HOUSTON - Booming population growth has made Houston, Texas one of the fastest growing regions in the United States. From 2011 to 2012, Houston gained more than 34,000 people, which was the second largest numeric increase for a city in the country.
In 2013, the Houston Chronicle reported its growth shows no signs of slowing. People are still moving to the area for its plentiful jobs, education and housing, and many job sectors are growing.
By 2020, Houston's population is expected to grow from today's 2.162 million to 2.52 million. By 2030, the city will have 2.8 million residents, which means it should overtake Brooklyn.
Showing posts with label Market Conditions. Show all posts
Showing posts with label Market Conditions. Show all posts
Friday, July 25, 2014
Wednesday, July 23, 2014
Mortgage Applications Rise, Led by Refinances
Mortgage Applications Rise, Led by Refinances - Filed under: News, Buying, Financing, Refinancing The Associated P... ow.ly/2KBePu
Wednesday, July 16, 2014
Carlisle Recognized by Forbes
Carlisle is a borough in and the county seat of Cumberland County, Pennsylvania, United States. The name is locally pronounced as in British English with emphasis on the second syllable /kɑrˈlaɪl/. Carlisle is located within the Cumberland Valley, a highly productive agricultural region. As of the 2010 census, the borough population was 18,682. Including suburbs in the neighboring townships, 37,695 live in the Carlisle urban cluster. Carlisle also is an exurb of Harrisburg, Pennsylvania, to the east.
Carlisle is the smaller principal city of the Harrisburg−Carlisle Metropolitan Statistical Area, which includes all of Cumberland, Dauphin, and Perry counties in South Central Pennsylvania. In 2010, Forbes rated Carlisle and Harrisburg the second-best place to raise a family.
Carlisle is the smaller principal city of the Harrisburg−Carlisle Metropolitan Statistical Area, which includes all of Cumberland, Dauphin, and Perry counties in South Central Pennsylvania. In 2010, Forbes rated Carlisle and Harrisburg the second-best place to raise a family.
Uptown NY Maintaining Soaring Property Values
Uptown Maintains Upside - Soaring property values in New York neighborhoods once associated with crime and poverty... ow.ly/2Kdlot
Friday, July 11, 2014
Canada Building Permits Up in May
The first of this week’s important reports on the market was released yesterday. Statistics Canada’s building permits data for May shows an increase in permits issued; up 13.8 per cent from April; with commercial property in Ontario and Manitoba and multi-family units in BC being the big areas of growth. Quebec and Nova Scotia were the only provinces not to see an increase. For residential property, there was a 9.5 per cent increase in construction intentions, the third month of gains in a row, with BC seeing the highest increase and Nova Scotia posting a decline after recent growth. For commercial property, there was a 20.8 per hike in permits, with Ontario and Manitoba gaining most and Quebec, Saskatchewan and Nova Scotia seeing declines following large increases in April.
Wednesday, July 9, 2014
Canadian Real Estate Markets Still Hot
CANADA - With high prices, low mortgage rates and consumer confidence cup, Canadian markets have been red hot.
In Montreal there has been an increase in June of 2 per cent for single-family homes and 8 per cent for condos. The Island of Montreal was up 10 per cent. Overall, Montreal sales increased 3 per cent from last year.
In Toronto the year-over-year rise has been 15.8 per cent, with prices up 7.4 per cent and the average home selling in just 22 days.
Vancouver has seen a yearly increase of 28.9 per cent; June’s figures beat the 10 year average after a 3.7 per cent rise from May.
Calgary’s year-over-year growth in sales has been 15.78 per cent with its 10 year average beaten by 18 per cent.
Ottawa (4.3 per cent) and Edmonton (3.5 per cent) also saw modest growth.
In Montreal there has been an increase in June of 2 per cent for single-family homes and 8 per cent for condos. The Island of Montreal was up 10 per cent. Overall, Montreal sales increased 3 per cent from last year.
In Toronto the year-over-year rise has been 15.8 per cent, with prices up 7.4 per cent and the average home selling in just 22 days.
Vancouver has seen a yearly increase of 28.9 per cent; June’s figures beat the 10 year average after a 3.7 per cent rise from May.
Calgary’s year-over-year growth in sales has been 15.78 per cent with its 10 year average beaten by 18 per cent.
Ottawa (4.3 per cent) and Edmonton (3.5 per cent) also saw modest growth.
Tuesday, July 8, 2014
Foreign Buyers Boosting U.S. Housing Market Recovery
The U.S. housing recovery continues and international buyers are a big reason, with the Chinese leading the charge. Chinese buying is up more than 70% to $22 billion -- nearly 1 in 4 dollars of all foreign purchases, according to the National Association of Realtors.
Canadians are No. 1 in total homes bought, but the Chinese buy more expensive homes: An average price of $591,000.
The Chinese also bring a lot of cash to the table: More than three-quarters of their purchases were all-cash buys.
California is the biggest market for the Chinese, accounting for a third of their purchases.
Washington State, however, is coming up quickly, accounting for 9% of buys. It's followed by New York, Pennsylvania and Texas.
Why are they buying? Only 39% of Chinese buyers said they intended to use their purchases as their main home.
Some may buy condos for their children attending U.S. colleges. They hope that, in addition to saving on dormitory fees, they can make benefit from home price appreciation by the time the students graduate.
Others are becoming landlords, buying cheap homes in distressed economic pockets, like Detroit, and renting them out.
Still others use the homes as vacation properties a couple of weeks a year and rent them out the rest of the time.
In addition to the Chinese buyers and the Canadians, Mexico, India and the United Kingdom filled out the top five list. India also had a notable jump in money spent -- 48% growth.
Canadians are No. 1 in total homes bought, but the Chinese buy more expensive homes: An average price of $591,000.
The Chinese also bring a lot of cash to the table: More than three-quarters of their purchases were all-cash buys.
California is the biggest market for the Chinese, accounting for a third of their purchases.
Washington State, however, is coming up quickly, accounting for 9% of buys. It's followed by New York, Pennsylvania and Texas.
Why are they buying? Only 39% of Chinese buyers said they intended to use their purchases as their main home.
Some may buy condos for their children attending U.S. colleges. They hope that, in addition to saving on dormitory fees, they can make benefit from home price appreciation by the time the students graduate.
Others are becoming landlords, buying cheap homes in distressed economic pockets, like Detroit, and renting them out.
Still others use the homes as vacation properties a couple of weeks a year and rent them out the rest of the time.
In addition to the Chinese buyers and the Canadians, Mexico, India and the United Kingdom filled out the top five list. India also had a notable jump in money spent -- 48% growth.
Dubai Real Estate Market Facing Possible Correction
According to Global Property Guide, Dubai real estate prices climbed 10% in Q1 against Q4, and 32% YOY — easily the largest jumps in the world.
The IMF warned last month of “unsustainable price dynamics and an eventual correction,” and that megaprojects could create risks to Dubai’s government-sponsored entities, which are looking at debt levels of 141% percent of Dubai GDP.
Bloomberg reported the country’s central bank recently said rental yields in Dubai, as well as Abu Dhabi, had fallen below historical averages while real estate prices rose, suggesting the market may be imbalanced.
The IMF warned last month of “unsustainable price dynamics and an eventual correction,” and that megaprojects could create risks to Dubai’s government-sponsored entities, which are looking at debt levels of 141% percent of Dubai GDP.
Bloomberg reported the country’s central bank recently said rental yields in Dubai, as well as Abu Dhabi, had fallen below historical averages while real estate prices rose, suggesting the market may be imbalanced.
Friday, July 4, 2014
Mortgage Applications Decline for 3rd Straight Week
Applications for U.S. home mortgages dipped slightly last week as purchases declined.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 0.2 percent in the week ended June 27. It was the third straight week in which the MBA's index saw a decline.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 0.2 percent in the week ended June 27. It was the third straight week in which the MBA's index saw a decline.
Thursday, July 3, 2014
U.S. Apartment Rents Continue Rise
Apartment landlords in the U.S. continued to push through hefty rent hikes in the second quarter, squeezing households that already are struggling financially after four years of steady increases.
The average monthly rent for an apartment rose to $1,099 in the second quarter, up 0.8% from the first quarter, according to data to be released Wednesday by real-estate research firm Reis Inc. That was the 18th consecutive quarter of rent increases. For the 12-month period ended in June, rents rose 3.4%.
Effective rents—which tend to be lower than asking rents—were up in all 79 U.S. metro areas tracked in the Reis report. West Coast cities that have been the model of recovery continued to top the list of highest rent growth for the quarter and over the past 12 months.
Rent growth exceeded 6% over the past year in San Francisco, San Jose and Seattle.
Even cities that aren't normally associated with fast rent growth, such as Charleston, S.C., and Nashville, Tenn., posted strong growth over the year, up about 5% or more for the year.
The average monthly rent for an apartment rose to $1,099 in the second quarter, up 0.8% from the first quarter, according to data to be released Wednesday by real-estate research firm Reis Inc. That was the 18th consecutive quarter of rent increases. For the 12-month period ended in June, rents rose 3.4%.
Effective rents—which tend to be lower than asking rents—were up in all 79 U.S. metro areas tracked in the Reis report. West Coast cities that have been the model of recovery continued to top the list of highest rent growth for the quarter and over the past 12 months.
Rent growth exceeded 6% over the past year in San Francisco, San Jose and Seattle.
Even cities that aren't normally associated with fast rent growth, such as Charleston, S.C., and Nashville, Tenn., posted strong growth over the year, up about 5% or more for the year.
Wednesday, July 2, 2014
U.S. Construction Spending Rises but Less Than Projected
WASHINGTON -- U.S. construction spending rose less than expected in May, which could prompt a further downgrading of second-quarter economic growth estimates.
Construction spending edged up 0.1 percent to an annual rate of $956.1 billion, the Commerce Department said Tuesday. However, April's construction spending was revised up to show a 0.8 percent rise, taking some of the sting out of the report.
Economists polled by Reuters had expected construction spending to advance 0.5 percent after a previously reported 0.2 percent gain.
The data was the latest to suggest the economy's rebound from a brutally cold winter could fall short of expectations.
Construction spending edged up 0.1 percent to an annual rate of $956.1 billion, the Commerce Department said Tuesday. However, April's construction spending was revised up to show a 0.8 percent rise, taking some of the sting out of the report.
Economists polled by Reuters had expected construction spending to advance 0.5 percent after a previously reported 0.2 percent gain.
The data was the latest to suggest the economy's rebound from a brutally cold winter could fall short of expectations.
Tuesday, July 1, 2014
U.S. Home Prices Rise in May but Gains Have Slowed
WASHINGTON -- U.S. home prices rose in May compared with a year earlier, but the gains have slowed.
Data provider CoreLogic (CLGX) said Tuesday that prices increased 8.8 percent in May compared with 12 months earlier. The pace of gains has slowed as more homes have come onto the market, according to CoreLogic.
On a month-to-month basis, prices rose 1.2 percent from April to May.
Prices increased the most in Western states, including Hawaii, California and Nevada.
Data provider CoreLogic (CLGX) said Tuesday that prices increased 8.8 percent in May compared with 12 months earlier. The pace of gains has slowed as more homes have come onto the market, according to CoreLogic.
On a month-to-month basis, prices rose 1.2 percent from April to May.
Prices increased the most in Western states, including Hawaii, California and Nevada.
Sunday, June 29, 2014
UK Economists Fear Real Estate Bubble Amid Housing Boom
LONDON—The U.K.'s two chief financial-policy makers warned Thursday of a potential real estate bubble as the government moved to enact new powers to curb mortgage lending amid a gathering boom.
Britain's concerns highlight a central challenge to policy makers in the era of low interest rates: how to curb bubbles without slowing economic recovery.
The U.S. and euro zone have also established new bodies to keep watch over the financial system, but the U.K. has gone furthest in equipping its central bank with specific tools to tackle housing-market risks.
The U.K. is trying to control housing prices without resorting to raising interest rates.
The BOE will have wide new authority to restrict lending by limiting how much home buyers can borrow relative to their incomes and how much they can borrow as a proportion of a property's value.
The International Monetary Fund warned Wednesday the U.K. was one of many countries that need to guard against housing-market booms, for fear a bust could lead to a systemic banking crisis.
Australia, Canada and France were also highlighted as countries where housing markets appear overvalued in relation to average incomes.
Britain's concerns highlight a central challenge to policy makers in the era of low interest rates: how to curb bubbles without slowing economic recovery.
The U.S. and euro zone have also established new bodies to keep watch over the financial system, but the U.K. has gone furthest in equipping its central bank with specific tools to tackle housing-market risks.
The U.K. is trying to control housing prices without resorting to raising interest rates.
The BOE will have wide new authority to restrict lending by limiting how much home buyers can borrow relative to their incomes and how much they can borrow as a proportion of a property's value.
The International Monetary Fund warned Wednesday the U.K. was one of many countries that need to guard against housing-market booms, for fear a bust could lead to a systemic banking crisis.
Australia, Canada and France were also highlighted as countries where housing markets appear overvalued in relation to average incomes.
Friday, June 27, 2014
Millennials Could Drive Next U.S. Housing Boom
The Millennials who for years have lived with their parents while the economy imploded, now seem poised to move out on their own.
According to a report released Thursday by Harvard's Joint Center for Housing Studies, by 2025 Millennials could form 24 million new households and drive the U.S. real estate market.
The report also found that, the number of young people who buy homes increases as their incomes grow. The hiring of Millennials has recently improved as the economy heals. If the trend continues, these same Milennials could soon become homeowners.
According to a report released Thursday by Harvard's Joint Center for Housing Studies, by 2025 Millennials could form 24 million new households and drive the U.S. real estate market.
The report also found that, the number of young people who buy homes increases as their incomes grow. The hiring of Millennials has recently improved as the economy heals. If the trend continues, these same Milennials could soon become homeowners.
Thursday, June 26, 2014
U.S. Home Construction Slips in May
HOUSTON -- The pace of U.S home construction slipped in May as buyers face higher mortgage rates.
Construction firms began work on fewer single-family houses, condominiums and apartments last month.
Home construction has struggled to gain much traction this year, limiting its contribution to broader economic growth. Many potential buyers face higher mortgage rates than at this time last year, while builders are selling fewer new homes but charging more for them.
This has reduced the number of possible buyers and the number of construction jobs by 1.49 million fewer than at the start of the Recession in December 2007, a loss of about 20 percent.
In May, construction declined in the Northeast, Midwest and West. Only the South experienced greater building activity in May.
Housing starts have increased 9.4 percent during the past 12 months but apartments account for most of the gains, suggesting that more Americans will be renting instead of owning homes.
Construction firms began work on fewer single-family houses, condominiums and apartments last month.
Home construction has struggled to gain much traction this year, limiting its contribution to broader economic growth. Many potential buyers face higher mortgage rates than at this time last year, while builders are selling fewer new homes but charging more for them.
This has reduced the number of possible buyers and the number of construction jobs by 1.49 million fewer than at the start of the Recession in December 2007, a loss of about 20 percent.
In May, construction declined in the Northeast, Midwest and West. Only the South experienced greater building activity in May.
Housing starts have increased 9.4 percent during the past 12 months but apartments account for most of the gains, suggesting that more Americans will be renting instead of owning homes.
Wednesday, June 25, 2014
U.S. Home Sales Post Biggest Monthly Gain in 3 Years
HOUSTON -- Sales of previously owned U.S. homes posted the best monthly gain in nearly three years in May.
The National Association of Realtors reported Monday that sales of existing homes increased 4.9 percent last month to a seasonally adjusted annual rate of 4.89 million homes. The monthly gain was the fastest since August 2011.
The National Association of Realtors reported Monday that sales of existing homes increased 4.9 percent last month to a seasonally adjusted annual rate of 4.89 million homes. The monthly gain was the fastest since August 2011.
Homes Listed For Sale Rising but Prices Remain High
After almost two years of decline, the number of homes listed for sale is finally rising. But for low-income and first-time buyers, the number of lower-priced homes for sale continues to fall in most areas as high investor activity and high negative equity conspire to keep those homes off the market.
The inventory of all for-sale homes listed on Zillow nationwide increased in May, jumping 11.8 percent year-over-year and 4.3 percent from April with inventory of all homes for sale rising in each of the past three months.
The inventory of all for-sale homes listed on Zillow nationwide increased in May, jumping 11.8 percent year-over-year and 4.3 percent from April with inventory of all homes for sale rising in each of the past three months.
Saturday, June 21, 2014
U.S. Foreclosures Hit 8 Year Low
Foreclosure activity across the United States dropped to an eight-year low in May as banks reclaimed fewer homes and foreclosure starts saw their lowest levels in years, RealtyTrac said in a report on Tuesday.
RealtyTrac, which tracks and maintains housing market data, said 109,824 properties across the country were at some stage of the foreclosure process in May. That marked a 5 percent decline from April and left foreclosure activity -- foreclosure notices, scheduled auctions and bank repossessions -- 26 percent below the year-ago level.
RealtyTrac, which tracks and maintains housing market data, said 109,824 properties across the country were at some stage of the foreclosure process in May. That marked a 5 percent decline from April and left foreclosure activity -- foreclosure notices, scheduled auctions and bank repossessions -- 26 percent below the year-ago level.
Tuesday, June 17, 2014
How Real Estate Investment Groups Work
Real estate investment groups are like small mutual funds for rental properties. If you want to own a rental property, without the hassle of being a landlord, a real estate investment group may be the solution for you.
How it Works
A company will buy or build a set of apartment blocks or condos and then allow investors to buy them through the company, thus joining the group.
How it Works
A company will buy or build a set of apartment blocks or condos and then allow investors to buy them through the company, thus joining the group.
A single investor can own one or multiple units of self-contained living space, but the company operating the investment group collectively manages all the units, taking care of maintenance, advertising vacant units and interviewing tenants.
In exchange for this management, the company takes a percentage of the monthly rent.
There are several versions of investment groups, but in the standard version, the lease is in the investor's name and all of the units pool a portion of the rent to guard against occasional vacancies, meaning that you will receive enough to pay the mortgage even if your unit is vacant.
There are several versions of investment groups, but in the standard version, the lease is in the investor's name and all of the units pool a portion of the rent to guard against occasional vacancies, meaning that you will receive enough to pay the mortgage even if your unit is vacant.
Tuesday, July 2, 2013
U.S. Home Prices Highest in 7 Years
U.S. home prices jumped 12.2 percent in May from a year ago, the most in seven years.
Real estate data provider CoreLogic said Tuesday that home prices rose from a year ago in 48 states. They fell only in Delaware and Alabama. And all but three of the 100 largest cities reported price gains.
Prices rose 26 percent in Nevada to lead all states. It was followed by California (20.2 percent), Arizona (16.9 percent), Hawaii (16.1 percent) and Oregon (15.5 percent).
CoreLogic also says prices rose 2.6 percent in May from April, the fifteenth straight month-over-month increase.
Steady hiring and low mortgage rates have encouraged more Americans to buy homes. Greater demand, a limited number of homes for sale and fewer foreclosures have pushed prices higher. Prices are still 20 percent below the peak reached in April 2006, according to CoreLogic.
Sales of previously occupied homes topped the 5 million mark in May for the first time in 3 ½ years. And the proportion of those sales that were "distressed" was at the lowest level in more than four years for the second straight month. Distressed home sales include foreclosures and short sales. A short sale is when a home sells for less than what is owed on the mortgage.
Home sales are expected to increase in the coming months. That's because the number of people who signed contracts to buy homes rose in June to the highest level since December 2006. There's generally a one- to two-month lag between a signed contract and a completed sale.
One worry is that higher mortgage rates could slow the housing recovery. Still, rates remain low by historical standards. And increases in rates could boost home sales. That's' because many Americans may act to lock in the lower rates before they rise further.
A survey by the University of Michigan released last week found more Americans believe it is a good time to buy a home because both rates and prices are just starting to rise.
Rates have been trending higher for two months. And the average rate on a 30-year fixed mortgage leapt to 4.46 percent last week, according to mortgage buyer Freddie Mac. That's the highest in two years and a point more than a month ago.
Mortgage rates surged after Federal Reserve chairman Ben Bernanke said last month that the Fed could scale back its bond buying later this year and end it next year if the economy continued to strengthen. The bond purchases have kept long-term rates down.
Economists say that higher mortgage rates are unlikely to stifle the housing recovery. A more critical issue is whether potential buyers can get loans. There are signs that banks have become more willing to extend mortgages.
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