Sixty-five p.c of U.S. Housing markets are rather worse off today than they were 4 years back in the opinion of the California-based real-estate research firm RealtyTrac.
The results of the survey arrive the same day as the final presidential debate and just weeks before the general election.
RealtyTrac measured 5 key housing metrics in 919 U.S. Counties and discovered the majority are still afflicted with falling average home costs, unemployment, and higher foreclosure inventories, foreclosure starts and troubled sales. Of those counties studied, 580 (or 65%) showed ends up in three of the 5 metrics as being worse off when compared to 2008 levels. Only 315 (or 35%) of the counties had 3 of five housing metrics with enhanced performance the prior 4 years ' time.
"The U.S. Home market has shown strong signs of life in recent months, but many local marketplaces continue to grapple with elevated levels of negative equity as the result of home prices that are well off their peaks. In addition, persistently high rates of joblessness are hobbling a tough property recovery in most areas," said Daren Blomquist, RealtyTrac's VP.
"While the nastiest of the foreclosure problem is in the rear-view mirror for a narrow majority of counties, others are still working through rising levels of foreclosure activity, inventory and distressed sales as they continue to clear the remains left by a bursting housing bubble."
In the majority of the counties studied, home costs are down and jobless rates are up in more than 90% of the areas. Over half have smaller foreclosure inventories and fewer foreclosure starts than in 2008, while troubled properties make up a smaller share of overall home sales when compared to four years ago.
The better news for real estate investors is that the opportunity is still completely open to pick up some superb deals in rental property. We continue to have a "perfect storm" of low rates, low purchase prices, high rent-to-value ratios, and a growing pool of tenant renters. "Don't try to time the market." There are a good deal of great turnkey rental properties available now to add to your property portfolio.
Where do you really think the home market is headed over the following four years?
The results of the survey arrive the same day as the final presidential debate and just weeks before the general election.
RealtyTrac measured 5 key housing metrics in 919 U.S. Counties and discovered the majority are still afflicted with falling average home costs, unemployment, and higher foreclosure inventories, foreclosure starts and troubled sales. Of those counties studied, 580 (or 65%) showed ends up in three of the 5 metrics as being worse off when compared to 2008 levels. Only 315 (or 35%) of the counties had 3 of five housing metrics with enhanced performance the prior 4 years ' time.
"The U.S. Home market has shown strong signs of life in recent months, but many local marketplaces continue to grapple with elevated levels of negative equity as the result of home prices that are well off their peaks. In addition, persistently high rates of joblessness are hobbling a tough property recovery in most areas," said Daren Blomquist, RealtyTrac's VP.
"While the nastiest of the foreclosure problem is in the rear-view mirror for a narrow majority of counties, others are still working through rising levels of foreclosure activity, inventory and distressed sales as they continue to clear the remains left by a bursting housing bubble."
In the majority of the counties studied, home costs are down and jobless rates are up in more than 90% of the areas. Over half have smaller foreclosure inventories and fewer foreclosure starts than in 2008, while troubled properties make up a smaller share of overall home sales when compared to four years ago.
The better news for real estate investors is that the opportunity is still completely open to pick up some superb deals in rental property. We continue to have a "perfect storm" of low rates, low purchase prices, high rent-to-value ratios, and a growing pool of tenant renters. "Don't try to time the market." There are a good deal of great turnkey rental properties available now to add to your property portfolio.
Where do you really think the home market is headed over the following four years?
About the Author:
Marco Santarelli is an investor, author and the founder of Norada Real-estate Investments â€" a national real-estate investment firm offering turnkey rental property in growth markets nationwide. He is the authoer of 65% of Housing Markets Worse Than 4 Years Ago.