Click here to close now.

SYS-CON MEDIA Authors: Bart Copeland, Andreas Grabner, Liz McMillan, Dana Gardner, Elizabeth White

News Feed Item

The Pros and Cons of Today's Housing Market

LOS ANGELES, Nov. 20, 2012 /PRNewswire-iReach/ -- With turkeys defrosting in refrigerators and cans of cranberry sauce flying off the shelves, it's time to sit down and think about what we should be thankful for in today's housing market. If you don't think there's very much to smile about, think again! In fact, there are 3 pros to today's housing market:

(Photo: http://photos.prnewswire.com/prnh/20121120/CG17340)

1.New construction is going up According to the Commerce Department, the number of newly-constructed homes surged 15% in September. That means builders are now working as fast as they were back in 2008 – clearly a sign that the demand is starting to come back. In fact, there is such a demand for brand new homes in Tampa that there aren't enough construction workers to go around! On a national level, all of that building isn't just good for the housing market. It's also good for the job market. After all, every new house that goes up creates jobs for the people who build it!

2. Existing home sales are up New constructions aren't having all of the fun. The October sales numbers just came out, and the number of existing home sales went up 2.1%. Even better news? The median sales price is 1% higher than it was in October 2011 (right now it's at $178,600). It's a small step, but it's also a step in the right direction.

Why is the Phoenix housing market doing so well?

3.Interest rates are still low You might be tempted to call 2012 the "Year of the Low Interest Rate", thanks to all of the record lows we set this year! And, as the sun starts to set on 2012, 30-year rates are still well under 4%. In fact, right now the average rate on a 30-year fixed mortgage is 3.34% -- yet another all-time record. So, if you're still on the fence about buying or refinancing, these low rates might just make up your mind for you! Of course, there is still plenty of work to do.

Tips to negotiate your mortgage refinance

You may not be so thankful for these 3 things around the Thanksgiving table this year:

1.Home values Those little gains we're seeing now will take a long time to add up. Unlike the pre-bust housing market – when you could go out, buy a house, and sell it a few months later for a profit – times have changed. In fact, according to a study done by the analytics firm Fiserv, housing prices won't return to their pre-bust levels until 2023.

2.Unemployment With the nation's unemployment rate still hovering around 8%, you can't expect to see a major improvement in the housing market. Obviously, people aren't going to run out and buy houses if they don't have jobs! Even many of the people who do have jobs are afraid to commit to a 15-year or 30-year mortgage. After all, they're one pink slip away from facing a serious foreclosure threat. Many of them would rather rent until things start to level out, rather than risk a financial nightmare.

Is it possible to retire without a mortgage to worry about?

3.Quantitative Easing The Federal Reserve's plan to buy $40 billion worth of bonds every month for the foreseeable future is designed to keep interest rates low. So far, it's doing that, which is a good thing. However, the Fed says it plans to keep interest rates low until 2015. As a result, there's not really a sense of urgency for buyers to run out and buy NOW. Since they know they have at least two more years of low rates, there's nothing motivating them to take action (and, thus, aid the housing market's recovery) right now.

Hopefully, with another year under our belts, we'll have even more to be thankful for next Thanksgiving!

http://www.realtypin.com

Media Contact:

Daniel Torelli RealtyPin.com, 514-836-1432, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE RealtyPin.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applicatio...
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, de...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
Application metrics, logs, and business KPIs are a goldmine. It’s easy to get started with the ELK stack (Elasticsearch, Logstash and Kibana) – you can see lots of people coming up with impressive dashboards, in less than a day, with no previous experience. Going from proof-of-concept to production tends to be a bit more difficult, unfortunately, and it tends to gobble up our attention, time, and money. In his session at DevOps Summit, Otis Gospodnetić, co-author of Lucene in Action and founder...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...