Posts filed under “Real Estate”
Below is a look at how much home prices have increased for each city tracked by S&P/Case-Shiller since the housing bust lows.
As shown, San Francisco remains by far the biggest winner with a gain of 66%. Detroit and Las Vegas have seen the 2nd and 3rd largest increases in price at 51% and 50%, respectively. At the bottom of the list is New York with a gain of just 11% off of its lows.
Source: Bespoke Investment Group
Las Vegas has seen home prices rise 50% off their lows, they’re still 42% below the highs they made during the housing bubble of the mid-2000s. Below is a chart showing how far each city is from its bubble highs in price. After Las Vegas is Phoenix at 35% below, followed by Miami (-34%), Tampa (-32%) and Detroit (-23%). The two composite 10-city and 20-city indices are both roughly 17% below their all-time highs.
There are two cities that have already eclipsed their prior bubble highs — Denver and Dallas. Three other cities are within 10% of their highs — Boston, Charlotte and Portland. San Francisco is just outside of the 10% mark at -11%.
Source:Bespoke Investment Group
Source: RealtyTrac 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…Read More
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