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® (C.A.R.) President Dave Walsh issued the following statement in response to the May Revise budget proposal announced earlier today: California has a housing crisis. Our state desperately needs more housing to meet the needs of diverse middle class and low-income Californians. We appreciate Gov. Newsom s recognition of this challenge and his commitment to address this critical need in the May Revise budget proposal and today s press conference. However, the May Revise budget proposal must be amended to further increase housing stability through homeownership. Homeownership is key to building generational wealth and helps to stabilize communities. But homeownership rates are at the lowest in California since the 1940s, and there s significant disparity in homeownership. Black and Latinx Americans are twice as likely to rent as whites. ....
California REALTORS® urge legislative action this year as housing production in state declines for second straight year News provided by Share this article Share this article LOS ANGELES, May 6, 2021 /PRNewswire/ CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) President Dave Walsh issued the following statement in response to new data showing a continuing decline in homebuilding in California in 2020: California REALTORS® have said it over and over: we need more housing now. The latest homebuilding data released by the Construction Industry Research Board (CIRB) showed the second straight year of decline in housing production in California. It s the exact opposite direction our state should be headed in if we re to solve the housing affordability and availability crisis. ....
The key reports this week are March New and Existing Home Sales. For manufacturing, the April Kansas City manufacturing survey will be released. - Monday, Apr 19th - - Tuesday, Apr 20th - - Wednesday, Apr 21st - mortgage purchase applications index. During the day: The AIA s Architecture Billings Index for March (a leading indicator for commercial real estate). - Thursday, Apr 22nd - 8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for a increase to 625 thousand from 576 thousand last week. 8:30 AM ET: 10:00 AM: Existing Home Sales for March from the National Association of Realtors (NAR). The consensus is for 6.17 million SAAR, down from 6.22 million. ....
California median home price reaches new all-time high in March as nearly two-thirds of homes sell above asking price. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 446,410 in March, according to information collected by C.A.R. from more than 90 local REALTOR ® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2021 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. March home sales decreased 3.5 percent from 462,720 in February and were up 19.7 percent from a year ago, when 373,070 homes were sold on an annualized basis. While still solid, the monthly sales decline was the third in a row, and the sales pace was the lowest since last July. The near-20 percent sales gain can be attributed partly to weak home sales a year ....
Inman Connect President Joe Biden released a $2 trillion infrastructure plan Wednesday that conservatives immediately decried for its intent to raise taxes on businesses and progressives immediately complained was “not enough” to combat climate change. But real estate groups are praising the proposal for its focus on addressing the nation’s dire housing shortage. The American Jobs Plan proposes a massive overhaul of the systems and facilities that make the country tick, including fixing and upgrading highways, bridges, ports, airports and public transit; eliminating lead pipes in drinking water systems, renewing the electric grid, and providing high-speed broadband to all Americans; building and retrofitting more than two million homes and commercial buildings and upgrading schools, childcare facilities, veterans hospitals and federal buildings; and investing in manufacturing, U.S. supply chains, research and development and job training. ....