Note: must take into account how many sales have closed; is there enough data (sales) to support a trend.
San Diego County home prices in May increased 7.3 percent in a year, faster than the nationwide average, said the S&P CoreLogic Case-Shiller Indices released Tuesday.
All the regions covered in the 20-city index experienced price increases, with San Diego near the top with the No.6 biggest increase (tied with Phoenix). Seattle had the biggest gain at 13.6 percent.
Zillow senior economist Aaron Terrazas wrote in an email that the report showed that the housing market was showing contradictory signals that the tide of rising prices could begin to turn.
A few of the factors he said that make it hard to tell what is next for the market: Rent growth has stabilized, which could make potential buyers less desperate to get into a home; Inventory is still historically low, but has increased in recent months; and housing starts are down, a sign that it is either too costly for builders to construct new homes or they anticipate less demand for buyers.
However, Terrazas said that a lack of homes for sale is still a large factor that will affect everyone looking to buy.
read more at: https://www.sandiegouniontribune.com/business/real-estate/sd-fi-case-shiller-20180731-story.html
As banks and other institutions get more detailed models, people who are most affected by climate change will face difficulties in getting financing.
We now live in a world where climate gentrification exists: People and institutions are starting to assess and appraise properties based on their susceptibility to climate impacts. The idea was largely hypothetical as recently as 2016, but over the past two years a decent body of work has emerged, much of it from U.S. academics, showing that both mortgage lenders and property buyers are pricing in some forms of climate risk.
Knowledge about climate change impacts, whether accurate or not, is already driving decisions by financial institutions that in turn affect livelihoods. Research by Jesse Keenan, an associate professor at Tulane University, and Jacob Bradt, a Ph.D. candidate at Harvard, found that lenders in some coastal and flood-prone areas are already requiring higher deposits before providing mortgages. They are also more likely to move such mortgages off their books via securitization, including to the government-sponsored entities Fannie Mae and Freddie Mac.
read more at: https://www.bloomberg.com/news/articles/2020-06-26/lenders-with-the-best-climate-data-will-be-in-a-position-to-discriminate
Millions of Americans just woke up in a flood zone that had never before been listed on U.S. government maps.
The first-ever public evaluation of flood risk for every property in the 48 contiguous states has found that federal maps underestimate the number of homes and businesses in significant danger by 67%. The new flood-risk data, released Monday by the research and technology nonprofit First Street Foundation, is a virtually unprecedented disclosure of how much damage climate change can be expected to inflict at the level of individual homes.
Under the new model, an additional 6 million properties are in jeopardy of flooding compared to government estimates, bringing the total to at least 14.6 million.
The vast majority of counties saw an increase on a percentage-point basis. One in 10 American properties are at significant risk of flooding right now.
There are 142 million properties in First Street’s public database, and each one is scored on a 10-point scale based on the likelihood of flooding over a typical 30-year mortgage. The score, called Flood Factor, rates the likelihood of flooding in simple terms. (A Realtor.com spokeswoman said the new flood-risk scores, which had been slated to be introduced on the website Monday, would be added to listings after a technical issue is resolved.)
read more at: https://www.bloomberg.com/graphics/2020-flood-risk-zone-us-map/