January Real Estate Dribs and Drabs

As 2010 begins most experts predict that record numbers of foreclosures will continue. That being the case, home prices will probably go nowhere until that distressed inventory is cleaned out.

Rentals are the way to go. The Wall Street Journal reports that apartment vacancies hit a 30 year high late last year, and landlords are scrambling to fill them. Reis, Inc., a research firm, said that rents fell 3% last year, led by declines in west coast cities. Conclusion – you might be better off renting than buying. Particularly in a lot of active adult communities, there are plenty of places to rent.

Miami Dade County just went online with foreclosure auctions. In a somewhat amazing step, Miami-Dade county has started online auctions as a way to clear out a mountain of foreclosed properties. Auctions are risky, but they can offer bargains. The County is hoping to attract better prices as more people have access to information about these homes.

Walkability is better according the NY Times article “Street Corners vs. Cul-de-Sacs“. The Walk Score from C.E.O.’s for Cities, rates the number of destinations that are within walking distance of a home. 100 points is perfect (The White House on Pennsylvania Ave is a 97), 50 is average, most homes in the suburbs get low scores. The study concludes that homes with better Walk Scores lower crime, improves quality of life, and raises property values. Makes sense to us. Rate your home at Walkscore.com.