May 2011

Found 2 blog entries for May 2011.

The real estate bust appears to have done little to alter Americans' confidence in the investment value of homeownership.

A robust 81% of adults said buying a home is the best long-term investment a person can make, according to a national survey done this year by the Pew Research Center in Washington.

"Owning a home is really a part of the American dream, and that is just part of the American psyche and something that people aspire to," said Kim Parker, associate director for the center and one of the study's authors.

The study's results were unexpected, given the deep plunge in home prices and the fallout from the mortgage crisis, she said. Homeownership topped the list of long-term financial goals for Americans, according to the study;

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Absorption rate and market velocity. What these important ratios refer to is better described as months of inventory, or number of months it would take to sell all the homes for sale in an area at the current rate they are selling. Traditionally 1-4 months of inventory indicates a seller’s market, 5-6 a neutral or balanced market, and 7 or more a buyer’s market.

Months of inventory in Santa Barbara has shown tremendous decrease this year in all price ranges except for the ultra luxury market of homes priced over $8 million.

Figures as of April 2011 are as follows:

Under $1M  -  3.1 months of inventory $1M - $2M  -  8 months of inventory $2M - $4M  -  9.4 months of inventory $4M - $8M  -  7.5 months of inventory Over $8M  -  45 months…
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