Publications Tagged ‘housing prices’
Quarterly Housing Update: 3rd Quarter 2013
Manhattan sales prices reached a new peak for the second consecutive quarter, according to the NYU Furman Center's 2013 Quarterly Housing Update: 3rd Quarter. Brooklyn saw the largest gains in price appreciation over the previous year at 15 percent, while the Bronx, Manhattan, and Queens showed gains over 10 percent. Citywide, new foreclosure filings rose roughly 15 percent since the same quarter last year.
NYU Furman Center. February 2014.
Maintenance and Investments in Small Rental Properties: Findings from New York City and Baltimore
Nearly half of all poor, urban renters in the United States live in rental buildings of fewer than four units, and such buildings make up nearly half our nation’s rental housing stock. Yet small rental properties remain largely overlooked by researchers. We present two reports—from New York City and Baltimore—both providing suggestive evidence, drawn from a variety of sources, about the characteristics of small rental housing. We find that while small buildings offer lower rents and play a crucial role in housing low-income renters, these lower rents are largely explained by neighborhood location. Ownership matters, however. In New York, lower rents are associated with small buildings with resident landlords. Further, we also find better unit conditions in small rental buildings when compared to most larger properties, especially in small buildings with resident landlords. In Baltimore, we find that smaller-scale “mom-and-pop” owners dominate the small rental property market, but that the share of larger-scale owners increases in higher poverty areas of the city. The properties owned by these larger-scale owners receive fewer housing code violations and that these owners appear to invest more frequently in major improvements to their properties.
The Furman Center for Real Estate and Urban Policy, John Hopkins Institute for Policy Studies. November 2013.
Quarterly Housing Update 2012: 1st Quarter
In an analysis of first quarter housing indicators, the Furman Center finds that home sales volume rose in the first quarter of 2012, with the number of transactions citywide up almost five percent. Housing prices throughout the city are up 3.5 percent compared to the same quarter last year. The report also finds that the number of foreclosure notices issued in Q1 2012 has fallen citywide since its peak in the third quarter of 2009. However, foreclosure notices in Queens and Staten Island increased by more than 20 percent from the fourth quarter of 2011
The Furman Center for Real Estate and Urban Policy. July 2012.
Quarterly Housing Update 2011: 4th Quarter
In an analysis of fourth quarter housing indicators, the Furman Center finds that home sales volume continued to decline in the fourth quarter of 2011, with the number of transactions citywide down 15 percent from the previous quarter and 11 percent from the fourth quarter of 2010. Foreclosure starts were down in most of the city, with 33 percent fewer foreclosure notices issued in the fourth quarter of 2011 compared to the same quarter in 2010. Manhattan was the only borough where the number of foreclosure starts increased, although the number of notices issued in Manhattan still remained well below the numbers issued in any of the other boroughs.
The Furman Center for Real Estate and Urban Policy. March 2012.
Searching for the Right Spot: Minimum Parking Requirements and Housing Affordability in New York City
The policy brief examines New York City’s minimum residential parking requirements in communities throughout the city and explores the possible effects on housing affordability and on the city’s sustainability goals. The brief finds that the requirements may be causing developers to supply more off-street parking spaces than they expect tenants and homebuyers to demand, potentially driving up the cost of housing and promoting inefficient car ownership.
Vicki Been, Caitlyn Brazill, Josiah Madar, Simon McDonnell. March 2012.
Household Energy Bills and Subsidized Housing
Household energy consumption is crucial to national energy policy. This article analyzes how the rules covering utility costs in the four major federal housing assistance programs alter landlord and tenant incentives for energy efficiency investment and conservation. We conclude that, relative to market-rate housing, assistance programs provide less incentive to landlords and tenants for energy efficiency investment and conservation, and utilities are more likely to be included in the rent. Using data from the American Housing Survey, we examine the differences in utility billing arrangements between assisted and unassisted low-income renters and find that—even when controlling for observable building and tenant differences—the rent that assisted tenants pay is more likely to include utilities. Among all tenants who pay utility bills separately from rent, observable
differences in energy expenses for assisted and unassisted tenants are driven by unit, building, and household characteristics rather than the receipt of government assistance.
Samuel Dastrup, Simon McDonnell, Vincent Reina . Cityscape: A Journal of Policy Development and Research . March 2012.
Quarterly Housing Update 2011: 3rd Quarter
In an analysis of third quarter housing indicators, The Furman Center finds that home sales volume remained low in the third quarter of 2011, with the number of properties sold citywide four percent lower than the number sold in the third quarter of 2010. Property values are also lagging in most of the city. Manhattan is the only borough where properties have appreciated in price over the last year. The Quarterly Housing Update is unique among New York City housing reports because it incorporates sales data, residential development indicators, and foreclosures. It also presents a repeat sales index for each borough to capture price appreciation while controlling for housing quality.
The Furman Center for Real Estate and Urban Policy. November 2011.
A Canary in the Mortgage Market? Why the Recent FHA and GSE Loan Limit Reductions Deserve Attention
Explores the potential implications of recent reductions in the maximum loan size that can be guaranteed by Fannie Mae and Freddie Mac (Government-Sponsored Enterprises or GSEs), or insured by the Federal Housing Administration (FHA) in many parts of the country. The changes, which went into effect on Oct. 1, 2011, represent the first step in a long-term policy goal to reduce the federal government’s current role in the mortgage system. They will also be a significant test of the private mortgage finance system.
Josiah Madar and Mark Willis. October 2011.
Navigating Uncertain Waters: Mortgage Lending in the Wake of the Great Recession
This report summarizes our February 4, 2011 Roundtable of the same name, and provides an in-depth exploration of credit availability and lending patterns during the recession.
The Furman Center for Real Estate and Urban Policy. August 2011.
New York City Quarterly Housing Update 2011: 2nd Quarter
In an analysis of second quarter housing indicators, the Furman Center finds that home sales volume declined 20 percent from the first to the second quarter of 2011, although home prices citywide held steady. The report also finds that new construction is slowly starting to return with 1,556 units authorized by new residential building permits between January and June 2010, compared with 1,703 units authorized in all of 2010.
The Furman Center for Real Estate and Urban Policy. August 2011.
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