The partial government shutdown is proving to be a problem for some American home buyers. Most lenders require income verification through the IRS. The verification requirement is problematic because most IRS functions have been suspended.
Victoria Doran, president of the Rhode Island Association of Realtors, says it hasn’t caused a logjam yet but will if the government shutdown continues much longer.
Rhode Island’s real estate market is roaring back to life. Home prices rose by double digits in February.
If you’ve been holding back putting your home on the market because of depressed prices, it might be time to re-think that decision. The Rhode Island Association of Realtors says home prices rose 12 percent between February 2011 and February 2012. The median price increased from $170,000 to nearly $190,000. It was the fifth consecutive month of price gains.
Providence has been named one of the most dangerous markets for real estate investors. HomeVestors of America along with Local Market Monitor has ranked 38 markets as "dangerous" for those looking to buy homes as rental properties. Providence ranks number-26 and is the largest city on the list.
HomeVestors President Ingo Winzer says cities with a “dangerous” rating have a combination of high unemployment or weak job growth as well as falling, or weak, home prices.
(PROVIDENCE, RI) Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment we're calling "The Bottom Line." Each Friday it looks at business news and themes that affect local business and the public.