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Showing posts from October, 2014

2014 Fresno Housing Market Symposium - 10/17/14

Gazarian Real Estate Center on the campus of California State University, Fresno Selma Hepp, Senior Economist, California Association of Realtors NATIONAL HOUSING FUNADAMENTALS ARE POSITIVE  Low mortgage rates, lending loosening, affordability still good in our area Distressed sales less than 10% of market Investors leaving creating more opportunity for buyers needing financing Overall home ownership rate has stabilized International demand for housing in CA is strong from Chinese Construction is up NATIONAL ECONOMIC FUNDAMENTALS ARE BETTER Economic growth is accelerating unemployment rate 5.9% Constructions jobs up in last 12 months 248,000 new jobs in Sept BUT... DEMOGRAPHICS AS DESTINY? affordability is worsening home ownership rate for 18 to 34 yrs old still falling household formation is VERY slow US has become a Rental Nation Millenials delaying "adulthood" and staying put longer, student loans, dim job prospects Baby boomers delaying retirem