The "Fukushima class disaster" that emerged from Aliso Canyon's worst ever gas leak has left behind more than just medical and human issues. According to RealtyTrac, in the three months following the discovery of the gas leak in late October 2015, home sales in the Porter Ranch zip code (91326) plunged 44%, and "market disruption is further signified by the number of families that requested relocation out of the Porter Ranch area."
Home prices are rising faster than wages in most of the United States, making homeownership increasingly difficult for average Americans in some of the most populous areas of the country, according to a report released on Thursday. The report found that home price growth exceeded wage growth in nearly two thirds of the nation's housing markets so far this year, with urban centers like San Francisco and New York City among the least affordable.
Sure, the stock market had a great October with the Dow Jones Industrial Average jumping by 8.5%, but the disconnect between Wall Street and Main Street is too stark to ignore, and the Federal Reserve is about to pop the easy-money financial bubble.
The bottom line: the gross profit from a "flip" in any of these 20 markets will result in an average profit of just over 102% in as little under 7 months. Good luck.
"We are seeing more globalization as Southern California has become a destination for international buyers," said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market. "Eighty percent of new construction in Irvine last year was sold to Chinese buyers. International buyers are driving home prices up and sometimes out of reach for many local residents."
For those concerned if their city is among the top most frequented by this particular, and very unpleasant, breed of "zombies", here are the top 50 cities in the US in which zombie foreclosures represent the highest percentage of all properties in foreclosure. For those readers certainly located among the Top 10, now may be a great time to hit a bid, any bid and get out while the getting is good.
New rules at Fannie Mae and Freddie Mac in conjunction with lower FHA premiums helped to drive down payments on single family homes to their lowest level since Q1 2012 in the first quarter.
There's never been a better time to be a home flipper. Not only are average returns at all-time highs (you can double your money in Baltimore), you can even obtain cheap financing from Wall Street as opposed to dealing with pesky local banks. Better still, there's a very good chance you won't have to deal with annoying aspiring homeowners because according to RealtyTrac, the percentage of flipped homes sold to other "investors" is at a four-year high.
If there is one chart that most clearly captures the unsustainable US home price appreciation bubble, it is the following which was released overnight from RealtyTrac: home price appreciation nationwide has outpaced wage growth by a 13:1 ratio!
Cashing out of the “Bet on America” might get messy.
The short answer is in parts of Seattle, Charlotte, Phoenix, Atlanta, Tampa, Cincinnati, Raleigh, N.C., Houston, Denver, Columbus, Ohio, Sarasota-Bradenton, Fla., Raleigh, N.C., Chicago, and Winston-Salem, N.C. Among the 2,490 zip codes nationwide with at least one single family purchase by the top four institutional investors between January 2012 and October 2014, the top 50 zip codes with the highest percentage of purchases by the four largest institutional investors were in those metro areas. “The institutional investors kick-started the housing recovery by buying homes in bulk at the lowest point and holding them as rentals,” said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market. Los Angeles County was among the top 10 for most purchases by institutional investors over the past three years, with 6,152. “As the market continues to climb, we expect these investors to start to sell off their inventory to capture the gains made in the past couple of years.”
With The Royals and The Giants flip-flopping scores like an HFT-trader on FOMC day, we thought a glance at the two teams' local real estate markets might give some context for who comes out the weekend the winner... As RealtyTrac notes, the San Francisco Giants may have one of the most Equity Rich real estate regions, but the Kansas City Royals hit a home run with home prices.
While the memory of a financial market participant can be measured in nanoseconds, it appears that the average American has also become goldfish-like as RealtyTrac reports a total of 797,865 home equity lines of credit were originated nationwide, up 20.6% from a year ago and the highest level since 2008. As Jim Quinn so eloquently notes, after a two year Wall-Street-engineered fraudulent boost in home prices in the exact markets that led the bubble in 2003 through 2007, the delusional dolts are now acting like the increase in home equity is real: As RealtyTrac's Blomquist exudes, "this recent rise in HELOC originations indicates that an increasing number of homeowners are gaining confidence in the strength of the housing recovery."
7 In 10 Americans Believe The Crisis Is Not Over Or Worst Is Yet To Come: 52% Can't Afford Their HomesSubmitted by Tyler Durden on 06/04/2014 21:31 -0400
According to a recent survey by the MacArthur foundation, during the past three years, over half of all U.S. adults (52%) have had to make at least one sacrifice in order to cover their rent or mortgage. Such sacrifices included getting an additional job, deferring saving for retirement, cutting back on health care and healthy foods, running up credit card debt, or moving to a less safe neighborhood or one with worse schools. More disturbingly, the survey also found that while there are some indicators that the American public’s views about the housing crisis are shifting toward the positive, large proportions of the public are not feeling the relief: seven in 10 (70%) believe we are still in the middle of the crisis or that the worst is yet to come.