Posts Tagged ‘condo’

Home Flipping Volume Rises to 9-Year High

Posted on June 19, 2017 by Laura Lam

ATTOM Data Solutions’ Q1 2017 U.S. Home Flipping Report revealed that 43,615 single family homes and condos were flipped during Q1 2017, which was an 8% decrease from the previous quarter and a 6% decrease from a year ago. Home flips in Q1 2017 accounted for 6.7% of all single family home and condo sales during the quarter, up from 5.8% in the previous quarter and unchanged from a year ago. A home flip is defined as a property that is sold in an arms-length sale for the second time within a 12-month period.  One-third (33.3%) of all single family…

Luxury Apartment Boom to Cool Off in 2017

Posted on January 11, 2017 by Laura Lam

Landlords of upscale properties across the U.S. are bracing for rough conditions in 2017 that will likely force them to slash rents and offer deep concessions as a glut of supply brings a 7-year luxury-apartment boom to an end.  The turnaround follows a more-than-26% jump in U.S. apartment rents since early 2010, far outstripping inflation and income growth. But in 2016, rents rose a modest 3.8%, a significant drop from the recent high of 5.6% year-to-year growth in the third quarter of 2015, according to a recent report by MPF Research. MPF Vice President Jay Parsons said he expects little or no…

Multi-Family Boom Busts Renters’ Wallets

Posted on February 02, 2016 by Laura Lam

The booming multifamily mortgage market has risen to new heights, passing the lofty $1 trillion mark. But while that may mean flourishing times for apartment lenders, increasing demand may not translate into good times for renters.  Apartment mortgages outstanding hit $1.02 trillion at the end of the third quarter of 2015, according to the Mortgage Bankers Association.  That number was up a hefty 2% in one quarter, rising $19.3 billion from the end of the second quarter. It was the highest level since MBA started tracking commercial and multifamily mortgages in 2007. It’s no secret what’s fueling the increasing demand…

Fewer Homes in Negative Equity

Posted on September 08, 2015 by Saldutti

The U.S. negative equity rate dropped below 15% in the second quarter of 2015, according to the Zillow Negative Equity Report, but nearly 20% of condo-owners remain underwater.  Condo-owners were in far worse shape than single-family homeowners in Chicago, Orlando and Las Vegas. In only 3 markets – Detroit, Memphis, and Pittsburgh – single-family homeowners were more likely to be underwater than condo-owners. A high rate of homeowners who owe more on their mortgages than their homes are worth is a lingering effect of the real estate crisis. At its worst, more than 15 million homeowners were upside down on their homes. Foreclosures, short sales and rapidly…

Renting a Home Outweighs Buying in Some Cities

Posted on June 15, 2015 by Saldutti

The latest national housing market index produced by Florida Atlantic University and Florida International University indicates it is becoming more favorable for renters than buyers in terms of wealth accumulation.  The report attempts to answer one of the toughest questions American consumers face: Is it better to rent or buy a home in today’s housing market? The quarterly index looks at whether current market conditions favor renting or buying in terms of wealth creation, measured over a fixed time period.  The study examines the entire housing market in the U.S. and isolates the markets of 23 key cities. According to…

Americans are Fleeing the Suburbs

Posted on July 03, 2014 by Saldutti

The American dream: a white picket fence and a patch of grass to call your own. In 2002 President Bush declared “owning a home lies at the heart of the American dream,” and wanted, “everybody in America to own their own home.” Twelve years and a housing crisis later, it seems as though that’s no longer the case: Americans are packing up and booking it to the city. The American dream is fundamentally about opportunity,” says Vishaan Chakrabarti of the Center for Urban Real Estate at Columbia University. “It’s not so much where you live but whether you can do…