OfflineFrom 1/31/11 statistics on CNBC:
America's home ownership rate, after holding steady for a while, took a pretty big plunge in Q4, from 66.9 percent to 66.5 percent. That's down from the 2004 peak of 69.2 percent and the lowest level since 1998.
Homeownership is falling at an alarming pace, despite the fact that home prices have fallen, affordability is much improved and inventories of new and existing homes are still running quite high.
Bargains abound, but few are interested or eligible to take advantage.
More concerning than the home ownership rate is the vacancy rate. The Census tables don't tell the entire story, but they tell a lot of it. Of the nearly 131 million housing units in this country, 112.5 million are occupied. 74.8 million are owned, and that's only dropped by about 30 thousand in the past year. 38 million are rented, but that's up by over a million year over year. That means more new households are choosing to rent.
THIS IS THE SOBERING PART>>>>
Now to vacancies. There were 18.4 million vacant homes in the U.S. in Q4 '10 (11 percent of all housing units vacant all year round), which is actually an improvement of 427,000 from a year ago, but not for the reasons you'd think.
AGAIN>>>>11% OF ALL HOMES ARE VACANT IN AMERICA.
The number of vacant homes for rent fell by 493 thousand, as rental demand rose. 471,000 homes are listed as "Held off Market" about half for temporary use, but the other half are likely foreclosures. And no, the shadow inventory isn't just 200,000, it's far higher than that.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
A good thing or a bad thing?
It will be a good thing when the banks start releasing the inventory,so we as investors can start rehabilitating them and putting them back on the market.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
how accurate are they???
don' t the news just tell us what they want us to know?
thanks for sharing Bill,
Valerie
Valerie
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While I am NOT a conspiracy theorist, I do believe the government tinkers with the numbers a little to soften the problems out there. I think the government's number on unemployment is outdated and reflects a much lower number than it actually is currently; I think the inflation number is artificially low because I feel the increase in prices and they are much higher than the goverment's figure; but I think the number of vacant houses at 11% may closely resemble the facts. That means 1 out of 9....that's a staggering number.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
You are the Data Man. These stats are staggering. The pool of flip potential is a vast ocean. I'm gonna work with my DG coaches, yell, "TAWANDA!", and dive right in. I gotta get scuba certs first tho'.
peace,
Dana w/ Crossroads Solutions LLC
http://www.DanaLeigh209.com
http://www.DanaLeigh209.net
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Could be a flip or L/o or even a buy and hold free for all. If the banks would just loosen the regulations for investors, we could possibly help solve the mess they helped create. I have a friend who invests pretty heavy in the southand he said they he has talked with insiders at major banks and they told him they are waiting for the interest rates to climb before they start lending the big bucks again. I don't know how true, but I am throwing it in there...Jan
at all; of course the banks will never loose...and the government tinkering with the numbers-don't even get me started on that one Bill; I'm sure unemployment is worse than what they say... one of my sisters who lives in Texas says that she knows 4 families on her block that are unemployed-one of them includes both the husband and wife! hmmm-that just made me think of something! lol
Jan, I don't see the rates going up any time soon...and the banks will have to let go at some point.
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Over one million properties where foreclosed during the year of 2010. In the year of 2011 there are five million home owners that are at least two months behind. That will then transition into further foreclosure at a greater rate than in 2011. Our market is suppose to be stabilizing but foreclosure will grow this year. I believe this information comes from a MSN article I read.
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Bill you politely hit it! I agree two ways Valerie, the gov's "adjustments" are just a way to make them look good.
Jan. Anyway does this means we have to do more zig, zag, duck and go around?
Bill. If the rental rate is up does that maybe mean that a lot more lease options and other creative plans are in place and the investors are getting something done??
Michael Radtke
www.nationalpropertyscout.com
Slide Show:
www.nationalpropertyscout.com/Slide-Show.html
A lot of homeowners are renting their home temporarily because they can't sell it. It skews the market because they aren't looking for ROI, they are just looking to save their skin.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
...but when I went to Walmart tonight to get cat food, I noticed (for the first time, I wonder how long it's been this way?) that our sales tax here is 9.3%! Also, I'm on Social Security Disability (not for long, hopefully!) and we have not gotten a cost of living raise for two years now. The government says there has not been any cost of living increases!! Hah!
Ok, sorry.. carry on!
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Shucking, jiving, bounce,or roll.Going to be a whole lot going on.
Lock and load....Jan
Unemployment numbers worry me. If they still keep climbing how will the lease option to buy strategy help us investors?. Will there be less tenant buyers out there?.I have noticed a lot of rent to buy bandit signs going up here around the Atlanta area.
Dare yourself to fail!
As unemployment grows there are pros and cons. Pros are that more people leave their homes allowing for better purchasing. Also, as these people leave their homes they will seek some shelter whether that is through lease options or rentals.
The con is that these people lose their homes and may not have the money to pay for a lease option.
I would consider it as a half full glass and more opportunity is available in our market since the great depression.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125