Real estate news comes in many different forms. You can find information on new laws and policies shaping lending and consumer behavior, market trends, and top real estate professionals. The HousingWire website, for example, gives you information on the latest news and trends in the housing industry. You can even find out which companies are leading the way in industry best practices. The site can help you understand the most important factors that impact housing markets and policy. If you’re in the market for a new home, real estate news can help you make an informed decision.
Home prices rose 0.76% in October
US home prices rose 0.76% in October, exceeding expectations. The S&P-Case-Shiller index of 20 metro areas climbed 0.7% in October, beating Reuters’ forecast of a 0.5 percent increase. The decline in home prices is partly attributable to fewer buyers. However, many factors have contributed to the increase. First, more buyers are choosing to buy cash. Compared to a year ago, nearly one-quarter of homes purchased in October were all-cash deals. Moreover, 17% of homes purchased in October were vacation and investment property news.
Inventory remains tight in many markets
Home inventory levels remain tight in many markets. Single-family homes have 2.6 months’ worth of inventory. Condos and co-ops have three months’ worth of inventory. While this is up from last year, inventory levels are still tight. This tightness is a good sign for the market. Nevertheless, many experts expect inventory to rise to 1.5 million units by 2025. Listed below are some factors that may cause prices to rise.
Rents in San Francisco are cooling off
Rents in San Francisco are cooling off, but only slightly. While home prices have increased, the rents have lagged behind. This may be a result of the dotcom bubble popping in 2000, or the crash in the financial markets in 2008. Those factors are causing the ebb and flow of high-tech employment in the area, which may have affected rents more than a general economic decline. Some residents are choosing to leave San Francisco altogether because of this lack of affordability.
Foreclosures are on the rise in non-judicial states
Despite the fact that foreclosures are on the decline in judicial states, the number of non-judicial foreclosures has increased. This trend has been especially evident in states that have high unemployment and high debt-to-income ratios. In addition, added tax burdens have increased the number of foreclosures, burdening long-term homeowners disproportionately. And the federal foreclosure moratorium is set to end soon, which will further prolong the pain for distressed homeowners.
California is out of reach for many people
California is a desirable place to live, but the cost of real estate there is often beyond the means of many people. Due to environmental policies and land availability, major coastal cities have limited housing options, causing home prices and rents to soar. As a result, many people who would otherwise be able to afford California real estate are forced to find affordable homes in inland communities. But these housing options are not available for everyone.
Zillow’s CEO says online housing data is not a substitute for agents
Zillow has admitted that its model of buying and selling houses is flawed, but it’s still planning to buy and sell more homes in the future. Its online housing data is already worth less than the prices listed on the website. In August, Zillow stopped buying new homes, citing the lack of workers needed to repair the homes it bought. And it’s still holding onto more than 7,000 houses on its balance sheet. Clearly, online housing data is not a substitute for agents.