|Affordable Housing Crisis Receiving New Attention
In a recent announcement, a co-sponsored statewide poll of Latino registered voters conducted by the Latino Community Foundation and the San Francisco Foundation discovered that affordable housing issues could serve as a significant voting influencer for the Latino community.
The poll surveyed 900 Latino adults between January 6-14, 2018. Interviews were collected via landline, cell phone, and web. The results found that 88 percent of voters agreed that policymakers in California should take steps to, “expand development of affordable housing” including 62 percent who strongly agreed—representing the highest mark of any policy issues assessed on the survey.
According to Matt Barreto, Co-Founder of Latino Decisions who oversaw the poll, Latinos in California expects a well-functioning and progressive state government that helps create opportunities for people to succeed.
“With housing prices skyrocketing, Latino voters are telling the state to do something serious and do something now,” said Barreto. “Homeownership is the backbone of economic stability and the American Dream and Latinos expect the state to level the playing field.”
read more: DS News
San Jose Tops Hottest Neighborhoods Rankings
San Jose, California has emerged as the hottest city to live in, with nine of the top 10 hottest neighborhoods in the U.S. located in this tech hub, according to a survey by online real estate broker, Redfin. The survey, which was released on Monday also listed the hottest, yet affordable neighborhoods (Hottest Neighborhoods within Reach) with Hillcrest in Washington, D.C., topping this list.
For this survey, Redfin ranked neighborhoods across 49 metropolitan areas on the basis of most recent growth in page views and favorites on Redfin.com as well as responses from Redfin agents around the U.S. to find out what drove these trends.
The rankings for the 10 Hottest Neighborhoods pointed to a trend of migration among people living in the San Francisco Bay area. “While the San Francisco peninsula has traditionally been the hottest of the hot places, we’re seeing it become unaffordable for even the tech giants that helped create its demand,” said Kalena Masching, Redfin’s Silicon Valley agent. “The result has been a tech-worker migration to the South Bay charged by people looking for relative affordability, highly rated schools, short commutes and access to jobs.”
It’s not surprising therefore that the hottest neighborhoods are now shifting to neighboring San Jose. With a median selling price of $1.5 million, Bucknall in San Jose topped the list of hottest neighborhoods, followed by Cambrian, San Jose, where the median price of homes is at around $1.2 million.
White Oak, Ortega, West Santa Clara, Sunnyvale West, Lakewood, Blacow, and Rex Manor, all in San Jose were the other seven neighborhoods that were ranked among the 10 Hottest Neighborhoods. At No.8, Sunnyside, San Francisco was the only non-San Jose neighborhood to make it to the list.
read more: DS News
2018’s Housing Market Looks Good — Unless You’re A First-Time Millennial Buyer
The nation’s housing market for 2018 continues to look good, according to two recently released reports. But first-time millennial buyers will continue to strugglewith affordability, especially in high-priced areas like Los Angeles, San Francisco, Boston, New York and Washington DC.
Listen to Ralph G. DeFranco, Ph.D, global chief economist, Mortgage Services, Arch Capital Services Inc.: “With interest rates and home prices both on the rise, first-time homebuyers – largely millennials – may want to consider making the jump from renting to owning sooner rather than late.”
DeFranco further said: “Our research shows few signs of a housing bubble because the typical warning signs aren’t present. Overall, the shortage of housing paired with a robust job market should keep the housing market strong and growing, short of an unexpected event and despite the contrary pressures that may be created by the tax bill.”
read more: Forbes
Mortgage Rates Jump to Highest in 4 Years, an Ominous Sign for Spring Housing
A huge sell-off in the bond market is about to make buying a home more expensive. Mortgage rates, which loosely follow the yield on the 10-year Treasury, have been rising for the past few weeks, but saw their biggest move higher Monday.
“Bottom line, rate sheets are going to be ugly this morning,” wrote Matthew Graham, chief operating officer of Mortgage News Daily. “Some lenders will be at 4.5 percent on their best-case-scenario 30-year fixed quotes.”
That is the highest rate since 2014.
The average rate on the popular 30-year fixed started the year right around 4 percent but then began to climb on positive news in the U.S. economy, solid company earnings reports and a shift in foreign central bank policies which appear to now be following the Federal Reserve’s tightening of monetary policy. The rate was at 4.28 percent by the end of last week.
read more: CNBC
Income Stocks With A Trump Tax Bonus
Looking for stocks with fat dividends? Congress just delivered a bonanza. Two kinds of yield stocks are going to enjoy that 20% tax deduction awarded to “pass through” entities: real estate investment trusts and master limited partnerships.
Both Reits and MLPs present opportunities now for investors looking to get income from their taxable accounts. In this review we’ll look at ways to extract the most from Reits. A later essay will delve into energy-driven MLPs.
Real estate investment trusts own things like office buildings, strip malls and apartments. They collect rent, pay expenses and remit what’s left to their shareholders. They are like mutual funds except that their portfolios contain deeds instead of shares. Like mutual funds, they must distribute 90% of their taxable income.
What’s new: Beginning with returns filed in April 2019, shareholders will be able to trim 20% off the taxable part of their Reit dividends. It’s enough of a break to make many Reits a compelling purchase in a taxable account.
read more: Forbes
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