A fantastic article that anyone concerned abot real estate and the housing markets should read. - Tim Ballering
From 2009-2012, the top 1% of Americans captured 95% of income gains. Now, as the housing market rebounds, billions of dollars in recovered housing wealth are flowing straight to Wall Street instead of to families and communities. Since spring 2012, just at the time when Blackstone began buying foreclosed homes in bulk, an estimated $88 billion of housing wealth accumulation has gone straight to banks or institutional investors as a result of their residential property holdings, according to an analysis by Tom Dispatch. And it’s a number that’s likely to just keep growing.
via naked capitalism.
Persons or institutions who have purchased 10 or more residential properties in the last 12 months accounted for 14 percent of all residential sales in September, up 3 percentage points from August and from September 2012. This was the highest level of such institutional investment since RealtyTrac started tracking those purchases in January 2011.
The problem is that most sellers will try to hide their motivation and will not give you a good price when they first talk to you on the phone.
Although lower prices encourage true bargain hunters to look for deals, they can also scare off homebuyers. And, between the two, anxiety is winning
Hindsight being what it is, then, why should it have surprised anyone that the housing market — and its rapidly inflating bubble — ultimately faltered? Given that prices so rapidly outpaced income, shouldn’t it have been obvious the center wouldn’t hold?
“Everybody got caught up in the excitement,” said Paul Semanek, president of the Greater Capital Association of Realtors, a trade group.
via Times Union.
Title insurance is more needed than ever due to todays housing marketi. With the amount of shady foreclosures, robo-signing and corner cutting in the banking industry, and flat out fraud by the people in charge of holding your mortgage note, its just smart to plan for the unexpected. There is only one thing that can protect your home purchase from all of these ridiculous outcomes, and thats a title insurance policy.
via Broker Agent Social Network
Mortgage rates are near record lows and will probably rise in coming years. Home prices may not be done falling, but they probably don’t have much further to go in most places either. Rents, on the other hand, seem set to increase, thanks to low vacancy rates.
“Renters beware,” warned a newsletter that I recently received from a real estate agents’ group.
With falling home prices and higher inventories, most of the public views real estate as a “buyer’s market,” in which buyers hold more of the control and sellers will more eagerly accept lower offers just to sell.
Not so fast, say buyers and sellers. More buyers are finding the sellers in the driver’s seat