Few Bright Spots in rEal EstatE markEt
P
ockets in Michigan, Ohio, On a more positive note, the
and Washington state posted Niles-Benton Harbor, Mich., market Northern Healthcare Capital
increases in overall median — home of Whirlpool Corp. — shows
www.nhcapital.com
home values during the three months a 19.28 percent increase in median
ending in April, according to the values to $99,000. In Ohio, the
recently released Eppraisal Market Sandusky, Akron, and Dayton markets
Report. But overall, U.S. real estate show increases of 15.88 percent, 3.9
did not fare well, with 65.8 percent of percent, and 3.07 percent respectively.
187 market areas recording declines. Out West, home values in Tacoma,
Flint, Mich., continues its reign as Wash., increased by 2.34 percent to
the report’s biggest loser, dropping $272,740, and Seattle-Bellevue-Everett
19.85 percent in median value saw a small increase of 0.73 percent
to $44,000. to a median value of $415,000.
California’s news isn’t better: The report, which is based on
More than 55 percent of the markets completed sales of single-family
posting double-digit declines are residences, shows median home values
located in the Golden State, including in the three months ending April along
Salinas and Merced, where median with the percent change from the prior
values dropped 18.37 percent and three months ending in January.
18.64 percent respectively. For more information on the
Overall, 13.4 percent of the 187 areas markets in which you’re investing,
tracked saw double-digit decreases. visit
eppraisal.com.
homeowner sentiment drops, Renters Stay Put
H
ome prices in the United States
fell at their fastest rate in 20 years
during the first quarter of this year,
according to a recent report. The news may
give rental owners reason to celebrate.
The Standard & Poor’s/Case-Shiller
national home price index fell 14.1 percent
during the first three months of this year,
compared with the same period last year;
it’s the lowest number recorded since the index launched in 1988.
On the coattails of that report comes a Reuters/University of Michigan survey
indicating that twice as many Americans as last year expect the value of their
homes to fall in the next 12 months — and any price increases in the next
five years will fail to keep pace with inflation.
In the meantime, renters seem to share the same negative opinion about the
future of an investment in real estate. In fact, 67 percent of the nation’s current
renters do not plan to purchase a home for at least the next 12 months.
And 69 percent said they plan to continue renting for up to five more years.
“Renters are not eager to take a chance on homeownership this year,” says
Douglas Culkin, president of the National Apartment Association, which conducted
the survey. “If the economy improves, that trend may abate, but, for now, people
are generally staying put.”
In what must be music to some investors’ ears, occupancy rates in rental housing
have seen the largest annual increase in history — up 1.5 million units according
to the Commerce Department.
growingwealthmag.com I Growing Wealth I July 08 I 13
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