Thursday, August 09, 2012

Morning Real Estate Review

Surfeit of new apartments could change Washington DC's rental market (Washington Post)  With 6,000 new apartment units expected to open between now and the end of the year, experts say the glut could end rising rents in the District and possibly lead to something closer to a renter's market, though current buildings have high occupancy levels.

Apartment construction goes into expansion mode (Costar) Developers are delivering increasing numbers of new apartments as vacancy rates decline and rents rise in the uncertain economy where home buying is still not where a skeptical public wants to put its money.

Fannie Mae reports net income of $5.1 billion in 2nd quarter (Fannie Mae)  The post-bailout company is benefiting from an improved housing market, going from $2.7 billion in income last quarter due to lower delinquency rates and improved home prices.

Norton to hold hearings on lack of construction jobs at DC projects (E. H. Norton)  The Congresswoman issues statement of disappointment that contractors on federal jobs aren't hiring enough DC residents.

Threat of shadow inventory subsides and leads to price rises (HousingWire)  A Freddie Mac report says that while vacant and unused properties still exist in large numbers, their presence is declining, causing a general rise in housing prices.  In related info, the vacancy rate for rental properties has fallen to its lowest level since 2002.

Why the housing market is on the long road to recovery (CNBC) As foreclosures ebb, housing prices will shift upward, but only slightly.  Despite the bright spot, a number of other factors, like high levels of underwater homes, will continue to weigh down the market.



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