Welcome to the online edition of our new newsletter, Housing Deconstructed. We'll drop a new edition every Thursday, focusing on all the housing news you need to know from the Bay Area and beyond.
The newsletter launches on Sept. 15, but you can get a sneak peek here of what to expect. Sign up now to get it delivered right to your email inbox each week!
The latest
Here's a unique approach to a housing dilemma. The Milpitas Unified School District is worried about losing more teachers this year due to the high cost of housing in the area. Their solution? They sent out a plea to parents asking if they have available rooms to rent in their homes. NBC Bay Area's Damian Trujillo reports.
So, we're basically in a housing recession at this point, right? The assumption for many is that it will drive sales prices down. Unfortunately for would-be buyers though, the National Association of Realtor's chief economist says this housing recession won't really bring prices down nationwide. However, he does hedge that some markets, like the Bay Area, could be a different story -- although he warns "those price drops will be very short in duration." The full story here from CNBC.
Are Bay Area home values overvalued? Or are we just paying more because so many folks want to live here and there aren't enough homes to meet demand? Housing market experts predict that some parts of the country could see prices drop by as much as 20%. But could that possibly happen in the Bay Area? NBC Bay Area's Audrey Asistio looked into this so-called housing correction and what can be expected for buyers and sellers. Watch her numbers breakdown here.
California is facing a real housing shortage. So what is our state legislature doing about it? Well, lawmakers are now backing a pair of bills aimed at opening up commercial land for residential development, reports The Associated Press. They say the state needs to build about 310,000 new housing units per year over the next eight years to make up for the shortfall. Read the full story here.
Historic People's Park in Berkeley is at the center of a contentious debate. An appeals court stay has put a halt on UC Berkeley's plans to build much-needed housing for students at the famed site, reports The Associated Press. “People’s Park has been a powerful symbol of resistance against government oppression, but it has since become a symbol of something else entirely: our failure as a region to respond to the housing crisis," Councilmember Rigel Robinson said. “The time has come to turn the page." Full story with opinions from both sides of the debate here.
Want to save some serious money on energy on a new home? You might want to consider moving to Austin, Texas. It's home to the first-ever large scale housing development to be heated and cooled by geothermal technology. That's right -- geothermal. The homes, built atop an enormous grid, will save new homeowners 80 percent on energy costs. Read the full story in CNBC's Money Report.
Carpentry, landscaping and other small businesses are feeling the pinch of the slowing housing market. Take into consideration that the average rate of a 30-year mortgage was 2.87% a year ago and today it's 5.55% according Freddie Mac. That, coupled with inflation and a down housing market, is putting the squeeze on sellers and new homebuyers alike from spending money on home improvements, reports The Associated Press.
Housing on wheels
After years of renting, Amber and Jaylyn Bush grew tired of paying for housing they would never own. Now, they travel the country in their RV with their child. "Instead of $2,600 a month going into a home that we would never own, that $2,600 a month instead went towards a truck payment, RV payment, our RV site spot where we stayed, and then the rest would go to saving," Amber says. CNBC breaks down their finances and explains how they make it work.
Tired of being priced out of the Bay Area's overwhelmed housing market? So is Evan Fu. The 26-year-old has been living in his converted van full time for more than two years, documenting his journey on YouTube with an account that now has tens of thousands of subscribers. NBC Bay Area investigative reporter Candice Nguyen talked to Fu and takes us on a tour of his unique van life. Watch her full report here. You can also watch our Investigative Unit's four-part series on California’s housing crisis, "Overpriced, Overwhelmed, Over it!" online here.
In-depth
Are short-term rentals, such as Airbnbs, causing housing shortages? New data and maps show how short-term rentals are affecting rents and housing in major U.S. cities. Big cities like San Francisco and Los Angeles have long had laws on the books regarding short-term rentals, yet, data shows, those big cities are still grappling with the long-term impact of STRs. Check out our in-depth look here.
By the numbers
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