Did You Know?
DID YOU KNOW? Tax-wise, the most significant benefits available to investors are the 1031 exchange and 721 exchange, both designated by the IRS that allow for a property to be sold and the funds reinvested into another similar property (or fund) while deferring the taxes owed. (FORBES)
Refinance applications were up a stunning 116% this week compared with a year ago, according to the Mortgage Bankers Association. Millennials were especially reactive to the rate drop. In June 2018, just 8% of millennial mortgage applications were to refinance; the rest were to buy a home. This June that jumped to 14%. (CNBC)
A recent BANKRATE survey asked 1,000 investors: “For the money, you wouldn’t need for more than 10 years, which ONE of the following do you think would be the best way to invest it—stocks, bonds, real...Click here to read more.
Zoning the "Ultimate Constraint" to Housing in California
A recent report shows that it could take 1,000 years for some California markets to reach a housing equilibrium under the current process.
By Kelsi Maree Borland | April 17, 2019 at 04:00 AM
The California market is suffering from a housing shortage, which is in turn contributing to a severe affordability crisis throughout the state. The problem is serious. A recent report from Next 10 analyzing the housing shortage found that it could take 1,000 years for some California submarkets to reach a housing equilibrium under the current regulatory environment. While the problem is complicated, Scott Choppin of developer Urban Pacific says that zoning is the ultimate constraint to housing in the state.
"The ultimate constraint is zoning in California," Choppin, founder of Urban Pacific Group...Click here to read more.
NORTH STATE BIA POSTS FEBRUARY SALES NUMBERS
ROSEVILLE - A total of 426 new homes were sold during February in the greater Sacramento region, the North State Building Industry Association reported today. The sales were reported in 140 subdivisions in the six-county Greater Sacramento region from Marysville and Yuba City in the north to Galt in the south. In addition, 9,742 people visited active new-home communities last month.
BIA President and CEO Michael Strech is encouraged that sales will continue to rise as we head into spring.
"We are excited to see the high sales numbers in February. Sales increased by more than 20 a week over January. Even more encouraging is the comparison in year over year sales. February saw 70 more sales than the same month last year and we expect to see numbers continue to increase." Strech said.
Did You Know?
Freddie Mac analysts say millions of senior citizens are staying in their homes longer than their predecessors in earlier generations, keeping homes off the market and making it more difficult for younger Americans to break into ownership. 1.1 million homes have been "held off the market" by owners born between 1931 and 1941, and another 300,000 by those born between 1942 and 1947. Another 250,000 homes are still being occupied by their baby boomer owners – those born between 1948 and 1958. According to their calculations, there is an overall shortfall of 2.5 million housing units across the USA. (Marketwatch)
Ikea will start leasing furniture as it moves to develop "scalable subscription services" to prolong the life of its products. IKEA is opening smaller stores in downtown areas and working to improve customers' delivery and online...Click here to read more.