Demand outpaces supply in least affordable markets
Some of the least affordable markets in the United States are suffering from lack of new housing supply as demand soars. Zillow reported that between 2012 and 2013 there were only 187 new homes supplied for every 1,000 new arrivals in Los Angeles, and in San Francisco, it was only slightly better with 193 homes for every 1,000 newcomers.
New York fared better at 383 per 1,000 but falls well short of markets like Chicago, where 906 homes were supplied for every 1,000 new residents. Low supply of course pushed rents higher; in L.A. for example rent takes 48.2% of residents’ monthly income compared to Chicago where it is 31.1%. Read the full story.
Brick maker predicts that building will rebound
House building will recover from the lowest level of housing starts in a year. That’s according to Willy Van Riet, chief financial officer of Wienerberger, the largest brick maker in the world. He told CNBC that he is confident of a rebound: "If you look at the U.S. they are now at 1 million housing starts for the whole of the market. We have been at 2 million and we need to satisfy the demand of about 1.5 million so there's still a huge potential to go for.” Van Riet said that globally, house building is slowly recovering. Read the full story.
Queen sells N.J. palace
Queen Latifah has sold her nine-acre New Jersey estate at a $50k loss. The home’s original listing price was $2.4 million, but NJ.com reported that the Colts Neck property sold for $2.088, which is less than Latifah paid for it new in 2001.
The six-bedroom residence with a pool and private movie theater has been on the market since February last year and is not the only home Queen Latifah, real name Dana Owens, has listed. She is also trying to sell a bungalow in L.A. that she co-owns. Latifah also has a home in Beverly Hills. Read the full story.