Category: Seller Info
revealed that two additional analysts had also upgraded their forecasts.
Zelman & Associates
“Ivy Zelman, chief executive of research firm Zelman & Associates, said Wednesday she was now expecting prices to rise by 7% this year, up from earlier estimates of 6%, 5%, and 3%…She’s also calling for a 5% gain next year because she says the supply shortages and growing demand that fueled last year’s turnaround show no signs of easing.“Her reasons:
“The shortage of housing capacity continues to resonate. Just as deflation was a national headwind that stretched deeper into the economy than anyone would have imagined, we believe that appreciation can carry broad, positive implications for the consumer and economy beyond many expectations.”
John Burns Real Estate Consultants
“John Burns, who runs a real-estate consulting firm in Irvine, Calif., is calling for a 9% gain in home prices this year, up from a 5% forecast late last year.”His reasons:
“Strong investor demand and low interest rates that have boosted the purchasing power of buyers.”These two experts join a long list of housing analysts who have now called for a major rebound in housing prices in 2013.
Trulia Rent Monitor where they revealed that rental prices have increased dramatically in the last year.
“Nationally, rent gains continued to outpace home price increases in October, rising by 5.1 percent.”Based on the concept of supply and demand, we believe rental prices will continue to substantially increase over the next few years. The long-run 30-year average increase in multifamily rental households is 200,000 each year. Over the next few years, those numbers will more than double to over 500,000 each year. Freddie Mac in their latest report, Multifamily Research Perspectives, projects housing demand going forward.
“Given assumptions consistent with economic growth slightly slower than long run averages, multifamily demand is likely to be in the range of 1.7 million net new renter households between now and 2015.”The cost of owning a home will begin to increase as both prices and mortgage rates are expected to inch up in 2013. Perhaps now is the perfect time to lock in your long term housing expense by purchasing your own home. -KCM
warned that month-over-month prices since 2009 have softened in the fall and winter. We are beginning to see that situation repeat itself in 2012. CoreLogic, in their latest
Apparently, yes, as a San Diego company bought 699 Florida foreclosures Thursday in a bulk deal with the Federal Housing Finance Agency that included $12.3 million in cash.The sale to Pacifica Companies is the first in a new program aimed at reducing the so-called shadow inventory of foreclosed homes by offering blocks of properties to private investors. The investors are expected to hold the homes as rentals for an unrevealed period of time before they can be sold. Florida had three tranches of homes, including 376 in Southeast Florida, which had been repossessed and were owned by federal mortgage backer Fannie Mae. In addition to the $12.3 million in cash, Fannie Mae will receive 90% of the proceeds from the homes until it collects $49.3 million, according to a transaction summary released Monday. After that, Fannie Mae and Pacifica Companies will split the proceeds. Pacifica will also receive 20% of all gross rental income as a management fee for overseeing daily operations of the rentals. The estimated transaction value for Fannie Mae is $78.1 million. “The transaction is designed to promote home price stability, improve quality of housing stock, and enhance rental inventory of markets by utilizing a rent-and-hold strategy,” according to the summary. Nationwide, about 2,490 Fannie Mae-owned homes were being offered in bulk sales to investors. There were no acceptable bids on 541 Atlanta-area homes, according to a Federal Housing Finance Agency announcement Monday. The other properties are in Illinois, Arizona, California, and Nevada. A source familiar with the sales said the Atlanta homes will either be repackaged or sold individually through the government’s traditional foreclosure process or the website www.homepath.com. The program has faced opposition from the National REALTORS® Association for taking away inventory in high-interest areas where the supply of homes has dried up. “Florida is one of the hottest markets in the U.S. and there’s absolutely no reason to sell those homes in bulk,” said Dean Hooker, owner of Pompano Beach-based Southeast REO, which specializes in bank-owned homes. “People are knocking down the doors for properties.” In Palm Beach County, 6,788 single-family homes were on the market in July, 43% fewer than last year during the same time and 50% fewer than in 2010. Statewide, there were 100,657 single-family homes for sale last month. That’s about a five-month supply and 41% below last year. But others believe private investors are better equipped to handle the distressed properties. “They are more capable of managing the properties, getting them in the right condition, and putting them on the market for rent or sale,” Boca Raton-based REALTOR® Tim Kinzler said last month. “It’s about finding a balance.” Pacifica Companies said it was not prepared to comment Monday. Founded in 1978, Pacifica is a real estate development firm that owns and manages hotels and housing communities in the U.S., Mexico, and India. ___ (c)2012 The Palm Beach Post (West Palm Beach, Fla.) Visit The Palm Beach Post (West Palm Beach, Fla.) at www.palmbeachpost.com Distributed by MCT Information Services OTC:FNMA, A service of YellowBrix, Inc.
By Kimberly Miller, The Palm Beach Post, Fla. Read more: http://www.houselogic.com/news/foreclosure-guide/nearly-700-florida-foreclosures-sold-in-bulk-to-private-investor/#ixzz26waLIZN0