UPDATE 2-Lennar posts strong quarter as housing recovery gains momentum
(Rich Pedroncelli / Associated Press / September 18, 2013) Also By The Times editorial board September 19, 2013 Californians have a problem with housing. Too many just can’t afford it, so they either pass up jobs that are too far from where they can afford to live, or they take them and wind up driving too far, clogging the roads and spewing too much exhaust into the air, or else they double, triple or quadruple up their families into cramped apartments or garages that can’t safely accommodate them. Los Angeles officials tinkered for years with proposals to require developers to reserve a portion of their units for below-market-rate housing.
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Inventory baltimore property management companies just barely nudged up, to a 5-month supply from 4.9 months a month ago. A separate, seasonally adjusted measure of inventory, which Trulia calculates from NARs numbers, shows inventory has grown 7 months in a row and stood at 2.07 million units in August, up 5.1% from January but still down about 6% from a year ago. Whats happening is rising housing prices are inspiring many newly optimistic homeowners to put their property on the market, while at the same time reducing the number of underwater borrowers who until recently couldnt sell their homes because they owned more on their mortgage than the home was worth. With more people putting homes on the market and the pace of sales easing due to the regular fall slowdown and rising mortgage rates, there are more homes on the shelf. Nobody wants to sell right after prices bottomed, but its been 18 months since prices bottomed and more homeowners are feeling as if theyve waited long enough, said Jed Kolko, chief economist at Trulia.
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Housing Inventory Crunch Starting to Slowly Ease
Lennar said on Tuesday orders for new homes rose 14 percent in the third quarter and that the long-term outlook for its business remains “extremely bright”. “We continue to see long-term fundamental demand in the market driven by the significant shortfall of new single-family and multi-family homes built over the last five years,” Chief Executive Stuart Miller said in a statement. U.S. housing starts rose less than expected in August amid a sharp slowdown in the multifamily sector, but a surge in permits for single-family homes pointed to sustained strengthening in the housing market recovery.
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