Walker & Dunlop hired Javier Rivera as senior vice president to help lead its newly minted West Coast multifamily investment sales team. Before he signed on with Walker & Dunlop, Rivera was an executive vice president with JLL’s Capital Markets Group and built the company’s multifamily investment sales and finance business in Southern California.
The FHFA’s latest report showed home price increases picked up the pace once again in October, especially in the Pacific region. The West Coast continues to see the highest home price increases in the country, far outpacing the national average annual increase.
Home prices increased across the U.S. to a new all-time high, according to Black Knight’s Home Price Index. One state stands out above the rest as it contains five of the top six metros with the most home price acceleration in April.
Good news for folks living on the West Coast, your homes are worth more than you think. A new report from Quicken Loans found that homeowners in the West tend to think their house is worth less than what the appraisal turns up. As for the rest of the nation, they lean the other direction.
Although rents decreased slightly, historically they are still high. In fact, in some hot markets rents are rising. In San Francisco, for example, over 60% of one-bedroom listings are listed more more than $3,000 per month.
Home-price appreciation has stayed strong for roughly a year now. The West, in particular, has posted a lot of troubling housing news as of late given its rapidly rising home prices. So what does the future hold for home prices?
Rent appreciation is finally projected to cool down in 2016, giving renters a much-needed break from what seemed to be never-ending price increases. However, a price slowdown isn’t enough to turnaround some of the outrageous costs of rent on the West Coast.
After three years, the region infamous for its outrageous housing markets might finally slow down. The West has largely outpaced the rest of the nation in terms of growth in the last several years but that could all change this year.
The West Coast has dominated the top ten real estate market list for many months now, causing some people to be concerned that these market are overheated. In Pro Teck Valuation Services latest Home Value Forecast, it decided to put this concern to test.
Now that the pace of home price appreciation is finally starting to slow, it is easier to see the truth behind which local markets favor either buyers or sellers. Zillow compiled a list of the top ten buyer and seller markets, with the West Coast dominating one list.
In the days following the 2016 election, business leaders across many industries were hopeful that the new president would make good on his promise of widespread deregulation. Banks and other financial institutions were especially optimistic. Here at last was the relief they had been looking for. Or not.
Even Hollywood knows better than to produce a sequel when the original movie is truly, horrifically bad. That’s why, thankfully, we haven’t seen sequels to such all-time cinematic disasters as Howard the Duck, Gigli, The Last Airbender, Jack and Jill, Glitter, or Battlefield Earth. Which brings us, in an admittedly roundabout way, to the question of whether we’re about to see a sequel of sorts in the mortgage industry: The Return of the Subprime Loan.
With FHFA director Mel Watt’s term due to expire in January 2019, the question of whether to move ahead on some version of administrative reform may rest with his successor. In the meantime, policy makers would be well-served to work together to come to some agreement on options for administrative reform. At a minimum, agreeing on a common definition would be a good first step.