My mom fell and broker her hip last week, so I’ve been visiting her in the Bay Area over the last few days. It was a clear day on the way up, so I took a few photos – note the water discoloration from the runoff (click to enlarge):
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Can we expect young adults to be tomorrow’s home buyers?
A report from the Urban Institute:
The share of young adults ages 25 to 34 living with their parents increased from 11.9 percent in 2000 to 22.0 percent in 2017. This translates to more than 5.6 million additional young adults under their parents’ roofs between the two years. This trend matches the decline in young adults’ marital rate (from 55.3 percent to 40.0 percent) during this period.
Increases in rents and student debt plays an important role in young adults’ decisions to stay with their parents. Metropolitan statistical areas with higher unemployment rates experienced a greater increase in the share of young adults living under their parents’ roofs.
This early life choice could have long-term consequences. Young adults who stayed with their parents between ages 25 and 34 were less likely to form independent households and become homeowners 10 years later than those who made an earlier departure. Even if they did ultimately buy a home, young adults who stayed with their parents longer did not buy more expensive homes or have lower mortgage debts than did young adults who moved out earlier, suggesting that living with parents does not better position young adults for homeownership, a critical source of future wealth, and may have negative long-term consequences for independent household formation.Link to 39-page report
Our contest for Padres tickets got a little tighter this week:
NSDCC New Listings Jan 1 to Feb 15:
There should be a few more added this week to the 2019 count, so it’s about even? The total pendings count is 11% behind last year at this time, which confirms the slower start we expected in 2019.
But maybe an increasing inventory could spur more sales in the coming weeks?
Meanwhile, the Padres themselves are hoping to make a splash:
Custom homes are specialty products which demand a specific buyer – and price isn’t as much of a factor!
Plus we have a good look at the effects of Thursday’s three inches of rain:
Reader SM sent in this story on a mortgage company shutting down – and this one had a Carlsbad office:
Provident Savings Bank, the largest community bank in Riverside County, is discontinuing its mortgage banking operation, the company said in a statement.
The decision, announced by the bank’s board of directors Feb. 4, was based on a lack of profitability given the current financial environment. The operations are scheduled to cease on or before June 30.
Layoffs of 133 employees, of which 83 are in Riverside, were posted this week on the California WARN Act website, which requires layoffs to be publically reported. The others were at satellite offices in Brea, San Bernardino, Glendora, Carlsbad, Placer County and Northern California.
This one was even bigger:
HomeStreet announced Friday that it is planning to sell off its entire retail mortgage operation, which includes 72 home loan centers in five states, as well as nearly all of the mortgage servicing rights associated with loans originated in those retail outlets.
According to HomeStreet’s website, the company has 72 home loan centers: 37 in Washington, 16 in California, six in Hawaii, five in Idaho, and eight in Oregon.
According to the bank, it is making this move due to the “persistent challenges facing the mortgage banking industry.” The bank cites “the increasing interest rate environment,” which has reduced the demand for refinances, and higher home prices that have decreased the affordability of homes.
The mortgage business thrives on refinances in the ultra-low rate environment, but once rates rise, those refis dry up in a hurry.
A long-time local lender told me this week that two years ago there were 8,000 licensed mortgage originators in San Diego County, and today it’s 4,200!
We speculated that many of them became agents – another industry that is overdue for constriction. There are over 15,000 realtors in San Diego County, and last month we sold 1,770 houses, condos, and mobile homes countywide.
Welcome to the Bridge House!
Inspired by Frank Lloyd Wright’s Fallingwater, this modern craftsman is one of the most architecturally-significant homes in Carlsbad. A wonderfully artistic design and brilliant use of space – this one-of-a-kind home is defined by its clean lines and dramatic use of materials. Enjoy the stylish great room with fireplace, hardwood floors, high-end windows, sophisticated lighting, and then step out to the patio under the stars!
4 br/3.5 ba, 3,294sf built in 2006 on a 10,298sf lot. LP = $1,499,000.
Ideally suited for multi-generational living with two master suites (entire home is on one level except for a bedroom suite). A home for the individual who appreciates quality, craftsmanship and wants an impressive home that stands out from the rest! For comps see 3255 James, plus 4039 and 4120 Sunnyhill.
4240 Hillside Drive, Carlsbad – open house 12-3pm Saturday, February 16th.
We’ve just listed for sale one of the most architecturally significant homes in Carlsbad – The Bridge House!
Inspired by Frank Lloyd Wright’s Fallingwater, this modern-craftsman home was built on heavy-duty steel girders over a creekbed just 1.3 miles from the beach.
4br/3.5ba, 3,294sf built in 2006 on a 10,298sf lot. $1,499,000.
Open 12-3pm Saturday, February 16th!