The Federal Reseve called on lawmakers to do more to help the ailing housing market, which has been blamed for dragging down economic recovery. In a 26-page white paper, the Fed told lawmakers that more aggressive action is needed in preventing home values from falling further and handling the large supply of foreclosures that continue to plague many markets.
“Measuring the size of a home isn’t an exact science,” according to a recent post at the Zillow Blog about square footage. In fact, there are no universally applied standards when it comes to measuring a home’s square footage, and even appraisers may use different methods, from measuring tapes to laser devices — or even eyeballing it — according to the blog post.
The apartment vacancy rate is at its lowest level since late 2001 as the rental market continues to soar, according to the latest fourth-quarter data by Reis Inc.
Several real estate professionals say cash-back incentives that some lenders are using to tempt delinquent borrowers to do a short sale over a foreclosure are not very effective because it’s not clear on who qualifies for the program.
Home owners looking to earn extra money are turning to their largest asset — their home — to increase their cash flow. From renting out spare bedrooms to turning their home into a vacation home, home owners are thinking up plenty of ways to earn extra revenue on their homes. The latest trend? Some home owners are now renting out their driveways.
It’s hard to know exactly what will happen with foreclosures, REOs, and short sales in the coming year. Factors such as employment, home values, and consumer confidence will determine whether they go up or down. The one thing that’s certain is that they’ll still be around and affecting the housing market.