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With net population outflows and a slowing pace of company formation in advanced industries in recent years, California is losing momentum as a long-standing high-tech hub and, by extension, a housing hot spot, according to a recent report from Chapman University.
Conversely, new high-tech hubs and housing hot spots are emerging.
Jim Doti, president emeritus and professor of economics at Chapman University, recently spoke with Siyamak Khorrami, host of The Epoch Times’ “Market Insider,” about this ongoing shift in real estate hot spots.
Resale Market
Doti said the U.S. resale market, or existing-home market, is now “weaker than it has ever been,” as many homeowners are not putting their homes up for sale because they are locked into 30-year fixed-rate mortgages with ultra-low interest rates of 2.5 to 4 percent that they took out during the COVID-19 pandemic, a phenomenon known as the “golden handcuff” effect….
Conversely, new high-tech hubs and housing hot spots are emerging.
Jim Doti, president emeritus and professor of economics at Chapman University, recently spoke with Siyamak Khorrami, host of The Epoch Times’ “Market Insider,” about this ongoing shift in real estate hot spots.
Resale Market
Doti said the U.S. resale market, or existing-home market, is now “weaker than it has ever been,” as many homeowners are not putting their homes up for sale because they are locked into 30-year fixed-rate mortgages with ultra-low interest rates of 2.5 to 4 percent that they took out during the COVID-19 pandemic, a phenomenon known as the “golden handcuff” effect….
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