DRE News Clips

COVERAGE INFORMATION:

California Department of Real Estate (DRE) NEWS CLIPS service coverage:

Monday through Friday (except state holidays) each week includes electronic format articles retrieved from newspapers or news services that report real estate related news in California and some national services. Coverage is for California newspapers that are available electronically via the Internet - and any significant related breaking news.
 

© Copyright 2022, California Department of Real Estate

Links to web sites do not constitute an endorsement from The California Department of Real Estate. These links are provided as an information service only. It is the responsibility of the user to evaluate the content and usefulness of information obtained from these sites. DRE does not provide full text articles - user must access expired articles via newspaper archives online or local public library.

      

ADAPTIVE REUSE

 California bill would allow school districts to convert unused property to housing for teachers

  JANA KATSUYAMA - KTVU 2 – Oakland - 09/26/2022

A bill sitting on Governor Newsom's desk would allow California school districts to turn unused school district property and buildings into housing for teachers.
AB 2295 is really significant because we have an opportunity to address two of the most pressing issues facing this state: housing affordability and our teacher shortage, said California School Board Association spokesman Troy Flint.

CALIFORNIA NEWS

 It's a mixed bag for apartments as investors grow more pessimistic about valuation, rent growth

  ASHLEY FAHEY - The Sacramento Business Journal (Subscription) - 09/28/2022

The for-rent housing market looks to be heading into a slowdown as rents dropped in August, according to at least a few trackers of the apartment industry.
CoStar Group Inc., through its Apartments.com platform, found rents declined 0.1% between July and August. The U.S. median rental price declined from $1,781 in July to $1,771 last month, according to Realtor.com. RealPage Inc., though, found same-property asking rents for new leases climbed 0.4% between July and August 2022.
On an annual basis, asking rents increased 10.5% through August, the latest deceleration in rent growth after the market hit its peak of 15.7% annual growth in February, RealPage found.


 Antioch approves rent stabilization with rollback date, new tenant protections

  JUDITH PRIEVE - The San Jose Mercury News (Subscription) - 09/28/2022

Tenants afraid that landlords might raise rents before new rental protections are in place will be able to rest easier as a result of the City Council this week approving a rollback date and strengthening its new rules.
Though the council approved rent stabilization rules on a first reading last month, it ultimately did not adopt them at a later meeting when some council members decided to include a rollback date as to when they would become effective. On Tuesday, on a 3-to-2 vote – with Mayor ProTem Mike Barbanica and Councilmember Lori Ogorchock dissenting – the council approved newly worded rules, rolling back the date to Aug. 23, so that landlords won’t be able to raise rents in the meantime.
 Berkeley sites next to university may be replaced by 100-plus homes

  GEORGE AVALOS - The San Jose Mercury News (Subscription) - 09/27/2022

BERKELEY — Retail shops and housing might be bulldozed and replaced by a big residential development next to UC Berkeley, according to new plans on file with city officials.
The proposal would bring 127 residential units to the northwest corner of Ellsworth Street and Bancroft Avenue, across the street from the southern edges of the UC Berkeley campus, the planning documents show.
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The development would emerge on properties with addresses of 2300 and 2310 Ellsworth St. and 2244 and 2250 Bancroft Way in Berkeley, according to the proposal.
 California, US home prices took steep drops in July, Case-Shiller indexes say

  STAFF AND NEWS SERVICE REPORTS - The San Jose Mercury News (Subscription) - 09/27/2022

Home prices took their worst tumbles since the Great Recession recovery era — locally and nationally, according to a widely watched index.
The S&P CoreLogic Case-Shiller indexes for July, released Tuesday, showed price declines for the month and shrinking appreciation rates for the past year. It’s fallout from the Federal Reserve’s fight against inflation with higher interest rates that are rapidly cooling many slices of the overall economy — especially homebuying …
Los Angeles and Orange counties: Down 1.6% from June, largest drop since January 2012. Index is still up 22.4% over 12 months vs. year-long gains averaging 21.7% in 2022’s first six months.
 Pro-housing group sues three cities for failing to adopt 2029 housing plans

  JEFF COLLINS - The Orange County Register (Subscription) - 09/27/2022

A Realtor-backed pro-housing group sued three Southern California cities, accusing them of failing to comply with state laws requiring a new housing plan for the next seven years.
Californians for Homeownership filed lawsuits earlier this month against the cities of Fullerton, La Mirada and Claremont, asking the courts to compel them to adopt state-approved housing plans that were due last October.
It’s the second round of lawsuits by the Los Angeles-based non-profit, which is sponsored by the California Association of Realtors.
In April, the housing group sued six other cities for flawed plans and failing to move quickly enough in getting their plans approved. Three of those lawsuits have been settled, the housing group said.
 After 20 years of stops and starts, teacher housing breaks ground in San Francisco

  JESSICA FLORES - San Francisco Chronicle (Subscription) - 09/26/2022

San Francisco’s first affordable housing project for teachers recently broke ground in the Outer Sunset — after more than 20 years of stops and starts.
Over the past two decades, the city faced neighborhood opposition, long approval processes and high construction costs as officials struggled to get a project built for educators. Meanwhile, housing prices and rents spiked and the school district faced a teacher shortage, exacerbated by cost-of-living concerns.

NATIONAL NEWS

 NAR: Pending Home Sales Fall For 3rd Straight Month

  DAVID KRECHEVSKY - National Mortgage Professional - 09/28/2022

Pending home sales fell in August for the third straight month, the National Association of Realtors (NAR) said Wednesday.
Pending sales decreased in three of the four major regions, with only the West seeing a modest gain. Year-over-year, all four regions posted double-digit declines, NAR said.
NAR’s Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, fell 2% to 88.4 in August. Year-over-year, pending transactions dwindled by 24.2%. An index of 100 is equal to the level of contract activity in 2001.


 US housing markets considered 'overvalued' quadrupled in 2022

  MATT CARTER - Inman (Subscription) - 09/28/2022

The number of overpriced housing markets has more than quadrupled in the last year, as the one-two punch of rising mortgage rates and home prices has pushed “real” home prices up by more than 50 percent over that time.
That’s according to the latest First American Real House Price Index (RHPI), which measures price changes of single-family properties after adjusting for the impact of changes in household income and interest rate changes.
 Mortgage refinancing drops to a 22-year low as interest rates surge even higher

  DIANA OLICK - CNBC - 09/28/2022

Mortgage rates drove even higher last week after the Federal Reserve signaled it would continue its aggressive action to cool inflation. That, and rising uncertainty in the overall housing market, caused mortgage application volume to drop 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
 Mortgage demand falters as rates inch past 7%

  CONNIE KIM - HousingWire (Subscription) - 09/28/2022

Demand for mortgage loans dropped following the Fed’s decision to raise interest rates by an additional 75 basis points last week.
The market composite index, a measure of mortgage loan application volume, declined 3.7% for the week ending September 23, compared to the previous week. It was also down 66% compared to the same week in 2021.
The refinance index fell 11% from the previous week and was down 84% from the same week in 2021. The purchase index decreased 0.4% from the previous week and dropped 29% from a year ago.
 U.S. sales of new homes unexpectedly rise in a break from downturn

  National Mortgage News (Subscription) - 09/27/2022
U.S. sales of new homes unexpectedly rose in August, representing a break in an otherwise rapid descent this year for a housing market still at risk of further deterioration as mortgage rates climb.
Purchases of new single-family homes increased nearly 29% to a 685,000 annualized pace, government data showed Tuesday. The August rate was firmer than the most optimistic forecast in a Bloomberg survey of economists.
 Affordable Midwest and East Coast Markets are Holding Up Best as the U.S. Housing Market Cools

  DANA ANDERSON, SHEHARYAR BOKHARI - Redfin News - 09/27/2022

Housing markets in relatively affordable Midwest and East Coast metro areas are holding up better than anywhere else in the country as 6%-plus mortgage rates and broad economic uncertainty cool the U.S. housing market.
Lake County, IL–located about 45 miles north of Chicago–is holding up better than any other metro in this analysis. It’s followed by Albany, NY and Chicago. Rounding out the top 10 are New Haven, CT, Milwaukee, New Brunswick, NJ, Elgin, IL, Bridgeport, CT, Pittsburgh and El Paso, TX.
That’s according to a Redfin analysis that ranks the 100 most populous U.S. metropolitan areas based on how quickly or slowly they’re cooling, according to changes in numerous metrics from February 2022 to August 2022.

INDUSTRY NEWS

 REX seeks court order for Zillow listing data on FSBOs

  ANDREA V. BRAMBILA - Inman (Subscription) - 09/28/2022

Discount brokerage REX Real Estate is seeking a court order to force real estate giant Zillow to turn over data on For Sale By Owner (FSBO) listings on its website, as the battle of wills between the companies continues toward a June 2023 trial date.

REAL ESTATE TECHNOLOGY

 Opendoor expands rapid preapproval app to 3 new states

  JIM DALRYMPLE II - Inman (Subscription) - 09/28/2022

Opendoor announced Wednesday that amid “resilient” buyer sentiment it is expanding its rapid preapproval app to three new states in the Sun Belt.
The product, called the Opendoor Finance App, was first launched in June exclusively in California. Wednesday’s expansion will see the app become available in Texas, Arizona and Georgia.

TELEWORK NEWS

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PROPERTY NEWS

 What could be San Francisco's highest-priced home ever hits the market

  TED ANDERSEN - The San Francisco Business Times (Subscription) - 09/27/2022

A 93-year-old residence that recently came to market in San Francisco's Presidio Heights would be San Francisco's single most expensive home sale if it sells at its $45 million listing price.
The estate, which played host to the 2010 San Francisco Decorator Showcase, was commissioned by Elsa Guggenhime in 1929 and designed by architects Albert Farr and his partner Joseph Francis Ward. The famous pair designed more than two dozen Craftsman residential buildings throughout the Bay Area — particularly in San Francisco's Russian Hill, Pacific Heights, Sea Cliff and St. Francis Wood neighborhoods — during the first four decades of the 20th century.


 $6.5M home, with two pools connected by a waterslide, sets Anaheim Hills sales record

  SANDRA BARRERA - The Orange County Register (Subscription) - 09/27/2022

A resort-style mansion has set an all-time Anaheim Hills sales record at $6.45 million.
That’s 5% less than the initial $6.798 million asking price in June.
Sited on nearly an acre in guard-gated Copa de Oro, the five-bedroom, 8,000-square-foot residence with seven bathrooms has a multi-level backyard with two pools connected by an 80-foot waterslide, a 1,800-square-foot outdoor entertaining space and indoor-outdoor living spaces.
Public records show the property last sold in December 2014 for $2.85 million. But the Romanesque-inspired architectural details are recent additions.

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