The death toll from the Camp fire in northern California continues to rise, with over 60 deaths and some 631 people missing so far. This is not only the deadliest wildfire in California’s history, but also the most destructive. In the fire, some 11,862 structures were destroyed, including 9,700 single-family homes and 118 multi-family buildings. The affected residents of the county face a potential risk and the daunting task of...
Another Record Low Unemployment Rate in California
The unemployment rate in California ticked down to 4.1% in September from 4.2% the previous month. That is the lowest rate in over 40 years, according to the State’s Employment Development Department. The State’s payroll increased by a modest 13,200 jobs month-over-month, with most of the gains coming from the business, professional services, government, leisure, and hospitality sectors. Compared with the same month in 2017, payroll was up by 2%....
Bay Area Named the Hardest Working City in America
The Bay Area has had a good reputation for a long time. It is no secret that there are a lot of hardworking people in the Bay Area. According to a new study, San Francisco ranked as the hardest working city in America in 2018. Two other California cities, Fremont and Oakland, also ranked among the top 10 hardest working cities in the country. Another report, released in fall of...
Wells Fargo ordered to pay $2.09B to settle allegations of misrepresentation of Loan quality
Ten years after the financial crisis which was largely contributed by the faulty mortgage system, Wells Fargo agreed to go on record to pay $2.09 Billion to settle a U.S. Probe into its creation and sale of loan that contributed to the horror. The settlement comes as a fine to settle claims that Wells Faro misled investors about the quality of the subprime mortgage loans that it had initiated and...
The Housing Market is making a slow come back
Real estate professionals must always beware of any news or report that can help them predict any upswing or downturn in the housing market. One of the greatest tools to do so is The State of Nation’s Housing published by The Joint Center for Housing Studies of Harvard University[1]. The 2018 report reflects on how our nation has changed over the thirty years since the publication began, and it presents...
Understanding The Benefits Of The Blockchain In Real-Estate Industry
With the Blockchain growing its influence throughout various industries and spheres of life, lots of real estate professionals ponder on how this might affect them. The reality is that the new tech, just like the internet will better the way we do property business. The only difference is that it will do so by a more significant margin. Understanding the Blockchain The blockchain is an innovative technology that changes the...
The Impact of House Shortage in California
California, without a doubt is one of the most desirable places to live in the United States of America. The sprawling landscape presents the best of both worlds, mountains to visit secluded by cool, damp forests and the scorching beach. The promise of Hollywood and many other attractions has made living in California the ‘dream’ of many Americans. Overall, California cities account for 25 percent of America's homeless population, or...
The Impact of the Current Expected Credit Loss Standard (CECL) on the Timing and Comparability of Reserve
Recently, there has been a change in how financial institutions manage and report allowance for loan and lease losses (ALLL). Instead of waiting until is recognizable that a loss has occurred, banks will now factor in total expected credit losses when starting a loan with a client. This new standard, known as the current expected credit loss standard (CECL) allows for ALLL to anticipate losses and become less pro-cyclical. This...
Liquidity Crisis In The U.S Mortgage Market
In 2008 the U.S economy went into a financial crisis and the worst recession ever since the Great Depression. The financial crisis was caused by the collapse of the sub-prime mortgage market. This occurred when the banks sold out mortgages to too many households who later on failed to refinance them due to the drop in home prices and a rise in the unemployment rate. After the crisis, in a...
Changes in Housing Practices over the Last 50 Years
There have been a lot of changes in housing since the 1960s, the advent of the fair housing act, and since Dr. King spoke at the NAREB. Prior to the 1960s Prior to the 1960s and desegregation, it was very common for African Americans and other minorities to be discriminated against. This was with regards of acquiring fair and equal housing at an affordable rate. They were often relegated to...