In discussing the housing market, Bob Toll of Toll Brothers said that mortgage rates will begin to rise as the Federal Reserve’s quantitative easing program, or QE2, wraps up, according to USA Today. Toll stated that he wouldn’t be surprised to see rates spike from 4.5 percent, where they are now, to 7.5 percent within two years.
Depressed home prices. Ever-expanding pool of renters. Lethargic home sales. These sound like reasons to be pessimistic about the housing market, but savvy investors are finding opportunity to snap up real estate while prices are at historic lows. Here are 10 markets that are ripe for the taking.
Housing starts rose more than expected and permits for future construction touched a five-month high in May, according to the Commerce Department. Housing starts rose 3.5 percent to a seasonally adjusted annual rate of 560,000 units, retracing almost half of April's steep decline.
Congress is examining a bill that would make the E-Verify process mandatory for all employers.
Niagara Falls, N.Y., is the nation’s most affordable place to buy a home, according to a new report by Coldwell Banker, with an average listing price of approximately $61,000. Detroit, Cleveland, and Sioux City, Iowa are other notable cities in Coldwell Banker's top-10 most affordable housing markets.
For the second straight year, Newport Beach, Calif., topped Coldwell Banker's list of the most expensive U.S. real estate markets, with an average home listing price of approximately $2.5 million. Saratoga, Calif., Weston, Mass., and Greenwich, Conn., are among the other cities to make the firm's top-10 most costly housing markets for 2011.
Remodeling activity in April hit the highest level for the month since BuildFax started tracking the market in 2004
The National Association of Home Builders’ quarterly Multifamily Production Index (MPI) recorded its third consecutive quarterly increase in the first three months of 2011.
The MPI increased to 41.7 in the first quarter of 2011. However, those who feel the market is still getting worse outnumber those who feel conditions are improving.
Builder confidence in the market for newly built, single-family homes declined three points in June, according to NAHB.
Multifamily construction was halved in recent years, and with a surplus of would-be renters, conditions are suddenly ideal for landlords to raise the rent.