May 14th, 2008
Commercial/multi-family business going strong
It’s hard to find anything positive to say about the residential real estate market. That’s not the case, though, with the commercial and multi-family side of the real estate industry.
It’s hard to find anything positive to say about the residential real estate market. That’s not the case, though, with the commercial and multi-family side of the real estate industry.
Recently, though, the Times wrote a funny little story about the terraces outside those towering apartment buildings dotting the city. Seems some people love their terraces, while others … don’t.
Finding the right roommate is no easy task. You know this if you’ve ever had to suffer through a roomie who leaves the sink cluttered with dirty dishes or likes blaring rock music at 2 in the morning.
According to the story, originally written by Thomas Sheeran for the Associated Press, police arrested one homeless man on a code violation for living in a foreclosed home without water in Manteca, Calif. Police arrested another man in Cape Coral, Fla., according to the story, who had been living in a foreclosed home since helping his friend move out of the same residence several weeks earlier.
No-money-down loans are disappearing. A greater number of mortgage lenders are once again requiring that borrowers come up with a downpayment of at least 5 percent of their home’s sales price.
Forbes Magazine, one publication that truly loves its lists, recently released another one guaranteed to get people talking. This one highlights the 10 most expensive cities for renters.
Even during the height of the long-gone housing boom, analysts had a concern: Was housing becoming too expensive?
Apartments.com, a Web site that helps renters find apartments across the country, reported that 58 percent of respondents to its recent survey said they did not have renters insurance. At the same time, more than 70 percent of respondents who didn’t have this insurance said that they believed carrying renters insurance would improve their peace of mind.
Something new is happening now: The homeownership rate is starting to dip.
Notice that when I listed the benefits of homeownership I didn’t mention that owning a home is a great way to build wealth. Most Web sites will list that as one of the top reasons to buy a home instead of renting. But I’m here to tell you, don’t count on your home as a way to get rich.
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Written by Dan Rafter [email] for b5media.
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