For the last couple of years the Obama administration has been assuring us that economic recovery is imminent, and up until now, most of us have been scoffing at these assertions thanks to continued foreclosures and ongoing unemployment rates. But according to pundits everywhere, the recent bump in the housing market might just be the beginning of the end where the Great Recession is concerned. Of course, popular media outlets haven’t exactly been the paragons of valid information on this front over the last few years, a state of affairs that we probably owe to the 24/7 news cycle and the fact that filler often takes the form of rampant speculation in the absence of actual news to report. But setting that entirely aside, anyone who has been poking around on MLS sites like Zillow and Trulia is probably aware that foreclosures have all but vanished, short sales are drying up, and housing prices are actually starting to increase. The only real question is whether this is going to become a trend or if it’s merely a short-lived anomaly in the ongoing recessi Continue reading
Here is another interesting map of the United States, this one presented by Trulia real estate search. This time the map indicates which major cities are cheaper to rent in and which major cities are cheaper to buy in. Topping the list of cities that are cheaper to rent in should come as no surprise: New York City is notoriously expensive to buy a home in. On the other hand, major centers such as Phoenix and Miami are far better for buying a home (perhaps because housing prices fell so drastically in these cities?). The numbers are bit more confusing than the colours and are the result of some complex calculation to determine what is cheaper. But the main point is that the lower the number, the more it makes sense to buy within the city.