Real Estate News 11/20/2024

Today’s News Synopsis:

A soon-to-be-voted-on plan to rezone the city of Los Angeles will fall far short of its home-building goal, according to a new analysis from UCLA researchers.

In The News:

LA Times – “Los Angeles rezoning plan won’t spur enough new housing, report finds“ (11-18-24)

“When analyzing the likelihood of what developers would actually build, researchers found the number of new homes would be far lower, said Shane Phillips, Housing Initiative Project Manager at UCLA’s Lewis Center for Regional Policy Studies.”

Redfin – “Way-Too-Early Take: What Trump’s Re-Election Could Mean for Housing“ (11-13-2024)

“Donald Trump’s re-election seems to have had immediate consequences for housing in America. Some buyers are undoubtedly enthusiastic about a Trump economy; others may have been waiting to make major decisions until after the election.”

NAR –  “Highlights From the Profile of Home Buyers and Sellers” (11-19-2024)

“For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area.”

CNN –  “Here’s how mass deportations could change the housing market” (11-19-24)

“The Federal Housing Finance Agency (FHFA) has announced greater rental housing support from Fannie Mae and Freddie Mac (the GSEs) by raising the multifamily loan purchase cap for each GSE to $73 billion, representing $146 billion in total 2025 multifamily market support and a more than 4% increase from 2024.”

Scotsman Guide –  “FHFA announces increase to multifamily loan caps for 2025” (11-18-24)

“The Federal Housing Finance Agency (FHFA) is raising next year’s multifamily loan purchase cap to $73 billion each for Fannie Mae and Freddie Mac, up more than 4% annually.”