When we look for a sign that the housing market has truly made a turn toward a long-term recovery, we?re usually looking for large-scale investors to be putting their own money behind it. ?That seems to be happening this year.
From CNN/SmartMoney:
To most people, U.S. real estate still stinks. More than a third of all mortgages are under water, with their holders owing more than their houses are worth. Home prices continue to fall in many areas of the country, and thousands of foreclosed homes are still waiting to be sold. Yet an investor no less than Warren Buffett recently said that if he could, he would buy up a couple of hundred thousand single-family homes.
To Buffett and others with short memories or long time horizons, the investment opportunity created by the housing bust is just that great. Buying up subdivisions full of houses isn?t quite practical, so instead, many savvy pros are scooping up real estate investment trusts, home-builder stocks and even a physical house here and there. Economists point to several indicators that suggest their confidence could be well-placed. Mortgage delinquency rates fell to 2008 levels in the first quarter, housing starts are improving, and bidding wars are breaking out in certain cities. ?The housing crash is over,? says Mark Zandi, chief economist at Moodys.com.
At least some investors believe in the recovery: They?ve poured $1.7 billion into global real estate funds this year, even as stock funds continue to experience outflows, according to Morningstar. Apartment REITs have been among the big beneficiaries of new money. Home ownership is down four percentage points to 65 percent nationwide from the mid-aughts, and more people are living in rented apartments.
??Seattle Homes, LLC: ? Sam DeBord, Managing Broker, Realtor
Coldwell Banker Seattle: Coldwell Banker Danforth & Associates
Twitter |?Facebook |?LinkedIn | Sam (at) SeattleHome.com
Data Source: NWMLS ? The Northwest Multiple Listing Service did not compile or publish this information.
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