By Mike Bodeen · 4 June 2018
We knew it was just a matter of time before our neighbors from California with hugely priced real estate would heed a new relocation mantra, “go east young man (and woman).”
According to a recent article in the San Jose Mercury News it’s reported that the heart of the nation’s tech sector, Santa Clara (along with other counties) are fleeing the “astronomically expensive Santa Clara County” which leads the state in residents looking to move out of town and out of state.
Using property searches and census data, analysts at Realtor.com found that a larger share of residents are leaving Santa Clara County (home to tech behemoths Google and Apple) than any other county in California. Nearby San Mateo County, where Facebook is headquartered, came in second, just ahead of Los Angeles County.
“…Arizona as the leading out-of-state destination…”
So, where are they going? It’s interesting to note that while the title of the linked article suggests they’re heading to Nevada, Texas, and Idaho, actually reading the article points the reader to Arizona as the leading out-of-state destination for these finally-fed-uppers. The entire article is linked below and is an interesting read.
And like the below article, our conundrum of increasing real estate values, is good for homeowners desiring higher home values, but a further hurt to would-be-homeowners.
People are fleeing Silicon Valley for Nevada, Texas and Idaho, report finds
The beat goes on.
Will Credit Reporting Changes Affect Home Values?
On the 8th of June, there will be changes on how your credit is reported. It looks to me like this will have the increasing effect of raising personal FICO credit scores for some borrowers. This in turn could make a difference in the interest rate you pay for a home mortgage, a new car, and even your insurance rates, and other loans, which are substantially based on your credit score.
Just what are these changes? They include:
• Collections that aren’t at least 180 days old will be rejected by the 3 major credit bureaus. You will now have time to pay them off before it is even reported.
• Medical collections will no longer show on credit reports as long as it is being paid (through either you or insurance)
• Collection accounts that have not been updated in six months or more will not be factored into scores.
• Any collection that did not result from a contract or agreement to pay by the consumer, will be removed.
(With Thanks to Ron Kuhn of Summit Funding for the bullet points)