Staff Writer, Orlando Business Journal
While we’ve been distracted by Canada’s Hollywood exports in the form of Ryan Gosling and Ryan Reynolds, investors from the North have been busy snapping up homes in the U.S.
Canadians retained their spot as the No. 2 international investors in U.S. property, with Florida coming in as the most popular state among this investor group, according to the 2017 National Association of Realtors’ International Activity in U.S. Residential Real Estate Report.
Despite the weak Canadian dollar, (one Canadian dollar will get you 79 U.S. cents) Canadians remain key homebuyers. Of the nearly $20 billion in U.S. real estate purchases, $7 billion were in Florida alone. Other popular states include Texas, California, New Jersey and Arizona.
Homeowners should be feeling richer. At the end of the second quarter, more than 14 million U.S. properties were considered equity rich. (That means the combined loan amount secured by the property was 50 percent or less of the estimated market value of the property.)
Nearly 320,000 properties joined the “equity rich” category during the second quarter over the first quarter. Further, the number of equity rich properties is now up more than 1.6 million properties compared to a year ago, according to ATTOM Data Solutions’ Q2 2017 U.S. Home Equity & Underwater report.
The number of equity rich properties in the U.S. now represents 24.6 percent of all properties with a mortgage in the country.
“An increasing number of U.S. homeowners are amassing impressive stockpiles of home equity wealth, enjoying the benefits of rapidly rising home prices while staying conservative when it comes to cashing out on their equity—homeowners are staying in their homes nearly twice as long before selling as they were prior to the Great Recession, and the volume of home equity lines of credit are running about one-third of the level they were at during the last housing boom,” says Daren Blomquist, senior vice president at ATTOM Data Solutions. “However, this home equity wealth is unevenly distributed across different geographies, value ranges, occupancy statuses and lengths of ownership, with a disproportionately high equity rich share among high-end properties, investor-owned properties, and properties owned for more than 20 years.”
The states with the highest share of equity rich properties at the end of the second quarter were Hawaii (38.3 percent), California (36.6 percent), New York (34.2 percent), Vermont (33.5 percent), and Oregon (32.2 percent).
On a metro level, the areas with populations of 500,000 or more with the highest share of equity rich properties were San Jose, Calif. (52 percent); San Francisco (47 percent); Los Angeles (40 percent); Honolulu (40 percent); and Portland, Oregon (35 percent).
By Michelle Jamrisko
U.S. housing starts stumbled in July on an abrupt slowdown in apartment construction and a modest decline in single-family homebuilding that shows the industry will do little to spur the economy, Commerce Department data showed Wednesday.
HIGHLIGHTS FROM HOUSING STARTS (JULY)
Residential starts decreased 4.8% to a 1.16 mln annualized rate (est. 1.22 mln)
Multifamily home starts slumped 15.3%, one-family down 0.5%
Permits, a proxy for future construction, fell 4.1% to 1.22 mln rate
Despite overall starts being weighed down by less apartment construction, ground-breaking on single-family properties has………
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