While I saw a lot of new contstruction, it would be foolish to draw conclusions on small sample of data. Thin slicing does not always work. This article provides more data points and thus is useful.
Here's something I wrote in April for L.A. Curbed. I asked to be anonymous-"Money Guy" is born, lol. It was bad enough a year ago when resale prices were stretched compared to rental rates (p/e so to speak) but what's happened since? Rentals have weakened-which by the way is counter intuitive to the conventional wisdom argument that states former homeowners would then crowd the rental market. Hasn't happened. My best guess why the absence is because of unemployment. http://la.curbed.com/archives/2009/04/a_money_guy_on_why_its_a_bad_time_to_buy.php
This ain't exactly correct. You bet they're paying taxes. Most apartment renters are just too damn stupid to know it.
I am apartment hunting in Miami right now and the sales people tell me they are getting absolutely killed... on south beach (you know, one of those places where there is eternal local, domestic and foreign demand and a large ever renting "transient" population beside the high income interests).
lovely property lovers... property (not land part ) is just another consumable. owning it, is financially stupid and gets you in lifetime of financial misery. Land part will probably keep with inflation, so i guess its ok. do your math. excel really good. Assume 3% depretiation a year for house part and enjoy the projections ..
"For example, in New York, the largest U.S. apartment market, vacancies fell 0.5 percentage points to 2.9 percent, despite a 1.7 percent decrease in rent to $2,679 compared with just the prior quarter and a 4 percent fall compared with last year." this sentence makes no sense. what was the author trying to say?
Of course they are. Everone has taken the low Mortagage rates and the $8-15K first time buyer credit and moved into homes that I sold them...that I bought when guys like the OP were squealing about the end of the world.
Typical Leftist ignorant thinking.....Just like National healthcare will save money.....Taxing the rich will increase revenue. Unless a cost is itemized to a Liberal it is not a cost. You have been Obaminized!!!