Texas is Building More Houses than Any Other U.S. State: Landmark Realtor.com® Report

 Last year, Texas was the number one state for new house permits, accounting for 15% of the U.S. total while Texas only accounts for 9% of the U.S. population.

 Realtor.com® released a landmark report on housing, economic, and migratory conditions in Texas over recent years. As the fastest growing state in the union, this new report examines who is moving to Texas, why they are coming, and what makes the Lone Star State an attractive destination for businesses that choose to invest here.

"The state has grown rapidly in the last several years as people from across the country and across the world have seen what Texas has to offer," said Danielle Hale, chief economist, Realtor.com®. "In the years since the COVID-19 pandemic, the Texas economy has boomed, especially in high-demand industries like technology, education, manufacturing and construction. Already-scarce housing inventory from years of under-building was flooded with cash offers, and listing prices and rents soared. Texas has responded by building more and smaller homes to meet demand, helping the market settle and housing inventory climb back to pre-pandemic levels ahead of the nationwide recovery."

This new report found that the top reasons households move to Texas from out of state are because of housing, jobs, and climate.

Who's Coming and Why
More than 1 in 4 people shopping for homes in Texas, according to Realtor.com® data, are from out of state. The two largest sources of immigration to Texas are international migration and relocation from California.

"The Texas economy is a model for other states," said Damian Eales, CEO, Realtor.com®. "Residents are attracted to Texas first and foremost for its affordable housing, followed by its favorable climate and abundant jobs. This has put Texas on a path to potentially become the largest state by the year 2045. Those are among the many reasons why at Realtor.com®, we're proud to call Texas home, as hundreds of our employees already do."

Texas is Building More Affordable Homes than the Rest of the Country
Texas was the number one state for new house permits accounting for 15% of the 2024 U.S. total, punching well-above its 9% share of the U.S. population.

They say that everything is bigger in Texas, but there's one important exception to that rule when it comes to housing affordability: new homes. The median newly constructed home on the market in Texas was 2,073 square feet, down from 2,189 in 2020, a 5.3% decrease. Over this time period, new homes in the United States at large have fallen from 2,112 square feet to 2,035, just a 3.6% reduction. Texas is a proven leader in the push to build more affordable new homes, and in the last two years, the share of new builds on the market priced under $350,000 has increased while the shares of new builds priced from $350,000 to $750,000 and from $750,000 to $2,000,000 have both fallen.

Eales added, "America is facing a severe housing affordability crisis, fueled by a staggering shortfall of approximately 4 million homes. Our Texas report is just the beginning of a series that will shine a light on the gaps in our housing supply. By showcasing solutions from states like Texas and calling attention to those that are falling behind, we can drive a national conversation that leads to real, meaningful change."

The Texas Housing Market is More Affordable than the U.S. Overall
The median-priced home in Texas has been less than the national median for a considerable time, despite significant recent price growth. After climbing rapidly during the pandemic, home prices in Texas have settled slightly as easing demand and increased inventory relieved some upward price pressure. As of December 2024, the median listing price in Texas was $360,000, roughly $40,000 below the national median.

In 2024, almost half (47.5%) of all for-sale inventory in Texas was priced at $350,000 or below compared to just 40.1% of national inventory. Over the past year, inventory growth helped with affordability, the report found there were 23.3% (roughly 50,000) more homes priced under $350,000 for sale in Texas in 2024 compared to 2023.

Though Texas offers considerable inventory in lower price tiers, the price distribution of for-sale homes does not match well to the state's income distribution. Fifty-one percent of Texans make less than $75,000 per year, but just 17% of for-sale inventory is affordable to this income level. Even for 80th percentile earners, making up to $150,000 per year, just 66% of for-sale inventory is affordable.

Home Buyers Have Options in the Lone Star State
Texas has claimed an increasing share of U.S. active listings nearly every year since 2016. In 2017, Texas homes made up 7.6% of all U.S. homes for sale. By 2024, this share climbed to 12.6%. Even as inventory levels suffered during the pandemic, Texas has managed to offer buyers more options than much of the country, helping to sustain buyer demand.

Inventory has reached pre-pandemic levels in Texas, relieving price pressure and offering more time to decide and more options for home buyers. Despite more home options, buyers still face relatively-high home prices as the median listing price year-to-date in 2024 is roughly $80,000 higher than the 2019 average, and mortgage rates remain above 6%. Given the average mortgage rate and median listing price, the typical monthly housing payment in Texas was $2,100 in December, assuming a 10% down-payment.

Texas Stands Out for its Lower Rental Prices
With a great combination of affordable rental options and abundant job opportunities, Texas stands out as an attractive place for renters. In 2024, Austin and San Antonio were ranked among the top 10 rental markets by Realtor.com® and Austin, with its blend of affordable rents, job prospects, and vibrant lifestyle amenities, is also regarded as the top rental market for recent college graduates.

The median asking rents for 0-2 bedroom units in major Texas metropolitan markets have consistently been lower than the average rent in the Top 50 U.S. markets

Looking to Find an Affordable Home - San Antonio Leads the Major State Metros
Pre-pandemic, the San Antonio metro area had the largest share of inventory priced below $350,000, followed by Houston, Dallas and Austin. In 2024, this order remains the same, though all four major Texas metros have significantly smaller shares of lower-priced inventory than pre-pandemic.

The most expensive area, Austin, has seen the most significant recovery in lower-priced inventory this year, but remains the least affordable of the bunch. Austin also, despite some recovery, saw the largest drop off in affordable inventory relative to the beginning of the pandemic.

https://www.prnewswire.com/news-releases/texas-is-building-more-houses-than-any-other-us-state-according-to-landmark-realtorcom-report-302369315.html

Willscot Mobile Mini shares rise on potential ICE deal

Willscot Mobile Mini (NASDAQ:WSC) stock climbed 3.6% mid-day Thursday, following news that the Trump administration is negotiating with the company to lease its mobile units for immigration-related purposes.

The rise in stock value appears to be a direct response to reports from Semfor that US Immigration and Customs Enforcement (ICE) is in talks with the Phoenix-based company to provide temporary spaces for housing and processing a significant number of migrants awaiting deportation. Willscot, known for its mobile structures typically used on construction sites for storage and office space, could see an increase in business should the deal go through.

https://www.investing.com/news/stock-market-news/willscot-mobile-mini-shares-rise-on-potential-ice-deal-93CH-3854705

State Farm Asks California Insurance Department For Emergency 22 Percent Rate Increase

 by Jill McLaughlin via The Epoch Times (emphasis ours),

California’s largest home insurer asked the state’s insurance department for a 22 percent emergency rate hike Feb. 3 after receiving thousands of claims following Los Angeles County’s catastrophic wildfires last month.

In this aerial view taken from a helicopter, burned homes are seen from above during the Palisades fire near the Pacific Palisades neighborhood of Los Angeles on Jan. 9, 2025. Josh Edelson/AFP via Getty Images

“State Farm helps people recover from the unexpected,” the company wrote in a press release Monday. “That is what we are doing in the wake of the wildfires.”

As of Saturday, the company had received more than 8,700 homeowners claims and paid more than $1 billion to customers after the Palisades and Eaton fires that started Jan. 7.

The fires killed at least 29 people and destroyed more than 16,000 homes and other buildings in what is expected to be the costliest fire in California’s history.

Damages and economic losses from the fires are expected to reach more than $250 billion, surpassing fire losses for the entire 2020 wildfire season in California, according to an AccuWeather estimate.

State Farm expects to ultimately pay out significantly more, as collectively these fires will be the costliest disasters in the history of the company, according to the statement.

The insurer asked the California Department of Insurance to immediately approve interim rate increases to help avert a “dire situation” for more than 2.8 million state policy holders, including 1 million State Farm homeowner customers.

If approved, the rate changes would be effective after May 1 for customers who renew their policies, according to the company.

“Insurance will cost more for customers in California going forward because the risk is greater in California,” State Farm wrote in the statement.

The rate increase would help State Farm to rebuild its capital, which is currently depleted, according to the company. A lack of capital could cause rating agencies to downgrade the company and jeopardize the company’s home insurance policy holders regarding mortgage backings, it said.

Over the last nine years, the company claims it has spent $1.26 for every $1 collected, resulting in more than $5 billion in underwriting losses.

State Farm was granted a rate increase by the state’s insurance department in January 2024 of 20 percent per homeowner for renewals.

Contractors for the Environmental Protection Agency (EPA) remove household hazardous waste as they search through homes damaged and destroyed by the Eaton Fire in the Altadena neighborhood of Los Angeles County, California, on Jan. 30, 2025. Patrick T. Fallon/AFP via Getty Images

The company announced in 2023 it planned to stop accepting new business for casualty and property insurance but would continue to write new auto policies in the state.

Another large insurer, Allstate, also stopped issuing new policies for commercial and residential properties. Other insurers also joined the group, blaming the state’s restrictive regulations that limited rate increases.

The state’s insurance department did not immediately return a request for comment about State Farm’s emergency rate hike Monday.

https://www.zerohedge.com/political/state-farm-asks-california-insurance-department-emergency-22-percent-rate-increase

LA wildfire victims forced to wait up to 18 months for toxic ash and debris removal before rebuilding

 Government red tape means it could take up to 18 months to clear the ash and debris from the charred remains of homes that were burned in the Los Angeles wildfires.

A federal program will pay contractors to haul away the rubble at no cost to residents, but they’ll have to work through layers of bureaucracy — including the Los Angeles County government, the federal Army Corps of Engineers and the Environmental Protection Agency — to get it done.

That means that even through the wildfires have finally been contained, devastated Los Angeles homeowners can either pay out of pocket for the costly removal — or potentially wait more than a year before they can finally rebuild, authorities said.

Meanwhile, unlicensed contractors and scam artist landlords are coming out of the woodwork to prey on victims, officials warned.

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A hazardous waste management crew surveys debris at the ruins of a Pacific Palisades house.ZUMAPRESS.com

The Palisades Fire and Eaton Fire had wiped out around 12,000 homes, businesses and other buildings before fire crews finally contained the infernos.

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Residents have been forced to don hazmat suits to dig through potentially toxic ash in search of valuables, mementos, and, in one at least one case, the remains of a beloved family dog.\

At the same time, the EPA is going lot-by-lot sweeping the ruins for potentially hazardous materials such as paint, batteries and pesticides.

But before anyone can actually rebuild their homes, the rest of the rubble will need to be cleared away — and that’s where things get complicated.

Theoretically, the Army Corps of Engineers, acting on behalf of the EPA, will hire contractors to perform this service at no cost to residents, either sending the bill to insurance companies or footing it themselves.

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The Army Corps of Engineers with hire private contractors to clear debris.APEX / MEGA

But opting into this service requires a long, bureaucratic process conducted by multiple agencies that is full of paperwork and red tape.

First, a homeowner must submit a right of entry form to the county, which completes a review process before granting access to the Army Corps of Engineers, which then hires a contractor, which then makes contact with the homeowner for approval to survey the lot.

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An EPA worker clears hazardous waste from a burn site.APEX / MEGA

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Gov. Gavin Newsom signed legislation directing $2.5 billion toward fire recovery.AFP via Getty Images

That process can take months to even begin if a property owner listed on a deed has died or trustees are unavailable to fill out the paperwork, Col. Eric Swenson, who is heading the Corps’ response, told the New York Times.

“I don’t want to make it sound like that’s the majority,” Swenson told the outlet. “Those are outliers, but they exist in every fire.”

Still, officials estimate that one in five properties could take longer than a year to get cleaned up, and it could be 18 months before all of the sites have been cleared.

“That’s a long time to wait for these governmental agencies to do their thing,” Kimberly Bloom, 65, told the Times.

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Utility workers repair city infrastructure in the fire zone.APEX / MEGA

Bloom and her husband’s Pacific Palisades home was totally destroyed, and they’ve turned to private contractors to get the job done — even though it will cost them far more than their insurance covers.

To make matters worse, they’ll have to watch out for unlicensed, scam contractors who prey on desperate victims.

In one common scam, unlicensed contractors go door-to-door claiming to “just be in the neighborhood” or have “leftover materials,” offer repair work at an impossible bargain, but then ask for cash upfront or hefty down payments for repairs, one presentation by the LA Department of Business and Consumer Affairs warned.

Other scams include swapping expensive materials for cheap stuff, drumming up other issues to repair after work begins, and absconding with a homeowner’s money before the job is done.

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Workers came out in bulk to begin early stages of cleanup.APEX / MEGA

As they wait for the machinery of government to clear their properties, fire evacuees are struggling to find places to stay — and greedy landlords are making out like bandits.

Some landlords have jacked up rents by more than double, despite a California law that forbids increasing rent by more than 10% during times of emergency.

So far, two landlords have been charged with price gouging after they tried to shake down fire evacuee families for more than 50% of the original listing price, the state attorney general’s office said.

https://nypost.com/2025/02/03/us-news/la-wildfire-victims-forced-to-wait-up-to-18-months-for-debris-removal/