The present situation of the home market in California happened because undeveloped land is not available. In regions like Los Angeles and San Francisco, the costs are too high, and Proposition 13 also made it expensive for people to relocate. So, many homeowners decide to renovate their current homes instead. Despite future property tax being set at 2%, there are exceptions when a house is sold and reevaluated according to its present value. Annual totals are calculated with numbers that shift by season, as most sales are finalized in June and December. Some others factors include consumer confidence, disposable income, and the jobs that homeowners have.
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