Housing production in California is expected to continue slowing for the remainder of the year as the market shifts to more normal conditions, according to the midyear housing forecast by the California Building Industry Association.But starts for the year are still expected to be the fourth-highest in 17 years, the forecast says. Speaking at the Pacific Coast Builders Conference, CBIA chief economist Alan Nevin said he now expects overall housing starts in California this year to total 170,000-180,000, down 15%-20% from 2005. Multifamily construction remains extremely strong in most markets and is expected to total 45,000-55,000 units, about the same as last year's level. But single-family starts are expected to drop to 125,000-135,000, compared with nearly 155,000 in 2005. The single-family sector remains solid in most of Southern California, but starts are likely to be significantly below last year's level in San Diego, the San Joaquin Valley, the Sacramento region, and the Bay Area. "The decline in single-family production in those areas is the result of a combination of rapid price run-ups in the upscale market and rising interest rates," Mr. Nevin noted. The economist also projected that prices will continue leveling off in most metro areas, with annual increases of less than 5% statewide. "The rapid run-up in prices is over, but we do not see prices dropping significantly, if at all," he said.
-
Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
1h ago -
Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
2h ago -
The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
2h ago -
CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
3h ago -
House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
4h ago -
Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
5h ago