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Buying is cheaper than renting in most U.S. cities and Top 25 big-money towns
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According to real estate web site Trulia, buying was cheaper than renting in 74% of the country's 50 largest cities in July. In just 12% of the cities, including New York, Seattle and San Francisco, renting was cheaper. In the remaining 14% of cities, renting was less expensive but close to the cost of buying.In addition to a continuing decline in home prices, rock-bottom interest rates have added a lot of weight to the buy side of the scale. The overnight average rate for a 30-year fixed was just 4.19% on Monday, according to Bankrate.com. A 15-year fixed averaged just 3.43%.Add in the tax perks of home ownership and for those who can afford it (and who can actually qualify for a loan), it certainly is a buyer's market."It's a personal decision, of course. [Read the full article]
There are no condos, apartments or townhomes in this D.C. suburb, but the distance between neighbors is less vast than you might think. An active newcomers group welcomes recent arrivals, and good old-fashioned socials in the Village Centre bring everyone together for holidays and summer concerts.See complete data and interactive map for Great FallsNEXT: Hillsborough, CAThese terrific small towns -- even now -- boast great job opportunities, top-notch schools, safe streets, economic strength, and more.There are no condos, apartments or townhomes in this D.C. suburb, but the distance between neighbors is less vast than you might think. [Read the full article]
Housing starts, the number of new homes being built, fell 1.5% to an annual rate of 604,000 units during the month, the Commerce Department said.The government report also showed permits to build new homes, a proxy of future construction activity, fell 3.2% during the month to an annual rate of 597,000 units.A large stock of cheap foreclosed homes continues to lessen demand for new construction and depress home prices."Foreclosures are competing not only with the builder, but against the potential new homebuyer who can't sell their home either," said David Crowe, chief economist for the National Association of Home Builders.In this environment, rents are rising and home builders are seeing more opportunity to construct multi-family homes and apartment buildings.Construction of buildings with five units or more rose 6.3% in July, while construction of single-family homes plunged 4.9% from month-to-month. [Read the full article]
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