We were getting our hands dirty with the recent remodeling yesterday, so we’re playing catch-up with today’s ATB. All of the (two) day’s housing news under one roof:
At a Glance WSJ tells us existing homes sales sank 5.1 percent in June. And the “number of homeowners leaving the [Obama administration’s anti-foreclosure] program exceeded those who received new loan modifications for the second straight month.”
Foreclosures Hurt The AP finds an MIT study showing the impact of foreclosures on neighborhood property values: specifically, reducing home values by 27%. I guess that’s what “neighborhood stabilization” means.
Cities Chasing Their Tails, cont. Following up on the absurdity of city parking regulations, Matt Yglesias picks up on a Las Vegas parking law requiring that each “apartment building must contain at least 1.25 parking spaces for every one bedroom unit.” Have fun with that math.
The Case for Smart Growth, cont. A few weeks ago, we talked about how the “Ring of Death,” or the high foreclosure rate in metro areas’ furthest reaching suburban neighborhoods, is proof that sprawl isn’t sustainable. Yesterday, the Chicago Tribune showed that it’s not just single family houses, but also multi-family condos in the exurbs that are taking a hit recently.
Waiting for the Bubble to Pop, cont. Why is housing so ridiculously unaffordable in parts of China (to the order of 22X average income)? Might have to do with land values increasing nearly 800% since 2003. (800%!)
Who Wants to Be a Hotelier, cont. Millions of folks around the world are turning to Craigslist to bring in renters, sub-letters, or just nightly visitors. If you’re one of them, WSJ offers some tips on how to not look creepy. (Whoever took the picture above could have used some help.)