Philadelphia Real Estate and Beyond August 17th, 2011
MilkBoy Coffeee Opens Center City Location – MilkBoy Coffee has opened in Center City Philadelphia at the 11th and Chestnut location. The Philadelphia Main-Line based MilkBoy Studios and coffee shops has two previous locations in Ardmore and Bryn Mawr. This particular location is the first to have a liquor license and an upper level venue capable of seating approx 200. (http://www.uwishunu.com/)
Housing Affordability At All Time High – The National Association of Realtors’ Housing Affordability Index for the second quarter of this year reached 176.6, the third highest level since record keeping began in 1970. The previous high came during the first quarter of 2011. The affordability index measures the relationship between median home price, family income, and mortgage rates. The NAR’s latest quarterly report also found home values up in 27 percent of metropolitan areas, though the national median, existing-home price fell 2.8 percent from a year earlier. Lawrence Yun, NAR’s chief economist, said median home prices have been moving up and down in a relatively narrow range, which shows a stabilization trend. (http://timroachtridentmortgage.com)
Experts Predict 2012 Home Prices Rise – Some housing experts are predicting that the slowly strengthening housing market, marked by fewer mortgage delinquencies and foreclosures, may get a boost from consumers who see value in home ownership as compared to other investments. The U.S. credit downgrade has market investors worried and it is expected that homes in metropolitan areas will gain the benefit of rising value. (http://www.nuwireinvestor.com)
Buying Is Cheaper Than Renting In Most US Cities – According to real estate web site Trulia, buying was cheaper than renting in 74% of the country’s 50 largest cities in July. In just 12% of the cities, including New York, Seattle and San Francisco, renting was cheaper. In the remaining 14% of cities, renting was less expensive but close to the cost of buying. Buying real estate is a better deal than renting in 74% of major US cities – This includes PHILADELPHIA! (www.CNNMoney.com).
Refinance Activity Increases While Purchase Activity Declines – the Refinance Index increased 8% from the previous week and the seasonally adjusted Purchase Index decreased 9.1% from one week earlier. No doubt stock market volatility and consumer confidence fears about the economy account for the slowdown in purchase demand.
Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106