Daily Archives: February 8, 2013

Housing Issues In Property 2013

"Housing Issues In Property 2013"The normal vacancy rates in residential properties (houses and apartments are not on the rental market), is approximately 1.5 percent nationally. Our high was three percent, but we are up 2.1 percent. Rent is usually around 7-8 percent vacant. (Local standards may be higher or lower.) We have reached a record high of 11 percent of the vacancies for the holidays a few years ago, but they have improved to 8.6 percent last observation. Despite recent progress, we still have too many homes for the current level of demand.The real estate market improves modestly in 2013, but make no mistake this for a tree. The result of the activity and prices will be a relief, but leaves many homeowners still underwater. The usual way to discuss housing issues are misleading. Foreclosures, short sales, inventory, shadow, upside down mortgages are all symptoms. The fundamental problem we have is an oversupply of housing. The improvement we’ve recently the results of a simple phenomenon seen: the construction of new homes was not less than the growth in demand.

Last year the total number of units (single-family plus the number of dwellings) was just over 600,000. This year, probably built about 750,000 units. At the top of the building, which in 2005 was 2.5 million units built. We have approximately 1.5 million new units a year to meet the growing population, the desire to vacation and demolition of old units to meet. This is a soft song. The annual real need may be 1.4 million or 1.6 million, but has never been, nor 2.500.000.600.000. Our latest undercurrent was the biggest help for housing recovery. It was not as fast as might be expected (faster actually was not), because the economic downturn has slowed the growth in population and a lower birth rate and migration blurring abroad. Moreover, people have the fact that we have fewer dwellings per person, such as adult children move back with their parents. Continue reading

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