ADVERTISING SUPPLEMENT Realtor Study Finds Wide Ownership, Wealth Disparities California Outpaces Nation on Jobless Claims The Labor Department reported recently that U.S. Jobless claims fell slightly to 793,000, pointing to a still-elevated number of layoffs. Southiand Regonal Association of Reators Prior to the pandemic, weekly applications for jobless aid never topped 700,000, even during the Great Recession. Yet while the pace of new unemployment claims is dropping nation- wide, unemployment claims in California are rising. While California workers are 12 percent of the nation's labor force, the state accounts for 16.1 percent of all jobless claims filed nationwide. Economists found that the bulk of new jobless claims recorded in late 2020 were from individuals who had already been laid off earlier in the pandemic. In California, 77 percent of all new benefit claims filed in the last week of Novem- ber were "additional claims" trig- gered by a repeat pandemic layoff. The high rate of additional claims suggests employment markets, particularly in the food services and accommodation industries, remain unstable. The House of Representatives Budget Committee was on track to pass a final bill based on President Joe Biden's $1.9 trillion stimulus package proposal. The House bill as it stood Feb. 24 would provide di- rect payments worth up to $1,400 per person for individuals earning less than $75,000 per year. The bill would also increase the federal weekly unemployment boost from $300 to $400 through August 29. The bill was expected to pass the House soon, probably on a party- line vote, though it likely will face obstacles in the Senate. By Dane Sydel. Presidert, and David Wasket A statewide study found that housing affordability for Black California households is half that of white households, which illustrates persistent, wide dispari- ties in home- SOUTHLAND REGIONAL AssoCIATION OF REALTORS", INc. for Asians, 44.1 percent for Latinx and ing the homeownership gp is essential to closing the generational wealth gap in our country, and that's why C.A.R. is committed to addressing barriers and disparities to make equity in 36.8 percent for Blacks. "The wide affordability gap in California between whites and people Interest Rate Update ownership and wealth. .. The legacy of systemic rac- National Average os reported by Freddie Mac on: Less than half of ism in housing.. has created housing and ac- cess to affordable inequities in homeownership' homes a reality for February 18 30-Yr FRM 2.81% 15-Yr FRM 2.21% Black house- holds earned the minimum income needed to purchase a all people." Among legisdative actions CA.R. is February 11 30-Yr FRM 2.73% 15-Yr FRM 2.19 of color demonstrates the legacy of systemic racism in housing, which has created inequities in homeownership rates across these communities," said C.A.R. President Dave Walsh. "Clos- Realtor Diane Sydel, 2021 SRAR President pursuing to address bousing discrimina- tion is introduction of several Fair Hous- home as compared to whites, which defines the homeownership gap and wealth disparity for people of color, women, people with disabilities, indigenous people and members of the LGBTQcom- munity. The percentage of Black homebuyers who could afford to purchase a median- priced, existing single-family home in Califormia in 2020 was 19 percent, compared to 38 percent for white households. Housing affordabil- ity was similarly low for Latinx households, 80s with 20 percent earn- ing the minimum income needed to purchase a median- priced home. Housing was most affordable for Asians, with 43 percent of homebuyers who could afford the median- priced home in 2020, ccording to the Californía Association of Realtors' Housing Affordability Index. And, according to the Census Bureau's American Com- munity Survey, the 2019 homeownership rate in California was 63.2 percent for whites, 60.2 percent ing and Equity bill including: Requíring California real estate professionals to take implicit bias training; Removing discriminatory lan- guage in property records; Prohibiting dis- crimination against people living in affordable housing : Repealing Ar- ticle 34 of the Cali- formia Constitution, which imposed a discriminatory limi- tation on publicly funded, low-income rental housing projects; Boosting hous- ing construction so homeownership is accessible to all. A minimum annual income Sellers accumulate wealth over time ommellon hotved e her none tor e hon he yeon eredo l4specent proom her eto tednhoe taeee ven oreso 00cert r. Ne Con Goin N Con Gain (S 12.00 10.000 percent. The 2020 California median income-meaning half earned more and half earned less-for whites was $94,390, $107,100 for Asians, $65,510 priced home of $1,650,000 was only for Latinx and $56,820 for Blacks. Compared with California, 42 per- cent of the nationis Black households coukl afford to purchase a $299,900 median-priced home in 2020, which required a minimum annual income of $55,600 to make monthly payments of $1,390, while 62 percent of white households coukd afford the same home. The affordability gap is especially stark in expensive California counties like San Francisco, where a median- affordable for 8 percent of Black households, 15 percent of Latinx houscholds and 22 percent of Asian households compared to 35 percent of white households. Lo veon mo Affordability by Race/Ethnicity 2020 HAI The Southland Regional Association of Real tors is a local trade association with more than 10,300 members serving the San Fer nando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation, Whte. Non Hsponic Adon Haponic. Latnx Aticon Americon 70% 62% SIS SIS 42% 40% 38 California January 2021 Sales and Price Report 30 20 20 E Highest January sales level since 2009 of $122,800 was needed to qualify for the purchase of a $659,380 statewide median-priced, ex- isting single-family home in 2020. The monthly payment, including taxes and insurance on a 30-year, fixed- rate loan, would be $3,070, assuming a 20 percent down payment and an interest rate of 3.30 State median price recorded the largest gain in nearly seven year CA Condo/lowrhomes 21.7% Ja CA 225% CA SH uS 484,730 Reason for the gap: Income inequality Caiforela Eisting Single Family ime Sales Medon Hounehald inco Income Gop behween Whie. Non ponic ond YTY Growth Caifornia Eaisting Single-family Home Sales Properties e flying off the shelves 12 Days Begon Aen Laine ock Laie Nock Non Heone Hedien Time Market All major regions' median prices continued to increase from last year by double-digits CA SI07, 100 15480 $73510 $3700 $45.000 Active listings dropped sharply from lat year Los Argees 0 $54500 Socromento s0 Son Diego S200 California kisting Single-family Home Median Price YTYS Change San honcisco SAS290 THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS R www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies. ADVERTISING SUPPLEMENT Realtor Study Finds Wide Ownership, Wealth Disparities California Outpaces Nation on Jobless Claims The Labor Department reported recently that U.S. Jobless claims fell slightly to 793,000, pointing to a still-elevated number of layoffs. Southiand Regonal Association of Reators Prior to the pandemic, weekly applications for jobless aid never topped 700,000, even during the Great Recession. Yet while the pace of new unemployment claims is dropping nation- wide, unemployment claims in California are rising. While California workers are 12 percent of the nation's labor force, the state accounts for 16.1 percent of all jobless claims filed nationwide. Economists found that the bulk of new jobless claims recorded in late 2020 were from individuals who had already been laid off earlier in the pandemic. In California, 77 percent of all new benefit claims filed in the last week of Novem- ber were "additional claims" trig- gered by a repeat pandemic layoff. The high rate of additional claims suggests employment markets, particularly in the food services and accommodation industries, remain unstable. The House of Representatives Budget Committee was on track to pass a final bill based on President Joe Biden's $1.9 trillion stimulus package proposal. The House bill as it stood Feb. 24 would provide di- rect payments worth up to $1,400 per person for individuals earning less than $75,000 per year. The bill would also increase the federal weekly unemployment boost from $300 to $400 through August 29. The bill was expected to pass the House soon, probably on a party- line vote, though it likely will face obstacles in the Senate. By Dane Sydel. Presidert, and David Wasket A statewide study found that housing affordability for Black California households is half that of white households, which illustrates persistent, wide dispari- ties in home- SOUTHLAND REGIONAL AssoCIATION OF REALTORS", INc. for Asians, 44.1 percent for Latinx and ing the homeownership gp is essential to closing the generational wealth gap in our country, and that's why C.A.R. is committed to addressing barriers and disparities to make equity in 36.8 percent for Blacks. "The wide affordability gap in California between whites and people Interest Rate Update ownership and wealth. .. The legacy of systemic rac- National Average os reported by Freddie Mac on: Less than half of ism in housing.. has created housing and ac- cess to affordable inequities in homeownership' homes a reality for February 18 30-Yr FRM 2.81% 15-Yr FRM 2.21% Black house- holds earned the minimum income needed to purchase a all people." Among legisdative actions CA.R. is February 11 30-Yr FRM 2.73% 15-Yr FRM 2.19 of color demonstrates the legacy of systemic racism in housing, which has created inequities in homeownership rates across these communities," said C.A.R. President Dave Walsh. "Clos- Realtor Diane Sydel, 2021 SRAR President pursuing to address bousing discrimina- tion is introduction of several Fair Hous- home as compared to whites, which defines the homeownership gap and wealth disparity for people of color, women, people with disabilities, indigenous people and members of the LGBTQcom- munity. The percentage of Black homebuyers who could afford to purchase a median- priced, existing single-family home in Califormia in 2020 was 19 percent, compared to 38 percent for white households. Housing affordabil- ity was similarly low for Latinx households, 80s with 20 percent earn- ing the minimum income needed to purchase a median- priced home. Housing was most affordable for Asians, with 43 percent of homebuyers who could afford the median- priced home in 2020, ccording to the Californía Association of Realtors' Housing Affordability Index. And, according to the Census Bureau's American Com- munity Survey, the 2019 homeownership rate in California was 63.2 percent for whites, 60.2 percent ing and Equity bill including: Requíring California real estate professionals to take implicit bias training; Removing discriminatory lan- guage in property records; Prohibiting dis- crimination against people living in affordable housing : Repealing Ar- ticle 34 of the Cali- formia Constitution, which imposed a discriminatory limi- tation on publicly funded, low-income rental housing projects; Boosting hous- ing construction so homeownership is accessible to all. A minimum annual income Sellers accumulate wealth over time ommellon hotved e her none tor e hon he yeon eredo l4specent proom her eto tednhoe taeee ven oreso 00cert r. Ne Con Goin N Con Gain (S 12.00 10.000 percent. The 2020 California median income-meaning half earned more and half earned less-for whites was $94,390, $107,100 for Asians, $65,510 priced home of $1,650,000 was only for Latinx and $56,820 for Blacks. Compared with California, 42 per- cent of the nationis Black households coukl afford to purchase a $299,900 median-priced home in 2020, which required a minimum annual income of $55,600 to make monthly payments of $1,390, while 62 percent of white households coukd afford the same home. The affordability gap is especially stark in expensive California counties like San Francisco, where a median- affordable for 8 percent of Black households, 15 percent of Latinx houscholds and 22 percent of Asian households compared to 35 percent of white households. Lo veon mo Affordability by Race/Ethnicity 2020 HAI The Southland Regional Association of Real tors is a local trade association with more than 10,300 members serving the San Fer nando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation, Whte. Non Hsponic Adon Haponic. Latnx Aticon Americon 70% 62% SIS SIS 42% 40% 38 California January 2021 Sales and Price Report 30 20 20 E Highest January sales level since 2009 of $122,800 was needed to qualify for the purchase of a $659,380 statewide median-priced, ex- isting single-family home in 2020. The monthly payment, including taxes and insurance on a 30-year, fixed- rate loan, would be $3,070, assuming a 20 percent down payment and an interest rate of 3.30 State median price recorded the largest gain in nearly seven year CA Condo/lowrhomes 21.7% Ja CA 225% CA SH uS 484,730 Reason for the gap: Income inequality Caiforela Eisting Single Family ime Sales Medon Hounehald inco Income Gop behween Whie. Non ponic ond YTY Growth Caifornia Eaisting Single-family Home Sales Properties e flying off the shelves 12 Days Begon Aen Laine ock Laie Nock Non Heone Hedien Time Market All major regions' median prices continued to increase from last year by double-digits CA SI07, 100 15480 $73510 $3700 $45.000 Active listings dropped sharply from lat year Los Argees 0 $54500 Socromento s0 Son Diego S200 California kisting Single-family Home Median Price YTYS Change San honcisco SAS290 THE VOICE OF REAL ESTATE IN THE SAN FERNANDO AND SANTA CLARITA VALLEYS R www.SRAR.com | Real Estate Questions? E-mail Diane Sydell, SRAR 2021 President, c/o DavidW@SRAR.com REALTORS is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORSe and subscribes to its strict Code of Ethies.