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Chief Blogger: Christopher Dente, Director of Public Relations | 212.685.7777 | cdente@citi-habitats.com
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Market Reports
Peak Rental Season 2009 Residential Market Report
Credit to: Christopher Dente
Posted by Christopher Dente | September 24, 2009
We are pleased to present our first Peak Rental Season 2009 Residential Market Report, a comprehensive analysis of the May–August Manhattan rental market.
Peak Season Average Rents 2009/2008
Market-wide for Manhattan, the average 2009 peak season rental price for a studio was $1,763, representing a decrease of 11% from peak season 2008; a one bedroom, $2,425 representing a decrease of 8% from peak season 2008; a two bedroom, $3,431 representing a decrease of 11% from peak season 2008; and three bedroom, $4,533 representing a decrease of 8% from peak season 2008.
Peak Season Vacancy Rates 2009/2008
The overall vacancy rate for Manhattan for peak season 2009 was 1.66% representing an increase of 0.47 in the vacancy rate from the peak season 2008 rate of 1.19%.
Please click on the image to view full report.
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Are New Home Prices, Starts and Sales Rates Nearing Bottom?
Posted by Christopher Dente | August 19, 2009
Are New Home Prices, Starts and Sales Rates Nearing Bottom?
RISMEDIA, August 19, 2009-According to John Burns Real Estate Consulting’s August 2009 survey of new home builders, housing market stability is just around the corner.
"While conditions vary by region and location, we are almost at a point where the majority of our respondents indicate that the housing market has stabilized,” said Jody Kahn, vice president of Irvine, Calif.-based John Burns Real Estate Consulting.
This month’s sample consists of 292 home building industry executives from public and private companies. In total, their insight is reflective of on-the-ground conditions in 89 MSAs and 1,857 communities.
Read full article here.
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Optimism Grips Homeowners: 81% Think Home’s Value Will Increase or Stay Same in Next 6 Months
Posted by Christopher Dente | August 19, 2009
Optimism Grips Homeowners: 81% Think Home’s Value Will Increase or Stay Same in Next 6 Months
RISMEDIA, August 19, 2009-American homeowners are much more realistic about their own homes’ values than they were one year ago, but are more optimistic about the future than at any other time in the past year. More than half (60%) of homeowners believe their own home lost value in the past 12 months, according to the Zillow Q2 Homeowner Confidence Survey. In reality, 83% of homes lost value during that time, according to Zillow’s second quarter Real Estate Market Reports.
Read full article here.
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Mortgage Applications Increase in Latest MBA Weekly Survey
Posted by Christopher Dente | August 19, 2009
Mortgage Applications Increase in Latest MBA Weekly Survey
WASHINGTON, D.C. (August 19, 2009) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 14, 2009. The Market Composite Index, a measure of mortgage loan application volume, increased 5.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 4.8 percent compared with the previous week and increased 25.0 percent compared with the same week one year earlier.
Highlights from the report:
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The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.15 percent from 5.38 percent, with points decreasing to 0.98 from 1.18 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
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The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.52 percent from 4.71 percent, with points decreasing to 0.93 from 1.20 (including the origination fee) for 80 percent LTV loans.
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The average contract interest rate for one-year ARMs decreased to 6.66 percent from 6.71 percent, with points decreasing to 0.07 from 0.08 (including the origination fee) for 80 percent LTV loans.
Read full report here.
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Housing hits a bottom
Posted by Christopher Dente | August 17, 2009
Housing hits a bottom
Housing starts and sales expected to rise modestly in July
By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) -- Housing, which led the economy into recession, may be one of the forces that helps to pull it out of the ditch.
After 14 quarters of declining investment in homes averaging one percentage point of GDP per quarter, residential investments could actually add to the nation's gross domestic product in the third quarter, economists say.
No one expects a renewed housing boom. But at least sales and construction spending aren't falling any more.
Read full article here.
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