Housing demand stronger in January, says Redfin CEO

Glenn also said people are moving away from the coasts to cities like Boise because of the SALT.


@BAJacket is making tons of money in Atlanta without helping us! Recalled we talked about joint ventures there during last meetup.

Seems opposite to the majority view of this forum when SALT limit was passed.

Majority view is tax reduction too. Only @buyinghouse said there would be tax increases. My own computation show that I have tax increases, thought was an exception but it seems nearly everyone here has tax increases.


That reminds me, need to do my taxes :slight_smile:

He says CA is having a significant exodus.

Has Glenn actually ever been to California? The population is growing from immigration.

But growth began to slow in the late 1990s and has been decelerating ever since.

Immigration has slowed to a trickle, and California now loses more people to other states than it gains.

Birthrates have declined sharply and as the first baby boom generation ages, the state’s death rate is increasing.

Annual growth rates are dropping, from 0.9 percent in 2010-11 to just 0.4 percent in 2017-18, according to the Census Bureau.


“It will, for instance, slightly ease the state’s housing crisis and the demand for public services. But it also will mean stagnation in the number of taxpaying workers and customers for goods and services and, when coupled with the aging factor, make it more difficult for employers to fill jobs.”

SALT even limits my deductions. I can’t deduct all the state sales tax since property taxes take up the bulk of the $10k limit.

1 Like

Where are all the people on the freeways coming from?


Foreign countries… Americans have been leaving California for awhile. All the immigration is foreigners.

1 Like

Reminds me of Yogi Berra. “The place is so crowded nobody goes there anymore”

1 Like

Bay Area is always the exception to any general statement about California. Middle class families making around 100k are moving out, in their place come college kids making 300K and poor immigrants making 50.

Also, don’t presume foreigners mean Asians. My recent neighbors in Cupertino are Europeans.

True the freeways are clogged, however No freeway capacity addition for decades and poor public transport system does that, especially even with 1% population increase on a 40 m population.

Population is still increasing and most want to live in the BA where the most jobs are. One percent statewide. But in the BA the population is growing at 100,000 per year. 30,000 units needed annually. Never that many built.
3m people in 30 years.

1.4% growth in BA. But remember only 1% of houses are sold per year.
Still bullish for housing

  • Pending home sales, a measure of signed contracts to buy existing homes, increased 4.6 percent in January compared with December, according to a monthly survey from the National Association of Realtors. Contracts, however, were still 2.3 percent lower compared with a year ago.
  • “A change in Federal Reserve policy and the reopening of the government were very beneficial to the market,” said Lawrence Yun, chief economist for the NAR.
  • In January, when these contracts were signed, the average rate on the 30-year fixed mortgage hit a low of 4.43 percent, according to Mortgage News Daily.

you do realize 2018 started out like gangbusters? 10-20% up from the 2nd half of 2017.

Hope things get better in the next 6 months.