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SAN DIEGO (KGTV) -- A new report is looking into why there is a shortage of homes for sale around the country. According to the report by NerdWallet, in October of 2017, the US had a 3.9-month supply of existing homes for resale, meaning at that pace, it would have taken 3.9 months to sell all the homes on the market. According to NerdWallet, a supply under six months places home buyers at a disadvantage. The report identifies six reasons why the housing supply is so low. 1. Boomers aren’t movingOver three-fourths of baby boomers own their own homes, according to the report, meaning millennials don’t have enough homes available to buy. The report also found that rising home prices force baby boomers to stay put because they don’t have the cash to downsize. RELATED: California gas tax set to increase July 12. Landlords won’t sellNerdWallet says millions of single-family homes were converted to rentals after the foreclosure crisis. In 2017, renters made up 36 percent of households. A greater demand for homes coupled with less supply means values rise while rents are rising faster than home prices. 3. Low mortgage rates The report points out that interest rates on outstanding mortgages averaged about 3.8 percent over the last three years. As mortgage rates rise, fewer people are interested in selling and getting into new mortgages. 4. Entry-level homes ignored by buildersIn the first nine months of 2017, nearly 500,000 newly-built homes were sold of which 55 percent sold for 0,000 or more. NerdWallet says builders blame high land cost and a lack of skilled construction workers for not building more entry-level homes. RELATED: Program vows to help San Diego teachers buy homes5. Regulations add costThe report points out the homebuilders say environmental protection, infrastructure fees and rules that specify lot sizes all add tens of thousands of dollars to the cost of building every single home. According to the report, regulations account for roughly one-quarter of the cost of each home. RELATED: San Diego County city shows enormous home appreciation in 20 years6. Owners want a restricted supplyFinally, the report found that local zoning and land-use regulations are enacted by officials elected by the people. The report says those officials are only responding to constituents who want a limit on the number of homes that can be built in a neighborhood. Elected officials can also set a minimum square footage for homes, further limiting supply. “There are regulations that are more about the neighbors’ sensibilities than they are about the safety of the people living in the houses,” says Miriam Axel-Lute, associate director of the National Housing Institute. “It’s neighbors who want their property values to go up, in most cases, who are insistent upon some excess safety design standards or minimum lot sizes or other things,” Lute says. “They either want their property values to go up or they don’t want, quote, ‘the wrong sort of people’ in their neighborhoods. This is the pressure behind a lot of the most damaging regulations out there.” 3097

SAN DIEGO (KGTV) — A San Diego man is million richer Friday after purchasing a lottery ticket in Talmadge.Teven Lam recently bought a scratcher at the 7-Eleven located at 4745 El Cajon Blvd. Upon revealing the numbers on his "50X the Cash" ticket, he learned he had become an instant millionaire.”I can’t believe [my] luck!” Lam told lottery officials. He has not said what he will do with his newfound wealth. RELATED: Man wins more than .6 million from penny slot at local casinoThe 7-Eleven that sold Lam his scratcher will receive ,000 just for selling the winning ticket.Lam's win comes after another million-dollar windfall, when a man won .6 million on a penny slot at Valley View Casino and Hotel. 726

SAN DIEGO (KGTV) - A judge decided Friday to place a sexually violent predator in the East County community of Boulevard. Michael Joseph Martinez, 64 has multiple previous convictions including child molestation and lewd and lascivious acts upon a child under 14, according to County Supervisor Dianne Jacob’s office.The judge added Friday that the sheriff’s department will be extra vigilant and security will be heightened.The judge decided to place Martinez at the Department of State Hospitals recommended location of 2135 McCain Valley Road. The schools closest to the address include Clover Flats Elementary School and Jacumba Elementary School, according to the San Diego County Sheriff's Department.A mother of one of the victims from 25 years ago spoke at the hearing saying, “I know that you can’t change the order and I’m glad that there’s going to be very strict ordering, but I hope this doesn’t happen to another child or family.”RELATED: Dianne Jacob slams proposed placement of predatorJacob said the placement would put public safety at risk. She adds that several sexually violent predators have been placed in East County in recent years and in some cases, the convicts ended up violating the conditions of their placement.In a letter to Judge David M. Gill, Jacob recommended that Martinez be placed in a state mental hospital or, if necessary, released to a trailer next to Donovan State Prison in Otay Mesa.Jacob represents San Diego County’s District 2, covering most of the eastern two-thirds of the county.San Diego County is home to approximately 4,000 registered sex offenders. About half of them have committed crimes against children. 10 percent are homeless, according to the District Attorney’s office.You can get information about sex offender who may be living near you through the Megan’s Law website.San Diego County residents can also receive alerts about sex offenders who move into their area here. 1964

SAN DIEGO (KGTV) - A man died after being shot in the Talmadge area early Friday morning, San Diego police said.According to police, the shooting was reported around 3:25 a.m. near Euclid Avenue and El Cajon Boulevard, east of Interstate 15.When officers arrived on scene, they found a 33-year-old Black male with upper body wounds. He was taken to a hospital, where he was pronounced dead.A witness said the shooter possibly fled in the victim's vehicle, described only as a dark-colored sedan.The circumstances leading up to the shooting are under investigation, and no suspect description was immediately available.Anyone with information regarding this incident is asked to call the Homicide Unit at (619) 531-2293 or Crime Stoppers at (888) 580-8477. 763

SAN DIEGO (KGTV) – A man was hospitalized after being shot in San Diego’s Encanto neighborhood, police said Thursday.The shooting occurred at around 5:50 p.m. Wednesday on Imperial Avenue, according to San Diego police.Police said the gunfire detection system ShotSpotter reported shots fired in an area near the 6100 block of Imperial Avenue. A second ShotSpotter activation followed shortly after, this time coming from the 6300 block of Imperial Avenue.Responding officers arrived to find a man lying on the ground in a parking lot of a business. The victim had an apparent gunshot wound to his upper torso, police said.The 24-year-old victim was taken to the hospital and is in extreme critical condition, according to police.Police said, “At this time, there is very little known about the circumstances surrounding this incident.”Anyone with information regarding the shooting is asked to call SDPD’s Homicide Unit at 619-531-2293 or Crime Stoppers at 888-580-8477. 979