The NAR launches there recently created propaganda website Housing Market Facts with 'facts' and information why owning a housing unit is better then renting. These paid shills at the NAR are desperate to keep 'their' dollars. The NAR has lost its credibility. Don't trust this shilling douche bag of an organization. They have brought you the likes of David 'paid shill' Lereah and Lawrence 'paid spinner' Yun.
Keith the super housing bubble blogger continues to pound at those responsible for this mess Federal Reserve, NAR, Speculators, etc.).
Phoenix Housing Market: 2007 Sales Were Below 2000 Level (Housing Doom)
They are all Double Digit Declines Now (TheMessThatGreenspanMade)
'Piece of Cake' Housing Downturn Exceeds 90s 'Depression' (SacramentoLanding)
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Everyone remember lance and other housing heads saying that rents in DC went up last year. And I said they went down where I live, they said you must live in a slump... Well, I guess all of DC is a slum then because this just reported.
ReplyDelete"Other cities reporting big declines (in2007) included Washington (11.8 percent), Miami (9.0 percent) and Phoenix (7.3 percent)."
So there you go. Dc was near the top for rent declines last year. Nationwide rents were flat. So much for DC being recession proof.
Bob
Mortgage meltdown: Now the rents
ReplyDeleteMore fallout from the current housing slump - the cost of renting a home stagnated in 2007, according to an exclusive report for CNNMoney.
NEW YORK (CNNMoney.com) -- Home prices dropped last year in most cities around the nation, and now rents are flattening out in many of the markets worst hit by the housing downturn.
According to data from Investment Instruments Corp. generated by their Rentometer.com site and supplied the data exclusively to CNNMoney, the median monthly rental bill for a sampling of 10 metro areas all around the United States rose just 0.5 percent in 2007 from $1,457 to $1,465.
Rentometer, which publishes rent-comparison statistics online, does not have historical rent data prior to 2007, but according to real estate consultant M/PF YieldStar, national rent increases had averaged between 2 and 3 percent annually the previous several years.
"The major factors having an impact on housing prices are foreclosures, which make more rental property available," said Owen Johnson, president of Investment Instruments, "and also foreclosures that are not happening."
In the latter case, according to Johnson, many speculators bought properties to "flip," selling them quickly in a rapidly appreciating market. In some Sun-Belt areas, investors bought condos and other properties while they were still in development, to sell when a project finished.
http://money.cnn.com/2008/01/16/real_estate/
rents_flat/index.htm?postversion=2008011618
Generally, the only time it is cheaper to buy than rent is when people think that values are going to go down. The numbers you have to use are 100% financing purchase vs. rent. (or charge an opportunity cost against the down payment)
ReplyDeleteHome Sellers' Pain Is Renters' Gain
ReplyDeleteThere's one bright side to the housing crisis: some lower rents.
The regions hardest hit by the housing downturn have seen ailing builders, rising foreclosure rates and a glut of unsold homes, amid other signs of distress. But there are also stories like Laura Evans's.
The 38-year-old elementary-school teacher moved to Stuart, Fla., from Orlando with her husband and baby last fall. Looking for a rental apartment, they were pleasantly surprised: There were plenty of choices at lower-than-expected prices, thanks to the multitude of owners trying to rent units they couldn't sell.
"When we got down here, we shopped and shopped around," says Ms. Evans, who rented a new 2,200-square-foot, three-bedroom townhouse with a pool and a playground for $1,150 per month. The owners allowed the couple to move in with their dog, despite a prohibition against pets.
http://finance.yahoo.com/real-estate/article/104224/
Home-Sellers-Pain-Is-Renters-Gain;_ylt=Amv_u_dekqdG8.UjRLw7gP27YWsA