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San Diego: Study says you need to make $131k a year to afford a home

San Diego was one of the least-affordable U.S. metro areas for buying a home in the second quarter, said a recently-released study from mortgage website HSH.

Potential buyers needed to make $130,986 a year to afford the median-priced single-family house.

Only two other metro areas were less affordable — San Jose and San Francisco — said the study, which crunched numbers for 50 regions across the United States.

HSH determined rankings by looking at quarterly home price data, local property taxes, homeowner insurance costs and income needed to qualify for a loan. It also assumed that prospective homebuyers made a 20 percent down payment.

The most affordable metropolitan area was Pittsburgh where the required annual salary to afford a median-priced home was $38,253. Other affordable cities for homebuyers were Cleveland ($39,253), Oklahoma City ($40,780).

Keith Gumbinger, HSH.com’s vice president, said rising mortgage rates are only a small part of the difficulty for potential buyers.

“Unfortunately, even if rates don’t go up very much,” he said, “part of the issue we run into is that home prices are rising so quickly.”

San Diego has been locked at the No.3 spot since HSH expanded the study to 50 metros three years ago. Los Angeles was No.4, which usually is seen as less affordable than America’s Finest City — but Gumbinger said the larger pool of homes in Los Angeles reduced the median cost in comparison to San Diego.

read more at: http://www.sandiegouniontribune.com/business/real-estate/sd-fi-hsh-study-20180820-story.html

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ALERT: Destructive ‘super-termites’ discovered in La Mesa

termite

Homeowners in La Mesa are being warned their houses could be at risk of a destructive pest: Formosan subterranean termites.

San Diego-based company Thrasher Termite & Pest Control made the unfortunate discovery this month in a La Mesa home.

“Unlike native subterranean termites, the termites we observed were extremely active, didn’t flee when disturbed, and the soldiers went into attack mode. They had hollowed out large areas of structural wood, always staying just beneath the exterior paint and unnoticed by the homeowner,” said Garrett Thrasher.

They’re deemed “super-termites” due to enormous colonies up to two million strong. The pests can cause significant structural damage within six months unlike traditional dry-wood termites, which take 10-15 years to do similar damage.

read more at: https://www.10news.com/news/destructive-super-termites-discovered-in-la-mesa

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What is next for homes of the future

robot

Smart home technology is becoming increasingly important to both developers – through their apartment plans – and the Australian consumer – as a way to save on energy bills.

But for LG, the next step in smart homes is all about artificial intelligence (or AI), with its idea first outlined at the technology fair CES 2018 in Las Vegas, and with more details coming at the IFA Global Innovations Show.

Does this mean after years of being yelled at, your television will finally start yelling back? Well, not really – although if you ask your smart speaker nicely, it will sing for you.

The proposed idea is that while refrigerators, televisions, dishwashers, washing machines and lights could respond to voice commands, they might also learn from your daily habits to the extent that they’ll already know what to do before you tell them.

It won’t involve needing to learn a whole new operating system, either. Senior director of LG Global Communications, Ken Hong, said that the key to success was complementing existing technology, and embracing tech that buyers were already familiar with.

read more at: https://www.domain.com.au/living/a-refrigerator-that-can-think-whats-next-for-the-homes-of-the-future-20180814-h13r44-758057/?utm_campaign=strap-masthead&utm_source=smh&utm_medium=link&utm_content=pos2&ref=pos1

Disclaimer: for information and education only