>California ranks 49th for housing units per capita due to a current shortfall of at least two million housing units.
>Ratio of jobs to housing units should be 2 or less, however San Diego is 3.9, Los Angeles is 4.7, and San Francisco is 6.8.
>To satisfy pent-up demand and meet the needs of a growing population, California needs to build over 3.5 million homes by 2025.
>California current rate of housing production (85,000 units per year) will need to quadruple over the next 7 years in order for prices and rents to actually decline.
>California's poverty rate is highest in the nation due to cost of living: it would drop from 20% of California residents to only 6% if housing costs were made affordable.
>California's homelessness per capita is third highest in the nation.
>Experts estimate that California's economy is suppressed up to $400 billion a year because of losses in construction activity, losses from consumer spending that is diverted to housing expense, and losses that are due to residents' long commutes due to urban sprawl.
probably doesnt help that theyve been flooded with koreans
Jackson Fisher
This is all fake. The banks are sitting on foreclosures to keep the market prices moving in the right direction so they can prevent losses ojn bad loans and generate larger loans for the houses that are currently being sold.
Oliver Cruz
source for that claim? Banks don't sit on foreclosures - they have to dump the properties to get non-performing loans off their balance sheets otherwise the banking regulators will shut them down.
Nicholas Bell
Everything wrong in California can be traced to someone's pet real estate scam, even this "solution"
Angel Jones
the banks kept a lot of homes off the market during the last crash to stabilize home prices. otherwise, the crash would have been worse. never trust the banks baka senpai
>'Shadow REO': As Many as 90% of Foreclosed Properties Held Off the Market >The bank-owned house has been vacant for 18 months, according to Faranda, a Realtor specializing in distressed properties. Just two notices taped to a window are the only indications that the home is unoccupied. It might seem curious that such a well-maintained home doesn't have a For Sale sign on its front yard. But it's certainly not unusual. This home is part of what's known as the "shadow REO" inventory: repossessed homes across the country that banks or investors often purposely keep off the market. The practice isn't a secret, and refraining from dumping a large inventory of foreclosures on the market helps to keep home prices from crashing. >But the extent to which lenders keep their stock of REOs -- industry parlance for "real estate owned" properties -- off the market may be much larger than most people think. >As many as 90 percent of REOs are withheld from sale, according to estimates recently provided to AOL Real Estate by two analytics firms. It's a testament to lenders' fears that flooding the market with foreclosed homes could wreak havoc on their balance sheets and present a danger to the housing market as a whole. >thestreet.com/story/11616596/1/shadow-reo-as-many-as-90-of-foreclosed-properties-held-off-the-market.html
Ethan James
>johnhively.wordpress.com/2016/06/06/the-big-banks-are-manipulating-the-housing-market-to-increase-their-profits/ >That means the supply is artificially drying up. Here’s how its done. The banks are keeping up to 90 percent of foreclosed homes off the market. See As Many as 90 Percent of All Foreclosed Properties Held Off the Market–The Street. I’ve got a good and dear friend whose home should have been foreclosed years ago, but she’s still living in it. >The National Association of Realtors suggested the banks were keeping 3.4 million house off the market at one point. According to a Bloomberg News Report from 2012, 3.4 million homes kept off the market represents more than 50 percent of all vacant homes in the nation. >These homes are just sitting there. I see them everywhere, although you might need to look close. There are several of them within the ten square blocks of where I live. >This quite naturally has driven up rental prices as people are no longer able to afford to purchase homes, and they must now rent. There is also evidence that a large number of rental units is being kept off the market, which is also be driving up rents.
Jeremiah White
Cali only builds 85,000 new units per year? The demand must be near 500k units a year, how much fucking red tape does that commie shithole have?
Luis Fisher
>15% housing price increase since 2009
What the fuck? My area is up 90% since 2012.
Jayden Nguyen
it's probably a graphic from 2013
Kevin Cook
Leftists are human garbage. They attack prosperity and growth, while worshiping government, failure, and scumbags. To hell with California and everyone in it. They made their bed and I hope they all die in the mes they created.
Nathan Taylor
I bought a house here. People could just try not being poor. It's not that difficult.
Daniel Anderson
I hope you get robbed, rapped and disposed of like the good little goy you are
Gavin Lewis
>bought a house here what year? where?
Caleb Wood
If California would just start building large rectangular apartment complexes that forfeit any artful design element and provided only the basics they could move many more people in to them. After that they could work on making sure that everyone was provided with the necessities and instead of overstocked supermarkets they could set up lines where the necessary food items could be equally given out. Nothing like this has ever been tried before.
Lucas Adams
This year in San Diego.
Justin Mitchell
Problem is they are escaping California and going to red states with low taxes and fucking them up to.
Andrew Jones
> success
Dominic Lewis
Yep, but they will ultimately destroy the whole country, then they will starve.
Hunter Moore
We have a lot of stray animals. Once you remove their food and water, they leave.
Xavier Walker
>This year in San Diego kek. you'll be underwater next year baka senpai
Kayden Brooks
The San Diego coastline is all cliffs. Los Angeles is the place that'll get fucked majorly.
Julian Hall
And that would only matter if I were selling next year--which I am not (it's also discounting the fact I'm starting with equity in the home because of sale price and seller's circumstances). It's a fine excuse for people to say "don't buy the market is at it's peak" but not if you're going to hold on to the property for any real amount of time. Plus it's even more stupid because I rent out the extra rooms in my house and now pay less for a mortgage than I did for a one bedroom apartment.
Mason Martinez
>90% since 2012. Data measured 2009-2014 - gone up even more in the 5 years since.
>I rent out the extra rooms in my house and now pay less for a mortgage than I did for a one bedroom apartment. i understand but it sucks to live with roommates (i live with one now). i'm not hating on you senpai but i would have waited to buy. this is coming down hard but probably won't matter if you plan to keep for a long time. i knew people that bought in 2007 and were underwater by 2010. it took about 7 years to get back to 2007 levels. this is in orange county desu.
Jeremiah Baker
So when is California actually collapsing? Genuine question.
Dylan Jenkins
soon. the rents are too damn high. real estate has gone up for the past several years and people have been priced out. in fact, rents have also increased year-over-year and it has almost become more expensive to rent than to own. i'm in orange county where a 3 bedroom condo in a shitty housing association goes for 700-800k. seems that the chinese money has dried up. i'm pretty sure they drove up the prices with their chinese cash.
Leo Williams
>I rent out the extra rooms in my house and now pay less for a mortgage than I did for a one bedroom apartment. You do realize that everywhere else in the country you don't even need to rent out part of your home for that to be true? My mortgage is less than half of what my rent was two years ago.
Parker Williams
Yeah it all depends on the situation and trying to guess on timing the market is nigh impossible (since everyone has said since 2016 the crash would happen "this year for sure"). I had my financial house in order and figured I couldn't pass up the opportunity to buy in the neighborhood I wanted for $100K less than the normal selling price. And as for roommates, I actually like mine, but it helps I know them and the house is ridiculously big, so we all have our own space. Plus the other benefits of having roommates is being able to split costs on utilities, a maid and a gardener. Makes life a hell of a lot easier.
Plus I figure even when I leave California if the house is underwater I should be fine to qualify for a second mortgage on a residence elsewhere and I can just keep this house as either a rental or vacation home.
Andrew Gonzalez
Where? I'm looking to move at the next opportunity.
William Rodriguez
can't wait to gfto of this. the majority of people here are liberals and they're staying and ti seems they're happy running the whole place to the ground...
Jack Reyes
none of this will increase the wealth of the newsome/pelosi/getty/brown hydra that rules this hole. therefore none of it will happen.
Jeremiah Peterson
>no one can afford houses >massive homelessness
Great job Jews!
Luke Perry
false massive poverty duh banks are shit the prices pumped up no one can afford them its just the jew servant class shuffling
Evan Barnes
too smart to win
Eli Davis
Could be Illinois though . Where the government can’t even pay its fucking bills and is in slow motion economic collapse from a multitude of different perfect storm reasons.
