The Commerce Department stated the seasonally adjusted number of new housing starts (717,000) in April was up 2.6% over March’s number. New housing starts are still lagging but the increase along with rising builder confidence is a hopeful sign that the home market may be starting to recover nearly 5 years after the housing bubble burst.
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RealtyTrac released its U.S. Foreclosure Market Report for April 2012 and the overall results were positive. Foreclosure filings in April were the lowest monthly total since July 2007. The
188,780 properties represented a 5%decrease from March and a 14% decrease from April 2011. While the overall results are positive, Brandon Moore, CEO of RealtyTrac, noted that these results do not mean all markets are improving. He stated “rising foreclosure activity in many states and local markets in April are masked at the national level by sizable decreases in hard-hit foreclosure states like California, Arizona and Nevada”. The study found that 11 of the largest 20 metro areas in the U.S. saw annual increases in foreclosure activity. Tampa led the way with a 59% increase and Miami, St. Louis, Chicago, Philadelphia and Atlanta all saw over 20% increases over the past year.
The North Atlantic Treaty Organization (NATO) is hosting its 25th summit in Chicago, Illinois on May 20-21, 2012. During the summit, expect road closures, parking restrictions, and changes to both public transportation routes and public works services. Parking restrictions begin 6 a.m., Sunday, May 13, with additional restrictions effective Tuesday, May 15 in limited areas near McCormick Place. Road closures and pedestrian restrictions will be implemented beginning at midnight, Saturday, May 19 (Friday midnight into Saturday). The affected roadways will open for evening rush hour on Monday, May 21. Please see NATO Summit 2012: Security and Transportation Restrictions for more information.
As you are aware, regions across the United States have the potential to experience turbulent weather throughout the seasons. In light of these occurrences, we wish to ensure that transferees are educated and prepared for inclement weather situations. Dwellworks encourages transferees to review the Federal Emergency Management Agency (FEMA) website. The site offers safety and preparedness tips for nearly all possible types of natural disasters.
Contributor: Kelly Dorsch
The article “Apartment hunting in a tight market“, published in the Chicago Tribune, is a realistic snapshot of the severely competitive rental market in Chicago and is also representative of the rental market across the country. Multiple daily showings, units snapped up within 24-48 hours of listing, and the disappearance of rental concessions are conditions we are seeing in all major metro areas. While developers are scrambling to build more units in metro areas, the trend is expected to continue throughout the year.
Relocation appraisals are integral in developing a “guaranteed buyout” for a transferring employee and are generally reviewed by an in-house appraiser at the ordering company prior to being released to the transferee. The review of the appraisals offers a unique opportunity to gain additional perspective on the analysis of common concerns. Some common themes emerge with these appraisals, especially since two or three appraisals are reviewed, many times along with a broker’s price opinion. Read More
The story below, published in the Westchester Journal News, is yet another reminder to renters that they need to be very careful to avoid scammers that are getting bolder and more clever. Working with a reputable broker is an easy safeguard against fraud.
Victims mount in rent scam. Con artists post phony ads, abscond with money from would-be renters. Realtors decry web ads that doctor for-sale sites Read More
A recent article in The New York Times addresses the rising prices of rentals in the United States and the lack of rentals available. Up 2.4 percent in January from a year earlier, rents have continued to rise. With more people renting and lack of new rental buildings being erected, the vacancy rate is down to 5.2 percent, its lowest level in more than a decade. Places where technology companies are hiring, such as San Francisco, Austin and Boston have seen the biggest rental increases. Other cities seeing rising rents include New York, the District of Columbia, Chicago, and Seattle. Read More
To help our service partners better manage rental market expectations, Dwellworks provides the following update on the status of the rental market in the United States.
Demand
Vacancy Rates
After All These Years
After 33 years of relocation appraising, I have learned important lessons and a set of personal rules has evolved. Certain ERC Guidelines have been laid down and must be adhered to; however, I have also established and pursued my own personal demands for overseeing each segment of the relocation appraisal process. For me, failure to review or to ignore these guidelines and personal standards for each assignment can lead to an unfavorable outcome. Now retired and still being of sound mind, let me share with you these important lessons and set of personal rules. Read More