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Today’s Real Estate News 5-31-2011

31 May

Are we now in a market where buyers looking for a home are competing more than ever before with buyers looking for an investment?  I am also curious if investor buyers are more frequently paying cash in today’s market than what we are used to.  Let me know your thoughts on my blog or on Facebook (http://on.fb.me/jOieJB)

Today’s news that may be of interest to you:

America’s Best Affordable Places, 2011
Yahoo! Real Estate | May 27, 2011
As the old saying goes, you get what you pay for. Unfortunately in real estate, value is a trade-off. Someone in Manhattan is willing to pay $2,200 per month to rent a studio apartment so as to be near jobs and cultural amenities, sacrificing square footage. For someone in Las Vegas, where housing is inexpensive—the city’s median home value is about $115,000, according to real estate site Zillow.com—and the labor market is tough, the reverse is true. What if you could have both proximity to work and quality of life at an affordable cost?

Home Prices in U.S. Probably Kept Falling as Housing Absent From Recovery
Bloomberg | May 30, 2011
U.S. home prices probably slumped in March by the most in 16 months, indicating residential real estate will keep weighing on the expansion, economists said before a report today.

More than 500 Cities see more homes become rentals
USA Today | May 30, 2011
Nationally, 34.9% of occupied homes were rented in 2010 compared with 33.8% in 2000, according to Census data. (In Spokane, we were parallel with the national average increase as we saw an increase of 1.2%.  Check out the list to see if your city is on there. ~Anthony)

April pending home sales down 26.5% from year earlier
HousingWire | May 27, 2011
Pending home sales fell substantially in April with unusual weather and continued economic softness hindering a recovery in the housing market, according to the National Association of Realtors.

Real estate market anticipates 25% rise in hotels transactions
Business Day | May 31, 2011
The property market in the past six to 12 months has seen increased activities in its commercial segment with a significant rise in capital investment hovering between 10 and 20 percent.  Investors, especially institutional ones, see rising demand and high yield on investment in this segment contrary to the residential segment where demand is relatively low at the upper end of the market.

Home Loans: A Call to ARMs?
Wall Street Journal | May 28, 2011
One of the signature loans of the housing boom—the adjustable-rate mortgage—is looking more attractive than it has in years. For some buyers, it may be an even better deal than a fixed-rate mortgage.

Foreclosure Activity Tumbled in April
Wall Street Journal | May 28, 2011
Banks initiated fewer foreclosures in April than in any month since late 2008, even though the number of loans in foreclosure remains near records, offering the latest evidence that banks are struggling to repair hobbled foreclosure processes.

Report: Investment Buyers Strengthen Foreclosed Home Sales
DSNews | May 27, 2011
While home sales have slowed from the typical pace seen at the start of the spring buying season, the foreclosure market is performing better than the market for all other homes, according to the RPX Housing Market Report from Radar Logic Incorporated, a real estate data and analytics company based in New York.

From the National Association of Realtors®:

Investors to Dominate Market for Next 2 Years
Real estate investors are expected to outnumber the typical home buyer three to one for the next 24 months, and investors say they’re ready to compete against first-time home buyers for the best property deals, according to a new study by Move Inc.

Buyers Better Hurry: Rates Reach New Lows
The purchasing power for home buyers got even better this week. For the sixth straight week, fixed mortgage rates inched down, reaching new lows for the year.

Top Places for Oldest, Youngest Residents
Florida doesn’t boast the oldest population, as most people assume. Can you guess which state does? Also, find out what states have the youngest populations.



Anthony Carollo 2007 EMAIL  

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

www.StewartSpokane.com

 

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