Home sales stay on the up, inventory tightens

April sales up 27% over 2012, median single-home price spikes
May 9, 2013 2:16 PM

This place is pretty good for flipping

More than three homes were flipped each day in 2012 in the Nashville area, according to research firm RealtyTrac. And the results were quite profitable: The average profit on those sales — defined as being consummated within 90 days of the earlier home purchase — topped $38,000, or 35 percent. That puts Middle Tennessee in the top 10 nationally, a couple of spots behind Memphis.

May 2, 2013 2:02 PM

Area mortgage delinquencies rate dips

Foreclosure rates in the Nashville area decreased in February compared to February 2012 but ticked up ever so slightly from January, according to recently released data from CoreLogic. The CoreLogic data shows that the local rate of foreclosures among outstanding mortgage loans was 1.15 percent for February, a decrease of 0.55 percentage points compared to February 2012. Foreclosure activity in the area was lower than that of the national foreclosure rate, which was 2.85 percent for February. The rate of seriously delinquent mortgages ticked down more than 10 basis points from January and are now at their lowest level since May of 2009.

 

Apr 29, 2013 6:50 AM

What's it Worth: April 2013

Our monthly look at four homes at different price points
Apr 26, 2013 10:04 AM

Nashville bucks national trend in apartment rent growth

The annual effective rent growth rate for apartments in Nashville is holding its own while, on a national scale, rates are at the lowest level in the past 31 months.

Axiometrics Inc., a provider of apartment data and research, reported this week that Nashville rents in March are growing at a 4.7 percent, the same rate as in March 2012. Nashville ranked 18th out of 100 metro rental markets in the survey. Nationally, the annual effective rental growth is 3.2 percent compared to 4.1 percent at this point a year ago.

While nationally, the effective rent growth is weaker than it has been in recent months, the occupancy rate continues to strengthen and has reached a national average of 94.4 percent. Thirty-eight of the top 88 metropolitan statistical areas are generating occupancy rates above 95 percent.

Nashville’s current occupancy rate, according to the survey, is 95.4 percent. Revenue growth locally dipped half a percentage point from 5.6 percent last year to 5.1 percent. Nationally, revenue was down a full percentage point, dipping to 3.5 percent from 4.5 percent last year.

By this time next year, when Axiometrics issues the 2014 survey, there will be hundreds of new apartment units online in Middle Tennessee. It remains to be seen how the current apartment boom will impact rental growth and occupancy rates.

Apr 18, 2013 11:10 AM

Local cyclicals can't escape market downdraft

The already-struggling shares of Noranda Aluminum Holding were being crushed Monday after a Citi analyst cut his rating and price target on the stock and investors took down most things related to commodities on fears that global growth is again slowing. Citi analyst Brian Yu lowered his opinion of Noranda to 'neutral' from 'buy' and now has a price target of $4.50, down from $7. At about 2:20 p.m., Noranda shares (Ticker: NOR) were off more than 8 percent to about $3.60.

On a related note, Delek US Holdings (Ticker: DK) were down 7 percent as investors also sold off oil refiners, many of which have run up big time so far this year.

Louisiana-Pacific shares also were giving up a significant ground Monday after a National Association of Home Builders/Wells Fargo index showed that home builders' optimism fell this month to its lowest level since October. In addition to complaints about material costs and getting the loans they need to build, builders are now showing some concern about consumer demand, the report said. That stung LP (Ticker: LPX) to the tune of almost 9 percent on volume that will more than triple the stock's daily average.

Apr 15, 2013 2:23 PM

Growing mortgage lender moves into Michigan

Churchill brings on brothers running two offices
Apr 11, 2013 12:00 PM

Home sales have best March in six years

Sales increase more than 30% from last year
Apr 9, 2013 1:28 PM

Local house price gains getting gaudy

There's no sign of weakness yet in local home prices, according to research firm CoreLogic. In fact, we may be getting slightly frothy for a market that supposedly doesn't see the extremes of cities such as Miami or Vegas. February prices of non-distressed properties clocked in 9.2 percent higher than the mark of the year before, up from 6.3 percent in January. Throw in distressed homes and the increase was 'only' 7 percent. The national numbers are equally impressive.

Apr 3, 2013 9:55 AM

Analyst: We're '60 percent or more' through apartment boom

Kathryn Thompson of locally based Thompson Research Group was a guest Monday on the Bloomberg Surveillance radio show where she discussed trends affecting the construction sector. Some of the big ones, she said, are the pricing power building products manufacturers now have — something Louisiana-Pacific has benefited from — and emerging signs of shortages both in materials and labor. But the market isn't overcooking like 2006, she added, in part because of greater regulation and the reach of the booming energy sector into other parts of the economy.

Thompson, whose team is headquartered in the 2525 West End Building, also spoke about the Nashville market for a bit and answered one of the big cocktail party questions of the moment. The apartment building boom the area has seen in recent years will end in the next 18 months or so.

"We're in a cycle and I think that we're 50 to 60 percent or more through that cycle," she said. "That will taper off, particularly as home prices continue to march up."

Mar 26, 2013 11:14 AM
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