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    SACRAMENTO (CBS13) — You’ve probably seen the construction of new housing projects popping up all across Sacramento. It’s coming at a time when the city is facing a critical shortage of affordable places to live. Many people are having a tough time trying to purchase an affordable home. READ MORE: 'I've Done The Work': New Modesto Minor League GM Veronica Hernandez Breaks Baseball Barriers“Right now, the market’s so high and people are struggling,” one Sacramento resident said. To meet demand, new housing projects are being planned in some unexpected places. Vacant land just south of the now-closed Sleep Train Arena was supposed to be a business park with 300,000 square feet of office space, but now, developers are saying they want to build more than 280 brownstone condominiums there. “Housing is a life necessity,” said Sacramento Mayor Darrell Steinberg. The mayor says he supports building new homes in unorthodox areas. “There are opportunities now to convert office buildings, underutilized office buildings, underutilized commercial buildings into housing,” the mayor said. Governor Newsom is allocating $500 million in his budget proposal to...
    SAN JOSE (KPIX 5) — People looking for a single-family home in Santa Clara County will find big backyards, but not many homes with “for sale” signs, as inventory has reached an all-time low. “The last time I checked a few minutes ago, it was about 430,” realtor Mary Pope-Handy told KPIX 5 on Tuesday. READ MORE: Theranos Trial: Tears Flow As Elizabeth Holmes Talks Of Fractured Love Affair With Sunny BalwaniAccording to Pope-Handy, the number of single-family homes for sale is half of what it was in November 2020. Supply & demand: housing supply has not been lower in the years I've been able to track here in Santa Clara County. Check out the numbers that I just pulled from the MLS: pic.twitter.com/0NBBFUJINb — MaryPopeHandy (@MaryPopeHandy) November 29, 2021 Santa Clara County has nearly two million residents, but this reality. “There’s only 20 active listings in Los Gatos and 14 in Saratoga,” realtor Ducky Grabill told KPIX 5. The inventory shortage began in August 2020 and isn’t expected to let up for another six to nine months. Competition...
    New home construction declined by more than expected in July, underlining how economic activity in the U.S. is being stymied by high prices, persistent shortages of materials, and a lack of willing workers. Residential housing starts fell  7 percent last month to a three-month low 1.53 million annualized rate, data from the Census Bureau showed Wednesday. Economists had expected a smaller decline to 1.61 million. June’s figure was revised up slightly from 1.64 million to 1.65 million. Single‐family housing starts, where the housing shortage is most evident, fell 4.5 percent to a rate of 1,111,000. A house under construction is seen in Culver City, a neighborhood of Los Angeles on November 21, 2020. – The US real estate market is booming even as the coronavirus crisis intensifies, and the seemingly insatiable appetite for new and older homes has sent prices soaring — meaning more and more families with modest incomes are seeing their dreams of owning property shattered. (Photo by Chris DELMAS / AFP) (Photo by CHRIS DELMAS/AFP via Getty Images) Building permits, however, rose 2.6 percent in July. But...
    Mansions in Florida’s opulent Palm Beach community have been selling so frequently that real estate brokers worry they may run out of the extravagant, $50million homes sought by wealthy elites from New York City heading south following the coronavirus pandemic.  The average price for a single-family home in Palm Beach rose 38percent from last year to $11.7million now after a spike in demand sent prices soaring in the community, which features a section called Billionaire’s Row. “This is a whole reset of the market,” Jonathan Miller, CEO of appraisal firm Miller Samuel, told CNBC. “We’re now seeing $50 million transactions on almost a weekly basis. That’s a big change. And it appears to be sustainable.” Mansions in Florida’s opulent Palm Beach community have been selling so frequently that real estate brokers worry they may run out of homes to sell. Above, a 23,000-square-foot home on Via Bellaria is on the market for $39.5million The average price for a single-family home in Palm Beach rose 38percent from last year to $11.7million in 2021. The above Mediterranean-style home on Woodbridge...
    A for sale sign is seen near a house for sale in South Pasadena, California.Frederic J. Brown | AFP | Getty Images The epic housing shortage that began before the pandemic and then was exacerbated by it may finally be starting to ease up. More supply is suddenly coming on the market, which will certainly help frustrated buyers and could, in the longer term, take some of the heat out of home prices. In June, new listings increased 5.5% year over year and 10.9% compared with May, according to Realtor.com. Among the nation's larger cities, the 10 markets with the highest new listings increases posted gains of 20% or more from a year ago. "Although there's still a significant shortage of homes for sale and home prices just hit a new high, our June data report shows good news on the horizon for buyers," said Realtor.com senior economist George Ratiu. "Inventory declines improved over the steep drops seen earlier in the pandemic as sellers stepped back into the market in a variety of price ranges across the country." The jump...
    Daniel Acker | Bloomberg | Getty Images Sales of existing homes dropped 2.7% in April from March to a seasonally adjusted, annualized rate of 5.85 million units, according to the National Association of Realtors. It was the third straight month of declines, the group said. Sales were 33.9% higher than April of 2020, but that comparison is an anomaly, as the housing market and the economy shut down at the start of the pandemic. Housing then rebounded strongly last summer. Sales were still 11% stronger than April 2019. "I would say it is hot, that is the one word description even with the sales decline," said Lawrence Yun, chief economist for the Realtors. For every listing there are 5.1 offers. Half of the homes are being sold above list price." The supply of homes for sale at the end of April was down 20%. There were 1.16 million homes for sale, representing a 2.4-month supply at the current sales pace. High demand and rock-bottom supply continued to push prices higher. The median price of an existing home sold in...
    New York (CNN Business)As the pandemic crushed the US economy last spring, sawmills shut down lumber production to brace for a housing slump. The slump never arrived and now there isn't enough lumber to feed the red-hot housing market. The shortage is delaying construction of badly needed new homes, complicating renovations of existing ones and causing sticker shock for buyers in what was already a scorching market.While lumber prices have gone up, we have been able to pass it on to the consumer with higher prices for homes." KB Home CEO Jeffrey MezgerRandom-length lumber futures hit a record high of $1,615 on Tuesday, a staggering sevenfold gain from the low in early April 2020. That's a big deal because lumber is the most substantial supply that home builders buy."I've never seen anything quite like this," said Brant Chesson, the president and CEO of Homes By Dickerson, a Raleigh, North Carolina-based home builder. Chesson said his company would love to build more homes to meet surging demand but currently it can't find the materials, or labor, to do so. Read More"It's...
    The nursing home industry's long-standing staffing problem was made even worse by the pandemic, and consequently may have contributed to its struggle to keep residents safe from COVID-19, according to a recent report. More than 3,000 nursing homes in the U.S. — roughy a fifth of facilities — were understaffed during the month of December, U.S. Public Interest Research Group said in a report. These long-term care facilities experienced shortages of nursing aides, doctors and other health care staff with direct patient contact at a time when they were needed most, the consumer watchdog found. Nursing home workers have notoriously taxing jobs, while pay is low. Many nursing home workers, already stretched thin, contracted COVID-19 themselves, forcing them to leave the facilities and self-isolate for a period of time. These absences fueled more outbreaks, as remaining staff members interacted with greater numbers of residents at once. Nurse shortage affected 18.5% of all nursing homes in December, US PIRG found. Higher staffing levels, in contrast, were found to prevent deaths. Nursing home residents represent about 1% of the the U.S. population but have accounted...
    BANGOR, Maine (AP) – A shortage of nurses, aides and other staff at nursing homes in Maine that already existed before the pandemic is getting worse. More than one third of the state’s nursing homes reported shortages of both nurses and aides at the beginning of this month, and more than 20% were short on other staff, according to reports filed with federal regulators. “The situation is dire,” John Orestis, president and CEO of North Country Associates, the state’s largest Maine-based long-term care provider, told the Maine Sunday Telegram. Rick Erb, president and CEO of the Maine Health Care Association, a professional organization representing more than 200 nursing homes, said the staffing shortage comes as no surprise. “I think everyone understood staffing to be a challenge before COVID, so it’s not difficult to see how it can go from being a challenge to a crisis very quickly,” he said. (© Copyright 2021 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
    Remember when you couldn’t buy toilet paper because so many people had stocked up on supply going into the lockdowns? Something close to that is now occurring in the housing market.  Pending homes sales, which are based on contracts to buy previously owned homes, fell for a second straight month in October as would-be buyers were stymied by high prices and short supply. The National Association of Realtors said on Monday its Pending Home Sales Index fell 1.1 percent to 128.9. Economists polled by Econoday had forecast pending home sales would rebound 2 percent after declining in September. Despite the decline, homes are selling at much faster pace than a year ago. Compared to last October, pending homes sales are up 20.2 percent. “Pending home transactions saw a small drop off from the prior month but still easily outperformed last year’s numbers for October,” said Lawrence Yun, NAR’s chief economist. “The housing market is still hot, but we may be starting to see rising home prices hurting affordability.” Pending sales are measured when contracts are signed and typically lead to...
    Josh and Nicole Slavitt are model homeowners — and not only because they got their Long Branch, NJ, beach home up and running some 12 hours after they bought it. It’s because the roughly 1,700-square-foot model unit at The Lofts Pier Village — with three bedrooms, partial ocean views and two balconies — came fully furnished with a plush sofa, a dining table, beds and weather-resistant furniture for the outdoor spaces. It was all included in the deal, which closed in July. (Units now start at $619,000.) Not only did buying a turn-key apartment help the family of five get the most out of summer — the furniture also kept the Slavitts from risking exposure to COVID-19. They didn’t have to go inside home stores or interact with deliverymen, movers and furniture assemblers. “We wanted to mitigate that,” said Nicole, 39, a Century 21 real estate agent, of the need to avoid contact with strangers during the pandemic. “It was kind of a no-brainer … we really liked what they had,” said Josh, a 44-year-old derivatives trader, of the display...
    More than a quarter of a million nursing home residents were put at risk of contracting COVID-19 because thousands of facilities faced what has been described as 'horrifying shortages' of PPE.  Stark research from the US Public Interest Research Group reveals there were critical shortages of masks, gowns and other items at facilities over the summer, which are needed to protect the 1.3 million vulnerable residents currently living in the nation's 15,000 care homes. The report, which analysed government data between May and August, found that almost half - 46 percent - of all nursing homes across America reported that they didn't have a one-week supply of at least one type of PPE at some point between May and August.  A one-week supply is classed as the minimum acceptable amount and any less is considered 'dangerously low'. In the event of an outbreak, a one-week supply can still be depleted in just a day.  And, according to the findings, PPE shortages actually grew worse not better as the pandemic rumbled on, with an estimated 3,000 homes facing 'dangerously low' supplies...
    250 students and staff quarantined in Georgia school district after one week of school From cereal startups to fast-food chains, everyone wants to cash in on people eating breakfast at home How To Sell Your Home For The Best Price Possible Ad Microsoft 17 Ways These $20 Lights Will Upgrade Your Home Ad Microsoft Beat The Heat With This $89 Mini AC Unit Ad Microsoft Full screen...
    Fixing how we talk about soccer would be a good step toward ridding the sport of racism An Inside Look at Princess Beatrice’s Surprise Royal Wedding Venue Bidding wars erupt as shortage of homes for sale intensifies The coronavirus threw the housing market a curveball. Realtors in many parts of the country report strong demand for homes — so intense that some sellers field dozens of offers as soon as their listing hits the market, and once-ordinary properties are fetching tens of thousands of dollars over their asking prices. © Steve Pfost/Newsday RM via Getty Images home-for-sale Instead of pushing the housing market into a slump, as many had feared, the COVID-19 recession has redrawn the supply-and-demand curve. There are fewer buyers, an obvious result of double-digit unemployment. But there are also fewer homes on the market — and that means fierce competition for the properties that are available. Load Error Real estate experts say a six-month supply of homes for sale equates to a balanced market — one that favors neither buyers nor sellers. In May, there...
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