Posts filed under “Real Estate”
Source: RealtyTrac via Rampage
Yesterday, we directed our ire at bad automobile data. Today, its housing’s turn.
I was running through my early morning sites one day last week in preparation for preparing my daily reads posting, when I saw this headline at the Washington Post: “8 in 10 Manhattan home sales are all-cash.”
That can’t possibly be right, can it? It struck me as way off the data I’m familiar with in New York City. Anecdotes are never a substitute for hard data, but this headline failed my sniff test.
Whenever I am stymied by a housing question, I reach out to Jonathan Miller, of Miller Samuel. He is my rabbi for all things residential real estate. He too thought the numbers were off, and came up with a reason why:
The reason the Realtytrac 80% figure jumped out at me was the fact that co-ops account for about 60% of sales and have the highest concentration of entry level and middle class demographics in Manhattan. I was very skeptical that virtually all the market-majority co-op buyers were paying all-cash, especially in the tepid economy we are stuck with.
The data Miller uses show that Manhattan all-cash home sales weren’t 80 percent of residential sales — they were continues here . . .
Once upon a time, there was a group of folks known as home flippers. They bought houses that needed some TLC, fixed them up, then sold them for a profit. The real-estate equivalent of day traders, they mostly went extinct during the housing crash. Except on television. Please bear with me as I somehow try…Read More
U.S. homeownership falls to the lowest levels in almost 20 years, blared the headlines. Lots of articles explained “Why Your Home is Not a Good Investment” and why Americans think owning a home is better for them than it is. It seems that America’s former love affair with real estate is over. Blame the recency…Read More
This week, the New York Times launched The Upshot, combining aspects of the Washington Post’s Wonkblog with Nate Silver’s 538. Edited by Pulitzer Prize winner and former economics columnist David Leonhardt, we linked to the inaugural piece “America’s Middle Class Is No Longer the World’s Richest.” This morning, I want to direct your attention to…Read More
Hoisington Investment Management – Quarterly Review and Outlook, First Quarter 2014 John Mauldin April 23, 2014 In today’s Outside the Box, Lacy Hunt and Van Hoisington of Hoisington Investment have the temerity to point out that since the Great Recession officially ended in 2009, the Federal Open Market Committee (FOMC) has been consistently…Read More
Source: Calculated Risk I have heard a fair amount of chatter about the awful winter weather’s impact on home sales. Let’s clarify the different measures in use for New and Existing Home Sales to see what we can find. U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly release the…Read More