Experts Predict Level Playing Field as Investors Withdraw

first_img Share Save in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Previous: Have Young Buyers Been Priced Out? Next: Interest Rates and HARP Participation Pressure Title Insurer Revenues Tagged with: Federal Reserve Home Values Investors Zillow The Best Markets For Residential Property Investors 2 days ago  Print This Post A majority of experts surveyed by Zillow and Pulsenomics expect large-scale investors will pull out of the housing market in the next few years—and that hopefully means a smoother field for consumer buyers.Out of 110 economists, real estate experts, and investment strategists surveyed in Zillow’s latest Home Value Index, 57 percent said they think institutional investors will work to sell the majority of homes in their portfolios “in the next three to five years.” These investors are largely credited with propping up housing during its recession, helping to keep sales volumes from plummeting too far.While their withdrawal will most certainly affect today’s still-fragile market—79 percent of those surveyed said the impact would be “significant or somewhat significant” should investor activity curtail this year—Zillow chief economist Dr. Stan Humphries says it wouldn’t be the worst thing to happen to housing.“Buyers entering the market in the next few months will not be competing with cash-rich investors like they were last year which should be small solace given the higher prices and mortgage rates that they will encounter,” Humphries said. “The gradual decline of investor activity should be viewed as another sign of the market slowly returning to normal.”Humphries also pitched in his own opinion on a timeline, saying he agrees with the panel “that there will not be a rush for the exit by institutional investors.”The group was also asked about their thoughts on when the Federal Reserve should end its asset purchases, an effort that has already begun with two rounds of tapering.More than 70 percent of respondents wish to see the stimulus ended before the end of 2014—“and the current pace of tapering will get us there,” said Pulsenomics founder Terry Loebs.“Of course, whether Janet Yellen’s Fed will maintain the current pace as new economic challenges arise remains an open question,” Loebs added.Finally, the last question posed to experts: What will home value appreciation look like in 2014 and beyond?Panelists arrived at an average projected appreciation rate of 4.5 percent through the end of the year–still high compared to the historical norm of 3 percent. Appreciation is expected to slow to 3.8 percent in 2015, falling to 3.3 percent by 2018.Based on current forecasts for home value appreciation in the next five years, panelists predicted that overall home values could surpass their April 2007 peak by the first quarter of 2018. February 12, 2014 764 Views center_img Federal Reserve Home Values Investors Zillow 2014-02-12 Tory Barringer Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Experts Predict Level Playing Field as Investors Withdraw Data Provider Black Knight to Acquire Top of Mind 2 days ago Experts Predict Level Playing Field as Investors Withdrawlast_img read more

Ocean City Boardwalk Work Starts Monday; Detour Coming Soon

first_imgThe boardwalk between Seventh and Sixth streets will be removed and replaced in a project that starts Monday (Oct. 20) and is expected to be complete by early April.For Ocean City visitors, it was a sight to behold: a block of the Ocean City Boardwalk obliterated — with nothing but sand filling the gap between the surviving sections.A project to replace the Ocean City Boardwalk between Fifth and Sixth streets nears completion in February 2014.For runners and riders, it meant a little detour that added a bit to the five-mile round  trip they knew so well.That was the scene last winter when the city started the first phase of a multi-year project to replace the Ocean City Boardwalk and its substructure between Fifth and 12th streets. Work to replace one block of the boardwalk between Fifth and Sixth streets was completed by early April.Work to replace a second block of boardwalk begins on Monday (Oct. 20), according to Jim Mallon, assistant to Mayor Jay Gillian.A construction contractor will begin work to demolish and replace the boardwalk from Sixth Street to Plaza Place (just north of Seventh Street). The boardwalk will be closed to through traffic likely starting sometime this month.Boardwalk detour during a construction project between Sixth and Seventh streets that starts on Oct. 20.A detour will take pedestrians and cyclists off the Boardwalk at Seventh Street, down Wayne Avenue, through the municipal parking lot between Sixth and Fifth streets, and back to the boardwalk at Fifth Street.City Council this summer awarded a $1.2 million contract to Fred M. Schiavone Construction of Malaga to complete the work. Schiavone was the contractor for the first phase of the project between Fifth and Sixth streets and for the new Welcome Center on the Route 52 causeway.Council has authorized spending up to $1,825,000 on this phase of the project.The project specifications call for using a stock of southern yellow pine that has been stored in Ocean City since the settlement of a lawsuit with the Louis J. Grasmick Lumber Co. of Baltimore in 2009.The city has long sought an alternative to pine for its boardwalk. The soft wood splits, cracks and exposes nails or screws after relatively short periods of time. The city has studied and tested many alternatives but has found none both suitable and cost-effective.But the existing stock of southern yellow pine is thicker (three inches) and sturdier that the pine used on other sections of the boardwalk, and the city administration says it is “optimistic” that it will hold up much better.The boardwalk project will include reconfiguring the boardwalk ramp at Sixth Street, eliminating the north ramp and widening the south ramp. The access ramp for the disabled will remain in place, leading to the municipal parking lot between Fifth and Sixth streets. The work is expected to be complete by spring.__________Sign up for OCNJ Daily’s free newsletter and breaking news alerts“Like” us on Facebooklast_img read more