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  Topic: Apartment Bubble Inflating Fast
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Apartment Bubble Inflating Fast
CNBC, by Diana Olick

Original Article

Posted By:chicodon, 10/18/2012 11:03:35 AM

Housing construction numbers for September were “blowout” and “smashed consensus,” according to analysts who follow the sector. Single family starts rose 11 percent from August and are up nearly 43 percent from a year ago. This from the depths of the housing recession. Multi-family starts and permits, however, garnered a different headline: “Headline Risk as Data Cross 10-year Averages,” came the report from Cantor Fitzgerald. Building permits for multi-family buildings, which means five units or more, and which will be rental buildings, not condos, jumped 93.4 percent from a year ago to 323,000, which is above the 10-year average
Source name corrected by staff

Comments:
Apartment construction has been booming for over a year now. I have friends in the business and they have been swamped.

      


Post Reply  

Reply 1 - Posted by: starsNstripes, 10/18/2012 11:13:52 AM     (No. 8942466)

Yep, just sold my house for a huge loss (thank you Barney Frank, Bill Clinton, and Freddie-Fannie) and have decided that I'll rent until I see a dramatic and positive change in direction for this country.

Given how hard it was to find a decent rental unit, I can only summize that there are a lot of people thinking just like me.

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Reply 2 - Posted by: Highvoltage, 10/18/2012 11:22:52 AM     (No. 8942506)

We're headed for a big bust in multi-unit housing. i.e. apartments. They are way overbuilt and overcharging for rent. When Romney wins and businesses start hiring, folks will begin to move back into homes leaving apartments in droves.

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Reply 3 - Posted by: scurfie, 10/18/2012 11:33:38 AM     (No. 8942554)

I agree #2 and reason is always the same. Why pay rent when you could be building equity by owning a home?

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Reply 4 - Posted by: msjena, 10/18/2012 11:43:56 AM     (No. 8942595)

As soon as housing prices start going up again, rents will fall. I suppose the builders figure they can always convert to condos.

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Reply 5 - Posted by: devnull, 10/18/2012 1:21:29 PM     (No. 8942899)

Agenda 21 - move people out of individual, owned properties and into communal housing....

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