Home Ownership Rate
The home ownership rate fell to a level not seen since 1999 in the second quarter, according to a report from the U.S. Census Bureau and the U.S. Department of Commerce. The rate had previously fallen to 2000 levels in the first quarter.
The rate, 66.9 percent, was about 0.2 percentage points lower than the first quarter's rate of 67.1 percent, and about 0.5 percentage points lower than 2009's second-quarter rate, 67.4 percent, the report said. Homeownership peaked in 2004, when it was at 69.2 percent for both the second and fourth quarters.
Rental and homeowner vacancy rates -- 10.6 percent for rentals and 2.5 percent for homeowner housing -- remained essentially flat compared to the first quarter and the second quarter of 2009.
The former is the highest second-quarter vacancy rate since the agency began keeping records in 1956. The second-quarter peak for homeowner vacancy was in 2008, when it was 2.8 percent. The overall vacancy rate nationwide in the second quarter was 14.4 percent.
Regionally, the West and the South saw the biggest quarter-over-quarter declines in the home ownership rate, to 61.4 percent from 62.5 percent in the West, and to 69.1 percent from 70 percent in the South. The Midwest had the highest rate and was the only region to see its rate increase in the past year: to 70.8 percent from 70.5 percent. The rate in the Northeast stayed roughly level at 64.2 percent.
Approximately 85.6 percent of the real estate housing units in the United States in the second quarter 2010 were occupied and 14.4 percent were vacant. Owner-occupied housing units made up 57.3 percent of total housing units, while renter-occupied units made up 28.3 percent of the inventory in the second quarter 2010. Vacant year-round units comprised 11.0 percent of total housing units, while 3.4 percent were for seasonal use. Approximately 3.4 percent of the total units were for rent, 1.5 percent were for sale only, and 0.7 percent were rented or sold but not yet occupied. Vacant units that were held off market comprised 5.4 percent of the total housing stock. Of these units, 1.6 percent were for occasional use only, 0.9 percent were temporarily occupied by usual residence elsewhere (URE), and 2.9 percent were vacant for a variety of other reasons.
For the second quarter 2010, the home ownership rates were highest in the Midwest (70.8 percent) and lowest in the West (61.4 percent). The homeownership rates in the South and West were lower than a year ago, while rates in the Northeast and Midwest were not statistically different from their corresponding second quarter 2009 rates.
For the second quarter 2010, the homeownership rates were highest for those householders ages 65 years and over (80.4 percent) and lowest for the under 35 years of age group (39.0 percent). The rates for householders 35 to 44, 45 to 54, and 55 to 64 years old were lower than their respective rates a year ago, while those householders less than 35 years old and those 65 years and over showed no significant change from their corresponding rates in the second quarter 2009. REO properties were not included in this report.
Downsizing Your Home
If you are thinking about downsizing your home, perhaps looking for a condo to replace your single-family house, it is natural to be hesitant or have some qualms about it. The hesitation could be due to all the memories—and belongings—that have accumulated in the old place, but don’t let those things hold you back from taking that next step.
Of course, just moving can be a hassle, especially if you have been living in one house for decades, because there are a lot of possessions to sift through, and figure out if they will fit in the new place. It’s a good exercise to do in a way, if you haven’t been. Speaking from personal experience, I moved from one home to another four years ago and I still haven’t opened several boxes of stuff that I packed up and took with me. My back was killing me from carrying the heavy boxes up the stairs, but I guess I didn’t really need what is in them anyway.
Garage sales and Internet auction sites are a good way of getting rid of things too, and making a little money too. Cash is easier to carry into your new home, whatever the size.
But when you are downsizing your home, there is no need to pare your possessions down to nothing either. There should be a happy medium. While condos are generally going to be smaller than your old house, you might be surprised when you start looking that many of them are spacious, and have quite a bit of storage space too, and it is not just in closets either. Most condos come with locked storage spaces that are either downstairs in the garage or laundry area, or just down the hall. And if you haven’t looked at any condos or homes lately, you might be surprised to find how much storage space is built into newer models, with display cases and bookcases set back into walls as a space saving measure. So there is no need to get rid of all your books and knickknacks.
Also, if you have a green thumb and are hesitant about downsizing your home and moving to a condo or townhome because you won’t be able to putter around in your backyard garden, there are ways to get around that too. Some newer condo developments now have “green roofs” where condo owners are encouraged to plant gardens as a way of cutting down on power usage, but really, if you are interested in condo gardening, all you need is a balcony. You can plant almost any flower or vegetable on a balcony. Of course watermelon and corn might be out of the question, but tomatoes can be grown in pots, or even hanging upside down.
1963 Mortgage Interest Rates
You've probably heard it countless times in the last year or so: "Mortgage Interest Rates at Historic Lows!"
What does that even mean?
How about this perspective instead: "Buy a home with 1963 mortgage interest rates."
If you weren't around in 1963, or just don't remember it, well, we certainly know an awful lot of things were far cheaper back then, and mortgage interest rates were, too.
How about a 1963 Chevy Impala with a 327 V-8 engine and automatic transmission? Manufacturer's retail price new was $3,725.75.
Or two dozen oranges for just 89 cents? Gasoline for just over 25 cents per gallon? The price of real estate? The list goes on.
It's incredible to think that in 2010, mortgage interest rates are about what they were in 1963....the year President John F. Kennedy was in office and the year Dr. Martin Luther King Jr. delivered his famous "I Have a Dream" speech.
In fact, at 4.42 percent, average, for a 30-year mortgage, as reported by Fannie Mae, rates are actually slightly below what they were in 1963. That's pretty amazing. There's not much available at the same rate as almost 40 years ago, but 1963 mortgage interest rates certainly apply.
Should you buy a condo or house and take advantage of what could be once-in-a-lifetime low rates? It warrants careful consideration. In fact, one of our fellow bloggers just explored the topic in his post entitled "Why Should I Buy Now?"
Personal circumstances vary, of course. Generally speaking, if you don't have a property to sell first, you're in an excellent position to purchase a house, townhome or condo in the current economy because many sellers have lowered prices and/or provided incentives.
If you have a property to sell first, however, it's important to price it correctly and realistically to reflect the current market. Our condo specialist Realtors can assist with this. Be sure the property is up to date, clean, well-staged and with great curb appeal. Real estate sales may be down in the current economy but there are still plenty of properties bought and sold every day. It takes careful strategy to get it done, with the help of one of our professionals.
And if you're wondering where to find these great mortgage rates, we're more than happy to suggest a great resource, Bank of America. Whether you are looking for condo financing or financing for a house, investment property or other real estate, the people we've worked with at Bank of America are ready to talk with you about your needs. Click the link in the previous sentence to get started.
As you shop for the best mortgage plan for your needs, please know that mortgage interest rates available through lenders fluctuate weekly, sometimes daily, but the overall trend for many months now has been for these rates to be historically low. Interested in a 1963 mortage interest rate? Here's your chance!
Condo Rentals in Chicago
Condo rentals are a means to many different types of ends. Condo rentals in Chicago can help you to find the perfect place for you no matter what your motivation might be, from a place to call home until you can purchase or possibly for that much needed vacation residence.
Condo rentals in Chicago for your vacation are open to everyone, no matter your age, background, or lifestyle. The jazz clubs in which Chicago is well known for will delight music lovers. If the national pastime is more to your liking, Chicago offers two major league teams each in a different part of the city. Everyone in the family will enjoy the many architectural and historical landmarks that Chicago is known for from the Sears Tower to Soldier Field. Other sights to see are the many museums that are home to Chicago such as, Shedd Aquarium, Field Museum, Museum of Science and Industry and the Kohl’s Children’s Museum known for it’s hands on learning laboratory. But that’s not all for the kids! The attraction-filled Navy Pier and Lincoln Park zoo will make your vacation one that the kids will remember for a long time. A relatively new addition to Chicago will excite the kids beyond belief with a trip to Millenium Park and “the bean” where reflections of the city makes incredible photos to take home to their friends. Last but not least is Lake Michigan which is always fun when it is sunny and warm out. If this doesn’t sound appealing to you yet then perhaps you are wondering about how affordable condo rentals can be. Don’t worry you can definitely find cheap accommodations no matter if it is a weekly rental or one night accommodations.
What if you are not looking for a vacation rental? Condo rentals in Chicago are also an excellent source to find a place to live. You may just need a place to rent until you decide to buy or possibly enter into a rent to own agreement which is becoming more and more popular in today’s real estate market. Either way finding a condo in Chicago is just a click away but there are several things you show know.
- All rental agreements are not alike – a lease us for a definite period of time, generally one year. A month to month rental agreement is not for a set period and continues until you decide to move or the owner asks you to leave.
- Rental agreements do not have to be in writing, they can be oral. However, a lease for more than a year generally must in writing.
- You have rights! The law says that your apartment must be livable. You must have hot and cold running water, heat, and electrical lighting in good working order.
Finding a condo to rent or buy can be a daunting task but doing your homework and finding the right real estate agent to help will pay off many times over.
Condos in Miami
Condos in Miami
The most difficult part about shopping for condos in Miami is narrowing down the search, because the city and Miami-Dade County in general have some of the best condos in the United States, when it comes to location and amenities.
Of course, price and location are always among the most important issues to considering when shopping for a condo. But there are condos available in nearly every neighborhood and price range. In the past 20 years, the skyline of Downtown Miami has been transformed by the numerous high-rise condo towers have sprouted up, and the same has occurred in communities throughout the county. The pace of construction has slowed somewhat in recent years because of the downturn in the economy, but there are more than enough to choose from. And the upside to a bad economy for buyers is that real estate costs have come down considerably across the board.
If living amid the hustle and bustle of Downtown Miami doesn’t interest you, there are many other neighborhoods to choose from too, including Brickell and Coconut Grove, and numerous other attractive communities throughout Miami-Dade County, including Aventura, Sunny Isles Beach, Miami Beach and others.
Of course, beachfront condos are among the most sought after, and usually the most expensive, but the great thing about condos in Miami, or Miami-Dade County in general is that no matter where you live, you are never too far from the beach.
The same can be said for shopping and dining opportunities, and the vibrant nightlife and culture of the area is always within easy reach too. Some of the most upscale condos in Miami are in resort-like communities such as Miami Beach and Sunny Isles Beach, both located on barrier islands just minutes from Miami, but far enough away to feel like an escape from the city.
Sunny Isles Beach is in northeast Miami-Dade County, between Miami and Fort Lauderdale, on an island between the Intercoastal Waterway and the Atlantic Ocean. Such well known developers as Donald Trump have built fantastic high-rises along the main street of Collins Avenue, within steps of ocean beaches and sheltered marinas.
Collins Avenue also runs south through Sunny Isles to the nearby island community of Miami Beach, situated between Biscayne Bayand the Atlantic Ocean. Most of the condos there are within sight of its world-famous South Beach.
If you are not ready to buy condos in Miami just yet, either as a primary residence or as investment property, there are other options. Many condo developments, including the most upscale, have condos for rent, either on a short- or long-term basis.
