HCD Web News – November 14, 2012

HCD Web News is an electronic clipping service which features stories related to California and national housing and community development related issues. HCD staff compiles current news sources on Monday, Wednesday, and Friday.

November 14, 2012

TODAY’S NEWS

AFFORDABLE HOUSING

SAN JOSE MERCURY NEWS: Crews break ground on Aptos housing project; development slated to open 2013

[11/13/12] // APTOS — County officials held a groundbreaking ceremony Tuesday on a $22.4 million work force housing project, with plans calling for the first residents to move in next fall. Aptos Blue, across the street from the Safeway shopping center on Soquel Drive, is an affordable rental apartment community being developed by MidPen Housing Corp. …

 

MARKET WATCH.COM: Tricorp Hearn Construction Celebrates Completion and Grand Opening of Foothill Farms Senior Apartments

[11/13/12] // SACRAMENTO, Calif. (BUSINESS WIRE) — Tricorp Hearn Construction, one of northern California’s leading commercial General Contractors, celebrates the completion of Foothill Farms Senior Apartments, a new, $26 million, 138-unit affordable housing facility. Tricorp Hearn Construction worked in partnership with California’s leading affordable housing developer, BRIDGE Housing …

 

SHELTERFORCE.ORG: Staying Afloat: The Ongoing Struggle for Affordable Housing

By Daniel McCue // One in six households in America — or 20.2 million — spent more than half of their pre-tax household income on housing costs entering 2011, according to the American Community Survey. And despite historically low interest rates & wide-spread home price declines, the number of households severely burdened by housing continues to rise. We know this was happening even before the onset of the Great Recession …

 

HOUSING WIRE.COM: CoreLogic: Rising house prices linked to rental demand

By Kerri Ann Panchuk // High levels of investor activity and rising home prices put the housing market in recovery mode this year, but the real estate market for first time homebuyers is far from fully recovered, CoreLogic said in its November MarketPulse report. Mark Fleming, chief economist with CoreLogic and principal economist Sam Khater, put together a housing report …

 

GLOBE ST.COM: Echo Boomers Important Multifamily Driver

By Carrie Rossenfeld // BEVERLY HILLS, CA — The multifamily sector is still flourishing as rents continue to rise and renters demand new development. According to Meyers Research, a Kennedy Wilson Co., which just released its latest trend report, national rent for markets covered by RealFacts reached an all-time high of $1,042 per month in the third quarter of this year …

 

HOUSING MARKETS / REAL ESTATE

DATAQUICK NEWS: Southland Home Sales, Median Price Rise Above Year Ago

[11/13/12] // La Jolla, CA — Southern California home sales rose sharply in October as move-up buyers joined investors, shifting the mix of homes selling up a notch as foreclosure resales hit a five-year low. The median price paid for a home rose nearly 17 percent from a year earlier, a real estate information service reported. …

 

ORANGE COUNTY REGISTER: Tight inventory curtails cheaper home sales

By Jeff Collins [11/14/12] // DataQuick’s October housing report finds that the supply of housing in Southern California’s lower-priced neighborhoods is so tight that sales actually went down. Meanwhile, in higher-priced neighborhoods, where inventory is less restricted, sales rose by as much as 55 percent. …

 

DATAQUICK NEWS: Bay Area Home Sales and Prices Up

[11/14/12] // La Jolla, CA — The number of homes sold in the Bay Area increased on a year-over-year basis for the sixteenth month in a row in October while the median price paid rose for the sixth month, the result of a gradual rebalancing of the real estate market. Mortgage availability remains an issue, a real estate information service reported. A total of 7,795 new and resale homes were sold …

 

CALIFORNIA ASSOCIATION OF REALTORS: 3rd Quarter California housing affordability

News release: 11/12/12 // LOS ANGELES — Rising home prices offset lower interest rates, reducing housing affordability in California during the third quarter of 2012, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California fell to 49 percent in the third quarter of 2012 …

 

MORTGAGE & FORECLOSURE ISSUES

SAN JOSE MERCURY NEWS: Bay Area sees big increase in cancellation of foreclosure auctions

By Pete Carey [11/13/12] // With a tough Homeowner Bill of Rights set to take effect in California New Year’s Day, cancellations of foreclosure auctions have spiked in the Bay Area and throughout the state, according to a report Tuesday. ForeclosureRadar said cancellations jumped 60 percent in California from September to October, the biggest jump since it began tracking cancellations in 2006. …

 

LOS ANGELES TIMES: Drop in U.S. mortgage delinquency rates led by California, Arizona

By Jim Puzzanghera [11/13/12] // WASHINGTON — Fueled by major improvements in California and Arizona, the percentage of  homeowners nationwide who were behind on their mortgage payments dropped significantly in the three-month period ending in September compared with a year earlier, TransUnion said Tuesday. … California and Arizona, two of the states hardest hit by the collapse of the subprime housing bubble, showed the best year-over-year improvement.

 

HOMELESSNESS

HUFFINGTON POST: Vet Hunters Project: California-based non-profit, works to end Veteran homelessness by connecting Vets

By Eleanor Goldberg [11/12/12] // After Jason Snyder finished a tour in Afghanistan, where he says he cleaned up the remains of soldiers blown up by IEDs, he was eager to start over. … Snyder, 31, is one of an estimated 67,000 homeless veterans, a troubling statistic that the Department of Veterans Affairs has committed to reducing to zero by 2015.

 

REVITALIZATION / INFILL

GLENDALE NEWS-PRESS: Glendale gives blessing for $13-million bond deal for senior housing project

[11/14/12] // An affordable housing developer is set to receive $13 million in private revenue bonds to rehabilitate a 98-unit building in Glendale for “very low” income seniors. This is the second time this year Southern California Presbyterian Homes has requested private, tax-exempt revenue bonds to carry out repairs. In August, it requested $20 million from a state finance authority …

 

NATIONAL HOUSING NEWS

LOS ANGELES TIMES: FHA gives those who defaulted on homes another chance

By Alejandro Lazo & Walter Hamilton [11/14/12] // … The FHA, which backs nearly 8 million loans, is helping rebound buyers recapture the American dream, boosting the housing market in the process. But that’s touched off a fierce debate about the financial and ethical wisdom of bankrolling borrowers who contributed to the last housing bubble — and the potential cost to taxpayers.

 

USA TODAY: Fewer homes for sale in October, study finds

By Julie Schmit [11/14/12] // The number of homes for sale last month fell 17% year-over-year in the nation’s leading housing markets, yet median list prices remained flat, new data show. The flattening of list prices — which foreshadow sale prices — may indicate a weakening in demand given the nascent housing recovery, says Steven Berkowitz, CEO of Move, which operates the Realtor.com website. …

 

GLOBE ST.COM: Nationwide Home Prices Rise 5% in a Year

By Carrie Rossenfeld // IRVINE, CA-Home prices nationwide, including distressed sales, increased on a year-over-year basis by 5% in September compared to September 2011, according to a report by CoreLogic, a leading provider of information, analytics and business services here. The change represents the biggest increase since July 2006 …

 

DEMOGRAPHICS / QUALITY OF LIFE

SACRAMENTO BEE: Childless boomers wonder who will handle their long-term care

By Anita Creamer [11/10/12] // Karen Spencer was single until she was 48. Like more than 20 percent of baby boom generation women – twice the number as in previous generations – she never had children. The retired political consultant, now 60 and married, has diligently pieced together a long-term care insurance policy, a range of investments and a small pension to make sure her financial needs will be covered in the future. …

 

ENVIRONMENT / CLIMATE CHANGE

SACRAMENTO BUSINESS JOURNAL: Dubai developer plans sustainable project based on UC Davis West Village

By Melanie Turner [11/12/12] // Inspired by a visit to UC Davis West Village, a Dubai developer is planning a similar energy efficient and sustainable city on the outskirts of Dubai in the United Arab Emirates, the University of California Davis announced … Planned features of the Dubai project include a biogas production plant, wind tunnels, community gardens and water recycling.

 

SUSTAINABLE BUSINESS.COM: Affordable Housing Getting Solarized

Solar neighborhoods are gaining ground in lower income housing projects, here are some recent examples. … Habitat for Humanity is building a 12-unit low-income housing project powered by solar. It’s being built in Oakland, California in partnership with PG&E’s Solar Habitat Program. …

 

SAN JOSE MERCURY NEWS: California’s landmark global warming law becomes real this week with first cap-and-trade auctions

By Paul Rogers // For more than 40 years, California has led the nation in environmental regulation, from passing the toughest coastal protection laws to America’s first rules banning leaded gasoline. Now, this week — after Hurricane Sandy pushed the issue of climate change back into the national spotlight — California will become the first state to begin requiring a broad range of businesses to reduce their greenhouse gas pollution.

 

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COVERAGE INFORMATION:

California Department of Housing & Community Development WEB NEWS service coverage: Mondays, Wednesdays and Fridays each week includes electronic format articles retrieved from newspapers or news services that report housing and community development news in California and some national services. Coverage is for California newspapers that are available electronically via the Internet – and any significant related breaking news.

 

(C) Copyright 2012, California Department of Housing & Community Development, Division of Housing Policy Development

Links to web sites do not constitute an endorsement from The California Department of Housing and Community Development. These links are provided as an information service only. It is the responsibility of the user to evaluate the content and usefulness of information obtained from these sites.  HCD does not provide full text articles – user must access expired articles via newspaper archives online or local public library.

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