Published by Russ 2 years, 4 months ago
in Uncategorized.
Marcus & Millichap, an investment brokerage firm, is reporting that in Las Vegas, Phoenix, San Diego, Washington, D.C., and much of Florida, an estimated 25% to 40% of condos under development or apartments that were converted into condos for sale will be put back on the market as rentals.
USA Today is reports that as markets cool and the sizzle of these hot markets looses steam, that many renters who had previously had to scramble to find properties are now able to more readily find places to rent. As the cost of buying homes rises are rentals the next true investment?
Read More: USA Today
Published by Russ 2 years, 4 months ago
in Uncategorized.
USAToday.com is reporting that a growing people number of people in cities across the country are being forced to reconsider their options with regard to home ownership. With the mdeian price of homes in several US cities now over a half million dollars, simply making the mortgage payment is becoming to be somewhat of a stretch.
Creative loan programs and extended mortgage terms have been the saving grace for many looking to buy, but even people with substantial means are beginning to find home prices a burden, and are being forced farther into the suburbs.
Read More: USA Today
Published by Russ 2 years, 5 months ago
in Utah and Real Estate.
What used to be a quiet spot to get a cold drink before heading across the desert toward Las Vegas has become a booming family and retirement city, and just happens to have the nation’s highest appreciation in house values for the 1st quarter of 2006. Dave Anderton of the Deseret Morning News quotes the U.S. Office of Federal Housing Enterprise Oversight in noting that home prices in St. George rose an average of 38.40 percent, compared to the same quarter in 2005, making it the highest of 275 U.S. cities.
St. George’s appreciation was the highest of 275 U.S. cities, surpassing Cape Coral, Fla., at 36.9 percent, Phoenix at 36.52 percent and Bend, Ore., at 34.70 percent. Salt Lake City ranked No. 76 at 16.87 percent.
Christopher Kyler, CEO of the Utah Association of Realtors, is quoted as saying he doesn’t “believe anything is hyperinflated in Utah”.
To read more: The Source
Published by Russ 2 years, 6 months ago
in Uncategorized, Mortgage and Finance.
Bankrate.com reports that as of their May 10 survey, “For the first time since March 22, the benchmark 30-year fixed-rate mortgage did not rise. Instead, it held steady at 6.67 percent…One year ago the mortgage index was 5.84 percent; four weeks ago, it was 6.56 percent.”
Does this mean mortgage rates will not be affected by the recent action of the Federal Reserve? Bankrate.com states “The Fed’s decision Wednesday afternoon doubtless will affect mortgage rates, but is not reflected in this week’s Bankrate.com national survey. The poll of large lenders is conducted every Wednesday, starting in the morning and continuing until early afternoon. Most of this week’s data were collected before the Fed announced its decision at 2:20 p.m. Eastern.”
Read More: Bankrate.com
Published by Russ 2 years, 6 months ago
in Housing and NAHB.
The National Association of Home Builders (NAHB) reports that their Remodeling Market Index (RMI) shows a growth in remodeling activity for the first quarter of 2006. “The current market conditions index increased from 46.6 to 48.1 and future expectations moved from 47.5 to 48.9.” Further, Baby Boomers (ages 46 to 64) are doing most of the remodeling.
And, how were the results all around the country?
“Regionally, there was strong growth throughout the country except the West, though that area still remains well within the positive range. The Northeast’s current conditions increased by nearly 10 points from 41.6 to 51.1 and the future index jumped from 41.0 to 47.3. Current conditions increased in the Midwest from 41.1 to 44.3 with the future expectations increasing by .4 to 46.6.”
Read More: NAHB remodeling report
