Posts filed under “Real Estate”
Each quarter, RealtyTrac releases its “Home Equity and Underwater Report.”
According to RealtyTrac’s data, “9.1 million U.S. residential properties were seriously underwater.” Mortgages that are “seriously underwater” exceed a property’s value by at least 25 percent. They also account for 17.2 percent of all properties with a mortgage.
That number decreased slightly (0.2 percent) in the second quarter. In the second quarter of 2012, there were 12.8 million properties that were “seriously underwater” — 29 percent of all homes with a mortgage
Home sales, at least in the U.S., seem to be rising. Existing home sales in June increased to 5.04 million annualized. That number may be affected by the weather, as June sales most likely come from contracts signed after the depths of winter.
To find out if this is a global improvement, we can take a look at the International Monetary Fund’s Global House Price Index. Its data and lovely infographics give us a few interesting things to digest. (You can also use the BIS data or OECD statistics).
The first chart shows the annual percentage change in housing prices. The U.S. is 10th, and housing prices in the country are still far below (35 percent, or so) their 2006 peak.
Source: Morning Market Tidbits, BofA Merrill Lynch Wage growth for construction workers is historically low; Let’s see if we can figure out why: First, home production has been relatively slow, which should be expected following a long period of overbuilding. That was the excuse from 2007 to 2010. Eight years after home building volume…Read More
New York City’s Lower West Side is in the midst of a massive transformation. In about 10 years, Hudson Yards will be home to thousands of apartments, a hundred shops, a school, and 14 acres of public space. Bloomberg’s Betty Liu had a chance to walk through the site with the man behind the project
Inside NYC’s Massive Hudson Yards Construction Site
Source: Bloomberg, July 14 2014
Source: Bespoke Investment Group I love these two charts – they are so instructive in so many ways. They really invite closer study as to why some cities have recovered so strongly, and why others have failed to. The first 4 cities in the % from Bubble peaks are Las Vegas, Phoenix, Miami,…Read More