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?considering Immediate Products In Main Line Design Build Construction

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A housing bubble may be in the offing for Southern California, real estate website Trulia pointed out. The site said that three Southern California areas are experiencing overpriced property values based on past trends as well as local incomes. The inflated pricing puts them among the five most overvalued US housing markets, said Trulia. Of these places, Orange County is the most overvalued, with prices that are seen to be 16% overpriced, followed by Los Angeles County with 13% and 10% in Inland Empire. Trujila also pointed out that asking prices in these three areas have gone up 16% or higher year over year.

The biggest boom in construction will be fueled by aging baby boomers, according to forecasts from key real estate industry players. Demand for medical-related facilities is seen to explode over the next twenty-five years as boomers start to hit 75. As families try to deal with hard economic times, a shift to multigenerational residential properties is also seen to happen, with homes near mass transit facilities in particular demand.

Mortgage lenders are seen to be loosening lending towards borrowers with less-than-perfect credit as a way of drumming up business. Subprime borrowers with credit scores of as low as 600 can now avail of mortgages from Wells Fargo. Non-bank lender Carrington has followed suit by lowering its minimum credit score requirement to 550. Increasing mortgage rates have weakened the once-lucrative mortgage refinancing market, with the average fixed rate for thirty-year mortgages growing by 4.4% following drops to near-historic lows in May, the formerly-lucrative mortgage refinancing market has weakened. A sub-prime lender borrowing from Carrington would currently be charged a rate of 7.15 percent. .

The average buyer may soon have trouble buying properties in several major markets, property data company Zillow warned. Buyers in Miami, for instance, will be unable to afford 62.4% of Miami homes are out of reach for those with average incomes while in Los Angeles, 57.2% of homes are unaffordable. An estimated 33.6% of homes on a nationwide basis are considered unaffordable. The increase in affordability issues raised concerns that trends may emerge similar to those that preceded the housing crash. In fact, some areas are already showing early signs of a real estate bubble, although the overall market is not yet in one.

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