Lawrence Yun, Chief Economist, at the Economic Summit, 10/19/17
Lawrence explained that Bay Area prices should remain high because of the tight housing supply and steady housing demand and strong job growth.
He says that mortgage rates likely to increase in December but prices will not fall. The low number of new homes will probably make the high prices to continue to go up. Due to tightening of immigration policies, some construction workers are fearing going to sites, and workers going to Santa Rosa, Texas, Florida and other catastrophe areas; we may see a shortage of workers in the bay area.
Homeownership rate has been going down at a 50 year low and we need to increase it.Cause is homes are too expensive and student debt impacting home ownership.
Survey shows NAR consumers say it is a good time to buy.
Stock market S&Pindex increasing
Watch for tax simplification with effect on 1031 exchange, property tax deduction, mortgage interest rates