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Tag Archives: Rent prices

Gains in Asking Prices Threatened by Foreclosures, Rent Up Again: Trulia

After falling flat in May, asking prices went up in June, and rent prices continued to see significant increases, according to Trulia reports released Tuesday. Asking prices on listed homes made a 0.3 percent month-over-month and year-over-year increase in June, according to Trulia's price monitor. Phoenix and two Florida metros posted double digit gains, but Trulia warned that some of the top performing metros are facing another wave of foreclosures.

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Winning Bidders Selected for REO-to-Rental Initiative

The winning bidders for the REO-to-rental pilot initiative have been selected and the deals are expected to close in the early third quarter, the Federal Housing Finance Agency (FHFA) announced Tuesday. The pilot program was first launched in February in select markets where inventory is high and rentals are in demand. Investors interested in bidding for properties were asked to submit an application to qualify and were evaluated based on factors including financial ability, asset management experience, property management expertise, and familiarity with select locations. There were about 2,500 single-family Fannie Mae owned REOs up for sale through the program.

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Rental Market Attracting Residents Despite Price Increases: Survey

The rental market appears to be doing more than just sustaining its health. After surveying property managers, TransUnion found that increasing prices aren't keeping tenants away. Overall, managers reported they are doing better than the year before and are having an easier time attracting residents despite the increase in prices. Almost half (48 percent) of the managers surveyed reported rental price increases on the majority of their units since last year in June. Nearly 73 percent of managers said finding residents is not difficult compared to 67 percent last year.

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Hardest Hit Markets ‘Overshot on the Downside’: Report

In Pro Teck Valuation Services' June Home Value Forecast report, Phoenix was used as an example to argue the point that some of the hardest hit markets have ""overshot on the downside."" The real estate valuation company looked at two traditional appraisal methods for determining property values: replacement cost and income capitalization. Based on these two factors, Pro Teck concluded that home prices in certain markets are selling at prices which are actually way below their replacement costs and the rental yields.

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Optimism Can Be Bad for Recovery, Rental Market is Bubble-Proof: Trulia

Optimism is good for the recovery, but too much optimism can lead us back on the path to the next housing bubble, said Trulia Chief Economist Jed Kolko during a conference call Wednesday. Although home prices are rising, renters might be overconfident, with 58 percent of respondents expecting home prices to return to peak in the next 10 years. In this case, Kolko said optimism is outpacing reality, and it is very unlikely that prices in those hardest hit markets will return to the peaks in the next 10 years. As for the rental market, Kolko said there is no danger of a bubble and if anything, we are in danger of the rental market becoming extremely tight in some markets.

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Zillow: Home Values Mixed, Rent Continues to Climb

Home values rose in May month-over-month, marking the third consecutive month of increases, but fell on a yearly basis, according to Zillow's Real Estate Market Reports. Prices moved upwards by 0.5 percent from the month before in April to $148,100, but home values continued their downward fall on a yearly basis, dropping 0.9 percent from May 2011. The upside to the yearly decline is it's the smallest year-over-year drop since October 2007, according to the Zillow's Home Value Index. Rent prices also hiked up month-over-month in May by 1.8 percent and year-over-year by 4.6 percent.

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Radar Logic: Prices Show Monthly Gain, but Improvements Won’t Last

While other experts and analysts have concluded home prices are on the rise and the recovery is under way, Radar Logic released a report challenging the upbeat viewpoint. The analytics firm stated in a report that it believes the oversupply of homes relative to demand will prevent sustained home price gains for some time. The argument made is that as buyers absorb the supply of homes for sale in certain markets and prices start to stabilize as a result, home owners who have been waiting on the sidelines to sell will do so once price start to improve. This will increase supply once again, and home prices will stop appreciating as supply exceeds demand.

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Rental Market Still Tightening: Moody’s

With vacancies declining and rental prices rising, the climate in the housing industry is clearly warming up to rental properties. According to Moody's Analytics, ""weak income gains, favorable demographics, and the foreclosure crises"" are all causing people to choose renting over buying, and demand for rent will remain solid over the next two years.

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Fannie Mae: Positive Trends in Consumer Sentiment Leveling Off

Lulls in employment and income growth led to a plateau in consumer sentiment in May, according to Fannie Mae's May 2012 National Housing Survey. The data released by Fannie Mae on Thursday showed that although many consumers (72 percent) believe that now is a good time to purchase a house, the percentage of respondents who said they would buy a house after moving actually dropped for the second consecutive month-63 percent in May compared to 64 percent in April and 66 percent in March. Fifteen percent of respondents said now is a good time to sell a home.

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HVF: Elastic Markets Have Highest Rental Yield

The June 6 edition of HVF's ""Lessons from the Data"" showed that rent-to-value ratios, also called rental yields, tend to be highest in areas with elastic markets, such as Las Vegas. In areas of the city where the ease of adding new housing keeps home prices low, rental yields in certain neighborhoods climbed to 14 percent or higher. On the other hand, areas with restrained housing markets (like many neighborhoods in the New York metro) see yields lower than 2 percent.

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