Great Recession creates 4.8 million renters

The United States added 4.8 million renters in the past six years while losing 1.7 million owner households as the dynamics of the real estate space changed in the wake of the 2008 financial meltdown, according to the Mortgage Bankers Association. 

The market experienced additional changes in the first nine months of 2012, creating unexpected outcomes in the housing finance sector, prompting the MBA to alter its forecast for 2012.   [Full Story]

2013 Housing Forecast

Some quotes 2013 Housing Forecast at the Realtor Expo in Anaheim:

“Housing is the brightest spot in the California Economy.”

“Prices are rising.”

“Construction is making a comeback.”

“Bakersfield is showing signs of becoming a “Boomtown.”

“Rental vacancies are down.”

“Fewer price discounts.”

“Extremely low inventory of listings.”

“First-time buyers percentage is increasing.”

“Equity sale percentage is increasing.” 

Want to see the entire forecast? http://www.car.org/media/ppt/econppt/10-03-12LeslieForecast.pptx 

Apartment Sector Update

US apartment sector is in a full expansion.  Vacancy rents are expected to increase to an average of $1100 this year across the nation.

San Jose ranks first in the nation for best cities to own rental properties in, and San Francisco is #2.

Full Story from the Orange County Register

Beware of Fraud!

The Morgan Hill Times reported a story last night about a couple who have been swindling property owners.   According to the story, the couple has been using fraudulent documents to verify their identity, income, and employment in order to get rental applications approved, and wrote a personal check to cover the move in costs.

Can you see it coming?  I know, it seems obvious to professional property managers and professional property owners, but there are many amateur rental property owners with good intentions that make small, simple mistakes, that end up costing them a fortune, or in some cases, their property to foreclosure.  That's why it's so important that if you decide to rent out your property, you either really educate yourself on professionally managing rental property, or you get yourself a good professional property manager.  Hiring a good property manager will be more than worth the cost in the long run.

Foreclosure Update

Foreclosures ramped up again:  Full Story

Home Sales Increasing in California

Home Sales Increasing;  Full Story

The Eviction Process

The eviction process can be the scariest, and most expensive part of the rental business for the owner/manager.  The process is strictly regulated to protect the residents, and any small mistake or typographical error can/will restart the clock, and cost you more money.