Category Archives: Uncategorized

What happens to home prices if flood maps start measuring climate change? Million of Americans are about to find out

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/

Home Repair/Inspections – Protecting everyone from Covid19

Just imagine. You can’t get any hot water, so you go down to the basement and find your water heater has given up the ghost, and it’s flooding the floor.

Or your selling your home or refinancing and have to have required inspections.

So, what’s the best way to stay safe when you must let a repair, inspector or delivery person into your home? Doctors and researchers say it is not impossible to be safe. They also say that because it could be years before there is a vaccine for the virus and at least several months before there are safe, effective treatments to treat the virus before it becomes acute in a patient, people need to embrace new protocols for daily life. And daily life is going to involve some malfunction or breakdown of essential equipment in your home.

Call ahead or look online to find out what kind of safety procedures and protocols they have in place to protect workers and customers,” Dr. Lawrence said. “That should include masks, cleaning supplies, sanitizer that they bring with them.

read more at: https://www.ajc.com/lifestyles/health/how-take-carewith-home-repair/FRAwyVzqJyx9DQgVHR30hO/

San Diego home sales plummet to level not seen in nearly 30 years

Housing sales in San Diego County had their biggest annual drop in nearly 30 years in May as COVID-19 brought the market to crawl.

There were 2,327 home sales in May, down 40.7 percent from the previous year, said CoreLogic data provided by DQNews. Analysts point to a lack of consumer confidence and sellers pulling homes off the market to wait out for a better selling time as reasons for few transactions.

It represents the biggest annual drop in home sales since January 1991 when sales were down by 41.5 percent.

Despite few sales, home prices were largely unchanged. The median home price of $590,000 was down about $4,000 from last month, and still up 3.5 percent in a year. The home inventory decline resulted in bidding wars for a limited number of properties and pushed up prices or, at the very least, meant almost no price reductions.

Here’s how the median price fared by type:

  • Resale single-family: Median of $650,000, down $250 from an all-time peak reached the previous month. There were 1,435 sales, its lowest since January 2019, typically the slowest month of the year.
  • Resale condo: Median of $430,000, down from an all-time peak of $453,250 in March. There were 623 sales, also the lowest since January 2019.
  • Newly built: Median of $681,750, down from the peak of $812,500 reached in October 2018. There were 269 home sales, typical for newly built homes.

read more at: https://www.sandiegouniontribune.com/business/story/2020-06-18/san-diego-home-sales-plummet-to-level-not-seen-in-nearly-30-years