Two mall locations are on sale in New Jersey and Philadelphia. The environmental factor with Shell Oil moving in the vicinity may be one of the non disclosed...
Real Estate Mortgage News All-Cash House Buyers Drive Prices
Real Estate Mortgage News All-Cash Buyers Affect Investment Home Prices
The post market crash boom of real estate in cities like Los Angeles, Portland, Seattle and San Francisco is rising like a phoenix. Home prices and rental property valuations are getting higher and higher affecting the what the average hoe buyers can afford.
Along with the corporate “we buy houses for cash companies” there are the cash buyer foreign investors also. The average home buyer in San Francisco or Seattle is having a hard time competing with the tech industry wages that also affect all these cities. Essentially in theory, the displacement of the home owners that lost in 2007 now could have sold their property at a higher rate today.
However in truth it was the market crash that led to the huge investments in real estate of late. The only thing to add is this: We mentioned prices and home valuations going up like a phoenix, and what happened to that winged wonder!
Median investment home prices in April rose 12.5% from a year earlier to $203,000, including both financed and non-financed properties. But in the all-cash, non owner-occupied segment of the market, median prices spiked upward 19.3% year over year to $181,000.
Owner-occupied home prices increased 5.3% to a median price of $251,900. Overall, total median sales prices rose 8.3% year over year to $234,600. “The potential for rising mortgage rates could compel some buyers to act sooner to secure mortgages prior to the June announcement,” he said. Purchases of new homes in the U.S. surged in April to the highest level since the start of 2008, pointing to a robust spring.
Home prices rose 2.1% from a year earlier in March when taking into account consumers� buying power, less than half as much… American Advisors Group has released its jumbo reverse mortgage loan product to its wholesale network in California.read more at nationalmortgagenews.com