Del Norte Association of Realtors

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Report Finds 26 Million American Adults Have No Credit History


A report titled "Data Point: Credit Invisibles" published by the Consumer Financial Protection Bureau (CFPB) Office of Research found that 26 million American adults (about 10 percent) do not have a credit history with any of the three nationwide consumer reporting agencies. The individuals have been deemed “credit invisible.”

Making sense of the story

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In other news …

More consumers positive on housing, but still on sidelines

Source: HousingWire

There have been some improvement in housing sentiment, but likely not enough to trigger any breakout improvements in housing market activity this year, according to Fannie Mae’s April 2015 National Housing Survey. The results show that the share of consumers who intend to own rather than rent their

next home rebounded after a two-month slide. Meanwhile, home price growth expectations strengthened to the strongest pace since last October. Home price growth expectations continued their steady climb from late last year, while the share who believe this is a good time to buy a home decreased by four

percentage points as consumer concerns regarding high home prices surged for a second consecutive month.

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Lowest Earners in 1/3 of U.S. Housing Markets Can't Afford Even the Least Expensive Homes

Source: CNN Money

Homeownership has slipped out of reach for many of the poorest Americans as affordability has worsened rapidly for the lowest third of income earners, according to analysis from Zillow. Low interest rates and still-recovering home values makes home ownership more affordable than renting for those who

make median to high incomes, but lower-income Americans are forced to pay fast-rising rents because their incomes have not kept up with home value appreciation. Notably, incomes among the lowest third of U.S. workers have risen 15 percent since 2000, while home values are up 41 percent since then.

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Housing market hot, but there will be pullback: Redfin CEO

Source: CNBC

Nationwide, home sales are up 10 percent and prices are up 6 percent, with some markets seeing 10 to 15 percent gains. But Redfin CEO Glenn Kelman said he does not expect this “hot” market to last. He commented, “We've been worried about just how hot it's been. We do not see consumers willing to pay that price when rates go up. We think there is going to be a step back as the money supply tightens.” Kelman added it’s important for the market to have more durable growth and less volatility.

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Source: C.A.R.

Want to hear about the changing face of real estate business and the current trends and critical issues of concern to real estate professionals? Then be sure to attend UC Berkeley’s 20th annual Fisher Center Real Estate Conference on Tuesday, May 19, in San Francisco. Speakers are chosen to explore and examine the driving forces in the economy and how they will impact real estate, particularly in California. C.A.R.’s Chief Technology Officer Josh Sharfman has been tapped to speak at this prestigious event. He.will participate in a panel discussion about the impact of technology on real estate.

Register here

Here's what's driving up housing prices

Source: CNN Money

In many local housing markets, there has been rapid price growth, but experts contend that such price increases – even in the most desirable places – can't continue to outstrip income growth forever. For the moment, prices are being driven higher by current homeowners who will not sell, building not keeping up with demand, and tight lending standards.

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Building streets for humans rather than cars could help solve the

affordable housing crisis

Source: Vox

An activist argues he has a solution for the affordable housing crisis: Narrower streets. He argues that this would create room in urban cores for more housing because many cities have a mix of ubiquitous cheap parking and extremely expensive housing, and that cities need to turn away from conventional urban policies that set aside too much land for cars and not enough land for houses. He notes that the typical residential street in San Francisco is 68 feet and 9 inches, which is enough room for 30 feet worth of pedestrian space and then almost 40 additional feet dedicated to automobiles. Reserving some of that space for extra housing would add to supply in his revised version of streets.

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What you should know …