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Redfin Predicts 2017 Will Be the Fastest Housing Market on Record

Redfin Experts Offer Seven Real Estate Predictions for 2017 SEATTLE–In the new year, home price growth will hold steady and homes will sell...

ByDecember 13, 2016
Housing Costs, Redfin, Eviction rates Neighborhoods where people spent the largest portions of their income on rent saw the biggest year-over-year increases in families being evicted in 2014 SEATTLE--In 2015, an estimated 2.7 million Americans faced eviction, according to Redfin (www.redfin.com), the next-generation real estate brokerage. In order to attain this figure, Redfin analyzed more than six million eviction records across 19 states where data was available provided by American Information Research Services, Inc. to predict the number of evictions for each U.S. county as well as the country at large. Redfin also examined the effects of rising home prices at neighborhood and metro levels on local eviction rates. Redfin found that neighborhoods with the highest median rent-to-income ratios had much higher eviction rates (evictions per renter household) than neighborhoods where residents spent less of their income on rent. The data also revealed that the 15 metros with the biggest increases in the portion of income spent on rent from 2011 to 2014 (an average increase of 5.8%) experienced a 3.8 percent increase in the number of evicted families from 2013 to 2014. The other 56 metros, taken together, experienced a slight decline in evictions (-1.4%)—supporting the idea that growing housing costs precipitate higher rates of evictions. “Evictions are a silent threat to America’s cities. As alarming as Redfin’s finding on evictions is, it likely undercounts the true number of families forced out of their homes each year since many evictions happen outside the court system,” said Redfin chief economist Nela Richardson. “More families are renting than ever before, and roughly half of them are spending too much of their income on rent. Stagnant wages, a lack of affordable housing and escalating rents means that many families are living just a paycheck or two away from facing eviction, which can often lead to job loss or even homelessness. This is a national crisis that requires national attention.” This growing number of evictions in cities where rents are rising faster than incomes is symptomatic of a national affordability crisis. As of 2015, more than 20 million renters—more than half of all renters in the U.S.—were cost burdened, meaning they spent at least at least 30 percent of their income on rent. That’s up from almost 15 million in 2001. And while rents have risen 66 percent since 2000, household incomes have only risen 35 percent. In some parts of the country, especially the coasts, more housing supply could make housing more affordable and ease the eviction rate. Other metro areas would need to see higher wage growth. A measure to ensure tenants being evicted have legal representation has proven successful at reducing the eviction rate in New York City, and other cities are looking to enact similar policies. To read the full report, complete with an infographic as well as data and charts, please visit: https://www.redfin.com/blog/2016/12/millions-of-renters-face-eviction-why-todays-housing-market-is-partially-to-blame.html. About Redfin Corporation Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the highly accurate automated home-value estimate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $31 billion in home sales and saved customers more than $335 million in fees through 2015. For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center.
News Releases

2.7MM Renters Faced Eviction Last Year, Redfin Estimates; Rising Housing Costs Precipitate Increases in Eviction Rates

Neighborhoods where people spent the largest portions of their income on rent saw the biggest year-over-year increases in families being evicted in 2014...

ByDecember 13, 2016

Harsch Welcomes CityMD to Pavilions II Shopping Center

Harsch Investment Properties is pleased to announce that CityMD has opened its first clinic in Federal Way, WA, at Pavilions II Shopping Center....

ByDecember 12, 2016

$93MM in Acquisition Financing Provided for Bothell Apartment Purchase

NorthMarq Capital’s Denver office arranges $93 million in acquisition financing for Bridges at Northcreek in Bothell, Washington David Link, managing director, and Brian...

ByDecember 8, 2016

Jackson Square Properties Buys Kent Apartment Asset for $56.5MM

(EDITOR’S NOTE: San Francisco-based Jackson Square Properties purchased the asset for $56,539,200, or approximately $186,000 per unit, accoridng to public records. The sale...

ByDecember 8, 2016

196-Unit Fairways Apartments in Longview Sells for $14.8MM

LONGVIEW, WA – Summerfield Commercial is pleased to announce the successful closing of a 196 Unit Complex, known as The Fairways Apartments, just...

ByDecember 7, 2016

58-Acre Site in Tacoma Sells for $32.4MM, Planned for 1.1MM SQ FT Industrial Development

Cushman & Wakefield Commerce Negotiates Sale of 58-Acre Former Sawmill in Tacoma, Wash.; Sale makes way for 1.1M square foot industrial development (EDITOR’S...

ByDecember 7, 2016
Seattle, Pioneer Square, Puget Sound, Manchester Capital Management, Urban Villages
Industry NewsNews Releases

Historic Block in Seattle’s Pioneer Square to be Revitalized Through Renovations and Investment

New Pioneer Square destination will deliver unique alley experience SEATTLE, Dec. 6, 2016 — Three buildings in Pioneer Square will be significantly renovated...

ByDecember 7, 2016
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News Releases

RealtyShares Completes an Initial Close of Their Diversified Marketplace Equity Fund

SAN FRANCISCO–RealtyShares, a leading online marketplace for real estate crowdfunding, announced today that it has closed the initial round of a first-of-its-kind diversified...

ByDecember 6, 2016
John Burns
News Releases

John Burns: Wall Street Has It Wrong: Luxury Home Sales Increasing

By John Burns, CEO Luxury home sales have increased, contrary to the opinions of most Wall Street analysts and press reports. Here are...

ByDecember 6, 2016
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News Releases

American Classic Homes Expands Pacific Northwest Presence; Launches Multifamily Division: SeaLevel Properties

New Division to Build, Acquire Mixed-Use and Multifamily Developments Across Puget Sound in King, Snohomish and Pierce Counties New Division Starts Strong With...

ByDecember 5, 2016

L5 Investments Acquires 529 Units Across 3 Partnerships

Between mid-October and mid-November this year, Sacramento, Calif.–based L5 Investments acquired 529 apartment units across three properties for a total of $37.82 million....

ByDecember 3, 2016
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