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With AB 32 killing jobs, deficits of over$10 billion a year for as far as the eye can see, people are leaving the Golden State.
How does this effect housing values?
""We see high levels of foreclosures still, and some worrisome demand-side factors as well," he said. The factors include expiration in April of the federal tax credit for homebuyers, likely hikes in mortgage interest rates as the Federal Reserve ends a program to purchase mortgage-backed securities and a tightening of lending criteria by the Federal Housing Administration.
"We are seeing weakening trends in home values, which we think are likely to go negative for the next few months," Humphries said. But he added that the predicted second decline in home prices will not be as severe as the one that pummeled Bay Area home prices for the past two years."
California is in deep trouble...only a voter revolt can save our families and jobs.
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How does this effect housing values?
""We see high levels of foreclosures still, and some worrisome demand-side factors as well," he said. The factors include expiration in April of the federal tax credit for homebuyers, likely hikes in mortgage interest rates as the Federal Reserve ends a program to purchase mortgage-backed securities and a tightening of lending criteria by the Federal Housing Administration.
"We are seeing weakening trends in home values, which we think are likely to go negative for the next few months," Humphries said. But he added that the predicted second decline in home prices will not be as severe as the one that pummeled Bay Area home prices for the past two years."
California is in deep trouble...only a voter revolt can save our families and jobs.
More...