Chicago, Birmingham, Kansas City, Atlanta and Pittsburgh, which are all HomeUnion® cash flow zones, are among the top 30 cities for entrepreneurship reported by Under30CEO, a media venture focused on young entrepreneurs. The cities were chosen for overall resources, culture and viable atmosphere to open a small business.
Kansas City celebrated its 160th birthday on Thursday, March 28. The city was incorporated by the State of Missouri on Feb. 22, 1853. Also popularly known as the city of fountains, Kansas City contributes to nearly 20.5% of the state GDP.
RealtyTrac reported that the U.S. foreclosure inventory has increased by about 12 percent since May 2012 when it hit a five-year low of 1.3 million properties from a peak of 2.2 million in December 2012. The current inventory is at 1.5 million. The finalization of National Mortgage Settlement in April 2012 is attributed as the reason for this additional 200,000 properties potentially coming into the investment marketplace.
Realtor Confidence on the Rise
Realtors Confidence reported by the National Association of Realtors improved in February with 92% of the realtors surveyed expecting constant or higher prices over the next one year.
According to a report on the Realtors Confidence by the New York Times, investors accounted for about one in five home purchase in February. Cash sales were nearly 49% of the total distressed sales in February.
The Case-Shiller index of 10 major metropolitan areas was up 0.2%, and the 20-city index increased 0.1% in January. It is the biggest increase since the summer of 2006 due to factors of low inventory and high demand and with uneven increase in recovery across the country.This price surge poses questions if another real estate bubble is on the horizon.
Freddie Mac’s30-year fixed-rate mortgage averaged 3.57%, and the 15-year fixed-rate mortgage averaged 2.76% for the week ending March 21, 2013.