Carollo's Blog on Real Estate- Featuring Queens and Nassau County Real Estate Information

New Condos Becoming Apartment Rentals?

As the Real Estate Market cools, it seems that many condos may actually become rental properties.  It seems that many of the properties in Las Vegas, Phoenix, Washington, D.C., and parts of Florida that were originally condos are now being convereted to rentals.  To read all the details read the article New Condos could Become Apartments as Sales Cool  from AOL Real Estate

Rising interest rates likely to take bigger bite out of home sales

In a UsaToday.com article, about the recent rise of interest rates, gas prices, and property taxes it is becoming very difficult for many to afford home in this market.  The article also includes a chart Risk of price declines in the top 50 markets where you will see Nassau and Suffolk County are ranked #2.

By Noelle Knox, USA TODAY

Rising interest rates on top of higher gas prices and property taxes are making it even harder to afford a home and putting the brakes on the nation's hottest housing markets.

In the latest evidence, the National Association of Realtors said Tuesday that sales of existing homes fell 6% from January to May. The median priced home in May cost $230,000, up 6% from last year.

"The one thing that's changing my forecast is the Federal Reserve," said David Lereah., chief economist for the NAR, who said he now expects home sales to decline as much as 8% this year.

"The market is expecting several more interest rate hikes from the Fed, and that could harm some of our nation's cooling housing markets. There are a handful of markets that are vulnerable to interest rate hikes," he said. To read the entire article please click here

Housing's Hot but Builders' Stocks are Not

Here's another article about the changing Housing Market.  This one is courtesy of USATODAY.  The article by Matt Krantz talks about how the home builder's stocks have taken a turn in the wrong direction.  Five of the sectors leading stocks are among the 20 worst performers in the S&P 500.

Here is the article

(June 27) - Stories of weakening demand for condos in Florida and homes across the nation have economists calling for the housing market to cool off after its long hot streak. The stock market, though, is saying it could be headed for a deep freeze.

Home builders' stocks have turned into Wall Street's version of the money pit this year as rising interest rates cause home buyers to pull back or hold out for discounts and other incentives.

Nowhere is the shift more evident than on Wall Street: Less than a year after being some of the hottest tickets for investors, five of the sector's leading stocks are among the 20 worst performers in the Standard & Poor's 500 index.

That's even after news of a surprisingly big jump in new-home sales last month sparked a rally in home builders' stocks Monday.

"The stocks represent the fundamentals, which are weakening at a rapid pace," says William Mack, who analyzes home.....To read the entire article please click here

Home Prices to High in 71 Cities

sIn an article Courtesy of USAToday.com, single family homes in 71 US cities are considered EXTREMELY OVERVALUED.  If you are curious about how the prices compares click how the prices stack up in 317 Metro Areas. 

For the entire article Home Prices too High in 71 Cities

Apartment Rents Rise 5 %

If you are currently renting or getting ready to get a place on your own you will find this article very interesting.  According to a recent USATODAY.com Article apartment rents are expected to increase 5.3% this year which nearly doubles last year's increase.

So what are the reasons for this?  Well the article names 4:

• Job Growth
• Rising Home Prices
• Condo Conversions
• Hurricane Katrina

If you are interested to learn more check out the complete article Apartment Rents Rise 5%