California
Jayapal backs Lee in California Senate race
Congressional Progressive Caucus Chair Pramila Jayapal (D-Wash.) waded into the California Senate race on Monday, endorsing Rep. Barbara Lee (D-Calif.) within the contest for Sen. Diane Feinstein’s (D-Calif.) seat.
“Barbara is a champion for justice who has been a persistent progressive voice within the U.S. Home, and I do know she’ll combat for our shared progressive values within the U.S. Senate,” Jayapal mentioned in a press release.
“As a girl of shade, I do know illustration issues and I’m excited for Barbara to carry her voice and her lived expertise as a Black girl to the chamber so all of us can have a seat on the desk. I’m proud to endorse Barbara Lee for U.S. Senate,” she added.
Lee is operating towards a number of different high-profile Democrats to switch the outgoing Feinstein, 89, who introduced in February that she wouldn’t be searching for reelection. Reps. Katie Porter (D-Calif.) and Adam Schiff (D-Calif.) are additionally operating for the seat.
“I’m so grateful to have earned the belief and help of Congresswoman Jayapal,” Lee mentioned in her personal assertion.
“She is among the strongest voices for justice in Congress and it’s been my honor to combat alongside her for a extra progressive future for all. I’m operating this marketing campaign to carry this combat to the U.S. Senate and on Day One, I’m prepared to make use of my expertise and report of outcomes to maneuver California and our nation ahead.”
Although the progressive wing makes up a smaller cohort of the Democratic Social gathering, their endorsements might be closely watched given California’s Democratic leanings. Sen. Elizabeth Warren (D-Mass.) has already backed Porter, who’s a former pupil of the senator’s.
In the meantime, the extra reasonable Schiff has seen endorsements from extra mainstream Democrats reminiscent of former Home Speaker Nancy Pelosi (D-Calif.).
The seat is nearly sure to stay inside Democratic management and the California Senate main is about subsequent 12 months for March 5.
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California
California Democrats Plan To Take Measured Approach During Trump's Second Term | KQED
Here are the morning’s top stories on Monday, December 16, 2024…
- The first time Donald Trump was elected president, blue state Democrats — particularly those from California — asserted themselves as the frontline of the resistance. Eight years later, they say they’re making an intentional decision to stay calm, at least for now.
- It’s official. California regulators are enforcing an agreement with the state’s largest insurance companies that they hope will stem the insurance crisis.
- Crews have been working around the clock in the community of Scotts Valley in the Santa Cruz Mountains after a rare tornado touched down in the city on Saturday. At least five people were injured.
The first time Donald Trump was elected president, blue state Democrats — particularly those from California — asserted themselves as the frontline of the resistance. Eight years later, they say their best strategy for confronting a second Trump presidency is to stay calm.
Take California’s newly sworn-in U.S. Sen. Adam Schiff: The former House member garnered national attention during Trump’s first term. Schiff led the first impeachment of the president-elect, served on the House committee investigating the Jan. 6 assault on the Capitol, and regularly appeared on TV news as a spokesperson for a defiant Democratic party. However, as he begins his first term as senator, Schiff said his primary focus is on what he can get done for his home state. “We have a lot of serious challenges that people talk to me up and down the state as I traveled to California during the campaign,” he said, going on to cite the state’s high cost of living, water and air quality, and wildfires. “My first priority is solving those problems, meeting the needs of Californians.”
Schiff isn’t alone. As blue state Democrats brace for the president-elect to be sworn in again, even those he’s named as political enemies, like Schiff and others on the Jan. 6 committee, say they won’t be the ones picking a fight.
California Issues New Rules For Home Insurers
The state’s insurance department is requiring companies to write more policies in risky wildfire areas. In exchange it will let them use forward-looking risk models to set rates.
California
Housing tracker: A slowdown in the Southern California market for homes and rentals
The Southern California housing market is downshifting.
The average home price in the six-county region fell 0.3% from October to $869,288 in November, according to Zillow, marking the fourth consecutive month of declines.
“There is really no urgency from buyers,” said Mark Schlosser, a Compass agent in the Los Angeles area. “They are waiting.”
Prices are now 1.3% off their all-time high in July, but some economists say prospective home buyers and sellers shouldn’t expect home values to plunge — one reason behind the shift is the market typically slows in the fall and prices are still above where they were a year ago.
Still, more homes are hitting the market and mortgage interest rates remain high, creating a situation of slightly more supply and slightly less demand.
As a result, annual price growth has slowed. Last month, Southern California home prices were 4.3% higher than a year earlier, compared to a recent peak of 9.5% in April.
Orphe Divounguy, a senior economist with Zillow, said he expects annual price growth in Southern California to slow further next year, but not turn negative.
Though more home owners are choosing to sell their home, many others still don’t want to give up their ultra-low mortgage rates they took out during the pandemic.
Divounguy said there’s also California’s long-running problem of building too few homes for all the people who want to live here. In some places that build more, prices are already falling compared to last year.
In the Austin metro area, prices were down 3.4% in November, according to Zillow.
“Until we see inventory catch up, like we have in some of these big metros that built a ton of housing, I don’t think we are going to see negative prices,” he said.
Locally, Zillow forecasts home prices in November 2025 to be 1.5% higher than they are today across Orange and Los Angeles counties. In the Inland Empire, values should climb 2.7%
Though prices may keep rising, if incomes climb as well and mortgage rates fall, the housing market could become more affordable to people looking to break in.
Depending on the time frame one looks at, that’s already happening to some extent.
Inflation and economic growth play a major role in the direction of mortgage rates. In May, mortgage rates were above 7%, but then steadily declined to 6.08% in September, amid signs inflation was easing and the economy was weakening.
Rates started climbing again, following stronger than expected job growth and fear among investors that an incoming Trump administration would institute policies such as sweeping tariffs and tax cuts that would reignite inflation.
In late November, mortgages rates hit 6.84%, but have declined somewhat since, clocking in at 6.6% as of Dec. 12, according to Freddie Mac.
In a statement announcing the latest mortgage rate figures, Freddie Mac chief economist Sam Khater noted that “while the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds.”
Housing prices by city and neighborhood
Note to readers
Welcome to the Los Angeles Times’ Real Estate Tracker. Every month we will publish a report with data on housing prices, mortgage rates and rental prices. Our reporters will explain what the new data mean for Los Angeles and surrounding areas and help you understand what you can expect to pay for an apartment or house. You can read last month’s real estate breakdown here.
Explore home prices and rents for November
Use the tables below to search for home sale prices and apartment rental prices by city, neighborhood and county.
Rental prices in Southern California
In the last year, asking rents for apartments in many parts of Southern California have ticked down.
Experts say the trend is driven by a rising number of vacancies, which have forced some landlords to accept less in rent. Vacancies have risen because apartment supply is expanding and demand has fallen as consumers worry about the economy and inflation.
Additionally, the large millennial generation is increasingly aging into homeownership, as the smaller Generation Z enters the apartment market.
Prospective renters shouldn’t get too excited, however. Rent is still extremely high.
In November, the median rent for vacant units of all sizes across Los Angeles County was $2,057, down 1.2% from a year earlier but 7.2% more than in November 2019, according to data from Apartment List.
California
Watch: Moment tornado strikes California parking lot
Footage captures the moment a tornado tore through Scotts Valley in northern California. At least four people were injured after it struck a parking lot, with cars flipped and trees downed, local authorities said. California averages around 11 tornadoes per year, according to the National Weather Service.
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