Foreclosures Push Down Rents

Due to home owners trying to rent homes they can’t sell, rentals are abundant and prices are at bargain levels in areas hit hard by foreclosures.

Some home owners forced out by foreclosure are finding rental deals that are at "discounts of 50 percent to 70 percent off what they were paying on their mortgages," says Brenda F. Gerdes, who owns Management Specialists Inc. in Port St. Lucie, Fla.

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http://www.realtor.org/RMODaily.nsf/pages/News2008011502?OpenDocument

Why the house price in DFW is least likely to decline in next two years?

The DFW residential real estate market is least likely to decrease hose values compare with the rest of the country.

Based on the PMI Group report released on Tuesday, the chance of house price decline is big for the biggest part of the country.

PMI Group point Dallas – Ft.Worth in its latest forecast on last place as chance of house price decline.

The chance hose price to drop in the next two years in DFW is less than 1%, regarding PMI Group research.

DFW have showed moderate increase of the price the last few years in average of 5 – 6% and that makes the area sable on the background of decreasing house price in the most of the largest cities nationwide.

The hose price in North Texas is relatively flat compare with falling price in most of the U.S major cities.

Based on the analyses of PMI Group the median prices in North Texas Realtors’ multiple listing were 1 percent up 2007 compare with 2006.

Dallas – Ft.Worth area was also much less affected by investors drove the prices up.

Regarding Mr. David Barson, economist for PMI, the economy in Texas is stable and the job growth is about the nation average. Because of that and the fact that Texas “did not participate in the double digit home price gains in the first half of the decade”, prognoses are that DFW housing market will not suffer a lot like a lot of big cities in the country.

Regarding PMI Group research published in The Dallas morning news the most risky cities in the next two years are:

River side, CA
Las Vegas, NA
Phoenix, AZ
Santa Ana, CA
Los Angeles, CA

Least risky:

Forth Worth, TX
Dallas, TX
Pittsburgh
Houston, TX
San Antonio, TX

10 Most Expensive Cities for Renters

It’s good news for landlords that mortgage applications fell to their lowest level in a year last month because people have to live somewhere and if they can’t or won’t buy, they’ll have to rent.

Here are the nation’s 10-most-expensive cities for renters and the average rents. The data is provided by Marcus & Millichap.

1. New York, N.Y.: $2,922
2. San Francisco: $1,904
3. Boston: $1,658
4. San Jose, Calif.: $1,612
5. Los Angeles: $1,452
6. San Diego: $1,304
7. Washington, D.C.: $1,302
8. Miami: $1,080
9. Philadelphia: $1,014
10. Chicago: $1,010

Source: Realtor magazine online

5 Simple Ways to Increase a Home's Value

Good home maintenance is key to creating and preserving a home’s value. Not to mention, it also impresses potential buyers.

Here are five basic steps that every home owner ought to take — before spending money on dream bathrooms or gourmet kitchens.

1. Safety. Make sure smoke detectors and carbon monoxide detectors are installed and in good working order. Check fuel-burning appliances to make sure they are properly vented and no gas connections leak. Make sure the electrical system is adequate. Flickering lights and popping breakers are the sign of a problem. Anchor handrails and grab bars adequately.

2. Preventive maintenance. Repair any leaks in the roof, seal gaps in the siding, paint bare wood, replace damaged decking, patch cracks in concrete, and caulk around tubs and showers.

3. Conserve energy. Install a programmable thermostat, weatherstrip doors and windows, fix leaking faucets, upgrade insulation, and replace leaky windows.

4. Go green. Consider environmentally friendly materials for windows, doors, siding, decking, fencing, roofing, flooring, and insulation.

5. Improve comfort. Get rid of clutter, open up spaces, update window treatments to allow in more light, and organize closets and storage.


Source: Realtor magazin online (12/29/07)