Rick Griffin

Recent Posts

PSAR Recognized For Helping Disabled Veterans Achieve Homeownership

Posted by Rick Griffin on May 24, 2019 4:37:26 PM

DVETS 8000 cakeCongratulations to PSAR. Your Association has been honored for its leadership role in a housing initiative that is continuing to assist disabled military veterans achieve the American dream of homeownership.

The San Diego County Taxpayers Association (SDCTA) Award, a watchdog organization that promotes accountable, cost-effective and efficient government, recently presented a Golden Watchdog Award jointly to PSAR, the San Diego chapter of the Veterans Association of Real Estate Professionals (VAREP) and the San Diego County Assessor-Recorder-County Clerk’s Office.

The SDCTA award, called “Better Serving 100% Disabled Veterans,” recognized the efforts by PSAR officials to assist more than 8,000 local disabled veterans in 2018, an increase of 28 percent from the previous year. The award, top honors in the “Public-Private Partnership” category, was presented May 16 at the Hilton Bayfront Hotel. SDCTA’s 24th annual Golden Watchdog and Fleece Awards recognized the best and worst in local government spending, decision-making and efficiency in San Diego County.

PSAR 2019 President Robert Calloway played a key role in assisting Ernie Dronenburg, San Diego County Assessor-Recorder-County Clerk, on the program that is helping disabled military veterans achieve homeownership. Initiating the program was Jordan Marks, Taxpayers’ Rights Advocate with the Assessor’s Office. 

The SDCTA award said the Assessor’s Office partnered with representatives from the disabled veterans community and PSAR to educate the community about a little-used California property tax exemption for disabled veterans and their spouses. Under an initiative that promoted homeownership, housing affordability and property tax refunds, the County served more than 1,400 more disabled veterans than the previous year. As a result of the program, disabled veteran homeowners benefited from $1.9 million annually in annual property tax savings.

The little-known California property tax exemption, California Constitution and Revenue and Taxation Code Section 205.5, provides a property tax exemption on the home of some disabled veterans or an unmarried spouse of a deceased disabled veteran. The exemption is available to a disabled veteran who, because of an injury incurred in military service, is blind in both eyes, or has lost the use of two or more limbs, or is totally disabled as determined by the VA or by the military service from which the veteran was discharged.

The SDCTA entry for the Golden Watchdog award said: “To increase program participation, the Assessor’s Office partnered with Robert Calloway, a Disabled Veteran Property Tax Exemption (DVET) recipient, and his two organizations, including PSAR and VAREP, to educate REALTORS®, veterans organizations and the community about this benefit for qualified disabled veterans and their spouses. This program, started in March 2018, was conducted without using any additional taxpayer dollars. This program leveraged private partnerships, speakers from the Assessor’s Office, media outreach, cross-county department education and resources from already budgeted campaigns.

SDCTA said through Calloway’s leadership and partnership with the Assessor’s Taxpayers’ Rights Office, a campaign demonstrating collaboration among the public and private sector and promoting the DVET exemption resulted in a savings for qualified veterans or spouses of up to $2,002 annually off their property taxes. This program helps veterans achieve homeownership, allows them to stay in their homes and, in some cases, receive refunds of close to $10,000 for property taxes.

Calloway, who serves as an advisor to the Assessor’s Office on disabled veterans issues, said, “This award from the Taxpayers Association is a great honor for PSAR, VAREP and the overall real estate community. We are ready to help local government officials anytime with advice and assistance that will help all homeowners, including disabled military veterans who have given so much and risked so much in service of the nation.”

DVETS ARCC Team“It was an honor and a pleasure working with Robert and PSAR,” said Dronenburg, who has served as County Assessor since 2010. “It was especially gratifying to help disabled veterans, these modern-day heroes who have selflessly shared so much and have sacrificed some of the best years of their lives, putting themselves in harm’s way to fight for liberty and keep everyone safe.”

As the County Assessor, Dronenburg oversees assessing the value of real estate and personal property, which in San Diego includes planes and boats. Every county resident who owns property or rents is affected by what happens at Dronenburg’s office. He oversees assessing the value of real estate and personal property, which in San Diego includes planes and boats. Property taxes constitute the largest share of revenue for the county. His work also involves registering business names and issuing marriage licenses, birth and death certificates. The office has a $71 million budget with 405 employees and five offices in San Diego County. Dronenburg was re-elected in June 2014, when he received 59 percent of the vote, and in June 2018, when he received 63 percent of the vote, resulting in no runoff elections either year. 

For the past 73 years, the SDCTA has been providing information to help educate the public and safe the region’s taxpayers millions. Public opinion polls consistently rate the SDCTA as the most “influential” and “trusted” public policy institution in San Diego.

 

Photo captions:

-- PSAR 2019 President Robert Calloway poses with Ernie Dronenburg, San Diego County Assessor-Recorder-County Clerk (wearing bow tie) and William Jimenez, Division Chief, County Assessor’s Office.

-- PSAR 2019 President Robert Calloway poses with San Diego County Assessor’s Office staff who worked with San Diego disabled military veterans on the Disabled Veteran Property Tax Exemption.

Topics: Leadership, PSAR Benefits

PSAR'S 'SALUTE TO SERVICE' INVOLVES ALL OF US

Posted by Rick Griffin on May 18, 2019 5:41:24 AM

Ditas YamaneBy Ditas Yamane

Being in the real estate industry, the business commands a lot of time that makes life busy. Because of our irregular schedules as real estate professionals, it’s hard to find the time to volunteer and it’s easy to make the excuse of not being able to volunteer.

However, I’m here to tell you that sharing a little bit of your time can go a long way. Robert Calloway, as PSAR President, declared this year’s PSAR theme as “Salute to Service.” And I believe that this theme involves all of us at PSAR.

Volunteering is part of my existence in life. For me, it provides a sense of purpose and a sense of fulfillment that makes me happy. Being kind and helping people in need, improves your health and gives you happiness. 

Growing up very poor in a small town in the Philippines, often times, there was no help available for us. So, I made a promise that when I grow up, I would help others in my own little way. I studied hard, worked hard then along the way, I started to volunteer in my community. I also have encouraged my siblings and now my children to volunteer by giving back and helping people in need. As a result, they have built relationships with other volunteers and are happy to be a part of improving the quality of life.

My volunteerism has helped me grow in so many ways as a person. I have more confidence and have built great relationships, both personal and business aspects of my life. So, however, busy my life becomes, I set-aside time to volunteer and help. As Margaret Mead said, “Never doubt that a small group of thoughtful and committed citizens can change the world.”

So, I encourage you to volunteer at PSAR. Start by choosing a committee that you have interest in and put a little time, effort and commitment. It’s a good way to use your extra time to share your skills and talents and I guarantee you that the return of your little investment will be priceless.

By volunteering at PSAR, you will learn new skills, meet new friends, develop friendships and build network.

Volunteer at PSAR and you’ll learn new things and you’ll get information and know about available resources to use in your business and share to others.

Volunteer at PSAR and your voice will be heard in helping to grow the PSAR community. It will give you the opportunity to advocate for issues and concerns that you believe is right and are in line with PSAR’s mission to change for the better.

Volunteering means you will have a seat at the table; otherwise you’re on the menu!

Believe me when I say that the rewards of volunteering at PSAR are endless. The best time to volunteer is now.

Come-on fellow Real Estate Professionals. Come and volunteer and help us grow.

Together we can do it.

We are PSAR!

 

Ditas Yamane has been in the real estate business since 2002.

Topics: PSAR Benefits

BECOMING BETTER TOGETHER AS A PSAR VOLUNTEER

Posted by Rick Griffin on May 10, 2019 4:07:48 PM

ShoneeHenrySalute to Service: By Shonee Henry

Life is short and it is here to be lived. Which is a main reason why I believe that passion is so important. Passion is what energizes life. It turns the impossible into the possible. I’m passionate about volunteering and staying involved with PSAR. And, here’s why you should join me.

I don’t think twice about volunteering. It’s natural for me to do it. God made me to be a helper and volunteer. People might think I’m crazy, but I don’t feel wholesome if I don’t help.

I didn’t realize how effective I could be at volunteering until I actually started volunteering. Does that make sense?

Let me explain: I have been fortunate to volunteer at the national level with the National Association of REALTORS® (NAR). Starting in 2009, I began serving as NAR’s President’s Liaison to the Philippines. Four years later, I was appointed regional coordinator to Asia Pacific, and United Arab Emirates from 2013-2016 representing the NAR President.  In my collaborative role, I helped establish partnerships in other countries to promote NAR educational programs and professional designations, including the International Realtor Membership (IRM) and Certified International Property Specialist (CIPS).

Serving with NAR forced me to make public speeches. Before then, I had never been a public speaker. But, I was passionate about helping to lay a global foundation for our real estate industry. I believe success in business is possible only with passion, vibrancy, energy and enthusiasm. Passion is the instinct that drives all great souls. Passion is the fuel which generates pride, ambition and dreams. Nothing great in the world has ever been accomplished without passion of conviction. Your passion for success must be greater than any fear of failure.

So, as a result, my public speeches were filled with passion. Then, after the speech, people said to me, “You’re really good at this. Your speech was inspiring. You really made a difference.” All of that was news to me. Then, I realized my purpose and what I was created to do in life. Passion and purpose go together. The more purpose driven you are, the more you know your purpose for both living and leading as a volunteer. So, only after I started serving did I realize how effective that someone could be and the impact you could make as a volunteer.

Also, volunteering can make you a better REALTOR®. That’s because when people see the passion you have for volunteering, then they will choose to do business with you and your business will grow organically. I have never volunteered for the purpose of increasing my business. However, I have seen that volunteering and sharing the lessons you’ve learned in life has led to new friends and trustworthy contacts and, eventually, to new clients. By sharing your talent, you’re creating a better atmosphere for our industry. So, let me encourage you to share your experience and your talent. Help from the heart.

Because the more focused you are, the more effective you will be. And volunteering helps you to focus. There’s awesome power in a focused life. For example, diffused light doesn’t have much of an effect on what it touches. But, when you focus light, like the rays of the sun through a magnifying glass, you can ignite a piece of paper or grass. If you can focus it even more, it becomes a laser. And, lasers can cut through steel and destroy cancer. The same is true with your life. If you’re directionless, you’ll just drift through without much impact. But, if you focus on a few key goals, such as volunteering, then you can make more of a powerful impact in the world.

Time is your most precious gift you have because we have only a set amount of it. You can make more money, but you can’t make more time. When you give someone your time in volunteer service, then you are giving them a portion of your life that you’ll never get back. Your time is your life. That is why the greatest gift you can give someone is your volunteer time.

Let me encourage you to allocate part of your time to PSAR, increase your passion, expand your participation and volunteer with our Association. Yes, as a PSAR, you can make a difference and be a change-maker for the betterment of our Association.

Sometimes you might think you have the knack for something, but you’re not sure quite where to start. I would say to just face your fears, think outside the box and jump-in with both feet and try it anyway. There are so many opportunities to serve to help others and many ideas that need to be cultivated. Small can turn out to be a big deal. Little can turn out to be much. 

Start with the needs of others. If you want to connect with people, start with their needs, their hurts, what they want. Seek to understand before seeking to be understood. Life is all about relationships. Remember, the world does not revolve around you.

You’re braver than you know. You might not think of yourself as courageous, adventuresome, fearless and unafraid. But, I think you should give yourself credit for bravery when you volunteer. Don’t listen to the voices that say, “Who do you think you are?” or, “It can’t be done,” or “Forget about it.”

Maybe you’ve tried to volunteer in the past and it didn’t work-out well. Let me encourage you to try again. We must not permit the failures of the past to defeat victorious living today. Failures of the past do not nullify purposes in the future. Experience is not what happens to you; it is what you do with what happens to you. Do not allow the fears of the future to rob us of passion today. Instead, explore and discover your hidden talents. When you volunteer, you will discover the better part of yourself.

You were created for more than just selling real estate. I started in real estate to help me achieve my dream of sharing wealth and wisdom with those less fortunate. Life is not about things. You’ve got to maintain the right perspective about possession, or you’ll be possessed by your possessions. The greatest things in life aren’t things. But, passion as a volunteer helps you get out of bed in the morning. It’s because you know there’s something bigger than you are and you can hardly wait to get at it again. So, get involved and take action today about volunteering with PSAR.

Shonee Henry began her real estate career in 2002. 

Topics: PSAR Benefits

Home Prices Lower In March 2019

Posted by Rick Griffin on May 3, 2019 3:22:25 PM

The lowest mortgage interest rates in more than a year boosted California’s housing market and kept home sales level in March 2019, after a stronger performance the previous month, according to the latest housing market report for home sales and prices from the California Association of REALTORS® (C.A.R).

After hitting the lowest level in 12 months in February 2019, the statewide median home price bounced back and reached the highest point since October 2018. The statewide median home price rose 5.9 percent to $565,880 in March 2019 from $534,140 in February 2019 and was up 0.2 percent from a revised $564,820 in March 2018.

The statewide median home price in March 2019 was $565,880, down 5.9 percent from February’s $534,140 figure and up 0.2 percent from March 2018’s figure of $564,820.

In San Diego County in March 2019, the median single-family home price of $623,800 was 0.2 percent lower than the $6250,000 figure for February 2019 and 0.3 percent lower than the $62,400 figure for March 2018.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 397,210 units in March, according to information from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2019 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“The lowest interest rates in more than a year gave would-be buyers the confidence to enter the housing market and provided a much-needed push to jump-start the spring homebuying season,” said C.A.R. President Jared Martin. â€śPending sales also showed healthy improvement in March, which suggests a brighter market outlook could be in place in the second quarter.”  

“The median price has been softening since it reached a peak last summer, and March’s year-over-year price increase was the smallest in seven years,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. â€śThe flattening home prices, coupled with low mortgage rates, bode well for housing affordability and may bring more buyers who may have given up back to the market.”

Ave_days_on_Market_Med_price-5Other key points from the March 2019 resale housing report included:

-- The median number of days it took to sell a California single-family home rose from 16 days in March 2018 to 25 days in March 2019. This compares to 33 days in February 2019 and 37 days in January 2019. Meanwhile, in San Diego County, the median number of days a home remained unsold on the market stood at 19 days in March 2019, compared to 22 days in February 2019 and 12 days in March 2018.

-- Home sales in the Inland Empire declined 10.4 percent from a year ago as Riverside and San Bernardino counties posted annual sales declines of 9.3 percent and 12.2 percent, respectively. In the Southern California region, home prices increased in San Bernardino, Riverside and Ventura while they declined in Los Angeles, Orange and San Diego counties.

-- Active listings continued to climb from the prior year, increasing 13.4 percent from last March. It was the 12th consecutive month active listings rose year-over-year and the ninth month in a row they grew double digits from the prior year. The pace of increase, however, was the slowest since July 2018, and the growth rate has been decelerating since December 2018.

-- The Unsold Inventory Index (UII), which is a ratio of inventory over sales, improved on a year-over-year basis but decreased on a month-to-month basis. The Unsold Inventory Index was 3.6 months in March, down from 4.6 months in February but up from 3.0 months in March 2018. The index measures the number of months it would take to sell the supply of homes on the market at the current sales rate. The jump in the UII from a year ago can be attributed to the moderate sales decline and the sharp increase in active listings.

-- The 30-year, fixed-mortgage interest rate averaged 4.27 percent in March, down from 4.44 percent in March 2018, according to Freddie Mac. The five-year, adjustable mortgage interest rate also declined in March to an average of 3.83 percent from 3.65 in March 2018.

In other recent real estate and economic news, according to news reports:

-- The number of San Diego County homebuyers who had their first offer accepted skyrocketed in the first quarter of this year, according to real estate firm Redfin. In the first quarter last year, only 38 percent of local homebuyers got their first offer accepted. That figure climbed to 53.4 percent in the first three months of 2019. Nationally, 56 percent of homebuyers got their first offer accepted in the first quarter, according to Redfin, the highest first offer acceptance rate in the past three years.

-- San Diego County's home inventory rose 20.4 percent year-over-year in March, significantly outpacing the national inventory growth of 1.2 percent, according to a recent Zillow report. Zillow said the increase is not because there are many new listings, but rather homes are staying on the market longer. Despite an increase in the total pool of for-sale inventory, the number of new listings on the housing market has fallen year-over-year in each of the past four months, Zillow said.

-- Median home prices were unaffordable to 71 percent of average wage earners in the U.S. in the first quarter. According to Attom Data Solutions latest report, median home prices in the first quarter of 2019 were not affordable for average wage earners in 335 of 473 U.S. counties analyzed in the report. Attom said San Diego County's annualized weekly average wage figure of $61,269 means an individual or family would have to spend 65.4 percent of their income to afford a median home price of $540,250. It's recommended that no more than a third of income should be spent on housing in any given month.

-- The number of San Diego County homes in foreclosure remains at a low level. Attom Data Solutions found local foreclosure filings amounted to 1,040 in the first quarter. While it marked a 280-unit quarter-over-quarter decline, it was up by nearly 150 foreclosures from a year ago. Foreclosures both in San Diego and nationally are still at or near 11-year lows.

-- Millennials are struggling to come up with a down payment to pay for a home, according to Clever Real Estate, a referral service. Nearly half of Californian millennials pay less than the traditional 20 percent down on a home. This leads to high monthly payments and, sometimes, buyer’s remorse. Also, a lack of funds to start with means many use credit cards, or loans, for home renovations.

-- San Diego County is the seventh most favored rental market in the nation. According to HotPads, monthly rent in San Diego County, combining both single-family units and apartments, has reached $2,740. Chicago, Los Angeles and Atlanta are currently the most popular rental markets in the United States, said HotPads.

-- The unemployment rate in San Diego County was 3.7 percent in March, edging up from a revised 3.5 percent in February, according to a monthly jobs report from the California Employment Development Department. During the same period, the unadjusted unemployment rate was 4.6 percent for California and 3.9 percent for the nation.

-- California’s population growth in 2018 was the slowest in state history, as births declined, student enrollment fell and the death rate continued to climb as baby boomers aged. According to the state Department of Finance, the state added 186,807 residents last year, bringing California’s estimated total population to 39,927,315 people as of Jan. 1. The overall growth rate slipped to .47 percent last year from .78 pecent in 2017, the slowest since data collection started in 1900. Births in the state in 2018 were down by more than 18,000, compared with the previous year.

Topics: Industry

PSAR Recognized BY EL CAJON CITY COUNCIL FOR HELPING HOMELESS

Posted by Rick Griffin on Apr 26, 2019 3:33:30 PM

Congratulations to PSAR. Your Association is compassionately taking an active role in the community efforts to help homeless people. 

The El Cajon City Council at its April 23 meeting hosted a presentation that recognized a $5,000 grant from PSAR to the San Diego East County Chamber of Commerce Foundation. The PSAR grant helped pay for creating a website featuring resources intended to assist homeless people living in the East County.

PSAR representatives at the presentation included: Robert Calloway, 2019 PSAR President; Kay LeMenager, PSAR member and Communications and Marketing Committee chair with the East County Homeless Task Force; Tracy Morgan Hollingworth, PSAR Government Affairs Director.

Representing the San Diego East County Chamber of Commerce at the presentation was Joe Mackey, interim CEO. Also attending were: Anna Marie Piconi Snyder, Consulting Project Director, East County Homeless Task Force; Carol Lewis, Coordinator, El Cajon Collaborative.

Since its founding in November 2016, the  East County Homeless Task Force has been working collaboratively as a grass roots effort involving more than 300 East County community leaders to develop solutions to reduce homelessness in the East County communities of El Cajon, La Mesa, Santee, Lakeside, Lemon Grove, Spring Valley and Alpine.

The Task Force’s organizational structure has 10 “solution groups.” Officials said the Access to Services Solutions group and the Communications and Marketing Committee group worked together to create a website offering ways a homeless person could get help in the East County and provide a way for the public to contribute to those solutions.

The website, www.ECAssist.org, is a one-stop online resource that allows users to navigate services based on either location or need. At the website, people looking for food resources can go to a column on the left and find links to pantries in various East County locations. Another click leads to phone numbers for various hotlines to medical care and shelters.

“I’m very proud of our Association’s efforts to assist in finding solutions to reduce homelessness,” said Calloway. “This website is an excellent resource that will help the homeless and near homeless in the East County.”

“It’s very rewarding to be part of the Homeless Task Force,” said LeMenager. “Our group discovered that helpful information was not organized and accessible to our homeless population. That’s when the idea of a homeless resources website came together.”

“Access to information and communications powered by technology is nearly universal in today’s world,” said Hollingworth. “The presentation at the El Cajon City Council meeting demonstrated how important organizations such as PSAR can make significant contributions to our community.”

The $5,000 from PSAR went to the East County Chamber Foundation, the Chamber’s 501(c)(3) nonprofit public benefit corporation. 

Studies have confirmed that a majority of people experiencing homeless have cell phones providing access to the Internet. One study said that 70 percent of homeless patients visiting emergency departments had cell phones. Another study conducted by researchers Melody Kim, Melissa Cameron and Alex Fung found that 8 out of 11 homeless people in San Diego County had cell phones and the other two were seeking replacements.

It’s estimated that East County has more than 1,000 homeless residents, according to a 2018 study, called the Point In Time Count, conducted by the San Diego Regional Task Force on the Homeless, as required by the U.S. Department of Housing and Urban Development.

The presentation at the El Cajon City Council meeting was scheduled for the month of April in recognition of Fair Housing Month, as declared by the U.S. Department of Housing and Urban Development. In 2018, the Fair Housing Act celebrated its 50th anniversary. The act is designed to protect Americans from discrimination in the sale, rental and financing of housing based on color, race, national origin, religion, sex and disability.

(from left to right) Tracy Morgan Hollingworth, Joe Mackey, Robert Calloway, Kay LeMenager, Carol Lewis, Anna Marie Piconi Snyder.

San Diego Home Sales Increased 10.5 Percent in February, says C.A.R.

Posted by Rick Griffin on Mar 29, 2019 3:31:07 PM

BlogImage_190329_411
*Larger images of graphs at the end of the blog post*

California home sales bounced back in February 2019 after hitting the lowest sales level in more than 10 years, according to the latest housing market report for home sales and prices from the California Association of REALTORS® (C.A.R). February’s annual sales level was the highest in six months, and the monthly growth in sales was the highest since January 2011, said C.A.R.

Existing, single-family home sales statewide totaled 399,080 in February on a seasonally adjusted annualized rate, up 11.3 percent from January’s revised 358,470 figure and down 5.6 percent from home sales in February 2018 of 422,910. February’s decline was the smallest since July 2018, and the sales total was just shy of the 400,000 benchmark. February typically marks the lowest price point for the year, said C.A.R.

C.A.R. said the statewide median home price in February 2019 was $534,140, down 0.6 percent from January’s revised $537,120 figure and up 2.2 percent from February 2018’s figure of $522,440.

In San Diego County in February 2019, C.A.R. said the median home price of $625,000 was 2.5 percent higher than the $610,000 figure for January 2019 and 3.3 percent higher than the $605,000 figure for February 2018.

C.A.R.’s sales total of 399,080 in February for existing, single-family detached homes in California is based on information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2019 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“Lower interest rates and stabilizing home prices motivated would-be buyers to get off the fence in February,” said C.A.R. President Jared Martin. â€śWith mortgage rates reaching their lowest point in a year, housing affordability improved as buyers’ monthly mortgage payments became more manageable. Instead of the double-digit growth rates that we observed a few months ago, monthly mortgage payments increased by 2.7 percent, the smallest increase in the last 12 months.”

 â€śWhile February’s sales rebound is welcome news, the market will likely remain constrained as sellers and buyers sort through the realities of today’s market,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. â€śWith the market about to kick off its homebuying season, buyers have a window of opportunity in the upcoming months as interest rates remain stable, there are more properties on the market to consider, and prices are more attractive.

Other key points from C.A.R.’s February 2019 resale housing report included:

-- The median number of days it took to sell a California single-family home rose from 22 days in February 2018 to 33 days in February 2019. This compares to 27 days in January 2018, 37 days in January 2019 and 32 days in December 2018. Meanwhile, in San Diego County, the median number of days a home remained unsold on the market stood at 33 days in February 2019, compared to 38 days in January 2019 and 22 days in February 2018. This compares to 21 days in January 2018, 28 days in January 2019 and 27 days in December 2018.

-- While statewide active listings have been increasing from the previous year at a double-digit pace for the last eight months, February’s rate was the smallest growth rate in the past six months and the third month in a row that listings decelerated. February’s active listings were up 19.2 percent from a year ago.

-- All major regions recorded an increase in active listings, with the Bay Area posting the highest increase at 41.9 percent, followed by Southern California (20.4 percent), Central Valley (16.2 percent) and the Central Coast (6.4 percent). Active listings increased in three of nine Bay Area counties by 50 percent or more with Santa Clara leading the way at 62.9 percent, followed by San Mateo (59.7 percent) and Alameda (50 percent).

-- Home sales in the Inland Empire declined 10.1 percent from a year ago as Riverside and San Bernardino counties posted annual sales declines of 7.7 percent and 14.1 percent, respectively.

-- The median home price continued to increase in all regions but at a more tepid pace. On a year-over-year basis, the Bay Area median price dipped 0.9 percent from February 2018. Home prices in Marin, San Francisco, San Mateo and Santa Clara counties continued to remain above $1 million, but all of the counties recorded annual price declines.

-- Price growth remained modest in Southern California, inching up 1.4 percent from the previous year. San Bernardino County had the largest price gain (7.3 percent), while Ventura County recorded the smallest increase at 1.8 percent. Only Orange County experienced a year-over-year price decline.

-- The Unsold Inventory Index (UII), which is a ratio of inventory over sales, improved on a year-over-year basis but was flat on a month-to-month basis. The Unsold Inventory Index was 4.6 months in February, unchanged from January but up from 3.9 months in February 2018. The index measures the number of months it would take to sell the supply of homes on the market at the current sales rate. The jump in the UII from a year ago can be attributed to the moderate sales decline and the sharp increase in active listings.

-- The 30-year, fixed-mortgage interest rate averaged 4.37 percent in February, up from 4.33 percent in February 2018, according to Freddie Mac. The five-year, adjustable mortgage interest rate also increased in February to an average of 3.87 percent from 3.60 in February 2018.

In other recent real estate and economic news, according to news reports:

-- According to S&P CoreLogic Case-Shiller, home prices in the San Diego metropolitan area are going up, but slower than everywhere else in the U.S. San Diego metro’s home prices increased 1.3 percent in a year as of January. It was the smallest increase of the 20 cities covered in the index for the second month in a row. Home price increases are slowing across the nation, with many experts citing increasing mortgage rates. The most expensive markets are seeing the biggest slowdown. Prices fell in most major U.S. metropolitan areas in January, with San Francisco experiencing the biggest drop at 1.3 percent.

-- Despite continued low unemployment levels and a generally strong economy, the anticipated increase in demand for California housing has failed to materialize, and the market will likely weaken heading into next year, according to the UCLA Anderson Forecast’s report on the California economy. Contributing factors include an exodus of people out of the state, increasing mortgage rates and uncertainty about the future. Regardless of the reason, the result is likely a weakening of the housing market.

-- While affordability is the biggest obstacle preventing most renters from buying a home, 14 percent of California renters who can afford homeownership are declining to buy partly because they don't have the financial knowledge, according to C.A.R. Of the nearly 6 million renters statewide, C.A.R. says that 826,000 could qualify to purchase a median-priced home in the county in which they reside. A lack of financial literacy is one of the biggest barriers preventing renters from becoming homeowners, said C.A.R.

-- Zillow has begun buying and selling homes in California. Riverside is the first California market for Zillow’s program, called “Zillow Offers,” which allows potential home sellers to request a free, no-obligation cash offer from Zillow to buy their home. Once the seller accepts the offer, they are able to pick their own closing date.

-- Redfin recently ranked San Diego County as the third least affordable housing market in the U.S. for low-income families, ahead of just Los Angeles and New York City. The real estate data company reported that the homeownership rate in San Diego among income earners in the bottom quarter was just 37.6 percent in 2017, which is an increase from the 33.5 percent figure registered in 2012. Low-income home ownership rates in Los Angeles and New York were 31 percent and 35 percent, respectively. Los Angeles and San Diego also appear in the top three least affordable places for millennials. The analysis included the 50 largest metro areas in the U.S.

-- According to real estate website Truilia, San Diego County has the second-most home price reductions in the nation so far in 2019. Price reductions are more common in the winter months, but San Diego County hasn’t seen as many cutbacks since 2014 when the market was still crawling out of the recession. Twenty percent of homes for sale in February had a price drop, the most of any California city. At the same time last year, the percentage was 10 percent.

-- San Diego is the 7th worst place for first-time homebuyers. Bankrate, a financial products company, recently rated the best and worst metro cities for first-time home buyers and San Diego came in at the No. 7 on the worst list. The ranking, which looked at the 50 largest metro areas, was based on affordability, culture, housing market tightness, job market and safety, among other measures. Pittsburgh, Pennsylvania, came in at No. 1 for the best metro for first-time buyers while California cities like San Francisco, Los Angeles, Sacramento, San Jose and San Bernardino all made the top 10 of the worst list.

-- San Diego County has the ninth highest one-bedroom apartment rent in the nation, according to the latest report from industry tracker Zumper. Local renters can take solace in the fact it's still a far cry from San Francisco, which continues to set new records for the U.S. Zumper placed San Diego County’s median rent for a one-bedroom unit at $1,910 a month while the median San Francisco renters are paying a whopping $3,690 a month. New York City ($2,870/month) and San Jose ($2,540/month) round out the top three.

-- San Diego County’s unadjusted unemployment rate dipped to 3.5 percent in February, with both farm and nonfarm employment showing gains, according to the California Employment Development Department (EDD). The county’s adjusted unemployment rate sat at 3.8 percent in January, its highest point since the third quarter of 2017. February’s unadjusted rate is the same as its revised 2018 unemployment rate, the EDD said.

 

chart (2)

chart (3)

PSAR Growth Continues with Central San Diego Service Center

Posted by Rick Griffin on Mar 15, 2019 3:15:07 PM

IMG_0662 (1)PSAR keeps growing and expanding. One shining example of PSAR’s ongoing expansion has been the success of the recently opened PSAR Central San Diego Service Center at 4340 Genesee Ave., Suite #203, San Diego.

If you haven’t yet visited PSAR’s newest Service Center in San Diego’s Clairemont Mesa community, then please feel free to drop by. You’ll be impressed.

The new, 1,500-square-foot PSAR Central San Diego Service Center, beautifully decorated in an ultra-modern, open workstation stylish motif, features a 65-seat educational classroom for training, plus resources for REALTORS®, including Sentrilock and Supra lock boxes, CRMLS and signage.

Many outstanding workshops and seminars have been held recently at the new Service Center, including classes on Homesnap Pro App training, InfoSparks Market Statistics training and Paragon.

Another upcoming class cover the topic, “Social Media Boot Camp for REALTORS®,” will be held at the new Service Center on Wednesday, March 20. Two sessions will be offered from 9:30 to 11:30 a.m. and from 12:30 to 2:30 p.m. Refreshments will be served and admission is free. Topics to be discussed will include understanding how social media works, how to generate leads from a website and how to attract more followers, as well as the benefits of Facebook, Twitter, LinkedIn, YouTube and blogging. For agents who want to become a Realtor, the training, friendly staff and access to the best tools in the industry make PSAR is a great place to start. 

In addition, every Tuesday morning starting at 9 a.m., PSAR’s “City Pitch” event is held for brokers and sales agents at the new Service Center. The marketing pitch session focuses on properties located within San Diego city limits, including the following zip codes: 92102, 92104, 92105, 92108, 92111, 92115, 92116, 92123, 92124 and 92120. 

All San Diego REALTORS® are invited to attend City Pitch to pitch their properties, network and put deals together. Agents have two minutes to promote their listing.  New agents and brokers are welcome to stop in.

Please bring 50 property flyers to be pitched and PSAR staff will insert the flyers into the Pitch Portfolio that each attendee will receive.

At the recent grand opening and ribbon cutting ceremony, more than 120 PSAR members, friends and guest people were there. Here is a video about the grand opening celebration: https://vimeo.com/315812958/6f7ed1844c.

Also attending the grand opening event were elected officials, community leaders and industry dignitaries. Among the attendees was Ernie Dronenburg, recently reelection as San Diego County assessor-recorder-clerk. Every county resident who owns property or rents is affected by what happens at Dronenburg’s office. He oversees assessing the value of real estate and personal property, which in San Diego includes planes and boats. Property taxes constitute the largest share of revenue for the county. His work also involves registering business names and issuing marriage licenses, birth and death certificates. The office has a $71 million budget with 405 employees and five offices in San Diego County.

Dronenburg, known for wearing bow ties, has worked closely with PSAR President Robert Calloway on a number of housing initiatives that have assisted military veterans with homeownership. Calloway serves as an advisor to the Assessor’s Office on issues dealing with disabled veterans. Last year, the Assessor’s Office assisted more than 8,000 local disabled veterans, which was a 30 percent increase from the previous year.

Other attendees at the grand opening event included: Jason Bercovitch, field representative with Congressman Scott Peters, 52nd District; Daniel Manley, Clairemont community representative, representing San Diego City Councilman Chris Cate, 6th District; Ryan Trabuco, Field Representative, representing Toni G. Atkins, Senate President pro Tempore Toni G. Atkins, 39th District; Michaela Valk, representing Todd Gloria, California Assembly, 78th District.

Manley announced that San Diego City Councilman Chris Cate had declared the day as “PSAR Day” in the city of San Diego. The City of San Diego proclamation said the following:

-- WHEREAS, the Pacific Southwest Association of REALTORS® (PSAR), founded in 1928, has played a significant role in shaping the history, growth and development of greater San Diego County;

-- WHEREAS, PSAR’s recent membership in a statewide real estate Multiple Listing Service has enhanced PSAR’s steady trajectory of growth since 2010;

-- WHEREAS, PSAR’s Mission to Empower REALTORS®  has enabled its members to remain steadfast in protecting private property rights and encouraging participation in the American Dream of home ownership, while adhering to the highest standards of integrity and Code of Ethics;

-- WHEREAS, PSAR, a 2,800-member real estate trade group for San Diego-area REALTORS®, offers educational training, advocacy and other services and resources to its REALTOR® and affiliate members;

-- WHEREAS, PSAR maintains a leadership role in the industry, empowering its members to flourish by leveraging our collective strength in service to homebuyers and sellers throughout the greater San Diego County community; 

-- WHEREAS, PSAR, with Service Centers in Chula Vista and El Cajon, is growing again with the opening a new Central Service Center at 4340 Genesee Ave., #203, in San Diego’s Clairemont Mesa community;

-- WHEREAS, the new PSAR Central Service Center will provide the local personal service experience and superior statewide CRMLS service that PSAR is known for, along with Sentrilock, Supra, retail store, MLS training and REALTOR® education, networking and much more;

-- NOW, THEREFORE, I, Chris Cate, San Diego City Council member representing the District 6, do hereby proclaim Wednesday, January 23, 2019, as PACIFIC SOUTHWEST ASSOCIATION OF REALTORS® DAY throughout the City of San Diego.

 

FotoErnieDronenburgRobertCalloway

FotoRibbonCuttingPSARClairemontJan23rd

FotoRobertCallowayWith3FieldReps

FotoRobertErnieRichWith3FieldReps

Topics: Events, Leadership, Government Affairs

Greater Rewards Await PSAR Volunteers

Posted by Rick Griffin on Mar 8, 2019 2:03:48 PM

Salute to Service - Robert Cromer 2 (1)I have never been the kind of person who likes to sit back and watch. Instead, I get involved. That’s why I have chosen to be involved in leadership at PSAR. And may I encourage you to also get involved.

Let me take this opportunity to share with you a few of the reasons why I’m involved at PSAR as president elect, and hopefully you will commit to join us since this year’s 2019 theme for PSAR is “Salute to Service.”

Being involved in PSAR means I am included in moving us forward as an organization and helping us make a positive impact on REALTORS® and homeowners. I don’t just hope that things will happen. To me, hope is just a passive way of not getting things done.

My decision to volunteer at PSAR was based on more than just making a living. Rather, we are here on earth to enrich the world and help enable people to live better lives, with a greater vision towards progress. I’ve seen that people who are crazy enough to think they can change the world are usually the ones who do.

Also, I’m involved at PSAR because I can encourage and empower leadership. To me, leadership is an action, not a position. I strive to become the kind of leader with whom people want to march alongside. The greatest leaders are not necessarily the ones who have the answers but they’re the ones who get other people to join together to create positive impacts on the world we live in. There are many committees to join. Find something that appeals to you, where you can experience this synergy, and go for it.

Being involved in PSAR also means I get to help shape public policy. Wishful thinking is not sound policy. Instead, shaping policy means being part of the conversation that ultimately helps people share in the American dream.

I’m also involved at PSAR because there are many opportunities to give back to the community Alone, we can do so little; but together, we can do so much more. Supporting our community means we can bring people together to advocate and support each other. As human beings, we need a sense of belonging, which connects us to our community. Without a sense of caring there can be no sense of community. Achievement depends on a community of people working together.

Don't wait until everything is just right before getting involved with PSAR because it will never be perfect. There will always be challenges, obstacles and less than perfect conditions. So what? Get started now. Trust yourself, you know more than you think you do. Your life changes the moment you make a committed decision to get involved. Choices are the open doors to your destiny. Life is a matter of choices and every choice makes you.

At PSAR, we are moving forward as an organization. We empower our member. We are improving as an organization. So, join us and get involved. Everybody can do great things because anybody can serve. In a sense, volunteering is the ultimate exercise in democracy. You might vote in elections once a year, but when you volunteer, you vote every day about the kind of community you want to live in and Association of REALTORS® that you want to belong to.

Topics: Leadership

PSAR making a difference with granny flat regulations

Posted by Rick Griffin on Mar 1, 2019 5:00:17 PM

adu

Congratulations to members of the PSAR Governmental Affairs Committee. Their recent efforts were rewarded this past week with two major victories before the La Mesa City Council on Feb. 26 and the San Diego County Board of Supervisors on Feb. 27.

On the dockets of both governmental bodies was the hot topic of Accessory Dwelling Units (ADUs) and Junior Accessory Dwelling Units (JADUs), commonly referred to as “granny flats.”

PSAR is in favor of property owners who want to expand the use of their property by building granny flats on lots with existing homes as a way to address the region’s housing supply and affordability crisis.

Granny flat units, typically smaller than standard homes, are second homes built on the same lot as an existing single-family house. Often, these secondary units are constructed by homeowners in backyards or above garages of single-family residences. They can be used for family members or rented out as a source of income for homeowners.

Granny flats also represent perhaps the easiest and quickest way to provide additional affordable housing options to local residents. When it comes to housing that will help all of San Diego, PSAR is in favor of making the ADU regulations more streamlined so homeowners can cut through the thick red tape of processing the construction of new, smaller rental units.

Current state regulations allow granny flats to be up to 1,200 square feet in size. They can be attached to, or built separate from, full-sized homes on the same parcel. They can include kitchens, bathrooms, living areas and private entrances. They cannot be sold as individual homes, but they can be rented out by homeowners or used to provide additional living space for family members, friends, students, the elderly, the disabled or in-home health care providers. Properties must meet all zoning requirements, such as setbacks that meet fire safety and building codes.

Speaking at the recent La Mesa City Council meeting on behalf of PSAR were Robert Calloway, 2019 PSAR President, Rebecca Pollack-Rude, co-chair of the PSAR Governmental Affairs Committee and Tracy Morgan Hollingworth, PSAR’s Government Affairs Director. Before a packed Council chamber, the La Mesa Council members were considering changes to simplify their secondary unit ordinance.

With the approval of PSAR, the La Mesa City Council unanimously adopted on first reading the following ADU guidelines (all of these were recommended by PSAR):

-- Allow ADUs to be built on any property with an existing single-family home or where a single-family home is permitted to be built.

-- Allow ADUs on properties with existing duplexes.

-- Preserve historical resources by requiring ADUs to be behind any historic properties.

-- Allow ADUs to be up to 1,200 square feet, regardless of the size of the primary.

-- No requirements to record covenants on property associated with ADUs.

-- No expensive dedication of right of way improvements for properties investing in ADUs.

-- Streamlined ministerial approval, including in overlays areas that usually require discretionary review.

Robert, Rebecca and Tracy told La Mesa City Council members that ADU development will encourage property owners who want to better utilize their homes in order to provide living quarters to students, seniors and others on fixed incomes who want a decent place to live.

La Mesa’s new set of regulations for granny flats will, in some cases, make the city’s rules more lenient than state requirements. A second reading for La Mesa’s ordinance will be heard March 5 before the new rules will take effect 30 days later.

A second victory this past week occurred at the February 27th Board of Supervisors meeting. The Supervisors were considering similar changes to conform to the state law in order to pave the way for more ADUs. The Board was considering a requirement for their ADU code to require owner occupancy for one of the buildings on a lot, which PSAR was recommending against.

Fortunately, the good news is that the Supervisors decided to remove the owner-occupancy requirement following testimony from PSAR’s Tracy Morgan Hollingworth.

Tracy said both La Mesa and County officials were grateful for PSAR’s assistance and guidance on their ADU policy decisions. In both instances, it was a victory to provide more housing at what could be an affordable price and provide seniors and families additional income to make ends meet from ADU unit rentals.

PSAR will work with both La Mesa and the County to help homeowners know how to process ADU units in local workshops so homeowners can bring their ideas to local government officials and see if their property can accommodate a new ADU.

 â€śI’m very proud that both government bodies went with our recommendations,” said Robert Calloway, PSAR President. “I don’t know of any other local real estate organization that gave their support to these local jurisdictions.”

“I am proud of be part of PSAR and the role we played with the ADU ordinances,” said Ditas Yamane, co-chair, Governmental Affairs Committee. “ADUs are smart growth tools for providing access to more affordable housing. They’re part of the solution in response to changing households. Removing ADU regulatory barriers is a benefit to our entire community. There is a housing crisis going on and we cannot look away.”

“There is not much build-able land in La Mesa and ADUs are  a good fit to help the housing crisis and keep San Diegans in San Diego and not moving out of the state,” said Rebecca Pollack-Rude, co-chair, Governmental Affairs Committee.  

PSAR members also have worked closely with the City of Chula Vista to reduce ADU fees and streamline their regulations. In January 2019, the County Board of Supervisors voted to waive fees for homeowners building accessory units on their property. Last May, the City of San Diego voted unanimously to slash ADU granny flat building fees by more than 60 percent.

Topics: Education, Industry

Home Sales in California Fall to Lowest Level in Over 10 years, says C.A.R.

Posted by Rick Griffin on Feb 22, 2019 2:23:31 PM
Chart for 411 - Feb 22 (1)

California home sales fell to the lowest level in more than 10 years in January 2019, according to the latest housing market report for home sales and prices from the California Association of REALTORS® (C.A.R). Housing demand in the state remained subdued for the ninth consecutive month in January as economic and market uncertainties sent home sales to their lowest level since April 2008, said C.A.R.

Existing, single-family home sales statewide totaled 357,730 in January on a seasonally adjusted annualized rate, down 3.9 percent from the revised 372,260 in December and down 12.6 percent from January 2018 of 409,520. January marked the ninth consecutive month of decline and the sixth month in a row that sales were below 400,000, dipping to the lowest level since April 2008.

Sales in San Diego in January 2019 were down 17 percent from December and 10 percent lower from January 2018, according to C.A.R.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 357,730 units in January, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2019 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“California continued to move toward a more balanced market as we see buyers having greater negotiating power and sellers making concessions to get their homes sold as inventory grows,” said C.A.R. President Jared Martin. â€śWhile interest rates have dropped down to the lowest point in 10 months, potential buyers are putting their homeownership plans on hold as they wait out further price adjustments.”

C.A.R. said the statewide median home price declined to $538,690 in January 2019, which was down 3.4 percent from $557,600 in December and up 2.1 percent from a revised $527,780 in January 2018.  

In San Diego County in January 2019, the median home price was $610,000, which was 1.4 percent lower than the $618,500 figure for December 2018 and 3.4 percent higher than the $590,000 figure for January 2018.

“While we expected the federal government shutdown during most of January to temporarily interrupt closings because of a delay in loan approvals and income verifications, the impact on January’s home sales was minimal,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. â€śThe decline in sales was more indicative of demand side issues and was broad and across all price categories and regions of the state. Moreover, growing inventory over the past few months has not translated into more sales.”

Other key points from C.A.R.’s January 2019 resale housing report included:

-- The median number of days it took to sell a California single-family home rose from 27 days in January 2018 to 37 days in January 2019, compared to 32 days in December 2018. Meanwhile, in San Diego County, the median number of days a home remained unsold on the market rose from 21 days in January 2018 to 28 days in January 2019, compared to 27 days in December 2018. 

-- Statewide active listings rose for the 10th consecutive month in January after nearly three straight years of declines, increasing 27 percent from the previous year. All major regions recorded an increase in active listings, with the Bay Area posting the highest increase at 57 percent, followed by Southern California (29.7 percent), Central Valley (19.5 percent) and the Central Coast (14.5 percent).

-- The Unsold Inventory Index (UII), which is a ratio of inventory over sales, increased year-to-year from 3.6 months in January 2018 to 4.6 months in January 2019. The index measures the number of months it would take to sell the supply of homes on the market at the current sales rate. The jump in the UII from a year ago can be attributed to the double-digit sales decline and the sharp increase in active listings.

-- Forty of the 51 counties reported by C.A.R. posted a sales decline in January with an average year-over-year sales decline of nearly 19 percent. Twenty-eight counties declined by double-digits on an annual basis, and 10 counties experienced an increase in sales from a year ago.

-- The 30-year, fixed-mortgage interest rate averaged 4.46 percent in January, up from 4.03 percent in January 2018, according to Freddie Mac. The five-year, adjustable mortgage interest rate also increased in January to an average of 3.91 percent from 3.47 from January 2018.

In other recent real estate and economic news, according to news reports:

-- A new LendingTree report found that 63 percent of homebuyers in San Diego County last year shopped around for a mortgage before settling on a home. The report also found that just 39 percent of the buyers had good or excellent credit, and the typical down payment was 12 percent of the purchase price. LendingTree ranked the 50 largest metropolitan areas in the U.S. based on an average of the city’s rank in three categories that contribute to the competitiveness of homebuyers in an area. Based on shopping for a mortgage, credit and the down payment percentage, Denver, Los Angeles, and Portland, Ore., have the most competitive buyers in the country. Buyers in these areas have higher than average credit scores and the ability to put down a larger down payment.

-- San Diego's Real Housing Price Index declined at the fifth fastest rate nationwide in November 2018 at 0.1 percent, according to First American Financial Corp. While the decline may seem marginal, the rate of that drop was exceeded only by San Jose (with a 0.7 percent decline), Boston (0.4 percent), Portland, Ore. (0.2 percent) and Pittsburgh (0.2 percent). Seattle tied San Diego with a 0.1 percent decline. 

-- According to S&P CoreLogic Case-Shiller, San Diego’s home prices rose 3.32 percent in 2018, the third slowest of the 20 cities covered by the index. National home prices were up 5.2 percent in a year, with Las Vegas leading the pack with a 12 percent gain.

-- According to a Zillow report, San Diego County experienced the third-highest year-over-year jump in housing inventory in the U.S. in January. Zillow said San Diego saw its year-over-year “for sale” inventory climb 31.9 percent in January to 9,810 units. Inventory has increased the most in five West Coast markets, giving home shoppers more options and ever-so-slowly tilting the market toward buyers, Zillow said. On an annual basis, inventory grew 42.9 percent in San Jose, 36.9 percent in Seattle, 29.1 percent in Los Angeles and 25 percent in San Francisco.

-- Also according to Zillow, a declining percentage of existing homes have been selling above the asking price nationally and San Diego County is no exception. Zillow found that just 17.4 percent of existing homes in San Diego County sold above their asking price in November 2018, and just 16.4 percent sold above their asking price in December 2018. An average of 29.9 percent of existing homes sold above their asking price in San Diego County in 2017, while that number dropped to 25.7 percent in 2018, Zillow said.

-- According to Redfin, San Diego County was the third least affordable housing market in the U.S. for millennials in 2018. While the median household income for a San Diego millennial was $78,433, the median priced home was only affordable to 24.3 percent of those households, Redfin found.

-- Also according to Redfin, home affordability is declining in San Diego despite more inventory. Redfin reported there were 10 percent more homes for sale in San Diego County in 2018 compared to 2017, but the number of affordable homes for sale fell 16 percent. The number of homes affordable to a San Diego household earning the median income in 2018 dropped to 22 percent. Redfin also said more users conducted online searches for San Diego homes than searches by local residents for homes outside the county in 2018.

-- Quinnipiac University's recent California-specific poll, conducted Jan. 30 to Feb. 4, recently found that 43 percent of the 912 Californians surveyed said they don’t make enough money to live in the state. Also, Quinnipiac found that well over half of younger California voters, 61 percent of the respondents 18 to 34 years old, say they can’t afford to live in the Golden State.

-- The U.S. unemployment rate has dropped to 3.7 percent, the lowest in nearly 50 years, according to the Bureau of Labor Statistics. Also, average earnings rose 8 cents, to $27.24 per hour in September 2018.

Topics: Education, Market Information, Industry