US Rents Hit Record Highs As Homeownership Plunges To 18 Year Lows

The percentage of Americans who own a house is 65.1%: the lowest since 1995.
Chart of US homeowner %

Rent are on the rise

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June existing home sales miss. Are Investors are moving out of housing?

CNBC’s Diana Olick reports that sales of existing homes were down 1.2 percent in June. They had been up 3.4 percent in May. Inventories were up, too, though they were lower year-over-year. 

June existing home sales miss. Are Investors are moving out of housing?

The Oval — Philadelphia Parks and Recreation brings the beach to Philadelphia

Philadelphia Parks and Recreation brings the beach to Philadelphia on the Benjamin Franklin Parkway., which is call The Oval (I dont think this was Ron Swanson’s idea). Below is a picture of The Oval.

So what does this $180,000 project provide the citizens of Philadelphia.

• The “beach” is painted to resemble sand and will offer two 16-foot square boxes filled with the real sand
• mock lifeguard stations and several spray misters
• the “blanket” will include painted chess, checker, and Twister boards laid upon bright stripes
• the ”boardwalk” will play host to a revolving group of local food trucks, accompanied by generous cafe tables and chairs.
• 40 Adirondack chairs
• iniature golf course and bocce, volleyball, and badminton courts

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The Market has Seen Rising Rates Before BUT Never so Far so Fast

Dire Predictions For Philadelphia Housing Recovery

• The market has seen rising rates before, but never so far so fast
• Short Term impact in sales: The spike is causing a sense of urgency now, a rush to buy before rates go higher
• Home sales and home prices will both come down if rates don’t return to their lows, and the expectation is that they will not
• When the $8,000 credit went away: New home sales fell 25 percent year-over-year, and existing home sales fell 24 percent year-over year
• Increased contract cancellation for buyer’s that did not lock in thier rate
• Mortgage applications have been falling for the past month
• Applications to purchase a home are down 28 percent in the past month and up only 4.5 percent from a year ago. They should be up far higher, given that prices and demand are rising so fast
• Mortgage rates going from 3.5 to 5 percent is roughly a 15 to 20 percent decrease in what the average buyer can afford
• Rising rates are the number one worry for the majority of buyers right now

But to keep in prespective interest rates are still near historic lows. Unless employment and incomes increase it will be harder to keep a strong demand in housing purchases if interest rates continue to rise.  To read more

Vacant Baseball Factory in Fishtown Converting to 30-unit Apartment

A vacant Baseball Factory in Fishtown section of Philadelphia, PA is converting to 30-unit apartment building. The plan is to have one and two bedroom apartments. The only is lack of parkling.   To read more...

Wall Street is Buying Houses in Certain Areas of the US

Wall Street is becoming the new landlord in certain areas of the US, that saw price stock rocket and then plumet (Vegas & Phoenix). Large investment firms have spent billions of dollars over the last year buying homes in some of the US’s most depressed markets.

At the rate these firms are buying homes in those areas prices are increasing quickly. Is this a short term spike? Will prices level out? Will they decrease again in these areas once Wall Street firms stop buying?

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Mortgage Rates at Highest Level in a Year

Mortgage Rates at Highest Level in a Year

US Mortgage Rates
However, we are still historically low.