State of the Nation s Housing 2008: A Preview

Save this PDF as:

Size: px
Start display at page:

Download "State of the Nation s Housing 2008: A Preview"

Transcription

1 State of the Nation s Housing 28: A Preview Eric S. Belsky Remodeling Futures Conference April 15, 28

2 The Housing Market Has Suffered Steep Declines Percent Change Median Existing Single-Family House Price Home Equity Existing Total Home Sales Mortgage Refinancing Total Housing Starts New Single- Family Home Sales Note: Changes in dollar values are adjusted for inflation by the CPI-UX for All Items. Sources: US Census Bureau, New Residential Construction; National Association of Realtors, Existing Single Family House Prices; Freddie Mac; Federal Reserve Board, Flow of Funds Accounts.

3 The Housing Boom Was Rooted in Unusually Low Mortgage Rates and Tight Markets That Sparked An Unprecedented Run-Up in Home Prices Real Income and House Prices (Indexed 1968=1) s (June 1965) 197s (April 1972) 198s (Mar 1987) 199s (Oct 1993) Month of Lowest Interest Rate by Decade Mortgage Interest Rate (Percent) 2s (June 23) Months Supply Median Single Family Home Prices Median Household Income Notes: Mortgage interest rate is the Federal Housing Finance Board s Effective Composite Interest Rate for All Mortgages. Months supply is the number of months needed to sell current inventory at current sales rate. Household income and house prices are adjust for inflation using the monthly CPI-UX for All Items. Sources: Federal Housing Finance Board, Monthly Interest Rate Survey; US Census Bureau, New Residential Construction; National Association of Realtors, Median Existing Single Family House Price; Moody's Economy.com; Bureau of Labor Statistics, Consumer Price Index.

4 With Demand Dropping Off Faster than Production, the Number of Vacant Units Ballooned 5 Percent Change New Home Sales Housing Completions Held Off Market For-Sale Vacant Note: New home sales and housing completions are for single-family homes only. Sources: US Census Bureau, New Residential Construction and Housing Vacancy Survey.

5 Drops in Permits Have Been Dramatic in Many Metros Change in Permits Greater Than 5 Percent Decline 25 to 5 Percent Decline Less Than 25 Percent Decline Increase Source: US Census Bureau, New Residential Construction.

6 While a Handful of Metros were Still Gaining, Most Started to See Price Declines in 27 6 Number of Metropolitan Areas Declined Greater than 2 Percent Declined 1-2 Percent Declined 5-1 Percent Declined to 5 Percent No Decline (New Peak in Q4 27) Total House Price Decline from Peak Quarter Since 25 to Fourth Quarter of 27 Year of Peak Quarter: No Decline Notes: Peaks and declines are based on quarterly median house price data, seasonally adjusted. No Decline means median house prices reached a new peak in the fourth quarter of 27. Source: National Association of Realtors ; Moody's Economy.com.

7 Recent Declines Have Wiped Out Several Years of House Price Appreciation in Several Metros Years of Growth in Median Home Price Wiped Out as of 27 Notes: Annual declines based on fourth quarter to fourth quarter median sales price changes. 'One Year' of appreciation wiped out means the Q4 27 median is lower than Q4 26 level but higher than Q4 of 25. None' means Q4 of 27 was higher than Q4 of 26, but may be lower than an earlier quarter in 27. Source: National Association of Realtors, Median Existing Metro Area Single Family Home Prices. None (Increase Since '6) 1 to 2 Years 3 to 4 Years 5 or More Years

8 Both Declining Housing Wealth Effects and Declines in Production Were a Major Drag on the Economy.6 Contribution to Percent Change in Real Gross Domestic Product (Percentage Point) Residential Fixed Investment Housing Wealth Effects Sources: Moody s Economy.com; Bureau of Economic Analysis.

9 This Downturn is Shaping Up to Be the Worst in a Generation 4 Change After 24 Months From Peak in Housing Starts (Percent) Housing Starts Existing Single-Family Home Sales New Single-Family Home Sales Median Existing Single-Family House Price Median New Home Price October April January January 26-8 Note: Downturns are based on cyclical peak months in starts. Outlier peaks such as January 1972 and February 1984 are not used. All data is monthly data seasonally adjusted by Moody's Economy.com. House price changes are adjusted for inflation by the CPI-UX for All Items. Sources: US Census Bureau, New Residential Construction; National Association of Realtors, Median Existing Single Family House Price.

10 Recessions Usually Exacerbate Housing Downturns, but Afterward Housing Is Quick to Recover 4 Quarterly Change in Housing Starts (Percent) December November 197 November March 1975 January July 198 July November 1982 July March 1991 March 21 - November 21 3 Months Leading Into Recession First 3 Months of Recession Last 3 Months of Recession First 3 Months After Recession Note: Quarterly data derived from sums of monthly data, seasonally adjusted by Moody's Economy.com. Sources: US Census Bureau, New Residential Construction.

11 In the Most Glutted Markets, Surpluses Exceed Two Percent of the Owner Stock Excess Vacant-For-Sale Housing Units as a Share of Total Owner Stock No Excess Owner Stock -1% of Owner Stock 1-2% of Owner Stock 2-3% of Owner Stock Note: Methodology adapted from Freddie Mac. Oversupply is percentage points increase in homeowner vacancy rates from statespecific average homeowner vacancy rates Does not include possible oversupply that is showing up under held off market or potentially also as an increase in rental vacancy rates. Also does not divide surplus units into total stock in each state. Sources: US Census Bureau, Housing Vacancy Survey and 26 American Community Survey.

12 The Recent Spike in Loans Entering Foreclosure Will Weigh Heavily on Markets 45 Loans Entering Foreclosures Number of loans (Thousands) Share of loans Number Share Source: Mortgage Bankers Association, National Delinquency Survey.

13 Loans with Affordability Features and Adjustable Rates Dramatically Lost Market Share in 26 and 27 Share of Loan Originations (Percent) 2 Affordability Products 45 Adjustable Rate Loans Interest Only Payment Option Notes: Loans with affordability features are interest only and payment-option. Shares are of the number of originations of prime and subprime loans. Sources: First American LoanPerformance; Federal Housing Finance Board, Monthly Interest Rate Survey.

14 Subprime Credit Originations Have Collapsed 7 Billions of 27 Dollars Q7 2Q7 Source: Inside Mortgage Finance, 27 Mortgage Market Statistical Annual, adjusted for inflation by Bureau of Labor Statistics CPI-UX for All Items.

15 The National Homeownership Rate Surged Before the Subprime Lending Boom and Then Tailed Off Subprime Share of All Mortgage Originations (Percent) 24 Homeownership Rate (Percent) Subprime Market Share Homeownership Rate Note: Subprime share is of the dollar volume of all originations. Source: US Census Bureau, Housing Vacancy Survey; UBS, Subprime Share of MBS Gross Issuance.

16 Slightly Lower Mortgage Costs in 27 Did Little to Ease Recent Run Up in Affordability Problems 1,4 Change in Monthly Mortgage Costs (27 Dollars) 1,2 1, Boston Chicago Miami Washington DC San Francisco Los Angeles Notes: Costs assume a median priced home purchased with a 1% down payment and 3-year fixed rate mortgage. Prices adjusted for inflation by the CPI-UX for All Items. Sources: National Association of Realtors, Median Existing Single Family House Price; Federal Home Loan Bank, Fixed Rate Contract Interest Rate for All Homes.

17 Apartment Property Prices are Rising Faster than Their Net Operating Income Annual Percent Change Property Prices Net Operating Income Source: National Council of Real Estate Investment Fiduciaries.

18 Severe Cost Burdens Fall Sharply With Income 14 Households with Severe Cost Burdens in 26 (Millions)... But Are Now More Common Among Middle-Income Owners Than Renters 14 Incidence of Severe Cost Burdens in Households 26 (Percent) Bottom Lower Middle Upper Middle Income Quartile Owners Renters Severely Burdened in 21 Increase Lower Middle Upper Middle Notes: Income quartiles are equal fourths of all households sorted by pre-tax income. Severely cost-burdened households spend more than 5% of total household income on housing. Sources: JCHS tabulations of the 21 and 26 American Community Surveys.

19 Rising Energy Costs Are Cutting Into Other Spending of Low Income Households Share of Average Total Annual Expenditures (Percent) Gasoline and Motor Oil Public Transportation Utilities, Fuels, and Public Services Note: Low income households are defined as those in the bottom 2 percent of all households sorted by pre-tax household incomes. Source: Bureau of Labor Statistics, Consumer Expenditure Survey.

APPENDIX TABLES. Table A-1 Income and Housing Costs, US Totals: Table A-2 Housing Market Indicators:

APPENDIX TABLES. Table A-1 Income and Housing Costs, US Totals: Table A-2 Housing Market Indicators: APPENDIX TABLES Table A-1 Income and Housing Costs, US s: 1975 2005 Table A-2 Housing Market Indicators: 1975 2005 Table A-3 Terms on Conventional Single-Family Mortgages: 1980 2005 Table A-4 Mortgage

More information

The State of the Nation s Housing 2007: A Sneak Peek

The State of the Nation s Housing 2007: A Sneak Peek The State of the Nation s Housing 2007: A Sneak Peek Eric Belsky Remodeling Futures Conference April 10, 2007 Do Not Distribute Embargoed Until June 11, 2007 www.jchs.harvard.edu The Homebuilding Correction

More information

Rental Housing: Poised for a Return to Growth

Rental Housing: Poised for a Return to Growth Rental Housing: Poised for a Return to Growth Christopher Herbert Remodeling Futures Conference November 9, 21 www.jchs.harvard.edu Summary of Ongoing Joint Center Research on The Rental Housing Market

More information

State of the Nation s Housing 2011: A Preview

State of the Nation s Housing 2011: A Preview State of the Nation s Housing 2011: A Preview Christopher Herbert Remodeling Futures Conference April 5, 2011 www.jchs.harvard.edu No Signs of a Recovery Yet % Change % Change Description: 2008 2009 2010

More information

The State of the Nation s Housing

The State of the Nation s Housing The State of the Nation s Housing Eric S. Belsky Remodeling Futures Conference April 13, 21 www.jchs.harvard.edu Existing Home Sales Improved then Retracted, While New Home Sales Are Still in the Basement

More information

America s Rental Housing

America s Rental Housing America s Rental Housing The Key to a Balanced National Policy Bill Apgar Remodeling Futures Conference April 15, 2008 www.jchs.harvard.edu The Mortgage Market Meltdown Collides with Ongoing Rental Affordability

More information

By several measures, homebuilding made a comeback in 2012 (Figure 6). After falling another 8.6 percent in 2011, single-family

By several measures, homebuilding made a comeback in 2012 (Figure 6). After falling another 8.6 percent in 2011, single-family 2 Housing Markets With sales picking up, low inventories of both new and existing homes helped to firm prices and spur new single-family construction in 212. Multifamily markets posted another strong year,

More information

Market Trends and Outlook

Market Trends and Outlook Residential Remodeling Market Trends and Outlook Kermit Baker Remodeling Futures Conference April 3, 2012 Remodeling Market Overview 1. Home improvement spending totaled an estimated $290 billion last

More information

STRENGTHENING RENTER DEMAND

STRENGTHENING RENTER DEMAND 5 Rental Housing Rental housing markets experienced another strong year in 2012, with the number of renter households rising by over 1.1 million and marking a decade of unprecedented growth. New construction

More information

Remodeling Trends and Outlook

Remodeling Trends and Outlook Remodeling Trends and Outlook Kermit Baker Remodeling Futures Conference October 16, 2007 www.jchs.harvard.edu Recent Remodeling Trends Growth in remodeling spending began to ease in Q3-2006. After Strong

More information

GROWING DIVERSITY OF RENTER HOUSEHOLDS THE STATE OF THE NATION S HOUSING 2012

GROWING DIVERSITY OF RENTER HOUSEHOLDS THE STATE OF THE NATION S HOUSING 2012 5 Housing Renter household growth surged in 11, spurred by the decline in homeownership rates across most age groups. With vacancy rates falling and rents on the rise, returns on rental property investments

More information

Swimming Against the Tide: Forging Affordable Housing Opportunities from the Foreclosure Crisis

Swimming Against the Tide: Forging Affordable Housing Opportunities from the Foreclosure Crisis Swimming Against the Tide: Forging Affordable Housing Opportunities from the Foreclosure Crisis Prepared for: Rethink. Recover. Rebuild. Reinventing Older Communities Philadelphia, PA May 14, 2010 George

More information

THE STATE OF THE NATION S HOUSING. Joint Center for Housing Studies of Harvard University

THE STATE OF THE NATION S HOUSING. Joint Center for Housing Studies of Harvard University THE STATE OF THE NATION S HOUSING 26 Joint Center for Housing Studies of Harvard University Joint Center for Housing Studies of Harvard University Graduate School of Design John F. Kennedy School of Government

More information

Housing and Mortgage Market Update

Housing and Mortgage Market Update Housing and Mortgage Market Update Views from the Top Frank E. Nothaft Vice President and Chief Economist January 8, 2015 Summary: Housing & Mortgage Market Outlook for 2015 Interest rates expected to

More information

HOUSING MARKETS CONSTRUCTION GAINING MOMENTUM JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY

HOUSING MARKETS CONSTRUCTION GAINING MOMENTUM JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY 2 HOUSING MARKETS After a mixed year in 214, the national housing recovery gained traction in 215. Residential construction continued to climb as single-family starts revived. Sales of both new and existing

More information

Estimating National Levels of Home Improvement and Repair Spending by Rental Property Owners

Estimating National Levels of Home Improvement and Repair Spending by Rental Property Owners Joint Center for Housing Studies Harvard University Estimating National Levels of Home Improvement and Repair Spending by Rental Property Owners Abbe Will October 2010 N10-2 2010 by Abbe Will. All rights

More information

Economic Highlights. Payroll Employment Growth by State 1. Durable Goods 2. The Conference Board Consumer Confidence Index 3

Economic Highlights. Payroll Employment Growth by State 1. Durable Goods 2. The Conference Board Consumer Confidence Index 3 August 26, 2009 Economic Highlights Southeastern Employment Payroll Employment Growth by State 1 Manufacturing Durable Goods 2 Consumer Spending The Conference Board Consumer Confidence Index 3 Real Estate

More information

Nothing Draws a Crowd Like a Crowd: The Outlook for Home Sales

Nothing Draws a Crowd Like a Crowd: The Outlook for Home Sales APRIL 2018 Nothing Draws a Crowd Like a Crowd: The Outlook for Home Sales The U.S. economy posted strong growth with fourth quarter 2017 Real Gross Domestic Product (real GDP) growth revised upwards to

More information

Changing Geography of Improvement Spending

Changing Geography of Improvement Spending Changing Geography of Improvement Spending The areas of the country hardest hit by the broader housing market slowdown where house prices and home sales have collapsed and where mortgage defaults and foreclosures

More information

Owner spending on improvements to existing homes also rose over the past year. Benefiting from strengthening house sales, CONSTRUCTION RECOVERY

Owner spending on improvements to existing homes also rose over the past year. Benefiting from strengthening house sales, CONSTRUCTION RECOVERY 2 Housing Markets After another year of healthy growth in 213, the housing market paused in the first quarter of 214. The renewed weakness in residential construction, sales, and prices raised fears that

More information

CALIFORNIA ECONOMIC & MARKET OUTLOOK. October 29,2014 Contra Costa Association of REALTORS Leslie Appleton Young, Chief Economist

CALIFORNIA ECONOMIC & MARKET OUTLOOK. October 29,2014 Contra Costa Association of REALTORS Leslie Appleton Young, Chief Economist 2014 2015 CALIFORNIA ECONOMIC & MARKET OUTLOOK October 29,2014 Contra Costa Association of REALTORS Leslie Appleton Young, Chief Economist OVERVIEW Economic Outlook California Housing Market Outlook Housing

More information

HOUSING MARKETS. Strength in Early 2005 Pushed Most National Housing Indicators into Record Territory

HOUSING MARKETS. Strength in Early 2005 Pushed Most National Housing Indicators into Record Territory HOUSING MARKETS Despite another record-setting performance, housing markets showed clear signs of cooling late in 2005. As mortgage interest rates moved up and house prices soared, home sales turned down

More information

Economic and Housing Market Outlook ( ) October 31, Contra Costa AOR

Economic and Housing Market Outlook ( ) October 31, Contra Costa AOR Economic and Housing Market Outlook (2012 2013) Contra Costa AOR October 31, 2012 Oscar Wei Senior Research Analyst California Association of REALTORS Overview US and California Economies California Housing

More information

CONTINUED STRONG DEMAND

CONTINUED STRONG DEMAND Rental Housing Although slowing, renter household growth continued to soar in 13. The strength of demand has kept rental markets tight across the country, pushing up rents and spurring new construction.

More information

The state of the nation s Housing 2011

The state of the nation s Housing 2011 The state of the nation s Housing 2011 Fact Sheet PURPOSE The State of the Nation s Housing report has been released annually by Harvard University s Joint Center for Housing Studies since 1988. Now in

More information

Rapid recovery from the Great Recession, buoyed

Rapid recovery from the Great Recession, buoyed Game of Homes The Supply-Demand Struggle Laila Assanie, Sarah Greer, and Luis B. Torres October 4, 2016 Publication 2143 Rapid recovery from the Great Recession, buoyed by the shale oil boom, has fueled

More information

2018 Housing Market Outlook. Central Coast Realty Group Business Symposium February 22, 2018 Oscar Wei Senior Economist

2018 Housing Market Outlook. Central Coast Realty Group Business Symposium February 22, 2018 Oscar Wei Senior Economist 2018 Housing Market Outlook Central Coast Realty Group Business Symposium February 22, 2018 Oscar Wei Senior Economist Overview Economic Update California Housing Market Outlook Regional Housing Market

More information

RESURGENCE OF RENTAL DEMAND

RESURGENCE OF RENTAL DEMAND 5 Rental Housing The rental market has gained strength over the past year, bringing good news to investors. Demand has picked up sharply, vacancy rates have started to retreat, and rents are turning up.

More information

Metropolitan Indianapolis Board of REALTORS. Broker/Owner Meeting March 14, 2007

Metropolitan Indianapolis Board of REALTORS. Broker/Owner Meeting March 14, 2007 Metropolitan Indianapolis Board of REALTORS Broker/Owner Meeting March 14, 2007 Tom Renkert Information Services Director MIBOR PropertyLinx 2 Implementation Time Line February 1-28 March 1 June 30 July

More information

Realtors, more than a third of existing home sales last year about 1.8 million units were short sales or foreclosures.

Realtors, more than a third of existing home sales last year about 1.8 million units were short sales or foreclosures. 1 Executive Summary Even as the worst housing market correction in more than 6 years appeared to turn a corner in 29, the fallout from sharply lower home prices and high unemployment continued. By year

More information

RENTAL PRODUCTION AND SUPPLY

RENTAL PRODUCTION AND SUPPLY RENTAL PRODUCTION AND SUPPLY Despite a sharp uptick in the number of renter households, construction of multifamily units for rent declined in 27 for the fifth straight year. Even so, growth in the rental

More information

4 RENTAL MARKETS. While the fundamentals remain strong for. investors, there are signs that rental markets

4 RENTAL MARKETS. While the fundamentals remain strong for. investors, there are signs that rental markets 4 RENTAL MARKETS While the fundamentals remain strong for investors, there are signs that rental markets are at a turning point. Real rents are still climbing, but at a slower pace now that vacancy rates

More information

ECONOMIC CURRENTS. Vol. 5 Issue 2 SOUTH FLORIDA ECONOMIC QUARTERLY. Key Findings, 2 nd Quarter, 2015

ECONOMIC CURRENTS. Vol. 5 Issue 2 SOUTH FLORIDA ECONOMIC QUARTERLY. Key Findings, 2 nd Quarter, 2015 ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Economic Currents provides an overview of the South Florida regional economy. The report presents current employment, economic and real

More information

A VITAL RESOURCE FOR A DIVERSE NATION A DECADE OF BROAD-BASED DEMAND JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY

A VITAL RESOURCE FOR A DIVERSE NATION A DECADE OF BROAD-BASED DEMAND JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY 5 RENTAL HOUSING Rental housing markets across the country tightened again in 215. While multifamily construction ramped up for the fifth consecutive year, demand continued to outstrip supply, pushing

More information

analyst REGIONAL San Joaquin County Housing: Current Challenges, Future Needs Stockton

analyst REGIONAL San Joaquin County Housing: Current Challenges, Future Needs Stockton Lodi 12 EBERHARDT SCHOOL OF BUSINESS Business Forecasting Center in partnership with San Joaquin Council of Governments 99 26 5 205 Tracy 4 Lathrop Stockton 120 Manteca Ripon Escalon REGIONAL analyst december

More information

ECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY

ECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Vol. 4, Issue 3 Economic Currents provides an overview of the South Florida regional economy. The report presents current employment,

More information

Congressional District Report for the 115th Congress

Congressional District Report for the 115th Congress Congressional District Report for the 115th Congress New York District 22 Honorable Claudia Tenney (R) Congressional Districts of New York August 2018 Report National Association of REALTORS Q1/1980 Q3/1981

More information

JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY

JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY 1 Executive Summary After several false starts, there is reason to believe that 2012 will mark the beginning of a true housing market recovery. Sustained employment growth remains key, providing the stimulus

More information

Sonoma County Business Barometer Q4 CY 2007

Sonoma County Business Barometer Q4 CY 2007 EDB Sonoma County Economic Development Board economy Sonoma County Business Barometer Q4 CY 27 Economic Development Board 41 College Avenue Suite D Santa Rosa CA 9541 77.565.717 EDB Sonoma County Economic

More information

Real gross domestic product California vs. United States

Real gross domestic product California vs. United States Real gross domestic product California vs. United States Percent change, year ago 6 4 U.S. California 2 0-2 -4-6 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Bureau of Economic Analysis.

More information

National Housing Trends

National Housing Trends National Housing Trends 34% America s Choice of Best Long Term Investment 26% 17% 15% 6% Real Estate Stocks / Mutual Funds Gold Savings Accounts / CDs Bonds Gallup 2018 Total Existing Home Sales in thousands

More information

Rental Housing. Joint Center for Housing Studies of Harvard University 21

Rental Housing. Joint Center for Housing Studies of Harvard University 21 5 Rental Housing Rental markets came under increasing stress last year as the recession took hold. Inflation-adjusted rents inched lower nationally and an unprecedented wave of foreclosures of small, investorowned

More information

5 RENTAL AFFORDABILITY

5 RENTAL AFFORDABILITY 5 RENTAL AFFORDABILITY While affordability has improved somewhat, the share of renter households with cost burdens remains well above levels in 21. Although picking up since 211, renter incomes still lag

More information

Metropolitan Area Statistics

Metropolitan Area Statistics Metropolitan Area Statistics Apartment Completions 1Q 2011 1Q 2012 % Chg Atlanta - - n/a Boston 133 39-71% Chicago - 20 n/a Cleveland - - n/a Columbus - 272 n/a Dallas-Ft. Worth 604 1,059 75% Denver 328

More information

Economic Outlook in Uncertain Times

Economic Outlook in Uncertain Times Economic Outlook in Uncertain Times Lawrence Yun, Ph.D. Chief Economist NATIONAL ASSOCIATION OF REALTORS Presentation to Silicon Valley Association of REALTORS October 11, 2010 Federal Reserve FOMC Ben

More information

Foreclosures Continue to Bring Home Prices Down * FNC releases Q Update of Market Distress and Foreclosure Discount

Foreclosures Continue to Bring Home Prices Down * FNC releases Q Update of Market Distress and Foreclosure Discount Foreclosures Continue to Bring Home Prices Down * FNC releases Q4 2011 Update of Market Distress and Foreclosure Discount The latest FNC Residential Price Index (RPI), released Monday, indicates that U.S.

More information

Housing Price Forecasts. Illinois and Chicago PMSA, December 2015

Housing Price Forecasts. Illinois and Chicago PMSA, December 2015 Housing Price Forecasts Illinois and Chicago PMSA, December 2015 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public

More information

National Housing Trends

National Housing Trends National Housing Trends 34% America s Choice of Best Long Term Investment 26% 17% 15% 6% Real Estate Stocks / Mutual Funds Gold Savings Accounts / CDs Bonds Gallup 2018 Housing Affordability 197 Index

More information

24). The weakest markets were in the West, with San Jose. Market Turmoil. The State of the Nation s Housing 2010

24). The weakest markets were in the West, with San Jose. Market Turmoil. The State of the Nation s Housing 2010 5 Rental housing Although renter household growth increased last year, rental vacancy rates climbed to a new high. Early in 21, however, occupancies in some areas appeared to be stabilizing. With multifamily

More information

} Construction jobs have

} Construction jobs have Texas Housing Market Finally Building a Solid Recovery By D Ann Petersen } Construction jobs have contributed to total employment consistently beginning this year, making construction the last of the major

More information

Demographic and Housing Trends

Demographic and Housing Trends Demographic and Housing Trends In the New Orleans Metro Presented by: Allison Plyer www.gnocdc.org A product of Nonprofit Knowledge Works 1 Housing Production 2 Demographic and Housing Trends Katrina dramatically

More information

2019 Housing Market Forecast. Palos Verdes Peninsula AOR January 8, 2019 Jordan G. Levine Senior Economist

2019 Housing Market Forecast. Palos Verdes Peninsula AOR January 8, 2019 Jordan G. Levine Senior Economist 2019 Housing Market Forecast Palos Verdes Peninsula AOR January 8, 2019 Jordan G. Levine Senior Economist Overview Good News: Economic fundamentals solid Homeownership still the dream Rates might not go

More information

REGIONAL. Rental Housing in San Joaquin County

REGIONAL. Rental Housing in San Joaquin County Lodi 12 EBERHARDT SCHOOL OF BUSINESS Business Forecasting Center in partnership with San Joaquin Council of Governments 99 26 5 205 Tracy 4 Lathrop Stockton 120 Manteca Ripon Escalon REGIONAL analyst april

More information

2015 New York City. Housing Security Profile and Affordable Housing Gap Analysis

2015 New York City. Housing Security Profile and Affordable Housing Gap Analysis 2015 New York City Housing Security Profile and Affordable Housing Gap Analysis 1 Contents: Housing Insecurity in New York City 3 A City of Renters. 6 Where the Housing Insecure Population Lives 16 Housing

More information

2013 Housing Market Forecast. SILVAR: Los Gatos/Saratoga District October 10, 2012 Leslie Appleton-Young, Vice President & Chief Economist

2013 Housing Market Forecast. SILVAR: Los Gatos/Saratoga District October 10, 2012 Leslie Appleton-Young, Vice President & Chief Economist 2013 Housing Market Forecast SILVAR: Los Gatos/Saratoga District October 10, 2012 Leslie Appleton-Young, Vice President & Chief Economist What we saw from the roof.. C.A.R. NAR THE ECONOMY Recent Housing

More information

Housing Price Forecasts. Illinois and Chicago PMSA, January 2018

Housing Price Forecasts. Illinois and Chicago PMSA, January 2018 Housing Price Forecasts Illinois and Chicago PMSA, January 2018 Presented To Illinois Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs University

More information

HOUSING CHALLENGES

HOUSING CHALLENGES HOUSING CHALLENGES The nation s housing challenges are escalating. Affordability is worsening, inadequate conditions persist, and crowding is more common. Today, more than 37 million households face at

More information

MARKET STRATEGY VIEWPOINT U.S. Housing Decelerating

MARKET STRATEGY VIEWPOINT U.S. Housing Decelerating Jan-01 Oct-01 Jul-02 Apr-03 Jan-0 Oct-0 Jul-05 Apr-0 Jan-07 Oct-07 Jul-08 Apr-09 Jan-10 Oct-10 Jul-11 Apr-12 Jan-13 Oct-13 Jul-1 Apr-15 Jan-1 Oct-1 Jul-17 Apr-18 U.S. Housing Decelerating August 27, 2018

More information

CONTENTS. Executive Summary 1. Southern Nevada Economic Situation 2 Household Sector 5 Tourism & Hospitality Industry

CONTENTS. Executive Summary 1. Southern Nevada Economic Situation 2 Household Sector 5 Tourism & Hospitality Industry CONTENTS Executive Summary 1 Southern Nevada Economic Situation 2 Household Sector 5 Tourism & Hospitality Industry Residential Trends 7 Existing Home Sales 11 Property Management Market 12 Foreclosure

More information

REAL ESTATE AND THE ECONOMIC OUTLOOK THROUGH 2013:

REAL ESTATE AND THE ECONOMIC OUTLOOK THROUGH 2013: 1 1 REAL ESTATE AND THE ECONOMIC OUTLOOK THROUGH 2013: Coping With A Different Kind Of Housing Recovery A Presentation To The Commercial Real Estate Education Summit Monrovia, California July 13, 2012

More information

JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY

JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY THE STATE OF THE NATION S HOUSING 25 Joint Center for Housing Studies of Harvard University Graduate School of Design John F. Kennedy School of Government

More information

Quarterly Housing Market Update

Quarterly Housing Market Update Quarterly Housing Market Update An Overview New Hampshire s current housing market performance, as well as its overall economy, is slowly improving, with positives such as increasing employment and rising

More information

Housing s Impact on Local Government Finance

Housing s Impact on Local Government Finance Housing s Impact on Local Government Finance Meeting of the Virginia Government Finance Officers Association Virginia Beach, Virginia June 9, 2011 Virginia Housing Development Authority Impact of Home

More information

Renewed Importance of Rental Housing

Renewed Importance of Rental Housing Introduction and Summary The troubled homeowner market, along with demographic shifts, has highlighted the vital role that the rental sector plays in providing affordable homes on flexible terms. But while

More information

The Knox County HOUSING MARKET

The Knox County HOUSING MARKET T E C H REPORT SERIES The Knox HOUSING MARKET Date: August 2007 For more information: MPC Contact Person: Bryan Berry 215-2500 MPC Website and e-mail www.knoxmpc.org contact@knoxmpc.org INTRODUCTION In

More information

OBSERVATION. TD Economics IS THE AMERICAN HOUSING REBOUND SUSTAINABLE?

OBSERVATION. TD Economics IS THE AMERICAN HOUSING REBOUND SUSTAINABLE? OBSERVATION TD Economics IS THE AMERICAN HOUSING REBOUND SUSTAINABLE? Highlights 2012 was a very good year for the U.S. housing market. Home prices were up almost 8% and housing starts by close to 30%.

More information

Housing Indicators in Tennessee

Housing Indicators in Tennessee Housing Indicators in l l l By Joe Speer, Megan Morgeson, Bettie Teasley and Ceagus Clark Introduction Looking at general housing-related indicators across the state of, substantial variation emerges but

More information

Housing Price Forecasts. Illinois and Chicago PMSA, October 2014

Housing Price Forecasts. Illinois and Chicago PMSA, October 2014 Housing Price Forecasts Illinois and Chicago PMSA, October 2014 Presented To Illinois Association of Realtors From R E A L Regional Economics Applications Laboratory, Institute of Government and Public

More information

2018 Real Estate Forecast Breakfast. Real Estate Market Update

2018 Real Estate Forecast Breakfast. Real Estate Market Update 2018 Real Estate Forecast Breakfast Central Oregon Association of REALTORS Real Estate Market Update Paul C. Bishop, PhD, CBE Vice President, Research NATIONAL ASSOCIATION OF REALTORS February 22, 2018

More information

SE Michigan Residential Real Estate Recovery Are we there yet or is it over?

SE Michigan Residential Real Estate Recovery Are we there yet or is it over? SE Michigan Residential Real Estate Recovery Are we there yet or is it over? Changing View of Residential Transactions Changing View of Residential Transactions 2015 Short Sales 3% Leases Bank 11% Owned

More information

TREND Economic and Market Watch Report

TREND Economic and Market Watch Report TREND Economic and Watch Report TREND is the Multiple Listing Service (MLS) for more than 32,000 real estate professionals in and around the Philadelphia metropolitan region. TREND s 13-county primary

More information

The State of the Commercial Real Estate Industry: Mid-Year 2011 Retail Review & Outlook

The State of the Commercial Real Estate Industry: Mid-Year 2011 Retail Review & Outlook The State of the Commercial Real Estate Industry: Mid-Year 2011 Retail Review & Outlook Copyright 2011 CoStar Realty Information, Inc. No reproduction or distribution without permission. The following

More information

Sonoma County Business Barometer Q1 CY 2007

Sonoma County Business Barometer Q1 CY 2007 EDB Sonoma County Economic Development Board economy Sonoma County Business Barometer Q1 CY 2007 Economic Development Board 401 College Avenue Suite D Santa Rosa CA 95401 707.565.7170 EDB Sonoma County

More information

INLAND EMPIRE REGIONAL INTELLIGENCE REPORT

INLAND EMPIRE REGIONAL INTELLIGENCE REPORT INLAND EMPIRE REGIONAL INTELLIGENCE REPORT June 2016 EMPLOYMENT After a slow start to 2016, the Inland Empire s labor market returned to form, in recent job figures. Seasonally adjusted nonfarm employment

More information

Median Income and Median Home Price

Median Income and Median Home Price Homeownership Remains Unaffordable; Rental Affordability Showing Signs of Improvement Richard E. Taylor, Research Manager at MaineHousing MaineHousing has released the 217 Maine Homeownership and Rental

More information

ECONOMIC CURRENTS. Vol. 3, Issue 1. THE SOUTH FLORIDA ECONOMIC QUARTERLY Introduction

ECONOMIC CURRENTS. Vol. 3, Issue 1. THE SOUTH FLORIDA ECONOMIC QUARTERLY Introduction ECONOMIC CURRENTS THE SOUTH FLORIDA ECONOMIC QUARTERLY Introduction Economic Currents provides an overview of the South Florida regional economy. The report contains current employment, economic and real

More information

San Diego s High-Price Housing Strains Economic Capacity S

San Diego s High-Price Housing Strains Economic Capacity S APRIL 2015 WWW.NUSINSTITUTE.ORG VOLUME TEN ISSUE TWO San Diego s High-Price Housing Strains Economic Capacity S ix years since the housing market hit bottom, the median price of homes sold in San Diego

More information

CONTENTS. Executive Summary. Southern Nevada Economic Situation 1 Household Sector 4 Tourism & Hospitality Industry

CONTENTS. Executive Summary. Southern Nevada Economic Situation 1 Household Sector 4 Tourism & Hospitality Industry CONTENTS Executive Summary Southern Nevada Economic Situation 1 Household Sector 4 Tourism & Hospitality Industry Residential Trends 6 Existing Home Sales 10 Property Management Market 11 Foreclosure Situation

More information

HOUSING MARKET OUTLOOK: SAN LUIS OBISPO, CA AND SURROUNDING AREA

HOUSING MARKET OUTLOOK: SAN LUIS OBISPO, CA AND SURROUNDING AREA HOUSING MARKET OUTLOOK: SAN LUIS OBISPO, CA AND SURROUNDING AREA GABE RANDALL SCOTT KELTING April15, 2009 National Market Overview April 15, 2009 2008: A Year in Review Starting between 1999 and 2000,

More information

Economic Highlights. Retail Sales Components 1. University of Michigan Consumer Sentiment Index 2. Industrial Production and Capacity Utilization 3

Economic Highlights. Retail Sales Components 1. University of Michigan Consumer Sentiment Index 2. Industrial Production and Capacity Utilization 3 November 17, 2010 Economic Highlights Consumer Spending Retail Sales Components 1 University of Michigan Consumer Sentiment Index 2 Manufacturing Industrial Production and Capacity Utilization 3 Real Estate

More information

2016 ECONOMIC AND HOUSING MARKET FORECAST

2016 ECONOMIC AND HOUSING MARKET FORECAST 2016 ECONOMIC AND HOUSING MARKET FORECAST April 06, 2016 San Francisco Association of REALTORS Oscar Wei, Senior Economist of C.A.R. OVERVIEW Economic Outlook California Housing Market Outlook Regional

More information

1 EXECUTIVE SUMMARY. After a decade of broad-based growth, renter households are increasingly likely. to have higher incomes, be older, and have

1 EXECUTIVE SUMMARY. After a decade of broad-based growth, renter households are increasingly likely. to have higher incomes, be older, and have 1 EXECUTIVE SUMMARY After a decade of broad-based growth, renter households are increasingly likely to have higher incomes, be older, and have children. The market has responded to this shift in demand

More information

Released: June Commentary 2. The Numbers That Drive Real Estate 3. Recent Government Action 9. Topics for Home Buyers, Sellers, and Owners 11

Released: June Commentary 2. The Numbers That Drive Real Estate 3. Recent Government Action 9. Topics for Home Buyers, Sellers, and Owners 11 Released: June 2011 Commentary 2 The Numbers That Drive Real Estate 3 Recent Government Action 9 Topics for Home Buyers, Sellers, and Owners 11 Brought to you by: KW Research Commentary The U.S. housing

More information

2016 MID-YEAR MARKET UPDATE June 23, Breanna Vanstrom, MBA, RCE Chief Executive Officer

2016 MID-YEAR MARKET UPDATE June 23, Breanna Vanstrom, MBA, RCE Chief Executive Officer 2016 MID-YEAR MARKET UPDATE June 23, 2016 Breanna Vanstrom, MBA, RCE Chief Executive Officer In 2015, Ada County surpassed $2 billion in total dollar volume sold. The first year since 2006. In May 2016,

More information

U.S. Economic and Institutional Apartment Market Overview and Outlook. January 7, 2015

U.S. Economic and Institutional Apartment Market Overview and Outlook. January 7, 2015 U.S. Economic and Institutional Apartment Market Overview and Outlook January 7, 2015 Emerging Economic Trends Inflation Adjusted Crude Oil Prices In Alignment with Long-Term Average Price per Barrel (Nov.

More information

MARKET OUTLOOK FOR SAN MATEO

MARKET OUTLOOK FOR SAN MATEO MARKET OUTLOOK FOR SAN MATEO Jonathan Smoke Chief Economist August 2, 2016 NATIONAL TRENDS 2 JOB CREATION REBOUNDED IN JUNE 229,000 jobs created by month in 2015; 172,000 average this year Employment and

More information

COMMERCIAL PROPERTY PRICES REMAIN IN SLOWDOWN PATTERN AS MARKET REACTS TO INVESTOR PULLBACK

COMMERCIAL PROPERTY PRICES REMAIN IN SLOWDOWN PATTERN AS MARKET REACTS TO INVESTOR PULLBACK CCRSI RELEASE MARCH 2016 (With data through February 2016) COMMERCIAL PROPERTY PRICES REMAIN IN SLOWDOWN PATTERN AS MARKET REACTS TO INVESTOR PULLBACK DESPITE DECLINE IN PROPERTY PRICING, LEASING ACTIVITY

More information

San Francisco Housing Market Update

San Francisco Housing Market Update San Francisco Housing Market Update California Economic and Housing Market Outlook The national economy maintained a healthy growth rate in the first quarter of 2005 and appeared to be settling in for

More information

Key Findings on the Affordability of Rental Housing from New York City s Housing and Vacancy Survey 2008

Key Findings on the Affordability of Rental Housing from New York City s Housing and Vacancy Survey 2008 Furman Center for real estate & urban policy New York University school of law n wagner school of public service 110 West 3rd Street, Suite 209, New York, NY 10012 n Tel: (212) 998-6713 n www.furmancenter.org

More information

Metropolitan Area Statistics (1Q 2013)

Metropolitan Area Statistics (1Q 2013) Metropolitan Area Statistics (1Q 2013) Apartment Completions 1Q 2012 1Q 2013 % Chg Atlanta 487 1,460 200% Boston 360 373 4% Chicago 611 92-85% Cleveland 7 54 671 Columbus - 459 n/a Dallas-Ft. Worth 1,327

More information

Foreclosures and Bank-Owned Homes: More Challenges Ahead

Foreclosures and Bank-Owned Homes: More Challenges Ahead Foreclosures and Bank-Owned Homes: More Challenges Ahead Virginia Association of Counties Annual Meeting November 10, 2008 Virginia Housing Development Authority 1 What is the size and extent of Virginia

More information

U.S. MULTIFAMILY MARKETVIEW FIGURES Q4 2016

U.S. MULTIFAMILY MARKETVIEW FIGURES Q4 2016 U.S. MULTIFAMILY MARKETVIEW FIGURES Q4 2016 U.S. MULTIFAMILY MARKETVIEW Q4 2016 2016 DELIVERS IMPRESSIVE DEMAND AND NEW SUPPLY TOTALS Vacancy Rate 4.9% Net Absorption* 201,000 Units Rentable Completions*

More information

Joint Center for Housing Studies of Harvard University

Joint Center for Housing Studies of Harvard University AMERICA S Rental Housing The Key to a Balanced National Policy Joint Center for Housing Studies of Harvard University Joint Center for Housing Studies of Harvard University Graduate School of Design John

More information

FY General Revenue Forecast Presentation

FY General Revenue Forecast Presentation FY 2015-2019 General Revenue Forecast Presentation Steven A. Solomon Director of Finance February 18, 2014 Overview Current Economic Outlook National State Local FY 2014 2nd Quarter Revenue Update Five

More information

THINGS TO CONSIDER WHEN BUYING A HOME

THINGS TO CONSIDER WHEN BUYING A HOME THINGS TO CONSIDER WHEN BUYING A HOME SPRING 2014 edition TABLE OF CONTENTS 1 HARVARD: 5 FINANCIAL REASONS TO BUY A HOME 3 HOMEOWNERSHIP S IMPACT ON NET WORTH 4 EXPERTS PREDICT INTEREST RATES WILL INCREASE

More information

ECONOMIC CURRENTS. Vol. 3, Issue 3 SOUTH FLORIDA ECONOMIC QUARTERLY. Introduction

ECONOMIC CURRENTS. Vol. 3, Issue 3 SOUTH FLORIDA ECONOMIC QUARTERLY. Introduction ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Economic Currents provides an overview of the South Florida regional economy. The report presents current employment, economic and real

More information

Housing Price Forecasts. Illinois and Chicago PMSA, June 2012

Housing Price Forecasts. Illinois and Chicago PMSA, June 2012 Housing Price Forecasts Illinois and Chicago PMSA, June 2012 Presented To Illinois Association of REALTORS From R E A L Regional Economics Applications Laboratory, Institute of Government and Public Affairs

More information

Connecticut First Nine Months Housing Report 2014

Connecticut First Nine Months Housing Report 2014 Connecticut First Nine Months Housing Report 2014 First Nine Months of 2014 Highlight Positive Outlook for Multi-family Home Construction Millennial buyers are finally increasing their rate of household

More information

Zillow Group Uncovers

Zillow Group Uncovers Zillow Group Uncovers Economic Trends in MF Housing Svenja Gudell, Zillow Chief Economist @SvenjaGudell svenjag@zillow.com June 15-18, 2016 Moscone Convention Center San Francisco Rents continue to grow,

More information

Multifamily Outlook 2016

Multifamily Outlook 2016 Executive Summary Demand for multifamily rental housing was higher than expected in 2015, absorbing much of the newly completed supply. Therefore, vacancy rates remained low and rents continued to rise

More information