of Realtors, Homes, NAR Locations: U.S

☆ Middle-class movers are heading to these three cities in search of affordability
▼ + stars: | 2023-11-13 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Middle-class movers are choosing Las Vegas, Phoenix, and San Antonio as top destinations. It was the second-most popular destination for middle-class movers coming from out of state, the report said. While cities like Austin saw a surge in home prices, San Antonio has been able to maintain some of its affordability. AdvertisementAdvertisement"If you were to ask me, I'd still tell you San Antonio's more affordable than most cities in Texas," San Antonio real-estate agent Ricardo "Rico" Riojas, Jr. told Insider. San Antonio, Texas.

Persons: —, Andrew Arevalo, Getty Images Arevalo, Redfin, Arevalo, there's, he's, We've, Stephanie K, Dow, I'd, Ricardo, Rico, Riojas, Jr, Allan Baxter, San Antonio — Organizations: Service, Denver, Pew Research, Getty Images, MLS, Las Vegas, San Antonio, Getty, Austin Locations: Vegas, Phoenix, San Antonio, The Nevada, Arizona , Nevada , Florida, Texas, Sin, Colorado, Nevada and Colorado, Clark County, Las Vegas, Denver, California, Arizona, Phoenix , Arizona, San, . Texas, Austin, Antonio, Antonio , Texas

☆ The Return of Taxachusetts
▼ + stars: | 2023-11-01 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Bill McGurn and Dan Henninger. Images: AP/Reuters Composite: Mark Kelly‘Affordable housing” is a noble goal and the mother of endless dim policies. The latest counterproductive effort is a push in Massachusetts to fund home construction by taxing home sales. Maura Healey recently gave her blessing to Bay State towns and cities that want to tax home sales. Instead of going into a general fund, the revenue would be set aside to support housing that the state deems affordable.

Persons: Kim Strassel, Bill McGurn, Dan Henninger, Mark Kelly, Maura Healey Organizations: Reuters, Gov, Affordable Locations: Massachusetts, Bay State

☆ Gen Zers are 'increasingly drawn to simpler living.' Here's where they're moving.
▼ + stars: | 2023-10-23 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Gen Z is looking beyond more crowded states for places where there's elbow room and affordability. Older generations aren't selling homes, making it hard for Gen Z to get into more popular markets. Emilia Mann, a senior analyst at StorageCafe, said that Gen Z doesn't have the same location preferences as older generations. "Gen Zers are increasingly drawn to simpler living in their housing choices," Mann told Insider via email. "We see the Gen Zers be more movement oriented, especially in long distances," Ressler said.

Persons: Z, —, Emilia Mann, Zers, Mann, Gen X, Doug Ressler, Gen Z, Ressler, StorageCafe, Gen Organizations: Service, Survey Locations: Midwest, DC, Washington, Illinois, Montana, Idaho, Kansas, Nebraska, what's, RentCafe

☆ California just legalized affordable housing in church parking lots and coastal cities — and it could help solve the state's crisis
▼ + stars: | 2023-10-22 | by ( Eliza Relman | ) www.businessinsider.com time to read: +9 min

Many housing advocates are also disappointed that Newsom vetoed a bill — AB 309 — to create "social housing" on government-owned land. Resnikoff, whose organization endorsed the effort, noted that the state's current fiscal conditions make it very hard to pass housing policy that requires funding. Advocates are quick to point out that California housing policy has impacts far beyond its borders. How effectively California deals with its housing affordability issues also directly impacts other states' housing markets. The migration of California residents to places from Texas to Oregon has put additional pressure on those states to provide even more housing.

Persons: Gavin Newsom, —, Ned Resnikoff, Chris Elmendorf, State Sen, Scott Wiener, Elmendorf, San Francisco Mayor London Breed, Breed, that's, Resnikoff, Brittany Murray, Newsom, Alex Lee, Lee, Eric Adams Organizations: Service, California, UC Davis, UC Berkeley, State, San Francisco Mayor London, Bloomberg, UC Berkeley's Terner, Housing Innovation, Habitat, Getty, New York City Locations: California, Francisco, San Francisco, Washington, Long, Greater Los Angeles, Vienna, Austria, Singapore, Central, Southeast Asia, New, Texas, Oregon

“Clearly, the story of limited inventory and rising and rising mortgage rates continues to hinder the home sales market,” said Lawrence Yun, the NAR’s chief economist. Political Cartoons View All 1211 ImagesYun also said he expects mortgage rates will ease by next spring. Mortgage rates have been climbing along with the 10-year Treasury yield, which lenders use as a guide to pricing loans. That amounts to just a 3.4-month supply, going by the current sales pace. The combination of higher mortgage rates and rising prices has particularly hurt first-time homebuyers who don't have any home equity to put toward their down payment.

Persons: That’s, “, ”, Lawrence Yun, Yun, Freddie Mac Organizations: ANGELES, National Association of Realtors, Sales, Treasury, U.S, Homes, NAR Locations: U.S

☆ Locals are being priced out of Texas and Florida. Here's where they're looking for affordable homes instead.
▼ + stars: | 2023-10-15 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

Home prices in Texas and Florida have increased 30% and 42% since 2019, according to Realtor.com. AdvertisementAdvertisementAs people across the US relocate to Florida and Texas, locals are feeling squeezed — and searching elsewhere for affordable homes. The typical cost of a home in Texas has spiked 30% since 2019, according to Realtor.com, and 42% in Florida during the same time period. These residents are increasingly searching on Realtor.com for homes outside of their state, suggesting they're willing to chase affordability across the country. AdvertisementAdvertisementFloridians are priced out too, and looking elsewhereMeanwhile, Floridians are eyeing homes nearby.

Persons: —, Hannah Jones, staters, Realtor.com, Holly Meyer Lucas, who's, Meyer Lucas Organizations: Realtor.com, Texans, Service, Wall Street Journal Locations: Texas, Florida, North Carolina , Tennessee, Georgia, South Carolina, Wisconsin, Minnesota, Tennessee , Colorado, Missouri, Alabama, South Florida

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