Harvard Study: Epic Housing Shortage Being Reported
A Harvard study shows an epic housing shortage being reported. The Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study.
The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction.
Regarding Existing Home Inventory:
“For the fourth year in a row, the inventory of homes for sale across the US not only failed to recover, but dropped yet again. At the end of 2016 there were historically low 1.65 million homes for sale nationwide, which at the current sales rate was just 3.6 months of supply – almost half of the 6.0 months level that is considered a balanced market.”
Regarding New Home Inventory:
“Markets nationwide are still feeling the effects of the deep and extended decline in housing construction. Over the past 10 years, just 9 million new housing units were completed and added to the housing stock. This was the lowest 10-year period on records dating back to the 1970s, and far below the 14 and 15 million units averaged over the 1980s and 1990s.”
Bottom Line
The biggest challenge in today’s market is getting current homeowners and builders to realize the opportunity they have to maximize profit by selling and/or building NOW!!
Call Us Now To Sell Your Home…
Office: 909.985.9392 or Text Us: 714.657.6634
[gravityform id=”15″ title=”true” description=”true”]
Foreclosure Roulette A New Way Banks Deal With Delinquent Homeowners
I think we are getting a glimpse of things to come...new buzz word for sure! Foreclosure Roulette. This article was front page of Huffington Post earlier today. Bea Garwood has been bracing for foreclosure since May, but she says she's been told three times to...
Good for Banks, Not So For Borrowers…Foreclosure Relief, Loan Modifications Fail
I know this is a long read...but it's full of good information. Enjoy! Home sales are hitting new lows, the number of homeowners behind on their mortgages is again climbing, as is the number of foreclosures. Housing market misery is widespread—but particularly intense...
Good for Banks, Not So For Borrowers…Foreclosure Relief
I know this is a long read...but it's full of good information. Enjoy! Home sales are hitting new lows, the number of homeowners behind on their mortgages is again climbing, as is the number of foreclosures. Housing market misery is widespread—but particularly intense...
Communities Get First Look at Foreclosures Before Investors
The U.S. Department of Housing and Urban Development is launching a first of its kind agreement with the nation's largest mortgage lenders to give selected state and local governments and non-profit organizations priority over individual investors to buy foreclosed...
Foreclosure Roulette…Deadly Game Of Home Foreclosure!
This is just brilliant...in my opinion. As a Realtor in Southern California I have to agree with the writer! One of my favorite excerpts in bold ...Read the entire story and enjoy...it's an interesting perspective! An acronym soup of programs followed, which were...
Home Buyers Tax Credit?
Just when I thought the housing market was finally being left to correct on its own, I'm starting to hear talk regarding yet another home buyer tax credit. From HUD to the hedge funds, it sounds as if it is gaining steam yet again. This one could involve not just...
Housing In Terrible Shape…More Decline In Home Prices To Come
Great Video On Moral Obligations Of Homeowners That Choose Strategic Short Sales
Strategic Short Sales…Moral Obligation? Individual Mortgages are NO Different than a Corporate Mortgage
More and more commercial real-estate companies are doing what many indebted homeowners would like to do: Walk away from mortgages on properties that are now worth a lot less than they paid for them. Today's Wall Street Journal highlights three major developers...
HAFA Questions Answered…Freddie and Fannie Endorse Short Sales
By Luanne J. Hunt Anyone who has faced or gone through a foreclosure knows how devastating the process can be. That includes millions of Americans who have struggled to make their house payments in our country’s unstable economic situation. While many have walked...
No Surprise Here….Housing in 'Double-Dip': Economist Zandi
The US housing market is in a double-dip recession, Moody’s Analytics chief economist Mark Zandi told CNBC Monday. “Tomorrow we are going to get an existing home sales number that that I think is going to be very, very weak, closer to 4 million units, which I think...
Existing Home Sales Dropping…As Real Estate Agents We Feel It!
JPMorgan Chase, Bank of America, CITI and Wells Fargo to Repay Government $19Billion for 2nd Quarter Defaults
Bank of America, JPM Chase, Citi and Wells Fargo are having to repurchase their bad loans back from Freddie and Fannie. It's about time! These banks bilked billions from us...the tax payers and they have not been held accountable. What does all this mean? Fannie and...
Modification cancellations are up, Federal Foreclosure Program Struggling
Reporting from Washington — Just as the housing market recovery has stalled, so has the Obama administration's main program to ease home foreclosures. Only 36,695 homeowners received permanently lowered mortgage payments in July through the much-criticized Home...
401k Hardship Withdrawals…Loans Soar!
In the wake of news about a spike in new applications for unemployment benefits comes another potentially troubling sign: A record number of workers made hardship withdrawals from their retirement accounts in the second quarter. What's more, the number of workers...
Unemployment figures stretch from 9.5% to 22%…
The Forgotten Employer by RICH KARLGAARD In the recent August addition of Forbes magazine I came across this....interesting reading! Everyone agrees the American job picture is a disaster. Unemployment estimates from June stretch from the official 9.5% to 16.5% to a...
Homeowners Pessimistic…One-Third Say Housing Marketing Has Not Hit Bottom
Refi Boom Could Bust Smaller Banks
I realize it's August, and that's not exactly the hot season for home buying and selling, but I found today's weekly mortgage application report from the Mortgage Bankers Association particularly troubling for a few reasons. To summarize, refinance applications are...