But the deals were made when mortgage rates were still 3%, not 4% as today.

By Wolf Richter for WOLF STREET.

In some cities, house prices continued their crazy spikes, such as in Phoenix, where prices have exploded by over 30% year-over-year for the sixth month in a row. In other cities, prices only surged, so to speak. And in a few cities, that surge slowed. Condo prices in the San Francisco Bay Area started to dip last summer and haven’t gone anywhere since 2018. That’s the range for the most splendid housing bubbles in America, as depicted by the S&P CoreLogic Case-Shiller Home Price Index today.

The overall National Index ticked up 0.9% in December from November, same as in the prior month. Compared to a year ago, the index jumped by 18.8%, same as in the prior month. “Buyers may have been rushing in anticipation of higher rates,” S&P CoreLogic said.

But the home prices here don’t yet reflect the higher mortgage rates. Today’s “December” data are a three-month moving average of closed sales that were entered into public records in October, November, and December, reflecting deals made roughly in September, October, and November, when the average 30-year fixed mortgage rate hovered at around 3%. On Friday, the average 30-year fixed rate was 4.08%, according to Mortgage News Daily.

All Case-Shiller Home Price Indices were set at 100 for January 2000. The National Case-Shiller Home Price Index, with a value of 279 for “December,” indicates that national home price inflation is now 179% since 2000. Over the period , consumer price inflation, as tracked by the CPI, has risen to 67%. In Los Angeles, house price inflation since 2000 has now hit 279%, over four times the rate of consumer price inflation.

Los Angeles subway: Prices of single-family houses rose 1.0% in December from November. Though steep, it was the slowest month-to-month increase since August. Year-over-year, the index jumped 19.3%. This 279% home price inflation since January 2000 makes Los Angeles the Number 1 most splendid housing bubble on this list.

San Diego subway: The Case-Shiller Index spiked 1.8% for the month, and 29% year-over-year. Since 2000, house price inflation has ballooned by 276%:

House price inflation as measured by the Case-Shiller Index. The index’s “sales pairs method,” compares the sales price of a house when it sells in the current period to the price of the same house when it sold previously, often years earlier. The data includes adjustments for home improvements and the passage of time between sales. By measuring the price movements of the same house, the index tracks how many dollars it takes to buy the same house over time and thereby measures house price inflation.

Seattle subway: House prices spiked 1.5% for the month, and 23.9% year-over-year. Since January 2000, house price inflation in the Seattle metro has ballooned to 258%:

San Francisco Bay Area: House prices rose 0.8% for the month, after having nearly stalled in the fall. Year-over-year, prices jumped 18.8%:

San Francisco Bay Area: condo prices for the month were unchanged, after having dropped three months in a row. For the past seven months, prices have gone essentially nowhere. This whittled down the year-over-year gain to 7.5%. Since June 2018, condo prices have risen just 3.9%:

Portland subway: House prices rose by 0.8% for the month, and by 17.9% year-over-year:

Miami subway: House prices jumped by 1.8% for the month, and by 27.3% year-over-year, the fastest since February 2006, when Miami was approaching its epic Housing Bust:

Washington DC subway: House prices ticked up 0.4% for the month, which whittled down the year-over-year gain to 10.5%, the slowest since January 2021:

Boston subway: House prices rose 0.7% for the month, after having been flat for two months, which whittled down the year-over-year gain to 13.4%:

Tampa subway: +1.6% for the month, and halleluiah, +29.4% year-over-year, a new record spike for this metro, out-doing even the nutty spikes during Housing Bubble 1 before it all came apart:

Denver subway: +1.1% for the month, and 20.3% year-over-year:

Phoenix subway: +1.3% for the month, bringing the year-over-year gain to 32.5%, a new record, out-spiking even the peak of crazy Housing Bubble 1. For months now, Phoenix has been the metro with the red-hottest year -over-year price spikes among our most splendid housing bubbles:

Las Vegas subway: +1.0% for the month, and +25.5% year-over-year:

Dallas subway: +1.2% for the month, and a record +26.0% year-over-year:

New York subway: House prices +1.1% for the month, and +13.6% year-over-year. At an index value of 255, the metro has experienced 155% house price inflation since 2000.

The remaining metros in the 20-metro Case-Shiller Index—Atlanta, Charlotte, Chicago, Cleveland, Detroit, and Minneapolis—have house price inflation since 2000 of less than 150% and thereby don’t qualify for this list of the most splendid housing bubbles.

Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate. I appreciate it immensely. Click on the beer and iced-tea mug to find out how:

Would you like to be notified via email when WOLF STREET publishes a new article? Sign up here.

The post The Most Splendid Housing Bubbles in America, Feb. Replace: Raging Mania in Phoenix to Cooling Condos in San Francisco appeared first on Los Gatos News And Events.

SAN FRANCISCO (CBS SF) – A one-way street in San Francisco has neighbors who live in constant fear and fear for their safety. According to the latest city data, Willow Street between Van Ness and Polk currently has the highest density of tents in San Francisco.

“It’s pretty nerve-wracking throughout,” said local resident Amber Lutsko. “This just seems like a safe place for chop shops and drug trafficking.”

CONTINUE READING: Suspect wanted for sexual assault on blind woman in Cupertino

Local residents say they are afraid to drive down Willow Street and most would not dare to walk through it day and night. They say the problem has exploded exponentially since COVID.

“The trash is a major health problem, rats …” added Lutsko.

It’s all a few feet from the Artani, which is located at 818 Van Ness Avenue, where units have sold for more than $ 1 million.

When asked what the most egregious part of the street was:

“Probably the threats of violence, the threats of violence against us, other residents of the building,” said Lutsko.

“I’ve seen people fight physically and I was gone once and a man approached my car yelling profanity and threatening me, which was really scary,” said a resident named Shannon, who refused on privacy concerns. to give her last name.

“There was a guy who passed out in front of our door all day with a needle hanging from his arm. And our children had to walk past it, ”added Lutsko.

Artani residents say they encounter unwanted activity as soon as they leave the garage. You are forced to turn right on Willow Street.

They shared photos of a man they say urinates and throws feces regularly. The smell permeates the entire garage. Another photo shows a man trying to break into her garage using a bottle to keep it from closing. Others are caught damaging their property – even entering and stealing packages.

CONTINUE READING: ‘The worst I’ve seen;’ Oakland residents shocked motorists after toddler was killed in I-880 skirmish

“I can’t really agree with the fact that this criminal activity is allowed to happen, I’ve called the police myself several times,” said Shannon, who said SFPD didn’t show up when they called.

It wasn’t until October 5th that the city came and swept the street completely – seen in a photo of a local resident. But the next day the tents and the rubbish had returned.

“The police do not come when we call 911 because we are actively threatened by someone brandishing a club or knife, they do not come,” said Lutsko.

The San Francisco Police Department directed the KPIX request to the Healthy Streets Operations Center (HSOC), which coordinates the city’s response to quality of life issues.

KPIX made several inquiries to the mayor’s office and we were sent to the Emergency Management Department (DEM). It sent the following statement:

San Francisco continues to focus on providing services and resources to our unoccupied residents while ensuring that public roads are safe and healthy for all. The social workers, clinicians, medical professionals, police officers, field workers, and street cleaning teams who do this difficult work have helped many people struggling with crises on the street.

From June 2020 to October 2021, city teams met 5,621 people and successfully accommodated 2,535 in hotels, shelters and safe sleeping places. Currently, more than 2,000 people who are staying in hotels during the pandemic are on their way to long-term supportive housing.

For those who are not housed, including the 2,318 unwilling to accept services, the teams will continue to provide services and promote placement in an alternative shelter. In the same period of time, we have also reduced the large warehouses by 90%.

On Willow Street, city teams were pulling out stocks on 24 different days this year. Their efforts put 161 people in inpatient treatments, navigation centers, safe sleeping places, hospitals, or shelters.

The teams also solved hazards, obstacles and debris on the road.

The resolution included the removal of 377 tents that were either empty or abandoned, or their owners accepted alternative accommodation. Willow Street warehouse resolutions have been suspended for 10 days due to COVID response tests and vaccination efforts for people affected by homelessness in the area, which concluded Thursday.

People should call city officials whenever they see someone in a crisis or unsafe condition on the street. Call 3-1-1, visit 311sf.org, or use the SF 311 mobile app to report trash, debris, or human or animal waste. Call Emergency Services at (415) 553-0123 to report camps blocking the sidewalk or illegal activity not required for an emergency.

Finally, in the event of fire, medical emergencies, and when someone is in crisis and there is no imminent danger to themselves or others, people should call 9-1-1. Dispatchers can dispatch the San Francisco Street Crisis Response team if necessary.

Still, according to a local business owner, the crisis has driven customers away.

“We feel absolutely unsafe here because we have had really bad experiences with COVID,” said Barish Halifeoglu. “Whenever I work, I lock the doors because I want to protect the customers.”

Supervisor Matt Haney’s office held a town hall on October 18 with residents and members of SFPD and HSOC. He recently promised a deep twice-monthly clean on Willow Street. Haney said he was unavailable for an interview and failed to respond to KPIX requests for comment.

Local residents want more police patrols. Artani residents said they have now formed a task force that meets every two weeks to discuss ways to remedy this worsening situation.

They’re also discussing working with the city to fence off the garage, add cameras on Willow Street, and make it a one-way street.

MORE NEWS: Fire burn insurance office in downtown Lafayette

“This is a wonderful place and I don’t want to be afraid to live here,” said Shannon.

The post San Francisco Luxurious Condos Overlook Metropolis’s Worst Squalor; ‘I Don’t Need To Be Afraid To Stay Right here’ – CBS San Francisco appeared first on Los Gatos News And Events.

Residents of a San Francisco condo building selling $ 1 million units say they live in fear after an adjacent alley became the city’s largest homeless camp.

The huge tent city – inhabited by a man throwing feces and a host of other unpleasant characters – is steps away from The Artani, an eight-story Van Ness Avenue complex where residents say they are terrified by a growing number of stray neighbors will .

Apartment resident Amber Lusko said the camp, aggravated by the COVID pandemic, has attracted rats, thieves and mentally unstable adults who are turning their neighborhood into a state of chaos.

“It’s pretty nerve-wracking throughout,” Lutsko told KPIX 5. “This just seems like a safe place for chop shops and drug trafficking.”

Complaints are being made as new data shows that San Francisco District Attorney Chesa Boudin has charged people with theft less than 50 percent of the time during his tenure.

The footage from KPIX 5 shows an alley lined with tents near the residential complex

Garbage is strewn all over the street and tents dominate the landscape

The city reportedly searched the area, but the tents reappeared the next day

Some Artani units have sold for more than $ 1 million, KPIX 5 reported. Current offers for one-bedroom units run for 670,000.

The building is located near Willow Street, between Van Ness Avenue and Polk Street, home to San Francisco’s most concentrated homeless camp, the point of sale reported.

Another resident named Shannon said the police did little to contain the violence and shady behavior.

“I saw people fight physically and I was gone once and a man approached my car and yelled profanity and threatened me, which was really scary,” she told the broadcaster.

“There was a guy who passed out in front of our door all day with a needle hanging from his arm. And our children had to pass it by. ‘

The residents of Artani told the area about vagrants throwing feces, propping up the building’s garage with empty bottles, stealing parcels and much more.

The city reportedly conducted a search of Willow Street in early October, but the tents returned the next day.

In a statement to KPIX 5, the city’s emergency management department said it was working to improve the situation by providing resources and services to the homeless.

It said it had carried out “camp releases” for 24 days this year that helped place 161 people in safe sleeping quarters, hospitals, residential treatment programs and shelters.

An aerial view of a homeless camp near San Francisco City Hall shows the extent of the city’s homeless crisis

A homeless woman is pictured walking the streets of Tenderloin, San Francisco’s most densely populated homeless camp

“The resolution included the removal of 377 tents that were either empty or abandoned, or their owners accepted alternative accommodation,” the statement said.

Shops across San Francisco have reduced or closed their hours due to the rise in property thefts, and District Attorney Boudin has been cursed by local critics for “destroying the fabric of our city.”

A Safeway grocery store was the latest to suffer from rampant shoplifting, citing this as the reason for reducing its 24/7 service to just 6 a.m. to 9 p.m.

Boudin ran for his position on the promise that he would pursue a new approach to crime by not prosecuting lower-level crimes. To the chagrin of many locals, he keeps this promise by accusing only 46% of all cases of theft since taking office.

San Francisco District Attorney Chesa Boudin, who woke up, charged people with theft less than 50% of all cases during his tenure, new data shows

Overall, Boudin has charged people with crime in 48% of all reported cases, while Gascon has a 54% charge rate.

Boudin is likely to be recalled because a petition launched last March garnered more than 83,000 signatures, far more than the 51,000 it would take to start an election

By comparison, his predecessor George Gascon made such charges 62% of all cases in 2018 and 2019, according to city data analyzed by the San Francisco Chronicle.

Boudin is now likely to be recalled after just two years in office, as his critics launched a petition last March that garnered more than 83,000 signatures, far more than the 51,000 it would take to start an election.

Some who joined the recall came from his own administration when 50 lawyers have been fired or fired from his office since he took the reins in January 2020, accounting for about a third of the department’s prosecutors.

“Right from the start, he vowed not to prosecute any crimes against the quality of life. Quality of life is … the basis of a society, our city. If you don’t blame people for it, you are essentially destroying the fabric of our city, ”said Richie Greenberg, a former Republican candidate for mayoral and spokesman for the Committee in Support of the Recall of DA Chesa Boudin, the San Francisco Chronicle.

A 24/7 Safeway store in the Castro area of ​​San Francisco (pictured) has cut its hours to now 6am to 9pm after being targeted by “off-chart” shoplifting

Boudin has an even lower petty crime rate, only prosecuting 35% of all cases, compared to 58% for Gascon.

Boudin also convicted far fewer people for both crimes than Gascon, only thieves in 79% of thefts and 62% of petty thefts. Gascon has an 82% conviction rate for theft and a 77% conviction rate for petty theft.

Overall, Boudin has charged people with crime in 48% of all reported cases, while Gascon has a 54% charge rate.

For the week ending October 31, the overall crime rate in San Francisco rose 7.7 percent and thefts rose 12.5 percent.

The number of attacks rose eight percent, according to the San Francisco police.

According to The National Alliance to End Homelessness, the homeless population in California rose 17 percent between 2017 and 2020.

There were more than 160,000 homeless people in the state in 2020, it said.

The post Outraged residents of San Francisco luxurious condos hit out as large tent metropolis arises beneath constructing  appeared first on Los Gatos News And Events.