FRIDAY FACTS
August 20, 2010
An interesting blog by Bianca Torres in the San Francisco Business Times on Gen Y and home buying delay notes first that Gen Y’s were raised with a lot of self esteem building and reassurance. They tend to take breaks in their 20’s and 30s to travel and to go to grad school which is fulfilling but costs a lot of lost wages and earning potential. They choose where to live based on lifestyle, not job relocation. In the Bay area, a Gen Y household would need an annual income of $142,000 to afford a home where a Boomer in the 1980’s needed $48,000. What does this all mean? Part of the sluggish real estate market may reflect this delay in home buying – real estate depends on entry level buyers.
Neighborhood Scout Reports is a subscription based neighborhood information site that gives a profile of the neighborhood including home values, density, character, age, racial, occupational and language demographics.
Homeownership rates fell in the second quarter of 2010 to 66.9% which is equivalent to that of 1999. The Northeast stayed level at 54.2%, and the West saw the biggest drop to 61.4%.
Here’s a notable quote from Bernice Ross of Inman News: “If your website is merely an infomercial for you, visitors will surf to your site and then surf elsewhere in a matter of seconds. In fact, having your picture on the home page of your site causes up to 50% of your web visitors to leave. The reason? It’s about you rather than being about them.”
A coalition of 11 groups including the National Association of Realtors sent a letter to Treasury Secretary Geithner urging a ban of Wall Street Home Resale Fees. Recorded by covenant or sales contract by private third parties, every time a home is sold for the next 99 years, a percentage (usually 1%) of the sales price must be paid to the third party. To date, 17 states have restricted or banned the practice.
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