“It was a bit of a nightmare because I don’t live in Greenville…I have no desire to go back to Greenville because my life is in DC,” says Patel. “It was a lot of coordination and I am still trying to collect over $2,000 from my tenants.”

Patel finally ended up selling the home recently at a large loss. She didn’t want to do a short sale because the process is long and risky, and she didn’t want to damage her credit.

(Read More: Record High New Home Prices to Grow)

While there are no real estimates of how many “accidental landlords” now inhabit the housing market, Realtors say they are one more cause of today’s low inventory issue. Usually a buyer is also a seller, making the transaction a wash in terms of inventory, but if the buyer is not a seller, and instead becomes a landlord, inventory takes a negative hit.

Home prices have been rising steadily, up over ten percent from a year ago, according to the latest reading from CoreLogic. Prices are still well below where they were during the housing boom, when so many people bought into the market.

As millions come above water, others are far below. Forty-eight percent of borrowers in Atlanta are underwater, 37 percent in Miami, 54 percent in Las Vegas and 37 percent in Sacramento.

(Read More: Homes Selling at Fastest Pace Since Boom)

It will take many years of price gains for these homeowners to see the light of equity.

Article source: http://www.cnbc.com/id/100764601

SAN FRANCISCO, Feb. 11, 2013 /PRNewswire-iReach/ — Business Insider has recently shed light on the “hottest” luxury real estate markets across the United States. San Francisco joins New York, Los Angeles, Miami, and Washington, DC on this collection of growing markets in the luxury real estate industry. Thea Miller , a sales and marketing professional who specializes in luxury properties, comments on the growth of the San Francisco market.

“As the Bay Area‘s housing market continues to heat up once again, it’s catching the attention of the media—and it is shining a spotlight on the rebound that the market is making,” comments Thea Miller . “In a front-page story in the Chronicle, titled ‘Bay Area Home Sales, Prices Surging,’ reporter Carolyn Said explores the extremely strong housing numbers that were released by DataQuick, which is a La Jolla-based information services company. She has examined the catalysts of the housing turnaround. DataQuick, in its monthly report, asserts that the median sale price for Bay Area properties in December rose to $442,750, a stunning 32 percent increase from a year ago and the largest jump in 25 years of record keeping.”

Miller goes on to explain that, according to the article, sales increased year-over-year for the 18th month in a row, ultimately climbing 4.5 percent in just the last month. She cites CaliforniaMoves.com data reporting that San Francisco and Santa Clara County achieved double-digit sales growth year over year with 29.5 percent and 13.1 percent increases, respectively.

“It’s good to see that Bay Area news and other media are on top of this story, but what’s especially gratifying is that they’re getting out the message that we have a severe shortage of homes for sale in the region and sellers are getting good prices for their homes once again,” asserts Miller. “My hope is that homeowners who have been sitting on the sidelines will begin to realize that this market presents a tremendous opportunity for them to get top dollar for their home. Right now, it’s a red-hot seller’s market. But as we know, it won’t always be that way. If traditional patterns apply this year, there will be some added inventory in March and April. This will bring more opportunities for buyers, but it will also incite additional competition between sellers, compared to the way the market stands today.”

Miller encourages any individuals who are contemplating selling a luxury property in the Bay Area to contact a qualified professional to discuss the value of putting their homes on the market while conditions are still in their favor. 

ABOUT:

Thea Miller is a luxury property specialist. With over two decades of experience, Thea Miller guides her clients through the market in San Francisco, California. Thea Miller provides a high degree of customer support while paying close attention to detail and providing insight regarding local property values and activities. She is a member of The National Association of Realtors, The San Francisco Association of Realtors, The California Association of Realtors, Who’s Who in Luxury Real Estate, and Top Agent Network, of which she is a verified member.

Media Contact: Jordan Hope Mark-PR.com, (678) 685-8304, mark@mark-pr.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Thea Miller

Article source: http://www.prnewswire.com/news-releases/thea-miller-comments-on-growing-luxury-real-estate-market-190648651.html

WASHINGTON, DC-NAREIT?s Calvin Schnure has crunched the numbers and tells GlobeSt.com?s Erika Morphy that demand will outpace supply until at least 2017.

• Empire State Realty Trust Sued Over REIT Plan, New IPO
• How to Beat Unfair CRE Tax Assessments
• Economic Growth Resembles a Recovery, Not a Head Fake
• Home Prices Dip By 4% Across 20 US Cities

Article source: http://www.globest.com/news/12_301/sanfrancisco/leasing/Private-Biotech-Firm-Signs-220000-SF-Lease-319364.html

Did I say double dip? Well I’m not the only one.

Today’s home price report from SP Case Shiller proves the point. Remember, this report is based on the sale prices of transactions that closed in January, but it is also a three month running average. That means that at least two thirds of the price deals were struck in October and November, when mortgage rates were at historic lows, providing more purchasing power; they only began spiking in December.

So prices in the top twenty U.S. Markets were down 3.1% in January, year over year, and the slide is accelerating. Eleven of the top twenty hit new price lows on the index. Only San Diego and Washington, DC are showing annual improvements with San Diego just barely out of the red.

“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says Standard and Poors’ David M. Blitzer. “The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery. At most, we have seen all statistics bounce along their troughs; at worst, the feared double-dip recession may be materializing.”

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Article source: http://www.cnbc.com/id/42324054?__source=RSS*blog*&par=RSS