Funny, housing has been a major news story for 10 but the parties are avoiding plans.
By Karen Weise on September 05, 2012
Education, health care, small business, new private-sector jobs—those economic themes were hit on over and over again at the Democratic convention Tuesday night. So far, though, there’s been silence about a huge piece of the economy: housing.
It’s a tricky political card for the Democrats to play. On one hand, the housing market is finally starting to show signs of improvement. On the other, foreclosures still haunt the country, including in some key swing states such as Nevada, Florida, and Ohio. And Obama’s key anti-foreclosure effort, the Home Affordable Modification Program, has made a much smaller impact than originally promised. As I wrote last week, it will boost loan modifications by only about 0.7 percent and reduce foreclosures by at most 0.48 percent, according to a recent academic study. Outside of foreclosures, rents are up around the country as inventory is falling behind demand.
Here in Charlotte, a consortium of 19 real estate industry trade groups met with legislators Wednesday afternoon to press the importance of the market. (They held a parallel meeting with Republicans in Tampa.) The groups talked about what they saw as the hurdles to recovery—weak capital markets, lagging consumer confidence, and regulatory uncertainty among them. Steve Brown, first vice president of the National Association of Realtors, told legislators that the association fears tax changes that would cut back or eliminate the mortgage interest deduction, which NAR estimates could trim home values by 15 percent. Alexandra Jackiw, from the National Apartment Association, told me she doesn’t expect housing will get much attention on the convention stage, which doesn’t make sense to her. “We are a $2 trillion industry, just in multifamily alone,” she says.
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Proprietary OC Housing News home purchase analysis
$569,000 …….. Asking Price
$620,000 ………. Purchase Price
5/1/2007 ………. Purchase Date
($51,000) ………. Gross Gain (Loss)
($49,600) ………… Commissions and Costs at 8%
($100,600) ………. Net Gain (Loss)
-8.2% ………. Gross Percent Change
-16.2% ………. Net Percent Change
-1.6% ………… Annual Appreciation
Cost of Home Ownership
$569,000 …….. Asking Price
$113,800 ………… 20% Down Conventional
3.60% …………. Mortgage Interest Rate
30 ……………… Number of Years
$455,200 …….. Mortgage
$104,707 ………. Income Requirement
$2,070 ………… Monthly Mortgage Payment
$493 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$142 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
$2,705 ………. Monthly Cash Outlays
($325) ………. Tax Savings
($704) ………. Equity Hidden in Payment
$133 ………….. Lost Income to Down Payment
$162 ………….. Maintenance and Replacement Reserves
$1,971 ………. Monthly Cost of Ownership
Cash Acquisition Demands
$7,190 ………… Furnishing and Move In at 1% + $1,500
$7,190 ………… Closing Costs at 1% + $1,500
$4,552 ………… Interest Points
$113,800 ………… Down Payment
$132,732 ………. Total Cash Costs
$30,200 ………. Emergency Cash Reserves
$162,932 ………. Total Savings Needed
The property above is available for sale on the MLS.Contact us for a comparative market analysis, a cost of ownership analysis, or information on how you can make an offer today!
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