Welcome to the online edition of our new newsletter, Housing Deconstructed. We drop new editions every Thursday, focusing on all the housing news you need to know from the Bay Area and beyond.
The Federal Reserve announced yet another big hike in interest rates (0.75%) yesterday and it has us all wondering what this means for mortgages and more. CNBC examines the four things that will likely get more expensive – and yes, your mortgage is one of them. Unless… you have a fixed-rate loan. Here’s what you need to know. Plus, NBC Bay Area business and tech reporter Scott Budman breaks down what the rate hike will mean to you… will it work to stop inflation? And is your job at risk?
Believe it or not, California is not the most expensive state in which to buy a house in 2022. That distinction goes to the Aloha State – Hawaii. California came in second with a median home price of $505,000, which sounds quite low if you live in the Bay Area, but you have to take into account this is for the whole state. Hawaii’s median price is $615,000. See the rest of the list in the August study from Homebuyer.com here.
Realtor to the stars, Frederik Eklund, best known for his participation in the hit Bravo show “Million Dollar Listing,” recently stopped by our California Live studios. And we couldn’t help but ask what he thinks about the current market… Are we in a bubble? Due for a crash? Is this the right time to buy or sell? Check out his responses here.
Dozens of unhoused people in Richmond are about to lose the place they call home, as their encampment is scheduled to be cleared in a matter of weeks. The Richmond City Council voted to clear the area by Sept. 30, but organizers said that the city also promised $200,000 in services to help the many unhoused people find a safer place to call home. NBC Bay Area’s Pete Suratos reports.
By the numbers
Our NBC Bay Area business and tech reporter Scott Budman is always keeping a close eye on the latest housing stats. Be sure to follow him on Twitter @ScottBudman for more.
Side hustle spotlight
A Portland, Oregon man says he’s made nearly $200,000 since September of 2020 renting out his backyard pool. That’s right, $200k in two years. During the height of the pandemic public pools had shut down, and thus, the opportunity for a potentially lucrative side hustle was born. However, the homeowner warns, it’s not as easy as it sounds and you have to be willing to put in the work. Check out his story from CNBC’s Make It series here.
A quiet San Francisco neighborhood, known for stunning ocean views and lush forests, has become a symbol of the city’s systemic problems involving poverty, crime, and mental health. The NBC Bay Area Investigative Unit spent months uncovering the mystery of how a former English teacher became a convicted felon – caught up in drugs, homelessness, and accusations of a bizarre obsession with a woman in the woods. Watch all 6 episodes, streaming now.
Overpriced, Overwhelmed, Over It! Why is our beloved Golden State so incredibly overpriced when it comes to housing? Our investigative team went on a year-long investigation to find out. Binge all episodes of our investigative series here now.
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