Jul
24
Here are the real estate and mortgage highlights over the weekend:
- With rates on the rise and a cooling housing housing market, this article discusses how builders are switching their focus from Single Family Residences to Townhomes and Condominiums.
The cooling housing market has homebuilders throughout the nation girding for fewer sales, larger inventories and stiffer competition for people in the market for new homes.
Rising mortgage rates and overbuilding are largely to blame, yet the pace of construction continues as builders rebalance their holdings, move from single-family to attached-home projects, and search for lucrative niches to fill.
- The cooling housing market is also a reason for apartments increasing their rent and their occupancy rate.
The Denver area’s vacancy rate was 7.4 percent for the first quarter, compared with 7.9 percent for the fourth quarter last year, according to the Apartment Association of Metro Denver. The rate has been steadily dipping since the end of 2004, when it hit 10 percent.
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The surge in apartment rents and occupancies in the West is the result of rising mortgage rates and home prices, which have pushed potential buyers to rent instead, said Caroline Latham, owner of Novato, Calif.-based RealFacts. Read more - Al Lewis’ column discusses short selling your home when foreclosure is around the corner.
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