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November 2017   Volume 43, Number 11      
 

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Harvey Victims Facing Temporary Housing Shortage in Houston

Houston is facing a temporary housing shortage following Hurricane Harvey after flooding devastated the area in August.

“There is already a run, we had people lined up the minute we were open to lease apartments,” said Ric Campo, CEO of Camden Living, which owns more than 8,000 apartment units in Houston. “In a normal week we lease 70, we leased 300 last week.”

The rental market changed overnight. However, rental properties were not the only market affected.

“We’re closer to full asking price on all of our properties, buyers are showing up with cash offers, they want to close quickly, and we’re running out of inventory,” said Bradley Smith, a Houston builder with around a dozen spec homes on the market right now.

According to Houston Association of Realtors, the number of available homes has declined slightly. While builders and realtors have seen some changes, they have not yet seen prices shoot up for unflooded homes but expect it to occur soon. They cite an expected labor shortage and a run on building materials as contributing factors.

“Flooring material, tile material, is already starting to dry up, the lumber companies just put out pricing for September. We’re going to see a spike in pricing. It’s happening,” said Smith.

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In this issue:

The 5 Hottest Hipster Real Estate Markets Across America

Could DACA Repeal Impact Real Estate?

Houston Rethinks Real Estate Development After Harvey

Hurricane Irma Not Likely to Affect Florida Real Estate Prices

NAR Forced MLS Membership Up for Review

REIT Investors Look to Alternative Property Sectors for Bigger Returns

Berkshire’s HomeServices of America Acquires Long & Foster

Harvey Victims Facing Temporary Housing Shortage in Houston

Malls Need New Business Model Says CBRE Report

The End of Facebook for Real Estate?

 


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