Archive for the ‘housing and real estate’ Category

Redfin Predicts the Hottest Neighborhoods of 2015

January 26, 2015 Comments off

Redfin Predicts the Hottest Neighborhoods of 2015
Source: Redfin

Now that 2015 is off and running, we know what you’re wondering: Which neighborhoods will everyone be lusting after this year? In 2015, it will be all about compromise. There are finally more houses for sale, and affordability is once again buyers’ top concern. They may give up on living in the trendiest ZIP code, but they won’t sacrifice convenience. As a result, the neighborhoods that are going to be the most popular this year aren’t suburban, but they aren’t quite urban either; they’re in a sweet spot where affordability and convenience overlap.

After two years of neighborhood predictions, we’ve got the hang of this. Of the 10 neighborhoods we predicted would be hot last year, eight were. Our 2015 predictions are based on a similar methodology: We looked at which ones had the biggest increase in page views and Favorites on, as well as the prevalence of Redfin Hot Homes in each neighborhood. We then asked our local Redfin agents in every market for their on-the-ground insights, and together we came up with the 10 hottest neighborhoods of 2015, as well as the five hottest neighborhoods in each of 27 metro areas.

Geographic Effects on Intergenerational Income Mobility

January 20, 2015 Comments off

Geographic Effects on Intergenerational Income Mobility (PDF)
Source: Economic Geography

Research on intergenerational economic mobility often ignores the geographic context of childhood, including neighborhood quality and local purchasing power. We hypothesize that individual variation in intergenerational mobility is partly attributable to regional and neighborhood conditions—most notably access to high-quality schools. Using restricted Panel Study of Income Dynamics and census data, we find that neighborhood income has roughly half the effect on future earnings as parental income. We estimate that lifetime household income would be $635,000 dollars higher if people born into a bottom-quartile neighborhood would have been raised in a top-quartile neighborhood. When incomes are adjusted to regional purchasing power, these effects become even larger. The neighborhood effect is two-thirds as large as the parental income effect, and the lifetime earnings difference increases to $910,000. We test the robustness of these findings to various assumptions and alternative models, and replicate the basic results using aggregated metropolitan-level statistics of intergenerational income elasticities based on millions of Internal Revenue Service records.

MPI Releases Detailed Data Profiles of Unauthorized Immigrants and Estimates of Deferred Action Populations for Top U.S. Counties

January 16, 2015 Comments off

MPI Releases Detailed Data Profiles of Unauthorized Immigrants and Estimates of Deferred Action Populations for Top U.S. Counties
Source: Migration Policy Institute

The Migration Policy Institute (MPI) today released data profiles of unauthorized immigrants in the 94 U.S. counties with the largest such populations, including detailed information on population size, countries of origin, recency of arrival, educational enrollment and attainment, health insurance coverage, poverty levels and potential eligibility for the two deferred action programs launched by the Obama administration.

The profiles for the 94 counties, which are home to approximately two-thirds of the 11.4 million unauthorized immigrants in the United States, are the latest addition to a unique data tool that offers detailed information on this population at national and state levels, including those potentially eligible for the Deferred Action for Childhood Arrivals (DACA) program or the recently announced Deferred Action for Parents of Americans and Lawful Permanent Residents (DAPA) program. Using an innovative MPI methodology that takes U.S. Census Bureau data and imputes legal status for noncitizens, the tool also provides estimates of the age, gender, parental and marital status, top languages spoken, labor force participation and home ownership rates for unauthorized immigrants.

The county profiles reveal that the top five counties with the largest populations potentially eligible for relief from deportation through DACA or DAPA — Los Angeles, CA; Harris, TX; Orange, CA; Cook, IL; and Dallas, TX — account for 1.1 million people, over one-fifth of the total potentially eligible population nationwide, which MPI estimates at 5.2 million.

Transit-Oriented Development Standard

January 15, 2015 Comments off

Transit-Oriented Development Standard
Source: Institute for Transportation and Development Policy

The TOD Standard is a powerful tool to help shape and assess urban development. It focuses on maximizing the benefits of public transit and non-motorized mobility while placing the emphasis firmly back on the users: people.

The Standard outlines eight core principles of urban design and land use, each supported by specific performance objectives and easily measurable indicators, or metrics. Together, they promote safe, balanced and vibrant neighborhoods around stations; short and well-connected pedestrian and cycling networks; densities that ensure strong customer bases for local services and public transport; and minimal car traffic and parking interference.

Transit-oriented development (TOD) is an answer to the unsustainable, car-dependant, and transit-poor urban sprawl that has characterized the growth of cities around the world in the last century. It also contrasts with transit-adjacent development that fails to foster the strong walking and cycling environment needed to complement and actively support the use of transit.

The Standard is addressed to a broad range of technical and non-technical audiences including policy makers, planners, city officials, developers, architects, urban designers, landscape designers, civil engineers, civil society organizations, and the interested public. By providing a way to quickly evaluate the planning and design components that are key to successful TOD, the Standard fills a critical gap in the instruments available in the urgent task of providing the world’s rising urban population with healthy living places.

CFPB — Consumers’ mortgage shopping experience

January 14, 2015 Comments off

Consumers’ mortgage shopping experience
Source: Consumer Financial Protection Bureau

We aim to help consumers become better and more informed mortgage shoppers. This report examines information related to consumers’ mortgage shopping experience, using responses from the National Survey of Mortgage Borrowers. Our focus is on what the data tell us about the early stages of getting a mortgage, particularly the extent to which consumers shopped for mortgages, their knowledge of the mortgage process when they began, and the sources of information they relied on.

The Ins and Arounds in the U.S. Housing Market

January 8, 2015 Comments off

The Ins and Arounds in the U.S. Housing Market
Source: Federal Reserve Bank of Boston

In the United States, 15 percent of households change residence in a given year. This result is based on data from the Panel Study of Income Dynamics on gross flows within and between the two segments of the housing market—renter-occupied properties and owner-occupied properties. The gross flows between these two segments are four times larger than the net flows. From a secular perspective, housing turnover exhibits a hump-shaped pattern between 1970 and 2000, which this paper attributes to changes in the age composition of the U.S. population. At higher frequencies, housing turnover is procyclical and tends to lead the business cycle and real house prices. By taking a two-segment view of the U.S. housing market and by carefully documenting the empirics of turnover within and between these segments, the paper provides important moments for and gives empirical guidance to the design, calibration, and evaluation of micro-founded, dynamic, and quantitative models of the U.S. housing market.

National and State Cost Savings Associated With Prohibiting Smoking in Subsidized and Public Housing in the United States

January 3, 2015 Comments off

National and State Cost Savings Associated With Prohibiting Smoking in Subsidized and Public Housing in the United States
Source: Preventing Chronic Disease (CDC)

Despite progress in implementing smoke-free laws in indoor public places and workplaces, millions of Americans remain exposed to secondhand smoke at home. The nation’s 80 million multiunit housing residents, including the nearly 7 million who live in subsidized or public housing, are especially susceptible to secondhand smoke infiltration between units.

We calculated national and state costs that could have been averted in 2012 if smoking were prohibited in all US subsidized housing, including public housing: 1) secondhand smoke-related direct health care, 2) renovation of smoking-permitted units; and 3) smoking-attributable fires. Annual cost savings were calculated by using residency estimates from the Department of Housing and Urban Development and cost data reported elsewhere. Data were adjusted for inflation and variations in state costs. National and state estimates (excluding Alaska and the District of Columbia) were calculated by cost type.

Prohibiting smoking in subsidized housing would yield annual cost savings of $496.82 million (range, $258.96–$843.50 million), including $310.48 million ($154.14–$552.34 million) in secondhand smoke-related health care, $133.77 million ($75.24–$209.01 million) in renovation expenses, and $52.57 million ($29.57–$82.15 million) in smoking-attributable fire losses. By state, cost savings ranged from $0.58 million ($0.31–$0.94 million) in Wyoming to $124.68 million ($63.45–$216.71 million) in New York. Prohibiting smoking in public housing alone would yield cost savings of $152.91 million ($79.81–$259.28 million); by state, total cost savings ranged from $0.13 million ($0.07–$0.22 million) in Wyoming to $57.77 million ($29.41–$100.36 million) in New York.

Prohibiting smoking in all US subsidized housing, including public housing, would protect health and could generate substantial societal cost savings.


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