The housing market in Tennessee continues to improve, says David Penn of MTSU's Business and Economic Research Center, but not as quickly as it has in recent quarters. One bright spot is that the number of distressed properties continues to trickle downward. Case in point: The number of foreclosure starts around the state in the third quarter was the lowest in seven years.
Looking for home price appreciation in the coming year? The researchers at Zillow.com say you need to look beyond the Nashville MSA: Only in La Vergne, Thompson's Station and White House do they see home values rising more than 1 percent. That's a big change from this year, when nine area cities posted average price increases of 7 percent or more.
Zillow's data also shows that only in Brentwood and Franklin are less than 10 percent of homeowners with a mortgage still underwater. Along those lines below is, courtesy of fellow research firm CoreLogic, the chart showing how delinquencies and foreclosures have trended down in the past 18 months.
Louisiana-Pacific and its acquisition target Ainsworth Lumber have been asked by federal officials for more information about their planned deal. The Department of Justice is looking into the antitrust aspects of the $1.1 billion transaction, which is expected to close early next year.
Real estate online listings service Zillow says Nashville-area homes on its site sold in an average 85 days in September. That's an improvement of 26 days from a year earlier. That's in line with the national numbers, which were 86 this year and 116 in 2012. Almost all the region's largest counties posted similar numbers, although Wilson is a definitely outlier.
Bill McConnell at TheStreet.com writes about the apparent greater likelihood that Louisiana-Pacific will be asked by the Federal Trade Commission to divest some of the manufacturing capacity it will have after it buys Canadian rival Ainsworth. It will likely come down to how the FTC's staff looks at the proposed combination's effects on Western Canadian production.
A key factor in the antitrust review is how broadly the regulators view the affected market. A broader view that geographically includes all of North America and includes both plywood and oriented strandboard (OSB) would make an extended review unlikely. If the DOJ limits the market to a smaller geographic area like the U.S. Pacific Northwest and considers the merger's impact only on OSB, then the likelihood of a long review and divestitures rises substantially.
SEE ALSO: LP buying Canadian competitor for $1.1B
The average monthly rent for an apartment within the Nashville market was $914 compared to a first-quarter mark of $864, an increase of 5.8 percent, according to statistics the Nashville office of Colliers International released today.
Relatedly, the third-quarter occupancy rate for Nashville-area multifamily buildings was 96 percent, a 0.2 percent increase from the second quarter, Colliers stats show. Researchers at MPF Research and Real Data expect the occupancy rate to be about 96.7 percent at year’s end but to dip back to 95.2 percent by next fall, after new projects come to market. Those developments also are expected to restrain further rent increases.
Nashville’s occupancy rate is now at its highest level since the third quarter of 2007 and above the Southern region’s average of 94.5 percent, according to MPF Research's preliminary data.
Housing research firm CoreLogic says the health of the Nashville area's housing market continued to improve in August, with both delinquent mortgages and foreclosures ticking down at the pace we've seen so far in 2013. The green line in the chart below shows the 90-day delinquency rate falling to 3.74 percent, while the foreclosure rate dipped to 0.85 percent. The 90-day number is down a full percentage point from August 2012 while the foreclosure rate has decreased 60 basis points in the past year.
And here's the latest map showing how the region's ZIP codes are faring.
- BRASWELL, ROBERT
- GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR
- GARRETT, TIMOTHY M EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR
- GARRETT, JOHNNY C IV EXECUTOR; GARRETT, JOHNNY C EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR