Philadelphia's Department of Licenses (L & I) and Inspections is stepping up scrutiny of rental properties in the hope of improving upkeep and safety of city housing. L&I is targeting properties that have lapsed housing licenses, which landlords must renew yearly for $50. L&I had conducted such inspections for years but stopped doing so under former Mayor John F. Street. The city estimates there are 50,000 residential rental properties in Philadelphia. L&I hopes to inspect about 10,000 this year.
In December, Councilmen James F. Kenney and Frank DiCicco won unanimous City Council approval for a bill requiring inspections every five years for building exteriors. Initial inspections are to be completed by June 30, 2011, for buildings six stories or taller built before 1950; newer buildings are to have their first inspections between 2012 and 2015, based on their age. Building owners, not L&I, are responsible for the inspections. Click here to visit the Philadelphia Department of Licenses and Inspections.
Source: Philadelphia Inquirer; 1/7/10
Saturday, January 9, 2010
Pending Home Sales Down From Surge
Daily Real Estate News | January 5, 2010
Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit. However, it remains comfortably above the level from a year ago, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 16 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.
Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”
Buyers who have a contract in place to purchase a primary residence by April 30 have until June 30 to finalize the transaction to qualify for the tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.
By Region
The PHSI in the Northeast dropped 25.7 percent to 74.4 in November but is 14.7 percent above a year ago.
In the Midwest the index fell 25.7 percent to 82.0 but is 9.2 percent higher than November 2008.
Pending home sales in the South fell 15.0 percent to 97.8, but are 14.7 percent higher than a year ago.
In the West the index declined 2.7 percent to 124.6 but is 21.4 percent above November 2008.
Interest Rates Likely to Go Higher
Yun projects an additional 900,000 first-time buyers will qualify for the extended tax credit, in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.
“Many trade-up buyers, who have historically timed their purchase based on school-year considerations, will have to accelerate their buying plans if they need the tax credit to make a trade,” Yun said. Repeat buyers do not have to sell their existing home to qualify for the credit, but they must occupy the home they buy as their primary residence.
Yun added that mortgage interest rates cannot remain at rock-bottom levels for a sustained period and will likely inch higher in 2010. But the tax credit impact in the first half of the year and expected job-growth impact in the second half will support home buying activity and absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010.
Source: NAR
Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit. However, it remains comfortably above the level from a year ago, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 16 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.
Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”
Buyers who have a contract in place to purchase a primary residence by April 30 have until June 30 to finalize the transaction to qualify for the tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.
By Region
The PHSI in the Northeast dropped 25.7 percent to 74.4 in November but is 14.7 percent above a year ago.
In the Midwest the index fell 25.7 percent to 82.0 but is 9.2 percent higher than November 2008.
Pending home sales in the South fell 15.0 percent to 97.8, but are 14.7 percent higher than a year ago.
In the West the index declined 2.7 percent to 124.6 but is 21.4 percent above November 2008.
Interest Rates Likely to Go Higher
Yun projects an additional 900,000 first-time buyers will qualify for the extended tax credit, in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.
“Many trade-up buyers, who have historically timed their purchase based on school-year considerations, will have to accelerate their buying plans if they need the tax credit to make a trade,” Yun said. Repeat buyers do not have to sell their existing home to qualify for the credit, but they must occupy the home they buy as their primary residence.
Yun added that mortgage interest rates cannot remain at rock-bottom levels for a sustained period and will likely inch higher in 2010. But the tax credit impact in the first half of the year and expected job-growth impact in the second half will support home buying activity and absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010.
Source: NAR
Subscribe to:
Posts (Atom)
