With real estate prices at the highest they’ve ever been, getting into a house in certain markets can be a daunting task. Out of 130 metro areas analyzed in June, about one-third are at all-time highs for real estate prices. Money magazine has additional information, here.
Low housing supply is hindering home sales as we progress through summer. Mortgage application volume is down 11%, but still up 40% from a year ago. CNBC has a breakdown of the current state of things, here.
Realtor.com has an article today on the best U.S. cities to invest in budget real estate. Included in the top-ten cities are: Jacksonville, FL, (At #1), Chicago, IL, Detroit, MI, and Phoenix, AZ. You can read the report, and see the remainder of the list, here.
The New York Times has a piece on buyers beating out competition on sought-after properties by buying in cash, then securing financing at a later date. Depleting your savings to secure a real estate deal is not a sound investment strategy in most cases, but the article is worth a look. More, here.