New York City
Washington DC Metro
Northern New Jersey
open house planner
manhattan condo market index
submit your listings
Benefits of FREE account
Become an Insider
post your listings
The percentage of Americans who owned their homes has seen its biggest decline since the Great Depression, according to the U.S. Census Bureau.
The rate of home ownership fell to 65.1 percent in April 2010, 1.1 percentage points lower than it was in 2000. The decline was the biggest drop since the 1930s, when home ownership plunged 4.2 percent.
Among the states, New York had the lowest home ownership rate of 53.3 percent, but the District of Columbia's home ownership rate was below that at 42 percent.
Of the 10 largest cities, New York had the highest ratio with a whopping 69 percent of all homes in the five boroughs -- Manhattan, Brooklyn, Queens, the Bronx and Staten Island -- occupied by renters. Los Angeles had a 61.5 percent rental rate and Dallas was 55.9 percent.
"Reis: Apartment Vacancy Rate falls to 5.6% in Q3"
"The vacancy rate for the third quarter, which wraps up the prime leasing season, fell to 5.6% from 7.1% a year earlier. That is the lowest since 2006.
The increased demand follows several years that saw little new apartment development. About 8,200 units came online during the third quarter, one of the lowest quarterly figures since Reis began tracking the data in 1999.
Average effective apartment rents, the amount paid after discounting, rose to $1,004 nationwide in the third quarter, up 2.4% from a year earlier ... In the third quarter, 36,000 net units were filled, down from 42,000 in the second quarter."
"Reis is just for large cities, but this decline in vacancy rates is happening just about everywhere.
A few key points we've been discussing:
• Apartment vacancy rates are falling fast.
• A record low number of multi-family units will be completed this year (2011). Only 8,200 apartments came on the market in Q3 (in the Reis survey area).
• Multi-family starts are increasing, and that is helping both GDP and employment growth this year. These new starts will not be completed until 2012 or 2013, so vacancy rates will probably continue to decline."
Pack 'em in!
In this market, rental income may be the best hedge against lower bond rates.
Or mortgage-backed securities.
If you buy an inverse floater sure
Goes to show how stupid the Fed policy is. Very few borrowers can take adavantage and the ones that do, don't really need the money.
And Fannie & Freddie won't allow principal write-down, either.
Fannie & Freddie are not being run by a conservator. Ironically, they now have an obligation to recover as much money for the tax payer as possible. Not that many people understand this.
Agnc. Nly still kicking it
> And Fannie & Freddie won't allow principal write-down, either.
it's much better for those properties to change owners than for taxpayers to subsidize the status quo. imho voters that want the GSEs to cut principal and the gov to sustain high home prices have no clue of how much money these policies are going to cost them.
at hte end of the day, prices will go down to where disposable incomes are anyway.