California Real Estate News

For many years, the real estate market in California was struggling. Prices were falling, and home foreclosures were higher than they had been in years. However, this has changed over the past couple of years. The state now has one of the hottest housing markets in the country. The city of Oakland is a great example of this growth and change. At one time, this was a city on the verge of collapse. There are a lot of great things going on in the state, and this is one of the primary drivers behind the growth.

Real Estate Prices

One of the most important variables in the economy is real estate. There are a lot of areas that are growing rapidly and seeing price appreciation. The problem is that many young people simply cannot afford to live in the state. With the job market still not fully recovered, many people are starting to look for ways to live together in order to reduce the cost of housing. Even renting a home is expensive in a lot of areas, and young people are struggling financially because of this cost.

Loans

The good news is that banks are more willing to lend than ever before. Loans are easy to get, and many people are spending a huge percentage of their income to buy a home. Although this is a good thing for buyers, it is vital to look at your personal finances before buying a home. A lot of people end up buying too much home and regret the decision later. Before the last housing crash, many people were buying multiple homes because it was so easy to get a loan. Now is the time to start looking at your finances to determine whether or not you can actually afford a home in the area. For many people, buying a home in certain parts of the state is just not a smart financial decision.

Future Growth

In the coming years, many real estate experts feel like housing prices are going to continue rising. With all of the economic growth in the state, this is something that is making a lot of real estate owners wealthy. The problem is the people who cannot afford to buy a home and have to move to another area of the state. Areas around major cities are the most expensive.

Ref: http://www.prnewswire.com/news-releases/center-for-california-real-estate-releases-journal-of-case-study-research-addressing-causes-and-consequences-of-housing-affordability-and-supply-crisis-300475907.html


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