In This Issue:
- The Economy & Your Finances: California predicts $38 billion budget surplus
- The Market & Industry: Open houses now allowed
- Around the State: More than 50 percent of Californians have at least one shot
- Health Check-Up: Pfizer approved for children age 12-15
The Economy & Your Finances: California predicts $38 billion budget surplusGovernor Newsom announced last week that state officials predict a $38 billion discretionary budget surplus in the coming fiscal year, more than twice what was predicted in January. Newsom intends to use the surplus to send a second round of stimulus checks to around two-thirds of Californians. The proposed budget also includes a $12 billion tax rebate for Californians and $2 billion to support renters.
Newsom also proposed that $1.5 billion be added to the existing California Small Business Grant program that gives grants of up to $25,000 to small businesses. The grants will not have to be paid back.
U.S. unemployment claims dropped to 473,000 last week, a new pandemic low. Weekly jobless claims have fallen significantly since they peaked at 900,000 in January. Californians filed fewer claims last week as well, but the decline was tiny — suggesting the state’s economy is still struggling to recover. Meanwhile, California’s backlog of unemployment claims has reached its highest level in more than two months.
Sources: The San Francisco Chronicle, ABC 7 News, KCRA, USA Today, The Mercury News
The Market & Industry: Open houses now allowed
Last week, the California Department of Public Health (CDPH) updated its guidance to allow open houses. All open houses must follow the CDPH’s indoor gathering guidelines. Face coverings are still required and posted rules must be followed. There may be more restrictive local guidelines. You can find our Quick Guide on the new guidance here. And please remember to adhere to local guidelines which may be stricter in certain areas.)
In response to the new rules, C.A.R. has released new and revised forms including:
- A simplified, shortened Rules of Entry (PRE) form
- A simplified, shortened Prevention Plan (BPPP) form
- A new Property Sign-In (PSI) form
- A simplified, shorter PEAD-ALL form
- An addendum to the Listing Agreement (LOHA) form
- A revised RLA-CAA to reflect the new guidance, including open houses.
New listings should continue to utilize this addendum to reflect the current issues.
The forms are now available in zipForm.
The California median home price topped $800,000 in April, with home sales strong at the start of the homebuying season. Existing, single-family home sales totaled 458,170 in April on a seasonally adjusted annualized rate, up 2.6 percent from March and up 65.1 percent from April 2020.
Sources: C.A.R., California Department of Public Health
Around the State: More than 50 percent of Californians have at least one shot
California’s seven-day average of new cases is at the lowest point it’s been in over a year, and more than 50 percent of Californians have received at least one shot. More than 15 million Californians have been fully vaccinated.
As of 11:05 a.m., cases in California number 3,746,298. The statewide average for ICU bed availability was 32.8 percent, and the state was averaging a 1.1 percent positivity rate for tests.
On Thursday, the CDC announced that fully vaccinated Americans no longer need to wear masks indoors, even in crowded spaces. There are some restrictions: You will still need to wear a mask in healthcare settings, in transportation hubs like airports, and on public transportation. And notably, California has not yet loosened its own guidelines but has indicated it will adopt the federal guidelines when the state is set to reopen on June 15.
California Secretary of Health and Human Services, Mark Ghaly, said last week that the state has no plans to implement a vaccine passport system. Still, there will be some instances when you may need to show proof of vaccination, like entering a convention of more than 5,000 people.
Sources: USA Today, The San Francisco Chronicle, The Mercury News, Los Angeles Times, ABC 7 News, CNN
Health Check-Up: Pfizer approved for children age 12-15
The CDC now recommends the Pfizer vaccine for children as young as 12 years old. In California, RiteAid, Walgreens and CVS are making appointments available to this age group.
The Director of the CDC, Rochelle Walensky, clarified on Sunday that the mask mandate was shifted because, “If you are vaccinated … you can take off your mask and you are not at risk of severe disease or hospitalization from COVID-19.” Only unvaccinated people are at risk when taking off their masks indoors.
She also noted that communities in which cases are high should consider keeping their mask requirements. And the CDC is recommending that schools keep requiring masks through the end of the year, as many children are not yet eligible for vaccination.
Sources: The New York Times, ABC News, Los Angeles Times, KCRA