1. 2017 Housing Market Perspectives
Rancho Southeast AOR
March 28, 2017
Leslie Appleton-Young, Chief Economist

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4. Your mortgage resource to help with any of your mortgage, lending and financing issues and questions.

5. Post-Election Outlook

6. Full Disclosure
REALTOR® Party – Policy is viewed through the lens of Realtor business success & homeownership
Powerful alliance of REALTORS® and REALTOR® Associations working to protect and promote homeownership and property investment.
The REALTOR® Party speaks with one voice to advance candidates and public policies that build strong communities and promote a vibrant business environment.

7. Truth Market/Politics/Rates/Policies/Regulations are not YOUR Destiny
There will be enough sales in 2017 for EVERYONE here to have a great year

8. Social Media & You

9. Do you plan to leave the country if…?

10. Reasons for Optimism

11. Stock Market All-Time High (Until Last Week)
S&P 500
Feb 2017:
Dow Jones
Feb 2017:
NASDAQ
Feb 2017:
SERIES: S&P 500 Composite, DJIA 30 Industries Price Daily Close, NASDAQ Composite
SOURCE: Standard & Poor, Six Financial lnformation

12. Consumers More Confident
February 2017: 114.8
SERIES: Consumer Confidence
SOURCE: The Conference Board

13. Fiscal Policy: Economic Stimulus & Tax Reform

14. Infrastructure Spending
$550 Billion in infrastructure investments over 10 years -- “Rebuild our highways, bridges, tunnels, airports, schools, hospitals.”
GDP higher… at least short-term
Job growth
More housing demand
Upward pressure on housing prices

15. Tax Reform: Key Components
Reduction in tax rates: Individual 39.5% to 33%
Drop from 7 tax brackets to 3 (12%, 25%, 33%)
Corporate tax rate from 35% to15%
Eliminate the federal estate and gift taxes
Repeal personal exemptions
Cap itemized deductions
Increase Standard Deduction
Border Adjustment Tax (BAT)

16. Longer term impacts More demand + full employment means inflation
Tax cuts + more spending increase deficits
More inflation + larger deficits raise rates
Economy gets a boost
Good for housing over the short run
Faster economic growth, more jobs, more demand
But…
Policies could exacerbate our affordability problems
Supply constraints can’t be overstated
Also looking at more inflation & higher rates
Smaller incentive (MID) also threaten ownership

17. Reasons for Concern

18. Trade Policy – Trade Wars?

19. Trade Policy: Lots of uncertainty
Proposed Changes:
Withdraw from the Trans-Pacific Partnership (TPP)
Boarder Adjustment Tax/Tariffs
Tax imports from Mexico
Increase tariffs on Chinese imports
Renegotiate NAFTA
Results:
Consumers pay higher prices on imported goods
Could impact housing demand locally
Lots of logistics & import/export jobs in the region
Boarder Adjustment Tax:
Companies that sell imported product will be taxed.
Boarder adjustment will increase demand for export and reduce demand for import.
There will be immediate impact. There will be immediate foreign exchange impact as well if we have immediate calibration. But most economists believe the calibration will not be immediate as there are existing contracts in place
Exchange rates are affected by trade, but also by many other factors. As such, the change to exchange rates due to the boarder adjustment tax will not take into effect immediately.
Gas and food are highly elastic and the increase in cost will likely pass on to consumers
Pressure on profit margin could be substantial and we could see consolidation of firms.
Reduce in import and increase in export will initially boost US output, but long term impact is less clear as our trading partners will retaliate accordingly.
Apparel and furniture industries will be negatively impacted the most

20. CA: 20% workers in Trade, Trans & Utilities
A key driver of the state's $2.4 trillion economy is international trade and its related goods movement activities.  The Trade, Transportation and Utilities Sector (20% of all California workers) is the most closely dependent on goods movement.  In the Manufacturing Sector more than one-fifth (21.9%) of the workers directly depend on exports for their jobs.  Overall, manufacturing contributed over 10% of the state's GDP and provided 8.1% of all jobs in the state in 2015.

21. Regulatory Reform: Dodd- Frank Fannie & Freddie

23. Changes to Dodd-Frank: Wall Street Reform and Consumer Protection Act
Banks are lending
Commercial & Industrial Loans +77% since 2010
Bank profits soaring
Household debt on 3 year upswing
Will loosen lending standards & increase mortgage options
Lower credit score requirement (still need about 726) FICO
Less onerous capital requirements on banks
Community banks could use some relief
Could open up private mortgage financing
GSEs have been dominating this cycle

24. Commercial and Industrial Loans Continue to Climb

25. Household Debt Rising Since 2013

26. U.S. Depository Institutions: Excess Reserves Declining From 2014 High

27. Future of Fannie & Freddie Uncertain
Mixed Signals
Treasury Sec Mnuchin came out early saying “Privatize”
Backed off privatization during confirmation hearings
Reform may not move forward in the next four years
How does this stack up with other priorities?
MBA, others don’t think it makes the short list
Could significantly increase the cost of borrowing
Moody’s estimated increase from basis points

28. Macro Economic Outlook

29. How are we doing?

30. GDP: ‘16 Slowest in 5 years; Below 3% for 11 years
2016: 1.6%; 2016 Q4: 1.9%
ANNUALLY
QUARTERLY
2009 Largest Annual Drop since 1946 (-2.8%)
SERIES: GDP
SOURCE: US Dept. of Commerce, Bureau of Economic Analysis 30

31. CA Job Growth Faser than U.S. 5+ Years
SERIES: Total Nonfarm Employment
SOURCE: US Bureau of Labor Statistics, CA Employment Development Division

32. U.S. Non-farm Jobs Added Recession Job Losses: 8.6 million
Since Jan’10: million
in more formatting options : 1 month net change
Also in US Nonfarm Employment.xls, column I.
SERIES: Employment Growth
SOURCE: US Bureau of Labor Statistics 32

33. Job Trends by California Metro Area
February 2017: CA +1.9%, +303,000 (YTY)
Source:
SERIES: Total Nonfarm Employment
SOURCE: CA Employment Development Division

34. California Job Changes by Industry
February 2017: CA +1.9%, +303,000 (YTY)
Source:
SERIES: Total Nonfarm Employment By Industry
SOURCE: US Bureau of Labor Statistics, CA Employment Development Division

35. Unemployment Rates (U6 vs. U3)
February 2017 = U3: 4.7%, U6: 9.2%
SOURCE:
U3: Total unemployed, as a percent of the civilian labor force (official unemployment rate)
U6: Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force
SERIES: Unemployment Rates
SOURCE: US Bureau of Labor Statistics, CA Employment Development Division

36. Unemployment rate by California Metro Area
February 2017: California 5.0%
Source:
SERIES: Total Nonfarm Employment
SOURCE: CA Employment Development Division

37. Crude Oil Prices SOURCE:
SERIES: Crude Oil Prices: West Texas Intermediate
SOURCE: U.S. Energy Information Administration

38. Consumer Price Index February 2017: All Items 2.8% YTY; Core +2.2% YTY
“Core Inflation” is All Items Less Food and Energy
The CPI data is seasonally adjusted.
SOURCE:
Go to
First choose "All Items." "Monthly" and "Yr/Yr%" series.
Then find "All items less food and energy" towards the bottom of the CPI list. Do the same as above.
SERIES: Consumer Price Index
SOURCE: US Bureau of Labor Statistics

39. Mortgage Rates: Surged after the Election But Stabilized in Recent Weeks
January 2010 – March 23, 2017
MONTHLY
WEEKLY
Monthly from 2009 to present, weekly for the past 8 weeks
SERIES: 30Yr FRM, 5Yr ARM
SOURCE: Freddie Mac

40. Recent Housing Market Trends

41. 2017 Sales off to a Good Start
Feb Sales: 400,500 Units, +4.7% YTD, +4.9% YTY
Feb-16: 381,770
Feb-17: 400,500
Peak:624,957 units in 2005
Valley:189,345 units in 1982
2012 annual sales up 4.3% from 2011
2011 annual sales up 1.4% from 2010
2010 annual sales down 12.3% from 2009
2009 annual sales up 24.5% from 2008
2008 annual sales up 30.4% from 2007
2007 annual sales down 33.4% from 2006
2006 annual sales down 23.8% from 2005
2005 annual sales up 0.8% from 2004
2004 annual sales up 3.8% from 2003
2003 annual sales up 7.6% from 2002
2002 annual sales up 14.1% from 2001
2001 annual sales down 4.7% from 2000 YTD
2000 annual sales up 1.4 from 1999
1999 sales up 7.3% over 1998
10/93: 41.0
Consumer Confidence
01/00:
03/03: 63.0
5/07: 128.4
2/09: 23.9
SERIES: CA Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
*Sales are seasonally adjusted and annualized

42. SoCal Home Sales: 2/17 v 2/16 SERIES: Sales of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

43. SoCal Sales: Inventory & Affordability
SERIES: Sales of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

44. CA: Home Sales Lagging Population Growth
Existing Home Sales (SFH, Condo/Townhomes)
Population (000)
SERIES: Sales of Existing Homes, CA Population
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®, Moody’s Analytics, Census Bureau
*Sales are seasonally adjusted and annualized

45. Mid-Single Digit Price Gains
California, February 2017: $478,790, -2.2% MTM, +7.6% YTY
Feb-16: $444,780
Feb-17: $478,790
SERIES: Median Price of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

46. So Cal Median Prices SERIES: Median Price of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

47. Price Per Square Foot – Same Story
February 2017: $241, Up 0.8% MTM, Up 5.3% YTY
Feb-17: $241
Feb-16:
$223
SERIES: Median Price Per Square Feet of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

48. Peak vs. 6/16: Southern California
SERIES: Median Price of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

49. Peak vs. 6/16 Median: Central Valley
SERIES: Median Price of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

50. Peak vs. 6/16 Median: Bay Area
SERIES: Median Price of Existing Detached Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

51. Low Inventory Still With Us
Feb. 2016: 4.7 Months; Feb. 2017: 4.0 Months
Range since 1988:
Low: 1.3 months in April 2004
High: 18.8 months in Feb 1991
Long-run average: 6.9 months
Note: “Unsold Inventory Index” represents the number of months it would take to sell the remaining inventory for the month in question. The remaining inventory for the month is defined as the number of properties that were “Active”, “Pending”, and “Contingent” (when available) and divide the sum by the number of “Sold” properties for the month in question.
SERIES: Unsold Inventory Index of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

52. Inventory Tightest in the Bay Area
4.3
3.7
3.0
Note: “Unsold Inventory Index” represents the number of months it would take to sell the remaining inventory for the month in question. The remaining inventory for the month is defined as the number of properties that were “Active”, “Pending”, and “Contingent” (when available) and divide the sum by the number of “Sold” properties for the month in question.
SERIES: Unsold Inventory Index of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

53. 52% Multiple Offers: Competitive Market
SERIES: 2016 Housing Market Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

54. Investors Slightly Less Interested
Demand for Investment Properties remained at the Lowest level since 2009
SERIES: 2016 Housing Market Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® 54

55. International Buyers Dropping
The share of international buyers dropped to the lowest level in 9 years
Q. Was the buyer an international buyer – a person who was a citizen of another country who wished to purchase residential real estate in the U.S.?
SERIES: 2016 Housing Market Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

56. Los Angeles County

57. L.A. Economy Expected to Grow Faster in 2017
Long Run Average: 11,468
In 2016, real GDP in Los Angeles County grew at 2.2 percent, a slowdown from the prior year when the economy grew by 3.6 percent. However, this year’s growth was faster than the national rate of growth. Real GDP growth is expected to be 2.7 percent for the next two years, also outpacing the nation.
SERIES: Real GDP Los Angeles County
SOURCE: BEA, LAEDC

58. L.A. Unemployment Rate Continues to Decline
SERIES: Unemployment Rate, Los Angeles County
SOURCE: BEA, LAEDC

59. Personal Income Remains on an Upward Trend
Personal income in Los Angeles County has been rising, posting consecutive year-over-year increases since In 2015, personal income totaled $544.3 billion, is predicted to reach $557.4 billion in 2016, and is forecast to continue its growth pattern reaching $610.0 billion in 2018.
In addition to total personal income, real per capita income has also been rising since 2013, reaching $48,840 in 2015, predicted at $48,790 in 2016, and forecast to increase to $51,610 in 2018.
SERIES: Personal Income and Per capita income, Los Angeles County
SOURCE: BEA, LAEDC

60. Household Formation rebounding
Long Run Average: 11,468
SERIES: Household Formation, Los Angeles County
SOURCE: California Department of Finance, E5 Housing Estimates

61. Long Beach

62. Long Beach Sales Down17.7% YTD
Long Beach, February 2017: 99 Units +0.9% 2016, -17.7% 2017 YTD, -22.7% YTY
SOURCE: Clarus Market Metrics 62

63. Long Beach Median Price + 8 % YTY
Long Beach, February 2017: $600,000 Up 0.8% MTM, Up 8.0% YTY
SOURCE: Clarus Market Metrics 63

64. Long Beach Inventory Off 25% YTD
Long Beach, February 2017: 435 Units -6.5% 2016, -24.6% 2017 YTD, -26.5% YTY
Note: “For Sale Properties” represents the overall supply that exist throughout the entire month, including any listings that appear as “Active” any point in time during the month.
SOURCE: Clarus Market Metrics 64

65. Cerritos

66. Cerritos Sales Down 11.4% YTD
Cerritos, February 2017: 16 Units +3.6% 2016, -11.4% 2017 YTD, +14.3% YTY
SOURCE: Clarus Market Metrics 66

67. Cerritos Median Price + 13.1% YTY
Cerritos, February 2017: $742,500 Up 9.2% MTM, Up 13.1% YTY
SOURCE: Clarus Market Metrics 67

68. Cerritos Inventory Off 28% YTD
Cerritos, February 2017: 53 Units -6.8% 2016, -28.2% 2017 YTD, -13.1% YTY
Note: “For Sale Properties” represents the overall supply that exist throughout the entire month, including any listings that appear as “Active” any point in time during the month.
SOURCE: Clarus Market Metrics 68

69. South Gate

70. South Gate Sales Flat YTD 2017
South Gate, February 2017: 12 Units +6.5% 2016, 0% 2017 YTD, -14.3% YTY
SOURCE: Clarus Market Metrics 70

71. South Gate Median Price + 12% YTY
South Gate, February 2017: $395,000 Up 0.6% MTM, Up 11.9% YTY
SOURCE: Clarus Market Metrics 71

72. South Gate Inventory Off Sharply -37% YTD
South Gate, February 2017: 52 Units +3.7% 2016, -37.2% 2017 YTD, -35.0% YTY
Note: “For Sale Properties” represents the overall supply that exist throughout the entire month, including any listings that appear as “Active” any point in time during the month.
SOURCE: Clarus Market Metrics 72

73. Achieving Homeownership in California

74. Homeownership Rate 50 Year Lows
SERIES: Homeownership Rate (%)
SOURCE: U.S. Census Bureau, Housing Vacancy Survey (HVS)

75. Real Estate is Still Considered the Best Long Term Investment
SOURCE: Gallup

76. Nearly ½ Renters Plan to Buy a Home
When do you plan to buy your next home?

77. 55% of Renters Preparing to Buy a Home
Other: Improved credit score, Saved, visited open houses
Have you made any of the following preparations to buy a home? Please select all that apply.

78. 69% of Millennial renters would buy with low-down
SERIES: 2016 Generations / Millennials Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
If You knew you could qualify with lower down-payment, would you start to look for a house?

79. Only 19% Know about FHA Loans
SERIES: 2016 Generations / Millennials Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
FHA backed loans only require a 3.5% down-payment.

80. Has Student Debt Delayed Decisions to Move?
% of Loan borrowers
In April 2016, SALT® distributed a 33 question survey written by NAR and SALT® to 75,000 student loan borrowers who are currently in repayment. A total of 3,230 student loan borrowers completed the survey. The survey had a response rate of 4.3 percent.
SERIES: 2016 Student Loan Debt and Housing Report
SOURCE: National Association of Realtors®

81. Supply & Affordability: Connecting the Dots

82. Affordability Crisis SERIES: Housing Affordability Index
SOURCE: California Association of REALTORS®

83. “Missing” 62,000 New Units Annually
2016: 98,881 (47,889 sf, 50,992 mf) 2017f: 102,712 (51,720 sf, 50,992 mf )
Household Growth:
165,000/yr.
SERIES: California New Housing Permits
SOURCE: Construction Industry Research Board

84. Most Underbuilt Counties in California
SOURCE: California Employment Development Department, Construction Industry Research Board

85. The median income in Oakland is $47,000, which translates to $1,175/month for rent, but the average monthly rent in Oakland is $3,000. 

86. Austin: 70% Raleigh: 40% Portland: 30%

87. Today the Nation’s Best Performing Cities Are Everywhere
Milkin Institute Annual Report 2016

88. Source: Milken Institute.

89. Top Ten Best-Performing Large Cities
San Jose-Sunnyvale-Santa Clara, CA, repeats as the top-performing large metro in the nation. The Top 6 large metros in our 2016 rankings repeated from last year, and the most that any of them shifted was two places. All have major tech sector clusters and high rates of entrepreneurship. In all, 19 of last year’s Top 25 metros made the cut in Metros with competitive advantages in professional and technical services are experiencing the most robust advances. This includes a broad array of technology services sectors, such as scientific research and development; architecture and engineering; computer systems design and related services; specialized design; and technical consulting. Metros with a high concentration of these tech services and strong climates for entrepreneurship are among the leaders in the 2016 Best-Performing Cities.
A key source of weakness around the nation has been the sustained collapse in oil prices, which has caused a massive retrenchment in shale oil exploration activity and overall drilling investment. Regions that experienced a burst of economic growth from 2010 through 2014 amid high oil prices and shale oil drilling exploration have seen a dramatic deceleration since then, with several experiencing declines in employment. Even Houston, the top oil and gas cluster in the nation, while not a site of shale-related exploration, has experienced a significant economic slowdown because of the energy industry’s high interdependence.
Source: Milken Institute.

90. Top Ten Best-Performing Small Cities
Source: Milken Institute.

91. Lack of Turnover: Causes and Consequences Prediction: In 5 Years CA Will be a Majority Renter State

92. Where is the Inventory?
Long-Time Homeowners are not moving as in the past
Low rate on current mortgage
Low property taxes
Capital gains hit
Where can I afford to go?
Could not qualify for a mortgage today
Remodel and stay
Are we headed for the “European Model” where children inherit the home of their parents?
One more thing…Secular decline in marriage

93. Fewer Units Turning Over Since the Great Recession
Housing Turnover Rate
(Single-Family Homes only)
SERIES: Percent of existing single-family homes being sold
SOURCE: Census Bureau, American Community Survey, Moody’s Analytics, C.A.R.

94. Years Owned Before Selling: Historic Highs
SERIES: 2016 Housing Market Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

95. Boomers Not Moving as Often
71% of Californian’s aged 55+ haven’t moved since 1999
SERIES: Distribution of Home Ownership by Year Moved In
SOURCE: U.S. Census Bureau, 2013 American Housing Survey

96. Owners Investing in Staying Put ?
Another angle on low turnover—reinvesting in your current home for the long haul so you don’t have to move. The value of residential alterations/additions permits in California is at an all-time high through the first 7 months of 2016 compared with the first 7 months of any other year ever. Also accelerating this year—up 16% over last year and the strongest growth for the series this cycle.
SOURCE: California Homebuilding Foundation (CHF)/Construction Industry Research Board (CIRB)
Downloaded from Moody’s Analytics

97. California’s Single-Family Housing Stock
SOURCE: U.S. Census Bureau, Annual Social and Economic Supplement (ASEC) to the Current Population Survey (CPS)
Downloaded from the National Bureau of Economic Research (NBER)

98. More Single Family Units Now Rentals
Potentially between 400,000 and 700,000 SF Rentals that Used to be Owner-Occupied
SOURCE: U.S. Census Bureau, Annual Social and Economic Supplement (ASEC) to the Current Population Survey (CPS)
Downloaded from the National Bureau of Economic Research (NBER)

99. Most Have Equity in their Home
Do you have equity in your home?
SERIES: 2016 Baby Boomer Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

100. Majority Do Not Plan to Sell Home When they RetireQ8
Do you plan to sell your current home when you retire?
SERIES: 2016 Baby Boomer Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

101. Do you worry about your children not having the same opportunities to succeed as you did?
Q20
Do you worry about your children or grandchildren not having the same opportunities to succeed as you did?
SERIES: 2016 Generations / Boomer Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

102. Time to talk: ¾ Plan or Have Already Helped Children with Down Payment
Q21
SERIES: 2016 Generations / Boomer Survey
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Are you planning to provide help for your children to buy a home by contributing to their down payment or mortgage payments?

103. The Forecast

104. U.S. Economic Outlook 2011 2012 2013 2014 2015 2016p 2017f US GDP 1.6%
2.2%
1.7%
2.4%
2.6%
2.1%
Nonfarm Job Growth
1.2%
1.9%
1.8%
1.3%
Unemployment
8.9%
8.1%
7.4%
6.2%
5.3%
4.9%
4.7%
CPI
3.1%
1.5%
0.1%
1.4%
Real Disposable Income, % Change
2.5%
3.2%
-1.4%
2.7%
3.4%
3.0%
30-Yr FRM
4.5%
3.7%
4.0%
4.2%
3.9%
3.6%
4.4%
SERIES: U.S. Economic Outlook
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

105. California Economic Outlook
2011
2012
2013
2014
2015
2016p
2017f
Nonfarm Job Growth
1.1%
2.4%
3.0%
2.2%
2.7%
2.3%
1.9%
Unemployment Rate
11.8%
10.4%
8.9%
7.5%
6.2%
5.5%
5.4%
Population Growth
0.7%
0.9%
1.0%
Real Disposable Income, % Change
3.5%
4.7%
-1.1%
3.2%
3.6%
4.5%
SERIES: CA Economic Outlook
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

106. California Housing Market Outlook
2011
2012
2013
2014
2015
2016
2017f
SFH Resales (000s)
422.6
439.8
414.9
382.7
409.4
416.3
419.6
% Change
1.4%
4.1%
-5.9%
-7.8%
7.0%
1.7%
0.8%
Median Price ($000s)
$286.0
$319.3
$407.2
$446.9
$476.3
$502.3
$525.4
-6.2%
11.6%
27.5%
9.8%
6.6%
5.4%
4.6%
Housing Affordability Index
53%
51%
36%
30%
31%
28%
30-Yr FRM
4.5%
3.7%
4.0%
4.2%
3.9%
3.6%
4.4%
SERIES: CA Housing Market Outlook
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

107. 2017 SPF Book Recommendations

108. LAY’s Book Recommendations

109. The all-new Housing Matters Podcast is your housing hub for market analysis, economic trends, and housing news from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and its institute the Center for California Real Estate. Be sure to subscribe on iTunes to hear the latest episode every other Friday to learn what you need to know about the market from C.A.R. experts who will give you their take on the week’s top real estate stories.