After three consecutive years of record-low construction levels, the vigor of the recovery in housing now hinges on a return of demand, according to the State of the Nation’s Housing report released this morning by the Harvard University Joint Center for Housing Studies. The key obstacles to a return in demand, say Harvard researchers, are the lingering consequences of the recession and financial crisis.
With more than 1,900 closings in California in 2010, KB Home tops Professional Builder's ranking of the top 30 home builders in the Golden State. The builder, which ranked No. 5 on PB's national Housing Giants list, had 1,910 closings in California to top the list. Lennar had 1,753 closings in 2010 to take the No. 2 spot on the list.
In the aftermath of the nation's housing-market collapse and recession, more than 500 midsize and large cities have seen a rise in the share of homes that are rented rather than owned, according to Census data.
Home prices nationally declined by 4.2 percent in the first quarter of 2011 after having fallen 3.6 percent in the fourth quarter of 2010 and have now regressed to their mid-2002 levels, according to the S&P/Case-Shiller Home Price Index released this morning. As of March 2011, 19 of the 20 metro areas covered by the index were down compared to March 2010 (Washington, D.C., was the lone bright spot), and 12 metro areas posted new index lows in March.
A new class of renters is expected to bring a bright spot to the troubled U.S. real estate market. Prices for rental apartments are expected to rise nationally by approximately 4.5 percent in 2011 and up to another 3 percent in 2012, according to Fortune.com. Paying more to the landlord might be bad news for renters, but it could indicate that better days are ahead for the overall housing market.
Toll Brothers reported that revenues and home building deliveries of $319.7 million and 591 units rose 3% in dollars and 9% in units in this second-quarter compared to FY 2010′s second-quarter results.
Dominion Homes Inc. is creating a new residential community in the Louisville, Ky., market by splitting bank-owned lots with another builder, according to bizjournals.com.
Sales of newly constructed homes were up in April, beating most economists' expectations
KB Home has revealed its ultra-green luxury condo complex in west Los Angeles. The 52-unit Primera Terra development is the production builder’s first LEED Platinum-certified project and features a number of high-performance amenities, including tankless water heaters, energy-efficient windows, and an energy monitoring system.
Many American buyers are interested in buying a foreclosure, but there are too many distressed properties for buyers to absorb them all – and the numbers of properties in stages of foreclosure affect the overall market, according to Forbes.com.