AOL Real Estate - Blog http://realestate.aol.com/blog AOL Real Estate - Blog http://realestate.aol.com/blog/media/feedlogo.gif AOL Real Estate - Blog http://realestate.aol.com/blog en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/As Rental Market Tightens, 6 Tips To Get the Home You Wanthttp://realestate.aol.com/blog/2012/04/30/as-rental-market-tightens-6-tips-to-get-the-home-you-want/http://realestate.aol.com/blog/2012/04/30/as-rental-market-tightens-6-tips-to-get-the-home-you-want/http://realestate.aol.com/blog/2012/04/30/as-rental-market-tightens-6-tips-to-get-the-home-you-want/#commentsFiled under: ,

Today's rental market continues to grow more competitive, with national vacancy rates for rental housing hitting their lowest point in 10 years in the first quarter of this year, U.S. Census Bureau data says.

"A shift from owners to renters has caused rental vacancies to keep going down even more," says Jed Kolko, chief economist of listing service Trulia, of the new shape of the market.

The rental vacancy rate dropped from 9.7 percent in first quarter 2011 to 8.8 percent in first quarter 2012, Census Bureau data shows. The drop was accompanied by a decline in the homeownership vacancy rate -- which measures the segment of the housing inventory which is vacant and for sale. It fell from 2.6 percent in first quarter of 2011 to 2.2 percent in first quarter 2012.

The fall in the rental vacancy rate highlights a continuing shift in Americans' living habits from homeownership to renting, and follows in the wake of a housing crisis that has put around 4 million Americans out of their homes, and trapped more than 10 million people under the weight of mortgages that exceed the values of their properties. Speaking to the fallout from the bursting of the real estate bubble, the new U.S. Census Bureau data also showed that the homeownership rate reached its lowest level since 1997 in the first quarter of 2012.

The inflated demand for rentals also has driven up rental rates. In fact, buying was more affordable than renting in 98 of the nation's 100 largest metro areas as of February, Trulia's rent vs. buy index said.

The "renting process will get more stressful as people are chasing after a smaller number of available units," Kolko says. 'As vacancy rates get lower, rents rise because you have people competing for fewer available units"

The rising rental demand won't reverse course anytime soon, Kolko says, since many people who could save money by buying rather than renting are still unable to qualify for mortgages due to strict lending standards.

Steve Halpern, a senior associate Realtor at New York brokerage CitiHabitats is witnessing the frenzy of rental activity firsthand, and he says that pressure on renters to act fast and pay high rates isn't likely to ease up anytime this year: Landlords will continue to capitalize on growing demand by jacking up rates, by the Realtor's estimation.

"They're going and hitting people with raises, but those people realize the raises are happening everywhere, so they're staying put," Halpern says.

With particular attention to the unique challenges posed by the current market, Halpern offers some tips that may give you a leg up in today's rental hustle.

1. Be flexible about location.

Naturally, the places where people want to live most are going to be the toughest areas to get a deal, so try to be open to living in neighborhoods that aren't as mainstream as you might like. "Most people come in and say, 'I need to be in a particular area, and those areas are generally the tightest," Halpern says.

2. Allow more time for your search, but be prepared to pounce.

Since you're competing with so many other apartment hunters, be prepared to give yourself a little more time to hone in on a rental that meets your needs. Find a Realtor whom you trust to help you identify windows of opportunity, Halpern says.

When they arrive, seize them immediately. "You gotta catch an apartment as it comes up," Halpern says. "You have to be prepared to move quickly."

Tips on Looking For a Rental




















3. Have your paperwork on hand (or maybe we should say "in hand").

That means proof of income (often in the form of a letter from your employer), your last two years of tax returns and a recent pay stub, for starters, Halpern says. If you're at an open house with 20 visitors, acting fast could mean the difference between winning and losing. Having your paperwork on hand will enable you to increase your odds of success when you know you've found a good deal.

4. Know your credit, be ready to explain blemishes.

"Knowing where you stand credit-wise can really make a difference," Halpern says. If you have credit blemishes, offering an honest and upfront explanation may help you stand out from the crowd. After all, in today's market, chances are that landlords will find out if you're hiding anything and won't appreciate uncovering information that suggests you misrepresented yourself to them, Halpern says. "They prefer you being honest and upfront," Halpern says, "so you can justify to them what has happened."

5. Consider moving in earlier than planned.

If you're willing to sign a lease that goes into effect even just a week earlier than you'd planned, you may significantly increase your appeal to a landlord. Landlords want to fill vacancies quickly, so they're looking for renters who are willing to begin paying sooner than later. "They're going to want you in there as soon as possible," Halpern says.

6. Be willing to pay a higher rate than advertised.

If you really think you've found a place that's right for you, offering to pay a slightly higher rate, even just $25 or $50 a month more, Halpern says, could work in your favor. The draw to landlords is pretty straightforward: "They're in business; they want to make as much money as possible."

See also:
Tips for Finding a Rental Apartment
First-Time Renting Tips
Neighborhood Hunting Made Easy

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]]>rental markettips for rentersTeke Wiggin2012-04-30T16:52:00+00:00Buying Cheaper Than Renting in Nearly 100 Major U.S. Marketshttp://realestate.aol.com/blog/2012/03/21/buying-cheaper-than-renting-in-nearly-100-major-u-s-markets/http://realestate.aol.com/blog/2012/03/21/buying-cheaper-than-renting-in-nearly-100-major-u-s-markets/http://realestate.aol.com/blog/2012/03/21/buying-cheaper-than-renting-in-nearly-100-major-u-s-markets/#commentsFiled under: , ,



By Justin T. Hilley

Buying is more affordable than renting in 98 out of the nation's 100 largest metropolitan areas -- even in New York, Los Angeles and Boston, according to real estate company Trulia's rent vs. buy index.

The index is based on asking prices for rental units and homes for sale on the company's website between Dec. 1, 2011, and Feb. 29.

"As rents rise and prices stagnate, homeownership is becoming even more affordable, but rising rents create a dilemma for people who can't afford to buy yet," says Jed Kolko, Trulia's chief economist. "Rising rents make it harder for people to save for a down payment, which is the biggest barrier to buying a home that aspiring homeowners face."

Homeowners are choosing, or being forced, to rent rather than buy even though the latter is cheaper in key markets Trulia reviewed.

But as they turn to renting, the influx of demand squeezes the nation's rental supply, pushing monthly rents higher.

The nation's median rent stands at $712 per month -- well above the average monthly mortgage cost of $647, Paul Dales, senior economist at Capital Economics, recently found. He estimated decreased vacancies in the home-rental market will push average rental rates up as much as 5 percent by early 2013, compared to 2.4 percent in January.

As a consequence of less willingness and ability to buy a home, households in rentals will rise by at least 850,000 a year over the next few years, Dales said.

He expects rents to rise at an annual rate of 3 percent this year and remain at that level in 2013. "Assuming that the economic recovery gains firmer footing, in future years there is scope for rents to rise by around 4 percent a year," Dales said.

Only in Honolulu and San Francisco is renting often a better deal than buying. However, Trulia points out that buying a home in these markets might make sense for people who plan to stay in their next home for at least five years and can benefit from the mortgage-interest tax deduction.

"Metros where homeownership is expensive tend to have stronger long-term economic growth and little room to build new homes, like Boston and the San Francisco Bay Area, where people expect home prices to increase over time," Kolko says.

"Buying is much cheaper than renting in slow-growing places with high vacancy rates and land to spare, like Detroit and Cleveland, where prices are unlikely to improve much in the future," he says.

Top 10 metros in which to buy versus renting, according to Trulia:



Read more on HousingWire:
Existing Home Sales Dip 0.9% in February
Home Prices Expected to Fall 0.7% in 2012
San Franciscon Home Sales Rise 14% in February

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Find homes for sale in your area.
Find foreclosures in your area.
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The Pros and Cons of Renting or Buying a Home

 

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]]>buying vs rentingcities cheaper to buy than renthome rental marketJed Kolkomarkets where cheaper to buy than rentPaul Dalesrenting vs buyingTrulia buy rent indexwhere buying is cheaper than rentingHousingWire2012-03-21T12:55:00+00:00Bernanke: Fed Should Help Turn Foreclosures Into Rentalshttp://realestate.aol.com/blog/2012/01/05/fed-seeking-nationwide-foreclosure-rental-program/http://realestate.aol.com/blog/2012/01/05/fed-seeking-nationwide-foreclosure-rental-program/http://realestate.aol.com/blog/2012/01/05/fed-seeking-nationwide-foreclosure-rental-program/#commentsFiled under: ,

reo propertyMost of Washington's initiatives to staunch the flow of foreclosures glutting the housing market have been woefully inadequate. (We're looking at you, HAMP, HAFA and HARP). But a new idea put forth by Federal Reserve Chairman Ben Bernanke might actually make a dent in the bank-owned backlog: Allow renters to move into foreclosures.

HousingWire reports that the chairman endorsed the idea in a letter sent Wednesday to ranking members of the House Committee of Financial Services.

If prolonged foreclosures and dicey mortgage origination is holding back the recovery, he wrote, then filling up the nation's vacant (and otherwise deteriorating) homes with renters might be the best way to cut losses and protect investments.

In a preliminary study of Fannie Mae's REO inventory -- foreclosures in which the lender owns the property because they couldn't unload it -- two-fifths of the homes showed more potential as rentals than as resales. For foreclosures purchased with Federal Housing Administration (FHA) loans, the rent potential is even higher, since homes secured through FHA loans (a favorite of first-time buyers) tend to sell for less.

Part of the problem, as owners in some of the hardest-hit states will attest, is that vacant homes invite all sorts of calamities for prospective buyers. In humid climes like Florida, mold can ravage even the best built homes, and vandals and squatters can cause damage that far exceeds the value of some foreclosed properties.

Keeping foreclosed homes occupied could also have the added benefit of protecting neighborhood property value, which is a major concern for sellers and the countless others not yet willing to attempt a sale. The National Association of Realtors estimates that foreclosures typically sell at a 20 to 25 percent discount, which drags neighboring properties value down. Zillow estimates that homes lost $700 billion in value in 2011 alone.

With fears running high that the FHA might need a bailout in 2012 if the market doesn't improve, renting foreclosures might be a welcome cost-saving measure to preserve the administration's coffers.

Of course, it also couldn't hurt if those homeowners evicted through foreclosure are allowed to stay in their homes through the rental program.

Also see:
Foreclosures Could Be on the Rise Again, Report Says
Study: Foreclosure Process Time Has Doubled Since 2007

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]]>bank owned propertyBen BernankeFederal Housing Administrationfederal reservefha loanshafahampharpreo propertiesreo rental programStefanos Chen2012-01-05T13:30:00+00:00U.K.'s Speed Roommating Finds a Place in New Yorkhttp://realestate.aol.com/blog/2011/12/09/u-k-s-speed-roommating-headed-for-new-york-at-spareroom-com/http://realestate.aol.com/blog/2011/12/09/u-k-s-speed-roommating-headed-for-new-york-at-spareroom-com/http://realestate.aol.com/blog/2011/12/09/u-k-s-speed-roommating-headed-for-new-york-at-spareroom-com/#commentsFiled under: ,



Someone once told me that you're not a true New Yorker until you've had one really bad roommate experience. If we're going by that criterion alone, then this means I'm a true New Yorker about six times over.

From messiness, to weird habits, to downright creepiness (ever had a roommate who preferred watching TV au naturel -- in a shared studio?), trying to find someone compatible to share an apartment with can be a stressful and harrowing experience, particularly in large cities like New York.

But not if the folks at SpeedRoommating have anything to do with it. The overwhelmingly popular U.K.-based SpeedRoommating service, which aims to ease the search for compatible roommates by providing a fun, safe, social setting for potential roommates to get acquainted, has announced that it's setting up shop in New York City.

According to SpeedRoomating's Matt Hutchison, the service's simple concept (inspired by the idea of speed dating) will save New Yorkers from commuting back and forth across the city, inspecting apartments -- only to discover that the roommates just aren't a good fit. The service's selling point is that in a single, one-hour, casual bar event, they will be able to meet a number of potential candidates in the time it would normally take to review a single apartment.

"Sharing an apartment is all about people, so it makes sense to meet them first," explains Hutchison. "If you're buying a place, then price and location are the most important factors. But if you're sharing it's more about who you'll share with -- an amazing apartment shared with roommates you don't like is never as good as an OK apartment with great roommates."

The idea was born in 2004 by Gemma Allen-Muncey, the director of the widely successful SpareRoom.com, who thought that adding a "speed dating" element to the roommate-finding process would be interesting. Seven years later, over 10,000 people have attended SpeedRoommating events in London alone (where it's called "SpeedFlatmating"). The concept has also been widely copied across the globe, even in Baltimore, Maryland where similar nonprofit-run speed roommating events have proven highly successful.

And next month, SpeedRoommating will descend upon New York City.

"New York has many of the same problems as London," Hutchison says of the company's decision to launch in the Big Apple. "It's big, expensive and there's a constant stream of new people moving to the city all year-round. The best places tend to go quickly, so getting a chance to meet lots of roommates in one go speeds up the process."

Hutchison revealed that SpeedRoommating's first Manhattan event will be held sometime in January to coincide with the launch of SpareRoom.com New York. Though the official event date hasn't yet been confirmed (it will be announced on the website by the end of the year), SpeedRoommating already has created a lot of buzz thanks to an active Twitter feed and word-of-mouth.

"I'd definitely check it out," says 24-year-old Lauren Rodrigue, a Brooklyn resident currently seeking a new apartment via Craigslist. "Finding roommates is one of the hardest parts of moving to New York and it sounds like this would make that process a little more palatable. Especially if drinks are involved."

UPDATE: The official date of the SpeedRoommating launch event has been confirmed for Wednesday, January 11, at Gossip Bar on 733 Ninth Avenue. The event runs from 7:00pm - 9:00pm and entry is free (with a complimentary drink). You must RSVP online.

Click on the images below to see apartments for rent in New York, N.Y.



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]]>SpareRoom.comSpareRoom.com New YorkSpeedFlatmatingSpeedRoomatings Matt HutchisonSpeedRoommatingwww.newyork.spareroom.com.Krisanne Alcantara2011-12-09T14:00:00+00:00Viewpoint: Is Housing Crisis Just a State of Mind?http://realestate.aol.com/blog/2011/11/30/viewpoint-is-housing-crisis-just-a-state-of-mind/http://realestate.aol.com/blog/2011/11/30/viewpoint-is-housing-crisis-just-a-state-of-mind/http://realestate.aol.com/blog/2011/11/30/viewpoint-is-housing-crisis-just-a-state-of-mind/#commentsFiled under: , , , , , ,

Is it possible that the housing crisis is really just a problem caused by our state of mind, not the state of the economy? Is the thing stopping people from buying houses nothing more than their perceptions? Apparently, to some extent, yes.

We are having what, if economists talked like this, could be described as an irrational fear of commitment.

The facts: The recession is considered over, the country's gross domestic product is growing, unemployment is down and consumer spending is up. Yet, the housing market remains comatose. The only explanation is that we are either all still unemployed and not being counted or we're scared out of our boots.

Want some more evidence that we're just one giant anti-anxiety pill away from fixing what ails the housing market?

1. The number of applications for mortgages is down.

It's becoming a broken record: Interest rates are at all-time lows yet nobody is applying for loans. Yes, lending standards are tighter now -- tight enough to put the kibosh on almost 16 percent of all home deals that open escrow -- but the bigger problem is that potential buyers are afraid to even try to get a loan. Loan applications for home purchases were down 10 percent in a week, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey.

Buyers are just plain scared that banks won't approve their loan. This is the grownup equivalent of hiding in the playground bushes during recess because you think the cool kids won't pick you for their team.

2. People don't believe the worst is over.

They are afraid that home prices might fall further. They are afraid that they could lose their jobs tomorrow. They are afraid of looking like a chump, buying when nobody else is buying.

Without question, the days of house-flipping are over. If you are buying, you are buying for the long haul. Remember this: Rents will most certainly go up -- that's why investors are buying properties like mad nowadays; but mortgages that are locked into the current record-low rates will not. If you are planning on staying put, doesn't it make sense to buy?

As for losing your job tomorrow, ask yourself this: Really? Do you really think that's likely? While new jobs aren't being created with anything close to wanton abandon, neither are they being eliminated with the gusto of three years ago. Do you really want to put your life on hold while you wait to see if The Man sneezes in your direction?

Looking like a chump is a tough one. No one wants to be the last soldier killed before the war ends and no one wants to be a homebuyer who bought when prices were still falling. But that gets back to the long-term strategy. You aren't buying for now, you are buying for the many years to come.

Fear can be paralyzing, but so can group-think. If you read how nobody is buying, you figure all those nobodies must know something. Yeah, they know how to be lemmings.

3. Consumer confidence has plunged, yet we are spending again -- just not on houses.

A recent Nielsen poll found that nine of 10 Americans think the country is still in a recession. The memo went out a while ago that the recession officially ended in June of 2009. Pain and misery have clearly lingered and depressed consumers don't spend money. But if we're all so depressed, how do you explain why consumer spending rose in the third quarter by 2 percent. We're even back to our old ways regarding charging and not saving: Consumer credit is back up to 2009 levels and our savings rate has dropped to 3.6 percent, the lowest level in four years. I see our old ways creeping back, don't you?

We may not be happy, but we're spending again. I have but one question: If you are willing to hit Macy's with enthusiasm, why not the housing market?

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Also see:
Survey: Most Boomers Would Cover Kids' Down Payment
Will FHA Be the Go-To Source for High-Cost Mortgages?
When It Comes to Mortgages, Women Don't Shop Enough

 

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]]>consumer spendingconsumer spending patternsAnn Brenoff2011-11-30T11:00:00+00:00Watch the Bay From Pamela Anderson's Rentalhttp://realestate.aol.com/blog/2011/11/28/pamela-anderson-renting-malibu-colony-beach-house/http://realestate.aol.com/blog/2011/11/28/pamela-anderson-renting-malibu-colony-beach-house/http://realestate.aol.com/blog/2011/11/28/pamela-anderson-renting-malibu-colony-beach-house/#commentsFiled under: , , , ,

pamela anderson"Baywatch" queen Pamela Anderson -- and for the record, we're Borat-size Pamela fans -- is either giving the website Vacation Rentals By Owner (VRBO) a major publicity boost or the businesswoman in her (the only Malibu mom we've ever seen reading The Wall Street Journal at Little League games) sees a way to put her empty Malibu Colony home to good use. We suspect it's both. The rental price to sleep where Pamela once slept: $20,000 a week or $75,000 a month.

The Canadian-born Anderson identified herself on the VRBO site as the property owner and explains that she has been traveling a lot and spending more time with family in Canada. Who needs an empty property that is just sucking up money for mortgage and taxes and not earning its keep?

The house is described as a three-bedroom with a pool and rooftop deck. She proclaims her remodel of the green "Lautner-inspired" home as her "humble stab at perfection." Anderson, known as an animal rights activist, welcomes well-behaved dogs.

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Readers, what do you think? How much is celebrity afterglow worth to you?

Click on the images below to see other celebrity real estate recently on the market in Malibu and beyond:



See more celebrity real estate and homes for sale in Malibu, Calif., on AOL Real Estate.

See also:
Bruce Willis Lists His Idaho Ski Retreat
Lady Gaga's Pre-Stardom Pad Hits Market
Rent Oprah's Chicago Co-op for $15,000 a Month

 

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]]>BaywatchBoratcelebrity homescelebrity real estateMalibu ColonyMalibu Colony homes for rentPamela AndersonAnn Brenoff2011-11-28T14:40:00+00:00The New Homeless: Living Behind the Wheelhttp://realestate.aol.com/blog/2011/11/23/the-new-homeless-living-behind-the-wheel/http://realestate.aol.com/blog/2011/11/23/the-new-homeless-living-behind-the-wheel/http://realestate.aol.com/blog/2011/11/23/the-new-homeless-living-behind-the-wheel/#commentsFiled under: , , , ,



During the Great Depression, people who were forced to live in their cars were known as "Ford families." Today, they go by the far more impersonal name of the "vehicular homeless," and you can count 45-year-old Carey Fuller and her two daughters, 8 and 17, among them.

The Fullers (pictured above) became homeless in April 2004 when Carey lost her job in the financial services sector in Seattle. With the job loss came a move from a three-bedroom apartment into a two-bedroom -- but that wasn't enough to cut expenses. Seeing what was waiting for her around the corner, Fuller took her final bit of income, a tax refund, and used it to buy an RV that she and her girls could live in. After a while, even gas and maintenance on the Winnebago became more than she could afford, so she traded down for a minivan. Fuller takes whatever work she can find, often landing part-time jobs. She also blogs about her life as a homeless mother living in a van.

As the economy continues to circle the drain and the number of foreclosures rises, more and more people are following in Fuller's tracks. Some cities, like Venice and Palo Alto in California, have even created parking areas for people who live in their vehicles.

"Cars are the new homeless shelters," says Joel John Roberts, CEO of PATH (People Assisting the Homeless) Partners, the largest services provider for the homeless in Los Angeles County. Car and van dwellers don't show up in U.S. Census Bureau data because census workers don't knock on car windows, Roberts says.

How They Got There

How did so many families wind up sleeping in cars, vans and RVs? In most cases, they were hit with a job loss or health crisis that cost them their home. The move from roof to backseat is often swifter than expected, and in the case of those whose homes have been foreclosed, there is often a sense of disbelief that the actual day of eviction will come. Departures are often fast and furious, with things thrown into a van. Often, the newly evicted don't travel far; they camp out in the neighborhood where they lived. They quickly learn which public parks leave their restrooms unlocked and that joining the local YMCA provides access to a shower.

In some cases, it's divorce, not unemployment, that puts people in their cars at night. Rudy Salinas, director of outreach for PATH, recalls finding a man living in his car in a supermarket parking lot a few months ago. The man had a stack of neatly dry-cleaned uniforms next to him, which he wore to work each day. But at night, separated from his wife and unable to support two households, he slept in the market's parking lot.

Salinas said that PATH did its own census of the homeless population in Hollywood, Calif. They counted 748 people without homes; 151 of them were car dwellers.

"In my 19 years of doing outreach, I have never seen such a spike in numbers like the one in the past 18 months," he says.

Carey Fuller, the single mother in Seattle, advocates for the homeless while being homeless herself. She says that she parks "anywhere I can" at night, picking spots near foreclosed homes to avoid police detection. Her daughters do their homework in the school library and they do laundry in public laundromats. Meals are taken at church soup kitchens or purchased in convenience marts that have microwaves to heat things up. She lives on an inconsistent child support payment of $150 a month and $500 a month in food stamps for the three of them. Showers are taken at the community pool; on weekends, they hang out at the library where there are many free events.

She gave up trying to use the overtaxed housing assistance system, because of the long waiting lists for apartments.

Is she just a job away from being able to rent an apartment? Fuller says it isn't as simple as that. Landlords discriminate against the vehicular homeless, she says, and demand to see a current rental history. After sleeping in the car for nearly eight years, she doesn't have one.

She's been doing this for so long that it's become a way of life.

"My life feels normal to me," she said, "We live just like every other family except we sleep in the minivan."

A New Community

Car and van dwellers have formed a community of their own, often exchanging survival tips online. Fuller has taught people how to make a "coffee can cooker" on Facebook.

For a long while, the Wal-Mart Stores chain was known for its tacit willingness to let RV-ers use its parking lots overnight. In the evening, the campers served as a de facto security force, making sure that no one did anything to give the police reason to come calling. In the morning, the campers frequented the store, often buying their day's food and supplies there. Gradually, more and more Walmarts became less hospitable to the community. Word quickly spread among the van dwellers about which ones you could park safely in without getting in trouble.

Warm climates tend to draw those living in their vehicles, for the obvious reasons. Southern California, Florida, Arizona and Nevada are popular among the displaced, although many people initially try to stay close to the spot where they fell. They want to keep their kids in the same school, stay close to family and friends. And they lack the money for gas to crisscross the country without direction or purpose.

Salinas tells of the single mother who works at a minimum-wage job and has her 5-year-old son sleep in her sister's Section 8 apartment. She herself sleeps in the car out in front of the apartment each night, fearing that her presence inside would violate her sister's HUD-landlord agreement, which limits the number of adults allowed. She doesn't want to cause her sister to become homeless too, Salinas said. It's not illegal to sleep in your car, by the way, unless a municipality makes it so.

As for today's "Ford families," it's not without some irony to give them the moniker. Although Henry Ford did help a small number of distressed families by giving them loans and some land to work, he also laid off thousands more. And he deeply angered many with public comments about how the unemployed should do more to find work for themselves.

Also see:
Detroit Mom Offers to Trade Her House for a Car
Protesters 'Liberate' Foreclosed Homes
Squatting: Social Menace or Economic Necessity?

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]]>Carey Fullerfamilies living in carsfamily living in vanhomeless familieshomeless living in carsliving out of a vanRudy Salinasvehicular homelessAnn Brenoff2011-11-23T11:45:00+00:00Beatty & Bening Hope To Lease Their 'Temporary' Homehttp://realestate.aol.com/blog/2011/11/08/beatty-and-bening-hope-to-lease-their-temporary-home/http://realestate.aol.com/blog/2011/11/08/beatty-and-bening-hope-to-lease-their-temporary-home/http://realestate.aol.com/blog/2011/11/08/beatty-and-bening-hope-to-lease-their-temporary-home/#commentsFiled under: , , , ,

They don't make Hollywood pairings very often that outlast that of Warren Beatty and Annette Bening's, so we're sending some good karma their way in their plans to lease out a Beverly Hills home they own for $27,500 a month.

What do you get for that much? Six bedrooms and eight bathrooms in a 10,500-square-foot Mediterranean with a sign that says "Warren Beatty and Annette Bening slept here for the past dozen years or so." OK, we're making up the part about the sign.

They bought this house after the 1994 Northridge earthquake did a dance on the Beverly Hills house they were living in a few miles away. One thing led to another -- you know how remodels go -- and the years crept up. Now they've apparently moved back to the original and expanded home and are hoping to lease out the "temporary" place.

Beatty, nominated for Oscars for his roles in "Bonnie and Clyde," "Shampoo," and "Heaven Can Wait" has four children with Bening, Oscar-nominated herself for "The Grifters," "American Beauty," "Being Julia" and "The Kids Are All Right." Imagine the size of the fireplace mantle they'd need if they had won them all.

Click on the images below to see other celebrity real estate recently on the market:



See more celebrity real estate and homes for sale in Beverly Hills, Calif., on AOL Real Estate.

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]]>Annette BeningBeatty and Bening homeBeverly Hills homes for leaseWarren and Annette homeWarren BeattyAnn Brenoff2011-11-08T16:23:00+00:00Where Are the Real Home Bargains? Not Where You Think!http://realestate.aol.com/blog/2011/11/02/where-are-the-real-home-bargains-not-where-you-think/http://realestate.aol.com/blog/2011/11/02/where-are-the-real-home-bargains-not-where-you-think/http://realestate.aol.com/blog/2011/11/02/where-are-the-real-home-bargains-not-where-you-think/#commentsFiled under: , , , , , , , ,



What if you could buy a house for $25,000 in a neighborhood that wasn't a battle-scarred slum and rent it out for $750 a month as soon as the ink was dry on the deal? Where are these deals that let you recapture your investment in just three years and from then on enjoy a steady monthly income from the property?

If you said Phoenix, Las Vegas or south Florida, you'd be wrong says Paul Habibi, a principal of Habibi Properties and real estate professor at UCLA Anderson School of Management.

Here's a hint to the place Habibi thinks is the hottest investment around.




Yep, Habibi is humming "Kansas City" right along with Wilbert Harrison, Fats Domino and the 50 or so other recording artists who covered that tune. As for a real estate investment, Habibi says Kansas City, Mo., is ripe for the picking.

Habibi's approach to real estate deals is not for novice investors, but it is for those who can tolerate some risk and buy into a statistician's mind. He's developed a matrix that filters the top 30 MSAs (metropolitan statistical areas) through their projected growth rates (increasing population is good), unemployment (the lower, the better), and whether the city has a diversified job platform (Silicon Valley won't get his money).

He also rejects places where other investors have already scooped up the bargains (forget Florida and Las Vegas). Phoenix, popular with many investors, also fails his litmus test. It was built as a retirement community and lacks a job infrastructure for future growth, he says. And those Texas cities that everyone bandies about -- Dallas, Austin, San Antonio -- while their prices have remained flat and they seem to have escaped relatively unscathed from the recession, there are so many investors already there that they're tripping over one another.

Kansas City is just about perfect, said Habibi, whose company recently concluded its first phase of buying 32 single-family homes there in "C-level" neighborhoods for a price point of $25,000 each, spent $5,000 to $10,000 on repairs and now rents them out for about $750 each. He expects to double or triple his holdings in Kansas City with his second investment fund, for which there is a minimum buy-in of $100,000 for accredited investors to participate.

Kansas City's population grew at a faster-than-national average pace from 2000 to 2010. With an unemployment rate of 8.7 percent, it falls below the national level of unemployment of 9.1 percent. The city has a diversified industry base that includes Sprint Nextel Corporation, Hallmark Cards, the Fort Leavenworth military base, UPS and a Ford assembly plant. Google has selected the city for its ultra high-speed broadband network project. Plus Kansas City has a business-friendly reputation for encouraging retention of companies.

Habibi discourages individual investors without much experience or tolerance for risk to try to fly solo. He credits much of his success from having an infrastructure in place -- people to scout and inspect the homes, screen for tenants, manage the properties on-site and swiftly deal with eviction issues.

For those who don't want to listen to the expert, click on the images below of some homes for sale in the Kansas City area that are worth checking out:



See other homes for sale in the Kansas City area at AOL Real Estate.

Also see:
College Town Real Estate Investments Score High Marks
Upside Down on Your First House? Just Buy a Second One!
Viewpoint: Why No New Houses May Be a Good Thing

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]]>how to invest in real estatePaul Habibireal estate bargainsreal estate investingAnn Brenoff2011-11-02T11:45:00+00:00Builders See Uptick in Home Construction Spendinghttp://realestate.aol.com/blog/2011/11/01/builders-see-uptick-in-home-construction-spending/http://realestate.aol.com/blog/2011/11/01/builders-see-uptick-in-home-construction-spending/http://realestate.aol.com/blog/2011/11/01/builders-see-uptick-in-home-construction-spending/#commentsFiled under: ,



WASHINGTON -- U.S. builders spent slightly more in September on home construction, partially offsetting losses in public schools, roads and government offices.

Construction spending rose 0.2 percent in September from August to a seasonally adjusted annual rate of $787.2 billion, the Commerce Department said Tuesday. It was the second straight monthly increase.

Still, spending is barely half the $1.5 trillion that economists consider healthy. Through first nine months of the year, spending is at $580.9 billion, about 3.5 percent below the same period in 2010.

Analysts say it could be four years before construction returns to healthy levels.

The biggest gains in September were in private residential construction, which includes single-family homes, apartments and condos. That category increased 0.9 percent.

Public construction projects, which include schools, roads and government offices, fell 0.6 percent last month.

Government Cuts Hurt

A dismal outlook for housing and a weak economy have forced governments to cut spending and builders to scale back construction plans.

State and local governments have been forced to cut back because of severe budget problems, while the federal government has come under pressure to get control of soaring budget deficits.

Homebuilders started projects in September at the fastest pace in 17 months, a hopeful sign for the economy. But most of the gain was driven by a surge in volatile apartment construction, a sign that many are choosing to rent rather than own a home.

Americans bought fewer homes during this year's peak buying season than at any time in the past half-century. Unemployment is stuck above 9 percent, and many people are fearful about buying a home out of concern that they could lose their jobs or home prices could fall further.

Breaking a Cycle of Declines

In September, sales of new homes rose after four straight monthly declines, largely because builders had cut prices in the face of depressed demand. This year is shaping up to be the worst for new-home sales on records dating to 1963.

While new homes represent less than one-fifth of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in taxes, according to the National Association of Home Builders.

Builders are struggling to compete with foreclosures and short sales -- when lenders accept less for a house than a mortgage is worth. Those homes are selling at an average discount of 20 percent, and they are lowering neighboring home values.

The weak sales and construction figures underscores how badly the housing market is faring and suggests a sustained recovery is years away. It will also impact home prices, continuing to drive them lower.

Economists at Moody's Analytics say prices might stop falling by early next year. But they don't expect a healthy recovery for housing until 2015 at the earliest.

Copyright 2011 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

Also see:
Builder Confidence Up at Last (Just a Little)
6 Cost-Saving Reasons to Buy New Construction
Buying New Construction Homes, the Pros and Cons [Video]

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]]>budget and public constructionCommerce Department construction spendinghome constructionhomebuildersresidential constructionspending on home constructionUS homebuildersThe Associated Press2011-11-01T13:35:00+00:00Does Simon Cowell's New House Have the X Factor?http://realestate.aol.com/blog/2011/10/21/does-simon-cowells-new-house-have-the-x-factor/http://realestate.aol.com/blog/2011/10/21/does-simon-cowells-new-house-have-the-x-factor/http://realestate.aol.com/blog/2011/10/21/does-simon-cowells-new-house-have-the-x-factor/#commentsFiled under: , , , ,

We totally trust Simon Cowell's sharp eye for picking the best and his even-sharper tongue for dismissing anything short of it, so are paying close attention to the house that sources say he recently bought in Beverly Hills' Trousdale Estates. It wasn't an active listing, but sources say he paid about $13.5 million for the 7,265-square-foot home. The home was last on the market in 2004.

Sources say that Mr. Nasty purchased it quite by accident. He was looking at various high-end rentals and was shown this four-bedroom property in the exclusive neighborhood. Cowell, who doesn't mince words when judging "American Idol" contestants, saw this place and made an offer. It's good to know what you like, even better when you can afford it. Cowell's net worth was put at almost $200 million by The Sunday Times of London. It may sound like a lot of money for someone whose bark is (hopefully) worse than his bite, but how many times has he had to listen to "I Think I Can Fly" sung off-key to get there?

We're not sure Cowell's Fox spin-off, "The X Factor," will reach his stated goal of 20 million viewers -- actually he's already backed away from that target -- but we're thinking he can afford to add this new house to the real estate arsenal, no sweat.

As for the house, while it might not have made our list of 16 final contestants, we, unlike Cowell, understand that taste is subjective and are quite relieved that no one had to cry and phone home.

Click on the images below to see other celebrity real estate recently on the market:



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]]>American IdolSimon CowellX FactorAnn Brenoff2011-10-21T14:02:00+00:00DSK: No Value Added When It Comes to Real Estatehttp://realestate.aol.com/blog/2011/10/05/dsk-no-value-added-when-it-comes-to-real-estate/http://realestate.aol.com/blog/2011/10/05/dsk-no-value-added-when-it-comes-to-real-estate/http://realestate.aol.com/blog/2011/10/05/dsk-no-value-added-when-it-comes-to-real-estate/#commentsFiled under: , , ,



A brush with fame -- or infamy -- may have its place, but apparently it doesn't gain much in the way of real estate currency.

The price of the 6,800-square-foot Tribeca townhouse rented by former IMF head Dominique Strauss-Kahn for the duration of his state-mandated stay in New York year just dropped from $13.995 million to $12.5 million -- about an 11 percent cut.

Tenant Strauss-Kahn pretty much made a mad dash for the border once the charges against him of sexually assaulting a maid were dropped, returning the Franklin Street unit to the market either as a rental for $50,000 a month or a purchase.

Described in the listing as a "one of a kind 27-foot-wide townhouse on a beautiful cobblestone street in the heart of Tribeca," the unit recently underwent a top-to-bottom renovation by designer Leopoldo Rosati. And nary a mention of its recent infamous occupant.

Robert Dvorin of Town Real Estate is handling the sale.

See photos of the home here.

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]]>Dominque Strauss-KahnDSKTribecaTribeca real estateAnn Brenoff2011-10-05T17:39:00+00:006 Steps to Finding the Right Apartment Rentalhttp://realestate.aol.com/blog/2011/09/15/6-steps-to-finding-the-right-apartment-rental/http://realestate.aol.com/blog/2011/09/15/6-steps-to-finding-the-right-apartment-rental/http://realestate.aol.com/blog/2011/09/15/6-steps-to-finding-the-right-apartment-rental/#commentsFiled under: ,

finding right rental

Earlier this summer, we asked whether America was becoming a nation of renters. Statistics would seem to bear that out: Construction of single-family homes grew by 9.4 percent in June, the Wall Street Journal reported, but construction of multi-family homes with at least two units increased at triple that rate. Developers wouldn't be putting up apartment buildings unless they believed the demand for rentals would far outpace the need for new homes.

If more of us are going to be living in rental units, we need to get savvier about how to hunt for the right apartment. Daniel Hedaya, whose company, Platinum Properties, manages more than $150 million worth of New York real estate, offers these six tips to help prospective renters find the place that fits their needs and budget.


1. Come prepared.

o. Bring all necessary paperwork.
o. Include bank statements and a letter of employment or pay stubs to show prospective landlords.
o. Provide a reference letter from a previous landlord, and make sure it acknowledges that you made timely payments and took proper care of the residence.


2. Know what you want -- or at least have an idea.

o. Be specific about what you're looking for.
o. Come up with a list of must-haves and include details (e.g., central air conditioning, laundry hookup, garage, fitness center, pet friendly, etc.).
o. Prioritize locations and consider how much time it will take for you to commute to work and to the places that you frequent on weekends.
o. Consider how much it will cost to travel (i.e. cost of gas or public transportation).


3. Bring along the roommate.

o. Have a candid and communicative relationship with your roommate.
o. Come up with a consolidated list of must-haves.
o. Make sure you both understand the terms of the lease.
o. Discuss finances and the splitting of any and all bills (i.e. electricity, cable, internet and phone).

4. Use a broker - finding a good home is like finding a needle in a haystack.

o. Brokers have specialized knowledge of the most exclusive apartments and of the best available.
o. Brokers pre-screen homes, saving you time; this eliminates wasting energy on residences that don't meet your criteria or that you won't like.
o. Brokers can find homes that are more value for your money.

5. Visit properties.

o. Look at as many properties as it takes.
o. Don't visit more than four in one day or they will begin to blend together.
o. Bring along your list of must-haves as a kind of checklist.
o. Make sure to do a final walk-through.

6. Seal the deal.

o. Have your finances in order.
o. Examine your lease in detail, don't just sign it; bring it home and take the necessary time to understand your lease.
o. Find out what cosmetic changes can and cannot be made to the apartment.
o. Be financially prepared.
o. Negotiate.

Find apartments for rent in your area at AOL Real Estate.

Find more help with rentals in these AOL Real Estate guides:
Rental Brokers: How They Can Work for You
How to Negotiate Rent
Foreclosure: What it Means for the Renter
Roommate Agreements and Breaking Up When Things Go Badly

 

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]]>how to find a rentalrental apartmentAOL Real Estate Editors2011-09-15T13:40:00+00:00House of the Day: Tribeca Rental With Room to Work, Growhttp://realestate.aol.com/blog/2011/09/08/house-of-the-day-tribeca-rental-with-room-to-work-grow/http://realestate.aol.com/blog/2011/09/08/house-of-the-day-tribeca-rental-with-room-to-work-grow/http://realestate.aol.com/blog/2011/09/08/house-of-the-day-tribeca-rental-with-room-to-work-grow/#commentsFiled under: , , ,

Need any proof that 10 years after 9/11 the neighborhoods around Ground Zero have enjoyed a resurgence? Here's a five-story work-live townhouse in Tribeca available for lease at $35,000 a month.

The 4,500-square-foot apartment at 155 Duane St. includes a fully equipped duplex office with up to seven workstations and a four-floor residence above the office.

There is a circular stairwell leading to a sixth-floor green-house, conservatory and roof garden.

The residence has 10-to-12-foot-high ceilings, exposed beams and interior brick walls. Add a southern exposure and 16 windows to the mix.

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The master suite is on a separate floor and there is a guest apartment. The furnished unit has a total of four bathrooms and three showers. There is a full-floor chef's kitchen with dining area and a gym. The living room is on the fifth floor.

Keith Knight of CitiHabitats has the listing.

Click on the pictures below to see some other swanky digs for sale in Tribeca:



See more Houses of the Day and other homes for rent and for sale in Tribeca on AOL Real Estate.

Got a tip for House of the Day? Know of an exceptional or unusual property currently listed for sale? Please email ann.brenoff@huffingtonpost.com with your suggestions and be sure to include links to listing details and photos. (Due to the volume of response, we unfortunately are unable to respond to each submission.)

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]]>Ground Zeroground zero real estatehome of the dayHouse of the DaySeptember 11 recoveryTriBeCaTriBeCa rentalsAnn Brenoff2011-09-08T06:00:00+00:00Jennifer Aniston's Newest Hollywood Love Nesthttp://realestate.aol.com/blog/2011/08/31/jennifer-anistons-newest-hollywood-love-nest/http://realestate.aol.com/blog/2011/08/31/jennifer-anistons-newest-hollywood-love-nest/http://realestate.aol.com/blog/2011/08/31/jennifer-anistons-newest-hollywood-love-nest/#commentsFiled under: , , ,

Jennifer Aniston Hollywood Love Nest

Jennifer Aniston's real estate dabblings make us feel like we're playing "Where's Waldo?" She pops up in the most unlikely places -- like this 1,700 square-foot rental in the Hollywood Hills. She's presumably sharing the rent on the $20,000 a month home with new beau actor Justin Theroux.

The move to a rental comes months after she sold her Beverly Hills home for $38 million and bought in New York's West Village. Read the full story here on Huffington Post.
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]]>beverly hillscelebrity real estateHollywood Hillsjennifer anistonJennifer Aniston and Justin TherouxJustin Theroux.Ann Brenoff2011-08-31T14:38:00+00:00Top 10 Cities for Recent College Gradshttp://realestate.aol.com/blog/2011/08/31/top-10-cities-for-recent-college-grads/http://realestate.aol.com/blog/2011/08/31/top-10-cities-for-recent-college-grads/http://realestate.aol.com/blog/2011/08/31/top-10-cities-for-recent-college-grads/#commentsFiled under: , , ,

Top 10 cities for college gradsGiven the nation's weak labor markets, it's not surprising that many recent college graduates are still looking for work. Further, the inability to find that first job after college may push some young Americans to consider relocating to a different city in search of better opportunities.

It's probably not surprising therefore that major U.S. cities top the list of the fourth annual Top 10 Best Cities for Recent College Graduates, according to Apartments.com and CareerRookie.com.

The websites used data about the concentration of young adults ages 20 to 24, the inventory of entry-level jobs and the average cost in March to rent a one-bedroom apartment to compile their 10 Best list.

"There are almost three times as many renters moving for new job opportunities this year than in 2010, according to our annual moving survey," Apartment.com's Tammy Kotula says in a statement releasing the latest rankings.

"This tells us that the economy is improving, but people are relocating as a result," she says. And that adds more pressure on new grads to find the right place at the right price, even as they seek to jump-start their professional lives.

See the full story at AOL Jobs.

Also see:
Teenager Builds 130-Square-Foot House for College
College Town Real Estate Investments Score High Marks
Neighborhood Hunting Made Easy
Tips for Finding a Rental Apartment

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]]>best cities for jobsbest cities for singlesbest cities for young professionalsTop 10 Best Cities for Recent College GraduatesAOL Jobs Staff2011-08-31T13:03:00+00:00Helen Mirren's Hollywood Hills House for Leasehttp://realestate.aol.com/blog/2011/08/09/helen-mirrens-hollywood-hills-house-for-lease/http://realestate.aol.com/blog/2011/08/09/helen-mirrens-hollywood-hills-house-for-lease/http://realestate.aol.com/blog/2011/08/09/helen-mirrens-hollywood-hills-house-for-lease/#commentsFiled under: , , ,

Helen Mirren house The 66-year-old Helen Mirren may have a body that beat out J Lo's and Elle MacPherson's in an LA Fitness poll, but when it comes to being a landlord, she's stuck in the morass of the housing market just like everyone else.

Mirren is hoping to fetch $40,000 a month for her five-bedroom Mediterranean that has 6,699 square feet. The six-acre estate in the Hollywood Hills even has a bit of history: It once belonged to Dustin Farnum, Cecil B. DeMille's first great discovery.


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There are views, terraces, a pool and a 2,700-square-foot guest cottage -- all behind double gates for security.

British-born Mirren and her husband, director Taylor Hackford, bought the home in 1986 and have been leasing it since at least 2007. The couple owns several other properties believed to be in Los Angeles, London, and the south of France. In 2007, Architectural Digest reported that they sold their home in New Orleans. Mirren won an Oscar that same year for her portrayal of Queen Elizabeth II in "The Queen" and recently took the role of Phil Spector's defense attorney in an HBO movie about the music producer's murder trial.

See more rentals in the Hollywood Hills area on AOL Real Estate.

Also see: Joel Madden's Oh-So-Sedate House for Rent
Where Reagan, Dylan and Richard Gere Share a Place
House of the Day: A Temple to Market Optimism

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]]>Ann Brenoff2011-08-09T15:36:00+00:00Joel Madden's Oh-So-Sedate House for Renthttp://realestate.aol.com/blog/2011/08/05/joel-maddens-oh-so-sedate-house-for-rent/http://realestate.aol.com/blog/2011/08/05/joel-maddens-oh-so-sedate-house-for-rent/http://realestate.aol.com/blog/2011/08/05/joel-maddens-oh-so-sedate-house-for-rent/#commentsFiled under: , , ,

Joel Madden home Joel Madden homeBack in 2004, Joel Madden (then Joel Ryan Combs) plopped down his $1.8 million and bought this house in Glendale, Calif., not a community frequented by celebs. Then along came love, along came marriage, and along came Nicole Richie pushing a baby carriage or two.

Left out was this 4,800-square-foot Glendale house, which apparently has been rented for a while. Madden, lead singer for Good Charlotte, now is apparently looking for a new tenant to pay $5,950 a month.

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What do you need to know about the house? Super nice kitchen, four bedrooms, gleaming wood floors, great outdoor areas and absolutely no hint whatsoever that a punk rocker ever stepped inside, let alone owns it.

Also see:
'Homer Simpson' on the Move
Miley Cyrus Spends $3.9 Million on Studio City Home
Anna Nicole Smith's 'Reality' House For Sale

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]]>Ann Brenoff2011-08-05T17:43:00+00:00Patricia Heaton's Industrial-Chic Condo For Sale, Againhttp://realestate.aol.com/blog/2011/08/03/patricia-heatons-industrial-chic-condo-for-sale-again/http://realestate.aol.com/blog/2011/08/03/patricia-heatons-industrial-chic-condo-for-sale-again/http://realestate.aol.com/blog/2011/08/03/patricia-heatons-industrial-chic-condo-for-sale-again/#commentsFiled under: , , , , , ,



Everyone may love Raymond, but not everyone may love Patricia Heaton's West Hollywood condo. It's back on the market at a lower price than it was two years ago when it didn't sell. What's that they say about if at first you don't succeed, try, try again?

Ten years ago, Heaton and her actor/producer husband David Hunt bought a much larger home elsewhere in Los Angeles that remains their principal residence, but they've re-listed their 1,640-square-foot two-bedroom loft condo in West Hollywood at $1,050,000. It didn't sell in 2009 at $1,195,000. They purchased it in March 2007 for $1,145,000.

We like reality checks but wonder why two consistently employed Hollywooders would want to sell a property in this crazy market if they didn't have to. Heaton and Hunt used the unit to house their production company, which may have moved to a studio lot. May we respectfully suggest becoming reluctant landlords instead?

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Heaton, with two Emmys to her credit, stars in "The Middle," although she may forever be known as the wife on "Everybody Loves Raymond."

The unit has cinderblock walls, concrete floors, double-height ceilings and exposed duct work -- all the trappings of industrial chic.

Susan Andrews of Hilton & Hyland Real Estate, Beverly Hills, has the listing.

Also see:
Miley Cyrus Spends $3.9 Million on Studio City Home
Anna Nicole Smith's 'Reality' House For Sale
'Nothing' Is Selling? Celebrities Who Would Beg to Differ

See homes for sale in West Hollywood, Calif., on AOL Real Estate.

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]]>celebrity real estatedl-mainPatricia HeatonPatricia Heaton condoPatricia Heaton homewest hollywood condoswest hollywood real estateAnn Brenoff2011-08-03T13:56:00+00:00America Becoming a Nation of Renters?http://realestate.aol.com/blog/2011/07/22/america-becoming-a-nation-of-renters/http://realestate.aol.com/blog/2011/07/22/america-becoming-a-nation-of-renters/http://realestate.aol.com/blog/2011/07/22/america-becoming-a-nation-of-renters/#commentsFiled under: ,



Home ownership, long a central pillar of the American dream, seems increasingly unattainable for a growing numbers of households.

Yet old views die hard, and nine out of 10 Americans still consider homeownership "an important part of the American dream," according to a June poll by The New York Times/CBS News.

Indeed, there are signs of slight improvement in the housing market. In June, work started on 629,000 new houses, a five-month high that beat economists' expectations and saw an uptick in construction in every region in the country. But that doesn't necessarily indicate that the housing market is in recovery -- because, as real estate analyst Mike Larson recently told The Washington Post, "[people] who don't have jobs don't buy houses."

And many, many people don't have jobs. Unemployment rose to 9.2 percent in June, a figure that would actually be higher than 11 percent if there were still as many people actively looking for work as there were at the start of the recession, according to The Wall Street Journal. Among those who have jobs, wages are falling and many people can only find part-time work rather than full-time.

The grim employment situation is reflected in homeownership statistics. On Wednesday, Morgan Stanley released a report showing that if delinquent borrowers are excluded, the U.S. homeownership rate is only 59.7 percent, which would be an all-time low. Leaving in the country's roughly 7.5 million delinquent borrowers, homeownership is at 66.4 percent.

Morgan Stanley housing strategist Oliver Chang told Bloomberg that given runaway foreclosures and tight credit for borrowers, America is moving "away from being an ownership society" -- President George W. Bush's vision of a country with high homeownership -- and "towards becoming a rentership society."

Read the full story on The Huffington Post.

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]]>american dreamhousing crisisrentingrenting vs. buyingrenting vs. owningThe Huffington Post2011-07-22T11:26:00+00:00