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Tag Archives: California Daydreaming

Housing Bubble 2 Lost its Mojo in the San Francisco Bay Area: House Prices Drop 8%

Prices in June fell in 8 of the 9 counties, compared to June last year, down to June 2017 levels. Today we got the final numbers from the California Association of Realtors (CAR) about the status of the housing bubble in the nine-county San Francisco Bay Area, which includes some of the most expensive sub-markets in the US, such as the most expensive zip code in the US, plus the Wine Country (Napa and Sonoma), Silicon Valley (Santa Clara and San Mateo), San Francisco itself, beautiful...

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Apartment Rents Fall in Seattle, Southern California, New York, Oakland, San Jose, Chicago, Honolulu

But 8 markets show double-digit increases. Seattle and Southern California are the big new-comers among the most expensive rental markets whose rents have turned south. In Chicago and Honolulu, apartment rents have plunged since 2015. San Francisco’s rental market had peaked in October 2015, and then rents fell, but in 2018, they started rising again, and now they’re back, or almost back, at their 2015 highs. New Nork City’s rents peaked in May 2016 and are now down by the double...

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This is What Happened Next After Special Interests at U.C., Berkeley Retrieved their Power

Hundreds of millions of dollars in lost opportunities, bungled projects, and out-right featherbedding. By John E. McNellis, Principal at McNellis Partners, for The Registry: Last week, the city of Berkeley sued the University of California over its proposed redevelopment of the worn-out Upper Hearst parking garage at the campus’s northeast corner, citing the usual suspect: an inadequate environmental impact report (EIR). This story—development gets sued over EIR—is such an everyday...

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California Panics about Losing Businesses and People (to Texas): What the Housing Market Fears Most is Cropping Up in the Data

But Texans Say, “We’re Full.” And Californians, Buckling Under Housing Costs & Congestion, Tell Wannabe Leavers, “Just Do It” This is now everywhere in the Media. In San Francisco, it was on Radio this morning, a whole discussion on KQED’s Forum about California and Texas, with a good dose of California-bashing, and some Texas-bashing too. The fear is that business conditions and costs of living are driving businesses and people out of California. The panic here is over this...

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Inflation by City, from Hot to Cool, from San Francisco to Chicago

Here’s Where Americans Suffer Hot Inflation, But There Are Cool Spots Too This is something the people in the San Francisco Bay Area have figured out a long time ago: The national inflation numbers don’t quite measure up to local realities. The Bureau of Labor Statistics reported today that the national Consumer Price Index for all urban consumers (CPI-U) rose 2.0% in April compared to April last year, the highest rate since November. The BLS also releases CPIs for the 14 largest...

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In July, I Stuck My Neck Out to See a Housing Market Turning Point in San Francisco Bay Area’s Sonoma County: Here’s an Update on My Neck

Now even the surface of the market has softened, not just the underlying dynamics. Last summer, I stuck my neck out and said that the housing market in Sonoma County in the San Francisco Bay Area had experienced a turning point in July, based on data and boots-on-the-ground observations by Thomas Stone, a broker in Sonoma County, which showed how the housing market was deteriorating beneath the surface while prices had just hit a record. So here is an update on my neck sticking out...

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California’s Housing Bubble Counts on Blistering Population Growth, But it’s Fizzling

Los Angeles population drops, San Francisco & Silicon Valley population rises least since 2010, North Bay’s population drops. The housing market in California with its sky-high home prices depends on blistering population growth. So here we go. The population of Los Angeles County, at 10.1 million, declined by about 13,200 people (-0.1%) in the 12 months through July 1, 2018, according to the Census Bureau’s new estimates. It was the second year in a row of year-over-year declines....

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House Prices in 12 of California’s Most Expensive Coastal Counties Fell in March from a Year Ago. Here are the Charts

Despite “the lowest interest rates in more than a year.”   In California, the median house price in March was essentially flat with March last year at $565,880, according to the California Association of Realtors. But among the most expensive 16 coastal counties – those with a median price for a single-family house above $500,000 – there were only four counties where house prices ticked up compared to March last year: Napa +3.6%, Santa Cruz +0.9%, San Luis Obispo +3.2%, and Ventura...

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What’ll Happen to Home Prices in Silicon Valley & San Francisco after the Mega-IPOs? Last Two Times, We Got a Housing Bust

Here’s how it works. Meanwhile, the media is busy publishing real-estate industry hype. This is a shorter, less angry version of my podcast last Sunday (as many have found out, I’m freer when I talk than when I write). It’s now a standard theme in San Francisco and Silicon Valley conversations, and it’s everywhere in the media: The wave of mega IPOs – including Lyft’s IPO last month and the forthcoming IPOs of Uber, AirBnb, Palantir, etc. – will cause the Bay Area to drown in...

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THE WOLF STREET REPORT

Why the Wave of Mega-IPOs Won’t Bail Out the San Francisco & Silicon Valley Housing Bubbles, Despite All the Hype. Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate “beer money.” I appreciate it immensely. Click on the beer mug to find out how: Would you like to be notified via email when WOLF STREET publishes a new article? Sign up here.

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