I’d be curious to see payroll tax revenue data. It’s a huge source of income, and labor force participation is off the bottom but still not that high yet. Simple minds who complain about corporate taxes always forget corporations are paying 50% of that tax revenue too.
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Desirable? If memory serves this neighborhood is blue collar and has mediocre schools.
As mortgage rates decline, at one point, demand should explode. What is that inflection point? 7%, 6.5%, 6% or …?
The issue is it won’t unlock more inventory from sellers. We probably need to get below 5% for that. I’m excited that it’ll be worth refinancing in a couple of months.
Did you sell your West Coast places? Continuing to hold as rentals?
I sold Seattle and still have San Jose as a rental.
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It is amazing how few permits in Sacramento. Probably the last place in California that’s still the most friendly towards development.
790 permits is negligible. 80% less than similar sized Austin That’s why I am still bullish on Sac MSA prices. My permit processing time for a garage in Eldorado county is 8 months and counting. There is a deliberate mandate for all building departments in California to delay obstruct deter and harass development… homelessness is the result…actually a big problem in Sacramento and all down 99 past Stockton. The nimbyies have taken over the whole state… despite all the pro housing bills thrown together with massive restrictions and kick backs to democratic pressure groups…
Meanwhile nobody wants new developments… traffic is the number one reason. Sooner or later the traffic in Austin and Huston will get so bad Texas will become anti growth also.
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Recession over before it started?
Exactly. There aren’t many singe-income households buying homes. If they are, then they are probably much higher than median income.
Surprised to see Salt Lake City on the list