Industry happenings in San Francisco
San Francisco is known by many names in the modern world. The City by the Bay, Frisco and The Golden Gate City are just a few of the monikers it has gathered over the years.
However, the homes for sale in San Francisco are located in a region regarded by a slightly less flashy name. The U.S. Federal Reserve Beige Book, which is published eight times a year, refers to San Francisco as "The Twelfth District," and the most recent edition of the book revealed there is a lot happening in the area.
"The economy looks to have improved slightly in the current quarter, led by housing and consumers though businesses remain worried about the outlook," said Sal Guatieri, senior economist at BMO Capital Markets, in a release regarding the survey.
The book breaks down the city into six economic categories - wages and prices, retail trade and services, manufacturing, agriculture and resource-related industries, real estate and construction and financial institutions.
Real estate market
For people searching for a home in San Francisco, the most relevant information regards the current state of affairs of the local real estate market. According to the Beige Book, demand in the district increased in 2012, and this has been reflected in improved home sale figures and new construction statistics. Generally, home prices have also continued to shoot up, and as a result pressure has been taken off of the foreclosure market in San Francisco.
However, the Beige Book also claimed that homes priced on the lower end of the spectrum were hard to find in San Francisco. This means that despite an excellent searching strategy, a potential homeowner might be pressed to find an affordable property. Therefore, it behooves anyone currently interested in San Francisco to check out the listing in the area as soon as possible.
Big spending on affordable housing
Any community that diverts funding toward affordable housing proves that it cares about the quality of life of its residents, and San Francisco has apparently focused on its citizens quite a bit over the past decade.
The San Francisco Business Times reported that municipal agencies in the metro had spent almost $2 billion on affordable housing during the fiscal years between 2002 and 2011. The Poverty and Race Research Action Council (PRRAC) and the National Housing Law Project compiled the data, which was broken down into monetary amounts spent by department. About $356 million was sluiced from California state sources, $829 million from general federal sources, and $725 million from the city itself, according to the news source. The study, titled "From Urban Renewal and Displacement to Economic Inclusion," takes a hard look at how the neighborhoods in San Francisco have evolved since 1978.
"This data is a tremendous testament to the power of advocacy and sustainable revenue strategies to influence housing policies so that communities can offer affordable housing options," said Philip Tegeler, executive director of PRRAC, according to the news source. "In spite of intense, and continuing, gentrification pressures, San Francisco has managed to develop a model approach for building up strong, diverse local communities."
Since affordable housing's conception in the 1960s, the Bay Area has fared well in terms of weathering local and national recessions, even the most recent bust of the mid-2000s. While the general arrow is pointing up for San Francisco, real estate experts do not expect rapid inflation to occur - instead, predictions call for a much more stable rise, which is excellent news for people considering a relocation to the Bay Area.
To secure a quality property at the best possible price, consider investing in one of the houses for sale in San Francisco.