The current real estate market is a typical Californian one. Its state is greatly influenced by a lack of land in desirable areas. The Los Angeles and San Francisco areas have prohibitively high prices even for undeveloped land. Kenny Slaught says that new constructions are constantly delayed. Most homeowners prefer thus to renovate their current properties. Additionally, Proposition 13, the 1978 amendment to the California constitution, made relocating an unnerving choice. The law says that future tax on the property will be capped at 2%, based on 1975 assessments. The exception happens when the home is sold, at which point it will be reassessed at its current price. The yearly totals are influenced by a number of factors, as the demand changes every month, though most people change homes in June and at the end of the year. Other factors are asking prices, income, interest and savings rates, foreign investments and consumer confidence, to name a few.