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Wildfire Impact on California’s Housing Market

first_img Servicers Navigate the Post-Pandemic World 2 days ago Chuck Green has contributed to the Wall Street Journal, Washington Post, Los Angeles Times, San Francisco Chronicle, Chicago Tribune and others covering various industries, including real estate, business and banking, technology, and sports. Previous: Data Determines ‘Best Political Mix’ for the U.S. Economy Next: ‘Flurry of Lawsuits’ Challenge CDC Eviction Moratorium Home / Daily Dose / Wildfire Impact on California’s Housing Market Servicers Navigate the Post-Pandemic World 2 days ago In areas like Napa and Sonoma Counties, competition for housing has increased exponentially. It’s one result of devastating wildfires that have cut a swath through many parts of California, according to Realtor.com. Those who lost their homes need to plant roots again somewhere, and the report indicates many desire to stay in the area.As it was, housing shortages already were hitting areas such as Napa and Sonoma Counties hard, stoked by buyers from previous fires and pandemics not to mention affluent residents of San Francisco abandoning the city and scooping up large countryside homes in places like those. As a result, they were going head to head for housing with supplanted residents, further fanning prices.”Deep-pocketed San Franciscans fleeing the city have been buying up spacious homes on large plots of land in the countryside near bucolic vineyards and award-winning restaurants. Now those rendered homeless are competing with transplanted city buyers, driving prices up even further,” reported Realtor.com.Last month, in Napa County, the median home list price set a new record at $1,299,550, a hike of 30.1% from last year. The median price in Sonoma County was $809,550—a bounce of almost 7.7%. Meantime, according to real estate brokerage Compass, in the third quarter of this year, Napa County sales parachuted 40% contrasted to the same quarter last year, and 53.1% in Sonoma County.That said, researchers doubt the demand will remain so strong.”Those same fires causing prices to rise could eventually cause demand to falter—especially if they threaten the same areas year after year. That could lead prices to fall down the road. Residents scarred by annual evacuations, close calls, and loss of their homes along with skyrocketing insurance rates may eventually decide to leave the area, and potential new buyers may stay away,” Realtor.com reported.If so, eventually, prices could decelerate as residents decide to leave, prompted by regular evacuations.“We have no historical precedent for what we’re seeing in 2020: more fires more widely distributed with more intensity,” says Tom Jeffrey, a Senior Hazard Scientist at CoreLogic, a real estate information firm.In the aftermath of a large-scale disaster, widespread price gouging in surrounding communities that were spared is common, says appraiser Randall Bell, CEO of Landmark Research Group, which analyzes real estate after cataclysmic events.For years, the ultimate American Dream meant not only owning a home, but owning a home in California, as MReport has reported.  But the Golden State, according to analysts, is losing ground as the most-desirable place to dwell. So what states stand to replace it?A severe housing shortage, exacerbated by the coronavirus pandemic, has led to California’s claim to the most expensive home prices in the nation. Wildfires this summer have devastated the northern part of the state. In the midst of a deep recession, many are being priced out of their neighborhoods. Others are questioning why they’re spending so much money each month to live there—especially with companies in places such as Silicon Valley allowing employees to work from home.That is all converging at once to test the state’s true appeal, reported Realtor.com.”Nobody in their right mind would bet against California,” Real Estate Professor Christopher Leinberger of George Washington University, in Washington, DC told Realtor.com’s Clare Trapasso. “However, the Golden State can’t be golden forever with the ridiculousness of the home prices.” The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Demand Propels Home Prices Upward 2 days ago October 13, 2020 1,593 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Wildfire Impact on California’s Housing Market Demand Propels Home Prices Upward 2 days ago  Print This Post 2020-10-13 Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Chuck Green in Daily Dose, Featured, Market Studies, News Share Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

Powerball jackpot inches closer to half a billion with no winner in $414 million drawing

first_imgABC News(NEW YORK) — The Powerball jackpot will inch closer to half a billion dollars after no one won the $414 million drawing on Saturday.The drawing on Wednesday will be worth $448 million.The numbers for Saturday’s drawing were 5-6-45-55-59 with a Powerball of 14. While there was no first place winner, someone in Puerto Rico took home a $2 million prize and winners in Nebraska and Texas won $1 million.The $448 million drawing is the largest Powerball jackpot of 2019 so far, and the 11th-largest Powerball jackpot on record.The odds of winning? One in 292.2 million. Whoever the winner is, the lucky ticket-holder will have 180 days to claim the jackpot.But, sometimes it takes months for someone to come forward and claim the prize. That’s what happened earlier this week when the sole winner of the $1.5 billion Mega Millions jackpot from October 2018 claimed the prize. The person, from South Carolina, chose to remain anonymous and took the cash option of a one-time payment of $877,784,124. The winner took so long to come forward, residents in the industrial town where the ticket was sold assumed he or she was dead.The payout was the largest to a single winner in United States history, officials said.Copyright © 2019, ABC Radio. All rights reserved.last_img read more

Strathclyde to cut equities after strong 2016

first_imgL/T enhanced yield15%20% S/T enhanced yield15%20%  CurrentPlannedEquity62.5%52.5% Hedging/insurance1.5%1.5% The UK’s largest public pension fund is to cut its equity exposure over the next three years as part of a de-risking strategy.The £19bn (€21.8bn) Strathclyde Pension Fund – which caters for public sector staff in Glasgow and the surrounding area – laid out a new strategic asset allocation at a board meeting last week, which would see it reduce its equity allocation from 62.5% to 52.5% of the portfolio.The fund would then increase its two “enhanced yield” buckets by five percentage points each.In a report to the board, CIO Jacqueline Gillies said the move was aimed at increasing diversification – although the pension fund’s own forecasts showed that the new allocations were also expected to reduce volatility and decrease return expectations. Credit6%6%center_img Expected annual return6%5.9% Under other allocations set out for “future consideration” (“Alt 3” and “Alt 4”), Strathclyde could cut its equity allocation further to as low as 32.5%, a move which would also see its short- and long-term enhanced yield buckets grow to 30% each. Expected annual returns under this strategy were set at 5.5%. Since inception the fund averaged an 11% every year, according to Strathclyde’s own data.During 2016 the pension fund reported a total investment gain of 20.8%, driven by strong gains from public and private equity fund managers.Oldfield Partners, which manages concentrated equity portfolios, posted a 42.3% return in 2016. Baillie Gifford (global equity), Genesis (emerging markets equity), Pantheon (private equity), and Partners Group (private equity and real estate) all returned in excess of 25% for the year, Strathclyde reported.Strathclyde’s board also approved four new investments, worth £90m collectively, in its direct investment portfolio, which targets local and national private equity projects. These include a mid-market lending fund and an environmental infrastructure fund. Expected annual volatility12%11% As part of a strategy shift initiated last year, Strathclyde introduced two portfolios: “long-term enhanced yield” – including its real estate and infrastructure investments – and “short-term enhanced yield”, which includes flexible bond mandates and private debt.The new strategy – known as “Alt 2” – is to be rolled out during the next three years. The fund moved to its current “Alt 1” target allocations during 2016.Source: Strathclyde Pension FundAssetTarget allocationlast_img read more

BCB commences female U-19 training

first_imgAS part of its mandate to adequately prepare its respective teams, the Berbice Cricket Board (BCB) has commenced preparation for the Inter- County and Regional Under-19 competitions.Chairman of junior selectors Leslie Solomon, along with national captain Tremayne Smartt, made several visits to various secondary schools across the county, and have identified a number of prospective female cricketers.Female students from the New Amsterdam Multilateral, Canje, Rosignol, Woodley Park and Number 8 secondary schools have already indicated their willingness to engage in the training sessions.The training sessions have already commenced in the Central Corentyne Area at the Port Mourant Community Centre, under the supervision of Smartt. Sessions are also planned for the Berbice High School ground, and the West Berbice area, in order to select a squad of 20, who will be encamped from July 2.From the encampment period, a 14-member squad will be shortlisted to represent Berbice in the Guyana Cricket Board’s Under-19 female Inter-county competition, scheduled to start next month.The BCB is encouraging all clubs and individuals who are interested in the sport to attend these sessions and contribute to the development of female cricket in Guyana.last_img read more

Canelo Alvarez vs. Daniel Jacobs: DAZN releases Part 1 of ’40 Days’ docuseries

first_imgJoin DAZN to watch Canelo-Jacobs and 100+ fight nights a yearThe episode is full of highlights, including Jacobs visiting his old barber in the Brownsville section of Brooklyn, N.Y., and Canelo hitting the high notes while singing on a plane.The fight will stream exclusively on DAZN; Alvarez signed a record $365 million deal with the company in October 2018. DAZN has released the first part of “40 Days,” an all-access series documenting Saul “Canelo” Alvarez and Daniel Jacobs’ preparations for their fight May 4 at T-Mobile Arena in Las Vegas.Uninterrupted, founded by LeBron James and his friend and business partner Maverick Carter, produced the “40 Days” docuseries. Alvarez (51-1-2, 35 KOs) will defend his WBA and WBC middleweight championships against IBF titlist Jacobs (35-2, 29 KOs) in a unification bout. Alvarez is unbeaten since suffering the only blemish on his record to Floyd Mayweather Jr. Jacobs is on a three-fight winning streak, most recently beating Sergiy Derevyanchenko to win the IBF title.Part 2 of “40 Days” will be released April 30.DAZN is part of DAZN Group, parent company of Sporting News.last_img read more

One year on, next USMNT coach still a mystery

first_imgWe stand just two weeks away from the anniversary of the U.S. national team’s failure to qualify for the World Cup and not only has a new head coach not been chosen to lead the rebuilding program, there still hasn’t been anybody interviewed.Three weeks have gone by since USMNT general manager Earnie Stewart gave media his first detailed breakdown of the search for a new head coach.At that time Stewart revealed that he had yet to interview any candidates and even admitted that the interview process could boil down to just one candidate if his top choice wound up taking the job. Editors’ Picks Man Utd ready to spend big on Sancho and Haaland in January Who is Marcus Thuram? Lilian’s son who is top of the Bundesliga with Borussia Monchengladbach Brazil, beware! Messi and Argentina out for revenge after Copa controversy Best player in MLS? Zlatan wasn’t even the best player in LA! Contrary to the report by Al Dia and the Dallas Morning News on Monday — which claimed FC Dallas coach Oscar Pareja had been interviewed for the job — sources have confirmed to Goal that no candidates have been interviewed yet.On Tuesday, Pareja denied having been interviewed by U.S. Soccer.”Yes, I’ve heard a lot of news about the topic. I just want to make clear that I have not been interviewed or anything,” Pareja told reporters on Tuesday. “That’s not something I would like to dig up because of respect for the federation and their process and also for respect for the club we have here.”We have big responsibilities. First winning in Vancouver and now going to Portland and preparing this game that could confirm us in the playoffs. Our mind is here with our group and trying to accomplish that goal.”Though Pareja stopped short of admitting he had spoken to anyone from U.S. Soccer about the USMNT coaching position, a source told Goal that there has been preliminary contact with Pareja, but no interview has taken place.Oscar Pareja FC Dallas MLSOn Sunday, another coach believed to be a candidate for the USMNT position – Sporting Kansas City boss Peter Vermes – told Goal that he has had no contact with Stewart or anyone else at U.S. Soccer about the head coach position.Vermes did confirm that he had discussions with U.S. Soccer officials about the USMNT general manager position, eventually filled by Stewart, as well as the head coach position during the spring.Asked whether he would be interested in the head coaching position, Vermes stated that his focus was on Sporting Kansas City, but did offer some insight into his thoughts on the position.”It’s tough to say you’re interested in a job when you don’t really know what the job is,” Vermes told Goal.Peter Vermes Sporting Kansas CityThe USMNT head coaching role will be very different to the one Jurgen Klinsmann held from 2011 to 2016. That period of time saw Klinsmann enjoy widespread control of the program, not only guiding the senior team, but having his say over the youth ranks as well.U.S. Soccer’s experience with Klinsmann in full control eventually helped lead to the creation of the general manager position, which Stewart took over on August 1, and Stewart has been working to craft the duties of the new head coaching position while he creates a profile for the ideal candidate to fill the role he’s creating.There is a widespread belief in American soccer circles that Columbus Crew head coach Gregg Berhalter is the favorite for the position, though one source told Goal on Tuesday that U.S. Soccer had yet to contact Berhalter or the Crew about the USMNT head coaching position.Stewart rejected the notion that Berhalter being hired was a foregone conclusion, but the lack of contact with candidates such as Vermes and Pareja at this point in the process has only served to fuel speculation that Stewart is setting his sights on Berhalter.How have we come to wait this long for U.S. Soccer to settle on a new coach?The saga began last winter with the U.S. Soccer presidential election. The coaching search was put on hold until after the election, which Carlos Cordeiro won. Rather than dive into hiring a general manager and head coach beginning in March, Cordeiro jumped right into U.S. Soccer’s push to secure the hosting rights for the 2026 World Cup, which the United States did win in a joint bid with Mexico and Canada. Stewart was hired as general manager in June, a week before the 2026 World Cup hosting rights were won, but Stewart was unable to start his new role until August 1 while he satisfied his commitments to his previous employer, the Philadelphia Union.Though 10 months had passed from the U.S. World Cup qualifying failure and Stewart starting his general manager role, Stewart essentially started his process of creating a profile for the ideal USMNT head coach from scratch, which has led us to wait another two to four months.The drawn-out process to name a full-time coach has left USMNT fans, as well as some players, exasperated at a program that has been stuck in limbo for the better part of a year. Dave Sarachan, who was Bruce Arena’s assistant when the team failed to qualify for the World Cup, has filled the caretaker coach role and is expected to maintain that position for the remaining four USMNT matches of the year, October’s friendlies against Colombia and Peru, and the November friendlies against England and Italy. Stewart’s description of the timetable for hiring the next USMNT coach — before the end of the year, and as early as November — falls in line with the hiring of an MLS coach. With Pareja, Vermes and Berhalter all expected to be taking part in the playoffs with their respective teams, Stewart could wind up having to wait until after the MLS Cup final in December to interview and hire the next USMNT head coach.If that happens, it will take the overall coaching search process well past a calendar year, a time frame that is hard to defend, and a time period nobody could have imagined when the USMNT failed to qualify for the 2018 World Cup almost a full year ago.last_img read more