|
| |
According to Federal Housing Finance Agency, U.S. home prices have dipped 0.3 percent in August from July and fell 3.6 percent from a year earlier. Most of the first time buyers are taking advantage of government tax credit facility. Foreclosure market is facing lot of problems mainly due to job market. Chief Economist Jay Brinkmann of Mortgage Bankers Association says, "The state of the housing market is going to be dependent on employment". Bookmark &
Share
Enterprise, a nonprofit group has decided to raise $4 billion over the next five years to make homes for low-income people more energy efficient. Enterprise, which also has a private branch that provides capital for housing, will lend to existing multifamily building owners for energy and water reduction capital purchases and healthy living environmental improvements. Chief executive of Enterprise Company says "green investments in affordable housing can yield big returns." Bookmark &
Share
Home values will drop on an average at 11.3 percent in 342 out of 381 markets by June 30, 2010. Fiserv firm predicts that prices will stabilize and rise 3.6 percent in 2011. Fiserv called Miami the biggest loser, predicting a decline of 29.9 percent by next June. Large declines are predicated in Orlando, Las Vegas and Phoenix. Bookmark &
Share
If mortgage rates keep on low and the house buyer tax credit extends, single-family housing start should increases to 30 percent in 2010, predicts the McGraw-Hill construction forecast released Friday.
The overall price of construction start is expected to rise 11 percent to $466.2 billion in 2010, according to the investigation.
This year has been hard one for the industry, with the price of starts expected to decline 25 percent to $419 billion throughout December.
Bookmark &
Share
According to Realtytrac, Mortgage foreclosure filings have declined in September for the second-straight month. September filings were down 4 percent from August. One in every 136 U.S. housing units received a foreclosure filing during the third quarter. Nevada's foreclosure rate led the nation, followed by Arizona, California, Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois. Bookmark &
Share
There will be increase in sales of both existing and new homes. Sales of existing homes may go up to 11 percent in 2010 and for new homes it may climb to 21 percent over this year. According to Brinkmann, price of existing homes may fall to $164,200 in the first quarter of 2010. According to David Stevens, commissioner of Federal Housing Administration, mortgage rates may rise to 5.6 percent by the end of 2010 and by 12 percent following year. Bookmark &
Share
Owing a house in America is still considered one of the best investments. If your grandparents had purchased a house during World War 2, the value of the house would have increased a lot. Buying a house is considered a leveraged investment because a 10 percent down payment would yield 1,000 percent return in future. Other benefits of owing a house are it provides independence, security, community and a roof over the owner's head. This is considered one of the best investments. Bookmark &
Share
Foreclosures are now hitting higher priced markets. Foreclosure rates for bottom third housing market now accounts to 35%. Due to increase in foreclosures for expensive homes there has been increase in foreclosure among prime borrowers. According to Mortgage Bankers Association, more than 58 percent of foreclosure starts in the second quarter. Sub prime mortgages accounted for one-third of foreclosures, down from half the previous year. Bookmark &
Share
According to Freddie Mac, Thirty year, fixed rate mortgages have closed to 4.82 percent this May. Home owners who refinance can reduce their payment on a 30-year, fixed rate loan for $200,000 by nearly $134 a month from a year ago, when long-term rates averaged 5.94 percent. Other mortgage rates were as follows: - 15 year loans fell to 4.33 percent
- Five year adjustable rate mortgages dropped to 4.35 percent
- One year ARMs rose to 4.53 percent.
Bookmark &
Share
Supply of homes for sale was done 1.8% this September in all the 27 major metropolitan area when compared to August according to figures compiled by Zip Realty Inc. In New York City, inventory was down 5.5 percent when compared to a year earlier. The company's data includes all single-family homes, condominiums and town houses. Bookmark &
Share
Starwood Capital Group with its allied partners has decided to buy distressed condo assets of Corus Bank for $554 million. This deal was announced by Federal Deposit Insurance Corp. giving Starwood 112 construction loans, two-thirds of which are in default or foreclosure. According to FDIC, the deal is unattractive for Starwood to flip the properties, which are primarily located in Miami, Las Vegas and California. Vacant properties will be converted to rental properties until the market recovers. Bookmark &
Share
Due to increase in unemployment, apartment vacancies have hit 23-year high in September. Rising vacancy rates are pushing down rents, wherein rents are falling 2.7 percent nationwide to an average of $972.
Some if the cities that have faced biggest decline in rents in the last 12 months are as follows:
1. San Jose, Calif.: 8 percent
2. New York: 6.8 percent
3. Orange County, Calif.: 5.5 percent
4. Ventura County, Calif.: 5.1 percent
5. Los Angeles: 4.6 percent
6. Miami: 4.6 percent
7. Las Vegas: 4.6 percent
Bookmark &
Share
Real estate investors are confused as to which direction has Manhattan real estate prices stimulated in the last three months. But one thing to consider is prices have fallen drastically in the last year. According to Miller Samuel, prices have declined 8.4 percent year over year. Halstead properties and Brown Harris Stevens reported a 14 percent decline. Bookmark &
Share
Which cities are considered best for brilliant and highly mobile workers? Wall Street Journal did a survey on various cities based on economic diversity, lifestyle and their own personal prejudices.
The top list is shown below:
1. Washington
2. Seattle
3. New York
4. Portland
5. Austin
6. San Jose
7. Denver
8. Dallas
9. Chicago
10. Boston.
Bookmark &
Share
Foreclosures as well as other distraught property may look like a good deal, but a few buyers are discovering that they don't have the abdomen for the problems that come with it.
Buyers of distraught property often must deal with stern vandalism, unpaid water bills with home-owner-association dues, unseen second mortgages, and mechanics liens.
Lenders are frustrating to make these purchases go more easily. J.P. Morgan Chase & Co. has twice as numerous employees as before handling petite sales, while Bank of America Corp. now allow real estate practitioners to submit short-sale documents online. The U.S. Treasury Department is likely to soon issue streamlined guidelines to lenders on short sales.
A practiced real estate practitioner with guidance in selling foreclosures and short sales can make a huge difference, but in the long run, buyers who don't have much money or aptitude for home maintenance should think hard ahead of trying to buy a distressed property.
Bookmark &
Share
|
|
|
|
 |
|
|
|
|
|
|
|
|
Real Estate Investing Blog |
|
Real Estate Investment News Sitemap |
|
|
