REAL ESTATE TOPICS...California has half of the hottest markets

California has half of the hottest markets
California dominates a league table of America’s 20 hottest housing markets. The analysis from realtor.com shows that in May Denver continued to top the list but San Francisco-Oakland-Hayward and San Jose-Sunnyvale-Santa Clara aren’t far behind in 2^nd and 3^rd positions. Vallejo-Fairfield, Santa Cruz-Watsonville, Santa Rosa, San Diego-Carlsbad, Sacramento-Roseville-Arden Arcade, Los Angeles-Long Beach-Anaheim, Oxnard-Thousand Oaks-Ventura and Stockton-Lodi are all in the top 20. The Stockton-Lodi market has seen the biggest surge, rising from number 38 in April to 20 in May.
 
House prices will drop says Bank of America analyst
The US faces three years of “modest” declines in house prices according to a new report from one of America’s biggest mortgage lenders. Bank of America analyst Chris Flanagan wrote Monday that the prices will start to dip in 2017 and will continue on that trajectory until the end of the decade. He acknowledges that his outlook flies in the face of popular opinion but he cites continued low wage growth against increasing house prices for his reasoning. Bloomberg reports that Flanagan expects prices to rise by 3.7 per cent this year, then 0.8 per cent in 2016 before reversing with a 1.7 per cent decline in 2017, 2.1 per cent in 2018 and 0.8 per cent in 2019.
 

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Summit calls for action on housing affordability
California’s economy is at risk of lawmakers don’t take action to tackle high housing costs. A letter from the California Economic Summit to the Governor and state legislature is pushing for greater subsidies to allow an increase in affordable and market-rate housing in areas close to jobs and transit. Cathy Creswell of the Summit’s housing action team said: "The recovery is expanding and jobs are coming back, but more Californians than ever are living in poverty, homelessness is climbing, and too many working people can't afford a place to live." A key element to housing affordability is increased construction the Summit says and is urging the lawmakers to ensure that new homes are built in the right places to create good synergy with employment opportunities.
 
Mischa Barton lists 90210 home
Star of The OC and Recovery Road Mischa Barton is selling her Beverly Hills compound according to Zillow. The actress has listed her villa-style home for $8.995 million. The home has 8 bedrooms including guest quarters, 11 bathrooms, a pool, and spa and sits on one acre.