For Rent: 3BR/2BA Single Family House in Hillsborough, NC, $1,200/month

Come out to the country, come on out to Hillsborough.

For Rent: 3BR/2BA Single Family House in Hillsborough, NC, $1,200/month

The Rental Market

Renting and Leasing
According to CoStar Group, the #1 commercial real estate information group, almost every multifamily market saw strong leasing, rising demand and falling vacancy rates in the third quarter as the nations rental market continued a solid 2010 rally. As of now rentals should continue to surge over the next five years, with a growing supply of renters and very little new product in the planning and building pipeline.

Vacancy rates are above historical averages and in many multi-family communities robust incentives are being offered to move renters in. Still the national vacancy rate compiled from the 54 largest markets declined for a third straight quarter in 2010. Raleigh/Durham, Charlotte, Nashville and Dallas/Fort Worth have seen the highest demand and the sharpest decline in vacancy rates.

CoStar Group November 3, 2010

The Herald-Sun - This weekend s Durham Art Walk will feature addition of a Holiday Market

The Herald-Sun - This weekend s Durham Art Walk will feature addition of a Holiday Market

The Shadow Market.

The Market

This is scary, according to REALTOR September 2010, about 2.4 million properties nationwide are considered to be part of “shadow” inventory. This is a new term for me, so it must be for you too. Shadow inventory is defined by NAR as REO property, which is bank owned aka foreclosure or those near foreclosure. Those near foreclosure are homes where the owner is 90 days or more late in payments. Properties NOT counter are those that are less than 90 days late, those where the owner is trying to modify a mortgage. Also not counted are homes already in foreclosure or on the market as short sales. If those properties were counted in the “shadow” inventory then the number would be closer to 7 million distressed properties nationwide.* YIKES!

On a positive note...banks are methodically bringing foreclosed homes onto the market and not dumping oodles of inventory onto the market which would destroy already shaky pricing, driving prices down very quickly. Similarly in recent weeks several large banks, Bank of America, Chase and GMAC have curtailed foreclosures in many markets due to problems with their procedures and how they are carrying out the foreclosure and eviction process. Hmm, stay tuned.
*REALTOR September 2010 page 9

For Rent: 3BR/2+1BA Single Family House in Durham, NC, $1,100/month

Great home to rent in Durham, minutes to RTP and Brier Creek and Falls Lake recreational amenities.

For Rent: 3BR/2+1BA Single Family House in Durham, NC, $1,100/month