The middle class has been destroyed. The media keeps saying they are getting hurt, sorry - the media is too late - the middle class as a group is dead. They still "think" they are middle class, but when they qualify for "Medicare" on the ACA website, folks - you are no longer middle class.
They have seen their income levels stay the same or go down for the last 20 years all the while as the economy nearly doubled. It didn't happen overnight, it didn't happen since Obama became President, it happened slowly - by BOTH political parties doing their own damage. The LEFT pushed minimum wage which did nothing but stab the middle class in the heart with each increase, especially since it made other products cost more and didn't give an extra dime to the middle class. "Pushing from Below" makes as much sense as "Leading from Behind". That's what the Democrats believes with Minimum Wage - if they keep raising the lower salaries, they should be able to afford more... yeah - but what about the middle class? The RIGHT isn't much better. They pushed "Lets be a Global Economy" with the idea that the "MARKET" will balance things. That's a great "theory" that has NEVER worked ANYWHERE, mainly because the other players are not using the same rules that we are. Most Libertarians believes this theory will solve everything, but it is just a THEORY, just like Socialism "sounds" good but never has been successful.
This is the equivalent of the NBA wanting to have "global teams". They would play other teams but with owners who didn't have to follow the "owners" NBA rules. Some owner would hire cheap players, those who could shoot 3pointers from half-court but couldn't guard the weakest of the current NBA teams...maybe they could win by sinking enough baskets... The goal is to make money, not win games after all. Heck, the owners ALL get to share the TV money, and if that is $1B a year each, and an owner only had $500M in expenses, he is definitely winning no matter if the person who sells drinks in the stadium breaks even... Some owners would not use a salary cap - they would spend billions to "buy" players to make their team so they could win the Championship the first year, and then the North Koren Yellowjackets would be world champions and their Government could claim they are better than everyone else... In other words, RULES are important. China doesn't play by our rules, neither do most of the other countries that export products to our country for prices that we can't match to make.
The United States used to have big dreams, agreed that budgets for the Space Program was important because, well - we're explorers and we like new stuff. How else did we get GPS, Cell Phones, Satellite TV, etc... Scary thing is that movies like Armageddon could actually happen - and we are not ready - but we could have been. The Government has traded the Space Program budget for a larger EBT budget, and where is that getting us? Think about it, we could have a ROCK, yep, a dumb ROCK, heading our way that could wipe out the entire planet - but because we wanted to have a larger EBT budget, we didn't put any money into our world defense budget. Also, other countries "don't really like us". Our nations defense is getting weaker, not stronger - and on a rock with a bunch of bullies wanting to play King of the Mountain we are just asking for trouble, and we are not eating our vegetables to stay strong. Oh yeah, all these "defense" budgets spelled JOBS - middle class jobs. Space Program - JOBS - middle class jobs. Hundreds of thousands of JOBS. How many middle class jobs are being created with the EBT program??
I read stuff from all over the globe, because in my work I like to know "what's next". One story I stumbled upon from a person who visited one of China's shoe factories that was nearly a quarter mile long, with people everywhere manually making shoes, when asked why didn't they automate to make the shoes even cheaper - the owner of the factory said "what do we do with all the people?". One of the "ah-ha" moments that America missed. If we competed with China with the same labor costs then yeah - let the market decide. However, I can tell you this - if I have 10 kids, all who can work for free for me, and you & I wanted to go head-to-head in a lemonade business - I'm sorry but you might as well not open up shop, because I'm going to be open 24hrs a day and I'll have much faster service than you no matter what time of the day it is - and oh yeah, I'll sell it cheaper too since I'll have no labor cost. That is what is happening with China/America. That is what helped destroy the middle class. We have great people with nothing for them to do.
So what do we do next? Tariffs. Start with outside oil to the US. Opec has not slowed down pumping oil because they want to run America's Oil Companies out-of-business, because America's oil-drilling was built on a $80barrel oil, not $60, so they are NOW operating at a loss - a BIG loss. Next, more Tariffs to most if not ALL of the items coming from countries who have astronomical lower labor costs that we have. Granted, this will result in HYPER INFLATION almost overnight as prices will increase greatly. However, it will also result in the highest job market demand and salaries that we've haven't seen since the end of WWII as American entrepreneurs will crank up like style businesses themselves - and those WORKING will be just fine - they will ride the income wave and will be able to afford these products easily. Now, those that the Government has taught to "do nothing, we'll take care of you", well - those folks will probably feel it. SOME will get off the couch and go to work, some won't and will just complain, complain, complain... Oh well, I'd rather compete in that world than in the world we're currently in.
I believe in the Open Market, but the Open Market doesn't always work in a world arena when so many markets are not playing by the same rules. We're losing, but we could be winning. I chose winning.
TB
Sunday, December 14, 2014
Monday, February 25, 2013
Hang on... It's going to be a bumpy ride...
By Terry Brown
Sorry for my absence, I've already had a pretty busy 2013.
I've been in the QSR (Quick Service Restaurant) business for 30 something years... I have ketchup in my blood. However, it looks like I'm about to go through a transfusion and replace the ketchup with Pizza sauce, as I may be becoming a Domino's Pizza franchisee. I'm already running the operation, just waiting for the paperwork to go through. Sales are booming, employees are excited, customers are happy - what more can you want? The big question is will I have one store or two. I already own the Salida Domino's real estate, so taking over the franchise and operations is no big deal, but Buena Vista (BV) may end up being for grabs and it is looking promising, although I have said I'd like to get all of my assets in one place. BV is only about 20 something miles north of me, but I rarely travel in that direction. Guess that would have to change if it went through.
We're seeing LOTS of real estate traffic in our office. With the framework of marketing that I setup in 2012, it is beginning to pay off. We're sometimes getting as many as a dozen leads in one day, and these are solid leads - solid buyers & sellers. However, we're running out of inventory. Perhaps it is just the winter blues when folks don't want buyers trampling through their property with snow on the ground or the uncertainty of the economy, but there isn't as many quality listings as there used to be. Average Days on Market (DOM) have expanded to almost a year but properties are beginning to move, as folks have settled on buying fixer-uppers just to get in on the market before it becomes a seller's market. There's still alot of carpenters available since building is slow, otherwise unless you are going to fix things yourself, be careful biting off more than you can chew.
Now, although fixer-uppers sound great, they are not being discounted for that much just because of the super low inventory, and sellers know this. We're seeing home prices, including fixer-uppers, increase by as much as 10% year over year, only because of the demand and short inventory. So, if you are looking for a deal, don't look too hard or what you think wasn't a deal today will be when you miss it tomorrow.
As far as sellers, you have a couple of options. If you are going to buy something else, make your deal now and move on, as prices for your next place will probably be taking a spike, or just won't be available at all... If you don't need to buy another place, this is the time to sit somewhat firm on your price, but don't be too rigid. The average property sold for 95% of asking price in 2012, just make sure you are not "over-priced" or your property could just sit. If your property is over-priced now, the longer it is on the market the less looks it will get once the prices rise up it's actual value as folks will assume there is something wrong with it, so have a REASON to support the price of your property, other than "that's what I want for it"...
TDB
Sorry for my absence, I've already had a pretty busy 2013.
I've been in the QSR (Quick Service Restaurant) business for 30 something years... I have ketchup in my blood. However, it looks like I'm about to go through a transfusion and replace the ketchup with Pizza sauce, as I may be becoming a Domino's Pizza franchisee. I'm already running the operation, just waiting for the paperwork to go through. Sales are booming, employees are excited, customers are happy - what more can you want? The big question is will I have one store or two. I already own the Salida Domino's real estate, so taking over the franchise and operations is no big deal, but Buena Vista (BV) may end up being for grabs and it is looking promising, although I have said I'd like to get all of my assets in one place. BV is only about 20 something miles north of me, but I rarely travel in that direction. Guess that would have to change if it went through.
We're seeing LOTS of real estate traffic in our office. With the framework of marketing that I setup in 2012, it is beginning to pay off. We're sometimes getting as many as a dozen leads in one day, and these are solid leads - solid buyers & sellers. However, we're running out of inventory. Perhaps it is just the winter blues when folks don't want buyers trampling through their property with snow on the ground or the uncertainty of the economy, but there isn't as many quality listings as there used to be. Average Days on Market (DOM) have expanded to almost a year but properties are beginning to move, as folks have settled on buying fixer-uppers just to get in on the market before it becomes a seller's market. There's still alot of carpenters available since building is slow, otherwise unless you are going to fix things yourself, be careful biting off more than you can chew.
Now, although fixer-uppers sound great, they are not being discounted for that much just because of the super low inventory, and sellers know this. We're seeing home prices, including fixer-uppers, increase by as much as 10% year over year, only because of the demand and short inventory. So, if you are looking for a deal, don't look too hard or what you think wasn't a deal today will be when you miss it tomorrow.
As far as sellers, you have a couple of options. If you are going to buy something else, make your deal now and move on, as prices for your next place will probably be taking a spike, or just won't be available at all... If you don't need to buy another place, this is the time to sit somewhat firm on your price, but don't be too rigid. The average property sold for 95% of asking price in 2012, just make sure you are not "over-priced" or your property could just sit. If your property is over-priced now, the longer it is on the market the less looks it will get once the prices rise up it's actual value as folks will assume there is something wrong with it, so have a REASON to support the price of your property, other than "that's what I want for it"...
TDB
Friday, December 28, 2012
Goodbye 2012, but these Rules still exist
By Terry Brown
2012 ends with some of my favorite advice to those who will graduate in May - enjoy!
Rule 1: Life is not fair - get used to it!
Rule 2: The world won't care about your self-esteem. The world will expect you to accomplish something BEFORE you feel good about yourself.
Rule 3: You will NOT make $60,000 a year right out of high school. You won't be a vice-president with a car phone until you earn both.
Rule 4: If you think your teacher is tough, wait till you get a boss.
Rule 5: Flipping burgers is not beneath your dignity. Your Grandparents had a different word for burger flipping: they called it opportunity.
Rule 6: If you mess up, it's not your parents' fault, so don't whine about your mistakes; learn from them.
Rule 7: Before you were born, your parents weren't as boring as they are now. They got that way from paying your bills, cleaning your clothes and listening to you talk about how cool you thought you were. So before you save the rain forest from the parasites of your parent's generation, try delousing the closet in your own room.
Rule 8: Your school may have done away with winners and losers, but life HAS NOT. In some schools, they have abolished failing grades and they'll give you as MANY TIMES as you want to get the right answer. This doesn't bear the slightest resemblance to ANYTHING in real life.
Rule 9: Life is not divided into semesters. You don't get summers off and very few employers are interested in helping you FIND YOURSELF. Do that on your own time.
Rule 10: Television is NOT real life. In real life people actually have to leave the coffee shop and go to jobs.
Rule 11: Be nice to nerds. Chances are you'll end up working for one.
tdb
2012 ends with some of my favorite advice to those who will graduate in May - enjoy!
Rule 1: Life is not fair - get used to it!
Rule 2: The world won't care about your self-esteem. The world will expect you to accomplish something BEFORE you feel good about yourself.
Rule 3: You will NOT make $60,000 a year right out of high school. You won't be a vice-president with a car phone until you earn both.
Rule 4: If you think your teacher is tough, wait till you get a boss.
Rule 5: Flipping burgers is not beneath your dignity. Your Grandparents had a different word for burger flipping: they called it opportunity.
Rule 6: If you mess up, it's not your parents' fault, so don't whine about your mistakes; learn from them.
Rule 7: Before you were born, your parents weren't as boring as they are now. They got that way from paying your bills, cleaning your clothes and listening to you talk about how cool you thought you were. So before you save the rain forest from the parasites of your parent's generation, try delousing the closet in your own room.
Rule 8: Your school may have done away with winners and losers, but life HAS NOT. In some schools, they have abolished failing grades and they'll give you as MANY TIMES as you want to get the right answer. This doesn't bear the slightest resemblance to ANYTHING in real life.
Rule 9: Life is not divided into semesters. You don't get summers off and very few employers are interested in helping you FIND YOURSELF. Do that on your own time.
Rule 10: Television is NOT real life. In real life people actually have to leave the coffee shop and go to jobs.
Rule 11: Be nice to nerds. Chances are you'll end up working for one.
tdb
Thursday, November 15, 2012
My prediction for 2013
by Terry Brown
I don't make predictions very often, mainly because I don't like to be wrong. However, some indicators are popping up that I cannot ignore.
Reports are that there are 10 million young adults from ages 18 to 25 who are living at home. Why? They don't have jobs or are can't get enough hours where they work due to the job market.
The National Restaurant Association claims that they are the largest industry in the United States. That makes sense, since it covers the Hot Dog wagon to 5 Star restaurants. Tens of millions of people work in this industry. I own a national brand fast food restaurant and have owned various brands over the years. I'm still very plugged in to the different franchises that I have belonged to over the years, and they are all planning on doing the same thing in 2013.
Obamacare is the law of the land. No matter if you love it or hate it, it's still the law - so I for one am now figuring out how to deal with it without it sinking me, and everyone else in this industry is doing the same thing. According to the law, if you have 50 or more full time employees, you must provide insurance for them all or pay a $2000 fine for each of them. If you can do math, that's a $100k tax. If you have one of those national brand restaurants, normal annual sales are usually in the $1M area, but they have lots of royalty fees and marketing fees and require you do all kinds of stuff which is expensive - so if you can post a 10% bottom line, you are the norm. Some fine-tune it and pull off 15% bottom lines, but they are rare. That's why there are so many multi-unit owners out there - $100k a year for a serious investment isn't a very good payback - so have 3 or 4 of them and you can increase your percentage upwards to 12-15% bottom line by sharing expenses. However, now an owner has to pay $100k for a new tax for just 50 employees, some of these multi-unit owners have a total 200 employees - and many are full-time. Quick math says 200 employees x $2k = $400k. Now the owner doesn't have much of a bottom line any longer...
So, what can one do? Ah! Make everyone PART-TIME! This is great for the owner, as they dodge a really deadly bullet, but bad for the employees - as a Part-time definition in Obamacare is 29.5hrs or less per week. So, all those restaurant workers who voted for Obamacare will now get 25% of their hours cut - I'm sure they were told this somewhere - don't you think?
However, this is where the silver lining begins. Remember, an employer is going to have to take a 40hr per week employee to less than 30hrs per week - or 25% less hours. I can attest that restaurant owners don't run padded staffs - they usually have exactly how many people it takes to make their operation run, not a person more. So, if they are going to cut 25% of ALL hours, they are going to need to HIRE 25% more employees. Think of it - EVERY restaurant in the US is about to hire 25% more staff! This is going to put a strain on job pool. Many people who are unemployed are so because they can't find a job - they are now going to be able to get two jobs if they can handle the scheduling...
This is going to help get this 10 million young adults off parent's couches and into their own apartments.
Oh yeah, has anyone noticed that no one has been building apartments since 2008? Seven million high school graduates a year since 2008 and less than 1 million new housing units each year since then - in other words, we have a massive housing shortage that is about to fall into our laps.
2013 could be a frenzy of Real Estate transactions. The Feds are going to recognize it and start pumping some of these foreclosures that are sitting on the sidelines, further exhausting empty houses in neighborhoods. This is great, great news - IF you are a home owner. If you are renting - sorry, you are about to pay a premium as housing starts to dry up - so try to lock your lease rate for multiple years if you can convince your landlord to ink the deal - OR - BUY. Even if you have questionable credit, there are still alot of home owners that will do an owner financed deal if you have enough down payment.
That's my outlook of 2013. An unexpected war, default of the US, etc could easily void this projection but otherwise - this is what I'm gearing up for.
Terry Brown, Owner - RE/MAX Mountain River
Owner - Key Largo Arby's (14 years)
Past Owner - Florida Keys Wendy's (18 years)
Past Owner - Florida Keys Dairy Queen (5 years)
I don't make predictions very often, mainly because I don't like to be wrong. However, some indicators are popping up that I cannot ignore.
Reports are that there are 10 million young adults from ages 18 to 25 who are living at home. Why? They don't have jobs or are can't get enough hours where they work due to the job market.
The National Restaurant Association claims that they are the largest industry in the United States. That makes sense, since it covers the Hot Dog wagon to 5 Star restaurants. Tens of millions of people work in this industry. I own a national brand fast food restaurant and have owned various brands over the years. I'm still very plugged in to the different franchises that I have belonged to over the years, and they are all planning on doing the same thing in 2013.
Obamacare is the law of the land. No matter if you love it or hate it, it's still the law - so I for one am now figuring out how to deal with it without it sinking me, and everyone else in this industry is doing the same thing. According to the law, if you have 50 or more full time employees, you must provide insurance for them all or pay a $2000 fine for each of them. If you can do math, that's a $100k tax. If you have one of those national brand restaurants, normal annual sales are usually in the $1M area, but they have lots of royalty fees and marketing fees and require you do all kinds of stuff which is expensive - so if you can post a 10% bottom line, you are the norm. Some fine-tune it and pull off 15% bottom lines, but they are rare. That's why there are so many multi-unit owners out there - $100k a year for a serious investment isn't a very good payback - so have 3 or 4 of them and you can increase your percentage upwards to 12-15% bottom line by sharing expenses. However, now an owner has to pay $100k for a new tax for just 50 employees, some of these multi-unit owners have a total 200 employees - and many are full-time. Quick math says 200 employees x $2k = $400k. Now the owner doesn't have much of a bottom line any longer...
So, what can one do? Ah! Make everyone PART-TIME! This is great for the owner, as they dodge a really deadly bullet, but bad for the employees - as a Part-time definition in Obamacare is 29.5hrs or less per week. So, all those restaurant workers who voted for Obamacare will now get 25% of their hours cut - I'm sure they were told this somewhere - don't you think?
However, this is where the silver lining begins. Remember, an employer is going to have to take a 40hr per week employee to less than 30hrs per week - or 25% less hours. I can attest that restaurant owners don't run padded staffs - they usually have exactly how many people it takes to make their operation run, not a person more. So, if they are going to cut 25% of ALL hours, they are going to need to HIRE 25% more employees. Think of it - EVERY restaurant in the US is about to hire 25% more staff! This is going to put a strain on job pool. Many people who are unemployed are so because they can't find a job - they are now going to be able to get two jobs if they can handle the scheduling...
This is going to help get this 10 million young adults off parent's couches and into their own apartments.
Oh yeah, has anyone noticed that no one has been building apartments since 2008? Seven million high school graduates a year since 2008 and less than 1 million new housing units each year since then - in other words, we have a massive housing shortage that is about to fall into our laps.
2013 could be a frenzy of Real Estate transactions. The Feds are going to recognize it and start pumping some of these foreclosures that are sitting on the sidelines, further exhausting empty houses in neighborhoods. This is great, great news - IF you are a home owner. If you are renting - sorry, you are about to pay a premium as housing starts to dry up - so try to lock your lease rate for multiple years if you can convince your landlord to ink the deal - OR - BUY. Even if you have questionable credit, there are still alot of home owners that will do an owner financed deal if you have enough down payment.
That's my outlook of 2013. An unexpected war, default of the US, etc could easily void this projection but otherwise - this is what I'm gearing up for.
Terry Brown, Owner - RE/MAX Mountain River
Owner - Key Largo Arby's (14 years)
Past Owner - Florida Keys Wendy's (18 years)
Past Owner - Florida Keys Dairy Queen (5 years)
Tuesday, October 23, 2012
A new housing boom
@CNNMoney
NEW YORK (CNNMoney) -- The long-battered housing market is finally starting to get back on its feet. But some experts believe it could soon become another housing boom.
Signs of recovery have been evident in the recent pick ups in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.
But while many economists believe this emerging housing recovery
will produce only slow and modest improvement in home prices,
construction and jobs, others believe the rebound will be much stronger.
Barclays Capital put out a report recently forecasting that home prices, which fell by more than a third after the housing bubble burst in 2007, could be back to peak levels as soon as 2015.
"In our view, the housing market had undergone a dramatic over-correction during the prior five years, resulting in pent-up demand for housing purchases that would spark a rapid rise in housing starts," said Stephen Kim, an analyst with Barclays, in a note to clients.
In addition to what Kim sees as a big rebound in building, he's bullish on home prices, expecting rises of 5% to 7.5% a year.
Related: Where housing is most (and least) affordable
Construction is expected to be even stronger, with numerous experts forecasting home construction to grow by at least 20% a year for each of the next two years. Some believe building could be back near the pre-bubble average of about 1.5 million new homes a year by 2016, about double the 750,000 homes expected this year.
"We think the recovery is for real this time around," said Rick Palacios, senior analyst with John Burns Real Estate Consulting. "If you look across the U.S. economy right now, there are only a handful of industries looking at 20-30% growth over the next 4-5 years, and housing is one of those."
Home builder stocks are up 162% in the last 12 months, led by a 250% jump at PulteGroup (PHM). Other leading builders including DR Horton (DHI), Toll Brothers (TOL), KB Home (KBH) and Lennar (LEN) have all seen their stocks more than double over that time. New orders at publicly-traded builders are up 30% since January, according to Kim.
Related: Is buying rental property now a sure bet?
Palacios said stocks in other sectors, from manufacturers of drywall to flooring to kitchen and bath fixtures, have all more than doubled as well this year.
The housing rebound can have a ripple effect that could help get the entire economy growing at a much stronger pace, which will add to more demand for housing.
"That turn in the [housing] market is occurring now and it should become a boom by 2015. It will be powerful enough ... to lift the entire U.S. economy," said Roger Altman, chairman of Evercore Partners and former deputy Treasury secretary, in a column for the Financial Times.
Altman said he expects housing will add 4 million jobs to the economy over the next five years, as pent-up demand for home purchases drives building and and home prices higher.
NEW YORK (CNNMoney) -- The long-battered housing market is finally starting to get back on its feet. But some experts believe it could soon become another housing boom.
Signs of recovery have been evident in the recent pick ups in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.
Barclays Capital put out a report recently forecasting that home prices, which fell by more than a third after the housing bubble burst in 2007, could be back to peak levels as soon as 2015.
"In our view, the housing market had undergone a dramatic over-correction during the prior five years, resulting in pent-up demand for housing purchases that would spark a rapid rise in housing starts," said Stephen Kim, an analyst with Barclays, in a note to clients.
In addition to what Kim sees as a big rebound in building, he's bullish on home prices, expecting rises of 5% to 7.5% a year.
Related: Where housing is most (and least) affordable
Construction is expected to be even stronger, with numerous experts forecasting home construction to grow by at least 20% a year for each of the next two years. Some believe building could be back near the pre-bubble average of about 1.5 million new homes a year by 2016, about double the 750,000 homes expected this year.
"We think the recovery is for real this time around," said Rick Palacios, senior analyst with John Burns Real Estate Consulting. "If you look across the U.S. economy right now, there are only a handful of industries looking at 20-30% growth over the next 4-5 years, and housing is one of those."
Home builder stocks are up 162% in the last 12 months, led by a 250% jump at PulteGroup (PHM). Other leading builders including DR Horton (DHI), Toll Brothers (TOL), KB Home (KBH) and Lennar (LEN) have all seen their stocks more than double over that time. New orders at publicly-traded builders are up 30% since January, according to Kim.
Related: Is buying rental property now a sure bet?
Palacios said stocks in other sectors, from manufacturers of drywall to flooring to kitchen and bath fixtures, have all more than doubled as well this year.
The housing rebound can have a ripple effect that could help get the entire economy growing at a much stronger pace, which will add to more demand for housing.
"That turn in the [housing] market is occurring now and it should become a boom by 2015. It will be powerful enough ... to lift the entire U.S. economy," said Roger Altman, chairman of Evercore Partners and former deputy Treasury secretary, in a column for the Financial Times.
Altman said he expects housing will add 4 million jobs to the economy over the next five years, as pent-up demand for home purchases drives building and and home prices higher.
Saturday, October 20, 2012
Denver housing inventory falls by one-third in past year
Contrary to other similarly affected metro areas, the inventory reductions in Denver are fairly even across the board. Inventory for all homes in the metro area dropped 31.7 percent. Inventory fell 32.3 percent in the bottom-price tier, 32.5 percent in the middle tier and 30.8 percent in the upper tier.
Nationally, inventory rates fell 19.4 percent across the three price tiers, declining the most (22 percent) in the upper tier.
With inventories down and demand up, home prices are on the rise — a positive sign for the housing market. But that can make it tough on homebuyers, especially first-time buyers.
The Zillow study said inventory of lower-priced homes, which are commonly sought by first-time homebuyers, dropped by 42.7 percent in California, including 59.7 percent in Fresno, 55.4 percent in Sacramento and 53.2 percent in San Francisco.
"First-time homebuyers are being squeezed out of the market by falling inventory and the rapid influx of investors looking to buy basic homes to rent out to the growing population of people who have recently been foreclosed upon," said Stan Humphries, Zillow's chief economist. "Investors are paying in cash and can close sooner, which is more favorable to banks and homeowners looking to sell."
Out of the 101 metro areas covered in the report, inventory across all tiers dropped the least in the Hartford, Conn. (4.6 percent), Albuquerque (4.9 percent) and New Haven, Conn. (5.5 percent) metro areas, and rose in only one market — Little Rock, Ark. (0.4 percent).
In the 30 largest metro areas, inventory across all tiers fell the most in Sacramento (42.4 percent) and fell the least in Cincinnati (9.5 percent).
The Zillow analysis tracked changes in the number of homes listed for sale on Zillow across the country as of Sept. 30.
John Mossman: 303-954-1479, jmossman@denverpost.com
Thursday, October 18, 2012
Denver property values recover from 2008
Denver Home Value Information
Value trends in Denver, CO
- Denver = red
- National = green
- Avg. Single-Family Home Value 2012
- Average Condo Value 2012
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