When the home bubble burst, mortgage sales collapsed, both loan origination and into the secondary market. The sleight hand in marketing mortgage backed securities was immediately exposed, challenging the price of homes and real demand. Then the recession ensued, causing demand to dry up and driving down the price of homes in many local markets. A great number of those markets reset back to pre-boom levels, while others recoiled to well below the levels that local economies and incomes could technically support. Most of these markets are off bottom, but have not returned to their “normal” state.
Huge Geographic Differences in U.S. Housing Market
The US housing market can no longer be painted with one brush, as the housing recovery is playing out very differently across the country. Here are some anecdotes gleaned from our consulting team:
Florida on sale to the world.
Investors, investors, and investors. From Russia to China to the UK to Brazil, Florida is attracting real estate investors from all over the world. Domestically, the institutional single-family renters are competing with local flippers, too. Good finished lots are now at peak prices in several markets. The active adult/retiree markets continue to experience strong growth.
3 Quick Ways to Add Value to Your Property
You've purchased that quick-flip property. Now it's time to get the most out of your investment. Real estate players rely on timing, negotiating skills and research to acquire properties that will return a profit. The property you purchase doesn't have to be the property you sell, however. Minor property upgrades can pay for themselves and then some. From the unsightly material clinging to your 60s-era ceiling to the stale air in the living room, minor problems can turn away potential buyers and reduce your profit margin.
A little elbow grease can turn a trouble-ridden property into a hot sell. Try these upgrades if you're looking to add quick value to your real estate investment.
National Economic Outlook (August 2013)
The pace of job growth in July was unchanged from the 1.7 percent annual rate of previous months, but the details suggest an economy that will do modestly better for the rest of the year. Most importantly, jobs in business services were up 3.5 percent from last year.
Business services is one of the largest sectors of the economy, on a par with health care and government, and bigger than retail or manufacturing. Earlier this year it was growing at a 3 percent rate, in the last few months around 3.5 percent; it seems only a small increase but it means that businesses are expanding again.
Real Estate Investing in Right-to-Work States
Good and plentiful jobs make good markets better for real estate investors. You’ll get little disagreement on that, as it stands to reason that where there are more jobs (and workers to fill them), you need more housing. The fallout from the recession and concurrent housing crisis means more and more of those workers are renters, as they look to rebuild their credit. And workers bringing home a regular paycheck generally can be counted on to pay the rent – on time! – and take care of the property.
Plus, where there’s a sustained need for housing, prices will appreciate more and faster.
US Housing Market News
US Housing Market Overview
Zillow’s second quarter Market Report, released today, show home values increased 2.4% from the first quarter of 2013 to the second quarter of 2013 to $161,100. This quarter marks the largest annual gain since August 2006 and largest quarterly gain since the fourth quarter of 2005. On an annual basis, the Zillow Home Value Index (ZHVI) rose 5.8% from June 2012 levels.
Monthly appreciation remains strong with national home values growing by 0.9% from May. Not only did the pace of home value appreciation quicken in the second quarter, but the recovery also fully took hold nationwide. Markets in some areas of the Northeast, Midwest and Southeastern US, such as Atlanta, Chicago and St. Louis, that had previously been slow to turn the corner began to appreciate, which helped boost the overall national market. All of the top 30 largest metro areas covered experienced annual appreciation in home values as of the end of the second quarter, and all have hit their bottom.
255 Real Estate Markets Improve
A total of 255 metropolitan areas across 49 states and the District of Columbia qualified to be listed on the National Association of Home Builders/First American Improving Markets Index (IMI) for July, released today. This is down slightly from the 263 metros that made the list in June, but is more than triple the number of metros that were on it in July of 2012.
The IMI identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Six new markets were added to the list and 14 were dropped in July. Newcomers include the geographically diverse metros of Cumberland, Md.; Saginaw, Mich.; Farmington and Las Cruces, N.M.; Kingston, N.Y.; and Olympia, Wash.
How to Appraise Real Property Value
There are many good reasons to have your property valued. Whether you are applying for a home equity loan or refinancing your mortgage, having an accurate reading on what the value of your property is will be important in achieving the financial goals that you have set for yourself.
There are some important things to consider when appraising your value, so here are the steps you will want to take to ensure that you get the most accurate reading on your property.
National Economic Outlook (June 2013)
The economic recession only lasted a year, but there wasn't a recovery for homes because prices had climbed much too high and builders had built way too many of them. Prices had to fall, not just back to a “normal” level, but to an even lower level so that the large inventory of excess homes could be moved – a sort of clearance sale. We're not yet done with that sale – see the large number of mortgages still delinquent – but enough has been cleared out so that prices can drift up to a more normal level.
The Phoenix Housing Market Shortage And Crisis
Phoenix Arizona Housing Market Crisis
A Phoenix property with 95 bids is just one example of a housing market entering a new and unprecedented phase. Experts with Arizona State University's School of Business say the city is heading for a significant housing shortage.
Long gone are the days when the Phoenix metro was riddled with available, well-built single-family homes in the wake of the 2008 housing market bust.
Five years after the crash, the desert metro is facing lagging home construction, predictions of population growth and rising land prices, according to real estate experts with ASU.
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