2017 California Housing Market

The 2017 California Housing Market Forecast is in as published by the California Association of Reatlor’s chief economist, Leslie Appleton Young. You can read the report here http://bit.ly/2017californiahousingforecast Some of the highlights are as follows:

Economic Stimulus

  • $1 trillion in infrastructure investments over a 10-year period as part of an economic stimulus package. $100 billion per year in infrastructure investments to “rebuild our highways, bridges, tunnels, airports, schools, hospitals.”
  • Boost economic growth – GDP higher at least short-term
  • More jobs = more housing demand
  • Upward pressure on home prices

Interest Rates

  • One increase in 2015
  • One increase in 2016
  • Expect two increases in 2017
  • Fed is following the market and anticipating higher inflation
  • Remember, historically we had strong appreciation even when interest rates were at 8-10% due to a strong economy.

“It’s the economy stupid” … 2017 California Housing Market

What of Regulations

  • Changes to Dodd-Frank financial regulation: A clear positive would be the lifting of compliance costs imposed on small sized banks. Around 10,000 local and community banks fund construction and land development loans. With less regulatory burden, these small banks can make more loans and will boost home building activity
  • Changes to financial regulations on large banks like Goldman Sachs and Wells Fargo could again lead us back to the days of cowboy capitalism and consequent exposure to a massive taxpayer bailout.” (Lawrence Yun, NAR)

Tax Changes

  • Reduction in taxes paid by individuals and corporations
  • Collapse the current 7 personal tax brackets to 3 brackets
  • Increase standard deduction for both single & married Eliminate the federal estate and gift taxes
  • Repeal personal exemptions & cap itemized deductions

Some charts and tables on the 2017 California Housing Market

2017 California Housing Market

 

2017 California Housing Market

 

2017 California Housing Market

 

2017 California Housing Market

 

2017 California Housing Market

 

Page 87 of the report begins the micro-economic data for Rancho Palos Verdes homes, Palos Verdes Estates homes, Rolling Hills Estates homes and Rolling Hills homes So, for monthly updates to the Palos Verdes homes and South Bay Real Estate market, visit here

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