News By Tag
News By Place
Auction.com launches industry research division
Team of leading real estate economists to provide ongoing analysis of all industry sectors
The division, which comprises experienced economists and industry observers with track records of accurate research and forecasts, will make its findings broadly available so that industry practitioners, lenders, investors and individuals can make informed business decisions.
“We all benefit from a healthy real estate marketplace,”
Auction.com Research will publish regular reports and forecasts related to single- and multi-family housing, retail, office, hospitality, and industrial real estate. The new division is led by Peter Muoio, Ph.D., a veteran of the real estate industry and founder of the research and consulting firm Maximus Advisors, which Auction.com acquired in December. Muoio has also served as managing director and global head of Deutsche Bank’s Real Estate Research Group and previously founded and led the Real Estate Research Group at Bankers Trust Company.
The division’s first report, the Auction.com Single-Family Market Report, which was authored by Muoio and the research team and available at http://www.auction.com/
“While the stimulus package temporarily boosted housing demand, 2012 was the first year that recovery was driven by better underlying economic factors. Foreclosures have also tapered off, helping to improve the housing inventory situation, but the market remains very cautious,” said Muoio. “Though interest rates are low, banks are still very conservative in their lending practices and buyers are nervous. Both buyers and sellers are awaiting clearer direction on the market recovery, producing little movement in the market.”
The interplay of household formations and homeownership will be at the core of housing demand in 2013, Muoio noted. Both new and existing home sales have picked up since hitting their bottom in 2010. Single-family home starts reached an annual rate of 616,000 by the end of 2012, their highest level since 2008. Household formations, which were extremely strong in early 2012, slowed down late in the year. However, the rate was well above 2011 levels and should improve this year if the economic recovery regains momentum.
“With homeownership beginning to stabilize, we’re seeing more household formations and increased demand for single-family homes, but the housing inventory correction has been and is likely to continue to be a very bumpy process,” Muoio said.
New home inventories ended the year at 150,000, just over their all-time low and a fraction of their 2006 peaks of 570,000. Existing home inventories dipped below the 2 million mark for the first time since 2005. The low supply will help boost prices and prompt homeowners to list or re-list their properties.
“As sales and prices rise, we are likely to see more sellers enter or re-enter the marketplace,”
Auction.com Research will also provide ongoing analysis of major commercial sectors, as well as conditions in specific major markets. To learn more about Auction.com Research please visit http://auction.com/
Auction.com is the nation’s leading online real estate marketplace and has sold more than $20 billion in assets since 2007. The company serves customers from the largest financial institutions and investors in real estate to the individual consumer and agent. Auction.com is headquartered in Irvine, California and has offices in Dallas, Miami, New York, Newport Beach, Silicon Valley, London, and Frankfurt. Visit Auction.com for more information.