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