real estate prices in
Towards Liberty International Society for Individual Liberty > Don't Get Stuck Paying "Zombie" Debt – Towards Liberty – A commentary on current events by Jarret Wollstein The Coming Real Estate Collapse – 05-24-05 – As real estate prices in much of the U.S. continues to soar, evidence is growing that both commercial and residential real estate is greatly over-priced in many of the country's hottest markets – including New York City, Boston, Washington, D.C., Miami, and much of California. One clear indication that real estate is overpriced is that rents are now a fraction of mortgage payments, and are continuing to fall in terms of real dollars. For instance, Forbes reports that cash return on income-producing real estate has fallen from 9% a few years ago, to just 5% to 7% now, and is likely to go lower. You can clearly see why rents are falling in overheated markets like California's Silicon Valley. In the San Francisco-San Jos corridor, there is currently over 33 million square feet of un-rented (and in many cases never occupied) commercial space. Last year, just 65 thousand square feet of this enormous inventory was rented. At that rate, it will take over 507 years to rent all unoccupied commercial real estate in Silicon Valley. Since most investors can't wait over half a millennium for returns on their capital, what's more likely is that commercial real estate prices in this "hot market" will soon fall like a rock. Another indication that real estate is poised for a fall, that fewer and fewer people can afford today's astronomically-priced houses. For instance, in California – where ordinary 2,000 square foot, 3-bedroom homes are going for $500,000 to $2,000,000+ – less than one family in six now qualifies to repurchase their own house. Another indications that real estate is ready for a fall: Of 362 U.S. metropolitan areas, about 15% are experiencing a housing "boom" – a three-year, inflation adjusted price gain of 30% or more – according to the Federal Deposit Insurance Corporation. That's the highest number of boom markets ever recorded in the 30 years that they have been tracked. In Americas hottest real estate markets – including the big cities in New York, Florida and California – housing prices went up by 15% to 35% in the past year alone. This is clearly unsustainable. No matter how low interest rates are and no matter how many schemes George Bush comes up with for an "ownership society," it's clear that we are rapidly reaching the point when hardly anyone can afford to buy a new house in a hot real estate market, without putting their financial future in jeopardy. So what's propping up the real estate bubble, and causing housing prices to go ever-higher, even as rents fall and commercial landlords face enormous vacancy rates? Besides artificially low interest rates, the answer, in a word, is speculation. Up to one residence in three in California is now purchased not to live in, but for resale, according to the San Francisco Chronicle . The comparable figure may be as high as one property in two in the Las Vegas area. In downtown Miami, 80% of approximately 35,000 new condos now under construction or just completed, are owned by investors – not people who actually plan on living in them – according to MoneyNews.com. Call it the triumph of delusion over reality. I can't tell you how many people have told me that real estate price "can't fall, because if they did, they would be bankrupt." In other words, because they want prices to stay up, they must stay up. If you believe that, there is a nice three-bedroom fixer-upper on a dirt lot, and on the edge of an eroding cliff, in Pacifica, California, I'd like to sell you for just $2.5 million. Buy this bargain now, before the price really goes up! (This is a real example.) In the current frenzied real market, self-delusion is rampant. In Florida's red-hot real estate market, one Miami realtor recently told the New York Times , "South Florida is working off a totally new economic model than any of us have ever experienced in the past." That's precisely what executives of dot coms told investors to justify their astronomical stock prices, just before the collapse – which triggered the destruction of over $3 trillion in stock value. Unfortunately, for many overextended home owners, property prices aren't immune to the laws of economics. Property prices can and do fall in America, as witnessed by the bear markets of 1974-75, 1980-82 and 1990-92. A personal example: One Northern California home owner I know bought his 2,000 sq. ft. house for $750,000 in 1989. In 1992, he was couldn't get $450,000 for his property, and was forced to declare bankruptcy after he lost his job. Millions of overextended American families with "interest only" and adjustable rate mortgages will likely find themselves in the same boat, when mortgage interest rates edge up above 7% or 8% – which is likely by the end of this year. (Fed Chairman Alan Greenspan has warned that we can expect at least a 2.25% increase in interest rates in 2005, on top of the 2% increase in 2004.) The brutal financial reality is that a mere 2% rise in mortgage rates, can increase ARM payments by as much as 40% – an unsustainable burden for families living on the edge. One way or another, at best , the U.S. real estate bubble has 1 to 2 more years to run before it collapses. If you or your children are among those living in overpriced homes you can barely afford, NOW is the time to sell, when the market is at or near its peak, and before prices drop by 30% or more – and they find themselves living in a Motel 6 or in your basement. To minimize taxes on the profits, reinvest in a home in a small town or rural area where prices arent so absurd, and bank the rest. Please stay in touch! Add yourself to our e-mail list. Two times per month we send an update on the activities of our members and new features at ISIL.org. Simply enter your e-mail address here and click the button. You can easily remove yourself (unsubscribe) at any time. E-mail us at isil@isil.org if you have any personal questions or comments. E-mail address: Subscribe Unsubscribe
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Mortgage | Home Loans | Refinance | Home Equity | REALTORS | Auto | Mortgage Refinance Home Mortgage Refinance Home Equity Auto Find a Home FREE Credit Report Knowledge Center more Site Map | About Us | Contact Us Already a Customer? Login Loans Home Refinance Home Mortgage Home Equity Auto Refinance Auto Loan Student Loans Commercial Loans Real Estate Services Find a REALTOR ® Home Price Check ® Newly Constructed Homes Homes for Sale More Services Free Credit Report Free Credit Score Free Insurance Quotes Living with Debt Report LendingTree in the News The Today Show™, USA Today®, CNBC®, and Time Magazine® are trademarks of their respective owners. These companies are not affiliated with and do not endorse LendingTree, LLC. Compare and act on up to 4 customized offers instantly! Loan Type: Property State: Home Description: Select a Loan Type Refinance Mortgage Home Equity Loan/Line Purchase Home Auto & Motorcycle Loan Refinance Auto Loan Personal Loan Credit Card Commercial Lending Student Loan Select Property State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Select Home Type Single-Family Detached Town House Condo w/ 4 or fewer stories Condo w/ 5 or more stories 2-4 Units Cooperative Modular Mobile Home (permanent) Privacy and Security PROTECTED LendingTree Advantage 93% customer satisfaction. 9 out of the top 10 financial institutions are a part of the LendingTree network . 4 Up to 4 CUSTOMIZED offers to act on instantly. Select a Loan Type Refinance Mortgage Home Equity Loan/Line Purchase Home Find a Home Already pre-qualified for your mortgage? Haven't found a home yet? Find a REALTOR ® and the home of your dreams. Receive a gift card up to $1000 * or more. Privacy Policy | Security | Terms of Use | Licenses & Disclosures Sitemap | En Español | Do Not Call | Publications | For the Media | News Releases Jobs | Partnership Programs | Get Internet Mortgage Leads from LendingTree | Get Internet Mortgage Leads from GetSmart Join Our Real Estate Network | Post Home Listings | Affiliate Program | House Prices at Domania Partner Sites: Ask | Citysearch | Expedia | Hotels.com | Ticketmaster.com | Hotwire.com | Entertainment.com | Gifts Match.com | Home Shopping Network | ReserveAmerica | RealEstate.com | iNest | ServiceMagic LendingTree technology and processes are patented under US Patent Nos. 6,385,594 and 6,611,816. © 1998 - LendingTree, LLC. All Rights Reserved. This site is directed at, and made available to, persons in the continental U.S., Alaska and Hawaii only. Conversion to LendingTree, LLC Official Home Makeover Holiday Sweepstakes Rules * Gift Card Terms and Conditions Click here for LendingTree Promotional Offer Terms 4 Based on total asset size of bank holding company as of 12/31/2004 as reported on the National Information Center web site for the Federal Reserve. REALTOR ® -- A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS ® and subscribes to its strict Code of Ethics. The Home Depot ® is not affiliated with LendingTree, LLC. The Home Depot ® is a registered trademark of Homer TLC, Inc. Find REALTORS ® | Look for Houses for Sale | Mortgage Calculator | Refinance at GetSmart | Find Real Estate | Free Online Credit Report `
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Home Buying and Selling Home Searches You are here: About > Home & Garden > Home Buying / Selling Home & Garden Home Buying / Selling Essentials 10 Things Home Buyers Shouldn't Do Best Tips for First Time Home Buyers "Must-Do" Tasks Before You Sell How to Buy a Home, Step by Step For Sale by Owner Advice Articles & Resources How To Buy a Home How To Sell a House Celebrity & Historic Credit Reports & Scores Design & Remodel Home Maintenance Inspections & Appraisals Investing & Foreclosures Modular & Manufactured Mold, Radon, Lead, etc. Mortgage Advice Moving & Relocation Real Estate Careers Real Estate For Sale Vacation Homes Buyer's Guide Before You Buy Top Picks Home Buying Books Foreclosure Books Mortgage Books Product Reviews Forums Help FREE Newsletter Sign Up Now for the Home Buying / Selling newsletter! See Online Courses Search Home Buying / Selling Home Buying & Selling Home Searches There are many ways to search for real estate listings and real estate agents on Home Buying and Selling. Here's a collection of links that will take you straight to the homes search you are most interested in. SCROLL DOWN FOR LINKS. Real Estate Search Engines Find a Real Estate Agent Multiple Listing Services Public access to MLS search engines. Major Real Estate Portals Hosting services for thousands of real estate agents and their listings. Franchise Search Engines ERA, RE/MAX, Keller-Williams, more. Real Estate Agents, US Search for a real estate agent by city and state. Real Estate Magazines Packed with local real estate listings, you can view many online. You can order a hard copy of most of these magazines. A great way to find local agents and listings. For Sale By Owner Listings Foreclosures For Sale FSBO Search Engines Find for sale by owner properties in the US and worldwide. Foreclosed Homes Find foreclosures and seized real estate. Real Estate Listings Worldwide Related Features Real Estate Listings, Canada Real Estate in the UK Real Estate in France Home Buying Course Selling Your Home Working With Agents In the Home Buying/Selling Forum From Janet Wickell , Your Guide to Home Buying / Selling . FREE Newsletter. Sign Up Now! Important disclaimer information about this About site. Advertisement Related Blogs Mortgage Fraud Blog The Real Estate Blog The Money Pit Most Popular Modular and Manufactured Homes Finding Your Best Place to ... Home Buying Don'ts First Time Home Buyer Tips Before You Sell Your Home What's Hot Coping with Unethical People How To Buy Land Real Estate Appraisal Before You Buy a Log Home Package Home Buying / Selling - GuideReviews Related Topics Home Repair Architecture Credit / Debt Management Housekeeping Landscaping Topic Index | Email to a Friend Our Story | Be a Guide | Advertising Info | Work at About | Site Map | Icons | Help User Agreement | Ethics Policy | Patent Info. | Privacy Policy | Kids' Privacy Policy ©2005 About, Inc., A part of the New York Times Company . All rights reserved. Around About Oprah's Life Vacation Ideas Shop Safely Online VIDEO: Craft Rooms VIDEO: Christmas Traditions What's Hot Coping with Unethical People How To Buy Land Real Estate Appraisal Before You Buy a Log Home Package Home Buying / Selling - GuideReviews Headlines Getting Ready to Sell Your House Guests and lots of activities make it difficult to show... Before You Buy Gas Logs Gas logs are growing in popularity every year, so manufacturers... Pros and Cons of Becoming a Real Estate Agent You've decided you want to become a real estate agent,... Step-by-Step Directions Help You Measure Square Footage Each year, home owners discover that their new home's square...
House Rent
Renting - HUD HUD News Newsroom Priorities About HUD Homes Buying Owning Selling Renting Homeless Home improvements HUD homes Fair housing FHA refunds Foreclosure Consumer info Communities About communities Volunteering Organizing Economic development Working with HUD Grants Programs Contracts Work online HUD jobs Complaints Resources Library Handbooks/ forms Common questions Tools Webcasts Mailing lists Contact us Help Renting Information by State Esta página en español Print version Email this to a friend Talk to a Housing Counselor HUD funds housing counseling agencies throughout the country that can give you advice on renting. Find the address of a housing counseling agency closest to you or call toll-free 1-888-466-3487 Looking for an apartment or house to rent? It can be both exciting - and frustrating. Read these tips before you begin. And happy hunting! Step 1: Know Your Rights and Responsibilities When you live in an apartment, you have both rights and responsibilities. Know what's expected of you - and what you can expect in return. Fair housing rights Ten tips every tenant should know Rights of tenants displaced by government-funded projects Rights and responsibilities of tenants in federal assisted apartments Security deposits Landlord and tenant law Other legal information for landlords and tenants Step 2: Figure Out How Much You Can Afford Some experts recommend that you budget 25-30% of your income for housing. Here's more information about budgeting for your rent: Budgeting for your first apartment How much rent is too much rent? Buy vs. rent Think you can't afford to buy a home? You might be surprised. Did You Know? You can apply at more than one public housing agency . Each housing agency has its own system for applications. Sometimes there are long waiting lists. If you're willing to move, you might find a housing agency that can offer you housing right away. So check around. Find out how your rent is determined by public housing agencies.. Step 3: Take Advantage of Special Services and Programs to Help You Need financial help? HUD and other agencies fund programs that may help you rent a home. Low-rent housing : the government provides funds directly to apartment owners, who lower the rents they charge low-income tenants. You can find low-rent housing for senior citizens and people with disabilities, as well as for families and individuals. To be eligible, you can earn no more than the income limit . To apply: Visit the management office for the apartment(s) that interest you. Public Housing is apartments for low-income people, operated by local housing agencies. To be eligible, you can earn no more than the income limit . To apply: Contact a public housing agency . Housing Choice Vouchers (formerly called "Section 8") let you find your own place to rent, using the voucher to pay for all or part of the rent To be eligible, you can earn no more than the income limit . To apply: Contact your housing authority Local rental programs - Your state and local governments may use HUD funds to create local rental programs. You can contact your state and local governments to find out. These rental programs may have different income limits, so be sure to ask. State and local government websites Rural Rental Assistance Programs : The Department of Agriculture has rental assistance programs, home improvement and repair loans and grants, and self-help housing loans for low income individuals and families in rural communities. To apply: Visit the Rural Housing Service website or contact your local Rural Development office (check the Federal Government section of your telephone book). Programs and Services in Federal Rental Housing : Many of the apartments that are aided by federal funding offer additional services for residents. Neighborhood networks trains residents in computer and job-seeking skills Step Up is a construction apprenticeship program for public housing residents and other people with low incomes Step 4: Figure Out What You Need Think through what you need in an apartment BEFORE you begin shopping. How many bedrooms and bathrooms do you need? Do you need to be close to schools? Do you need parking? Do you need to be close to public transportation? Where is the grocery store? Make a list before you begin...that will help you narrow down your search. Step 5: Go Shopping Shop for an apartment or house to rent just like you shop for anything else. Look around. Compare features. Get the best deal for you. Checklist to help you compare each unit Accessible apartment clearinghouse Visit your favorite search site and search on "apartments for rent" - you'll find many websites that will help you find apartments in your area Step 6: Get Ready to Move OK - you've found your place. You've signed your lease. You're ready to move in. Here are a few more resources and suggestions you might consider. Renter's insurance can help you protect your belongings Moving guide 10 things to pack last Content updated October 17, 2005 Back to Top FOIA Privacy Web Policies and Important Links Home U.S. Department of Housing and Urban Development 451 7th Street S.W., Washington, DC 20410 Telephone: (202) 708-1112 TTY: (202) 708-1455 Find the address of a HUD office near you