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Obama calls housing the biggest drag on the economy

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Today, President Obama visited the Facebook headquarters for a Town Hall meeting and took questions from Facebook users on various topics, including housing which he said is currently sluggish and that collapsing home prices is probably the biggest drag on the current economy.

Obama noted that the era of buying homes with low down payments is over and although there are some pockets of positive activity in housing, and advised that for some people it may be smarter to rent.

What’s next?

Now that Obama has declared housing is the biggest speed bump to the economy, will more attention be paid to the sector other than killing Fannie Mae and Freddie Mac, and government infighting and continued implementation of failed projects like HAMP? Obama has recently announced he will be running for reelection, will housing be put on the forefront of this and other campaigns?

When the full transcript and video are available they will be posted here.

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27 Comments

27 Comments

  1. Roland Estrada

    April 21, 2011 at 4:07 am

    The man has a stunning grasp of the obvious. I can’t wait for him to announce the world is round.

    • MH for Movoto

      April 21, 2011 at 2:49 pm

      staunch Democrat though I am . . . . LOL. you're so right.

  2. Benn Rosales

    April 21, 2011 at 10:31 am

    I think the administration's economic policies are a drag on the economy, 4.50 gas is a drag on the economy, stringent credit requirements are a drag on the economy, I mean, come on… JOBS are the biggest drag on the economy.

    Not one solution mentioned. With every campaign move in the next year, I think it draws anger. We don't need a cool president, we need a president who isn't afraid to only serve one term.

    • Roland Estrada

      April 21, 2011 at 10:43 am

      Agreed. Private sector job creation has to lead the way, not the shovel-ready malarky the administration has tried to peddle.

    • Eric Holmes

      April 23, 2011 at 2:57 am

      Seriously, what does the administration want? I want hope and change and intelligent fiscal policy.

      I'm the asshole that could care less about who you love but what you love. I'm the 60%+ that fiscal conservative and social liberal that is apparently so elusive.

      I can say that I feel I'm over taxed as a self employed individual, but that means jack and sh!t to anyone else.

      Sometimes I feel like D'Angelo Vickers swatting peanut vapor laden peanut butter sandwiches with the ends cut off out of the air with a trapper keeper. I often look at myself in the mirror and say "WTF?", "wtf?"? Peanut Butter, seriously? Terrible.

  3. Joe Loomer

    April 21, 2011 at 10:38 am

    …What Benn said – last I checked jobs lead recoveries, and higher taxes mean less jobs. With gas approaching four bucks a gallon, who can afford to go look at houses?

    Navy Chief, Navy Pride

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Austin

Austin tops the list of best places to buy a home

When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?

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Looking at the bigger picture

(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).

That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).

They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.

“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”

Click here to continue reading the list of the 12 best places to buy a home…

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Housing News

Average age of houses on the rise, so is it now better or worse to buy new?

With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.

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aging housing inventory

The average home age is higher than ever

(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.

With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.

Prices of new homes on the rise

Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.

Click here to continue reading this story…

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Housing News

Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?

The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.

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zillow move

Why Realtors are vulnerable to these rapid changes

(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.

Note: We’ll let you decide which company plays which role in the image above.

So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.

1. Zillow poaches top talent, Move/NAR sues

It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.

Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.

2. Two major media brands emerge

Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.

…Click here to continue reading this story…

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