Central Valley names new CFO
Central Valley, the Napa, Calif.-based pro dealer, has appointed Bill Robertson as the company’s new chief financial officer.
Robertson succeeds David Templeton, who had previously announced his intent to retire after a seven-year career with the company.
With more than 20 years of experience in corporate and financial strategy, including several executive positions, Robertson served as CFO and treasurer of Orchard Supply Hardware (OSH) from 2007 through 2011. At OSH, he helped lead the California-based home improvement retailer through the “Great Recession” and the eventual spin-off transaction resulting in OSH becoming a $700 million standalone public company.
Following OSH, Robertson held the position of CFO at Spectralink, a designer and manufacturer of wireless equipment serving global retail and manufacturing clients. Most recently, Robertson has provided CFO-level services to small- to mid-sized businesses as a consultant and advisor.
"After a thorough state-wide search, we are thrilled to welcome Bill Robertson to Central Valley," said Steve Patterson, president and CEO of Central Valley. "Bill is a great addition to our seasoned team of executives and his experience is a great asset as we look at potential growth opportunities."
“I am very excited to be joining Central Valley at such an important time in the company’s history,” said Robertson. “The building materials industry is growing and changing every day, and I look forward to being part of the team that is driving growth.”
NAHB Says LA is Least Affordable
San Francisco is no longer the least-affordable housing market.
According to the National Association of Home Builders (NABH)/ Wells Fargo Housing Opportunity Index (HOI), Los Angeles has gained the top spot as the least affordable market in the nation. San Francisco held that designation for the previous five years.
In the Los-Angeles-Long-Beach-Glendale, Calif., just 9.1% of the homes sold during the third quarter were affordable to families earning the area’s median income of $64,300.
The latest HOI Index also indicated that 58.3% of new and existing homes sold between July and the end of September 2017 were affordable to families earning the U.S. median income of $68,000. That’s from the 59.4% of homes sold that were affordable to median-income earners in the second quarter, according to the NAHB.
The national median home price rose to $260,000 in the third quarter from $256,000 in the second quarter of 2017. At the same time, average mortgage rates inched up two basis points in the third quarter to 4.1% from 4.08 percent in the second quarter.
“Though builder confidence remains strong, they continue to deal with the long-term repercussions of this devastating hurricane season, which has exacerbated chronic labor and lot shortages and put upward pressure on material and home prices,” said NAHB chairman Granger MacDonald, a home builder and developer from Kerrville, Texas.
“Solid economic growth, along with ongoing quarterly job gains and rising household formations, are fueling housing demand,” said NAHB Chief Economist Robert Dietz. “Tight inventories and a forecast of rising mortgage interest rates through 2018 will keep home prices on a gradual upward path and slowly lessen housing affordability in the quarters ahead.”
The Youngstown-Warren-Boardman, Ohio-Pa. market has been rated as the nation’s most affordable major housing market for the fourth consecutive quarter. About 90% of all new and existing homes sold in the third quarter were affordable to families earning the area’s median income of $54,600. Wheeling, W.Va.-Ohio, was rated the nation’s most affordable smaller market, with 94.7% of homes sold in the third quarter being affordable to families earning the median income of $56,100.
Rounding out the top five affordable major housing markets in respective order were Syracuse, N.Y.; Scranton-Wilkes Barre-Hazleton, Pa.; Indianapolis-Carmel-Anderson, Ind.; and Wilmington, Del.-Md.-N.J., which tied for the fifth spot with Cincinnati, Ohio-Ky.-Ind.
The five least-affordable small housing markets are all in the Golden State. At the very bottom of the affordability chart was Salinas, where 11.3% of all new and existing homes sold were affordable to families earning the area’s median income of $63,100.