home ownership
Data released by the Census Bureau yesterday. shows that the U.S. homeownership rate dropped to 66.9 percent during the second quarter of this year, hitting its lowest mark in more than 10 years.
The Census Bureau reports that approximately 85.6 percent of the housing units in the United States last quarter were occupied. Owner-occupied homes made up 57.3 percent of total housing units, while renter-occupied units made up 28.3 percent of the inventory.
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Home sales
The National Association of Realtors released a report today showing that pending home sales declined in June by 18.6% below June 2009 pending home sales level.
The National Association of Realtor’s chief economist, Lawrence Yun, said: “There could be a couple of additional months of slow home-sales activity before picking up later in the year, provided the job market continues to improve. Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to national home values.” read more…
Home foreclosures have continued to dramatically increase in 2010.
According to a new report from RealtyTrac, foreclosure filings climbed in 75% of the nation’s metro areas during the first half of 2010. At a time when the Obama administration believes that we are “turning the corner”, things just seem to get even worse.
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home mortgage lending
With all of the toxic assets remaining on the bank books and the prospects of GDP growth looking smaller every day, it’s no wonder home mortgage lending has contracted. read more…
A few San Diego real estate factors to consider:
- First the shadow inventory is massive, investor are not normally long term holders so additional inventory in the near future,.
- Increasing number of people per housing unit now and in the future.
- Changing sentiment that housing is not cracked up to be such a great holding after all.
- The costs of both purchasing & selling a home are substantial costs often not fully considered.
- Many have found that home ownership can be very expensive when you add up the maintenance, property taxes and insurance.
San Diego housing market
2010 home foreclosures
RealtyTrac just reported home foreclosures rose in 3 of every four large U.S. metro areas in this year’s first half.
Banks will take over at least a record 1 million mortgages this year, RealtyTrac estimated earlier this month, noting that more than 5 million loans are seriously delinquent and face foreclosure.
