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Amazon HQ2 rejects may still get a housing boost

Posted by Mehran Aram on Sun, Dec 9, 2018 @ 05:12 AM

Housing markets in San Diego and the other regions that were rejected for the location of Amazon’s new headquarters may still see a bump in their housing market nonetheless. According to a Zillow forecast of 2019’s housing market, being spurred by the possibility of attracting thousands of new jobs and a major corporation has led to local initiatives to improve conditions.

Zillow reports that due to this can-do attitude of Amazon HQ2 contenders, some of these cities are expected to outperform the national rate of home value appreciation next year.

“Many of the candidate cities that were not ultimately selected could see spillover gains in 2019,” said Zillow senior economist Aaron Terrazas. He predicts that other companies could recognize the value of these metro areas.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.75 percent, 15-year rates are near 4.125 percent and the 5-year ARM is averaging 4.375 percent.

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Topics: Housing Market, Housing, Mortgage rates, San Diego Housing Market, Amazon