Commercial real estate vacancy rates are flat, and projections for improvement have been moderated because economic growth and job creation have been weaker than expected, but modest improvements are expected over the coming year, according to the National Association of REALTORS®.

Rents have been increasing between two and five percent in major metropolitan areas of California during the second quarter of 2011. The national unemployment rate has also increased during June 2011. As problems with unemployment increase and rents on the rise, many residents find it near impossible to keep up with their expenses and most importantly their rents. This causes property managers to approach eviction processes more diligently and with greater concern. Three-day notices are automatically being given out on the 6th of every month even if they own as little as five dollars and if the balance is not paid within three months the eviction process will begin. It is important to be as polite and respectful to residents even when dealing with evictions plus good communication is important so that all parties involved know the steps involved in the process.

If you want to prove how horrible the housing market is doing simply, take a look at the recent prosperity of the rental market. CNN Money reports that both Apartment Investment & Management and Public Storage stocks have been at almost a year high. With people unable to trust the housing market, many consumers are alternatively reaching out to rental properties instead of buying homes. Studies show that the younger consumer crowd is continuously waiting for the housing market to hit rock bottom before they decide to buy. Additionally, apartment companies and storage facilities are also now offering short-term leases, which prevent consumers from feeling trapped in this unpredictable economy. While people are struggling to pay for food and gas, the appeal of apparently cheaper renting outweighs owning a home.

MSNBC Real Estate’s Derek Kravits, reports that two mortgage lenders will have to pay over $22 million to settle charges by the federal government. These settlement charges are in regards to 178 military homes improperly foreclosed while those military personnel were serving in Iraq and Afghanistan. Bank of American and Morgan Stanley failed to obtain the correct court orders before ordering the foreclosures between 2006 and 2009. Each settlement averaged $125,562 in payments toward those military personnel victims of these improper foreclosures. One would figure that the least the armed forces deserve while serving out country is to know that their home will not be taken away while they are fighting for our freedom. Many hope that this settlement will spark the beginning of new mortgage protections for the military, more specifically during their deployment periods.

Everyone wonders where the best place to live is, not only because of personal reasons, but mainly in this day for financial reasons. Las Vegas, the best place to gamble, has now become the place for real estate as well. According to the CNN Money Article, home prices are down and interest rates are also at an all-time low. Rentals are climbing and home purchases are up 19% from the 17% recorded in 2010. Home prices in the Vegas market are ideal for homebuyer because they keep falling and are very below average. Vegas may be considered Sin City, but nowadays it is also one of the best places to call home.

Astonishingly, foreclosure sales are accounting for 28% of home sales in the first quarter of 2011. Homes and rental properties owned by banks are totaling to 158,434 in the US, which is a decrease from the fourth quarter of 2010. The properties in foreclosure are running with in an average price of around $168,321, a drop compared to past prices in 2010. Most of the sales volumes for homes are from foreclosures, which seem to be slowing down the recovery for the housing market. Statistics show that Nevada, California and Arizona have the highest foreclosure rates in the country while both Kentucky and Ohio have the lowest.

Like most people, you’ve probably dreamed of a home away from home where you could just put your feet up and relax. Luckily, with today’s market, that dream is well within reach. Owning an affordable vacation spot where a get-a-way would not cost more than a bag of groceries and some gas is quite appealing. CNN recently reported that the median price of a vacation home is down a whole 11.2% in 2010. With this drastic plunge in prices, now is an opportune time for many families to buy a new home away from home. However, the main obstacle that comes with purchasing a second home is trying to find a mortgage in this tight economy. While qualifying for a mortgage generally involves bringing huge down-payments, many second homebuyers are searching for homes in need of a little fix up to soften the blow.

Home prices in 20 major cities have dipped 4.5% from one-year ago, according to an article written on CNNMoney.com. This downfall represented a continuing decline in a still terrible housing market. Prices are off from their highs in 2006, but are around the same level as they were during the middle of 2003. It seems that the market, although prices are fluctuating and somewhat leveling out, shows no signs of major improvement. Even with the 4.5% dip, housing prices did feel some benefits from the seasonal effects of spring and summer months when the demand for houses increase and in turn, the prices are pushed higher. Sadly, the seasonal gain was a mere .1%; leaving the market with more failures than improvements.

Realtor Magazine states that 75% of Americans still feel that owning a home is still the best long-term investment that they can make. Even despite recent economic downturns, buying a home continues to remain a central facet of the American dream. Polls show that Americans are surprisingly optimistic about home ownership; 76% of Americans are continuing to try to pay off their homes. Even in this crisis, homebuyers are coming out of the woodworks; a recent survey claimed that 73% of people who do not currently possess a home said that their eventual goal was to become a homeowner.

Concerning property managing there are a few important areas that should never be cut back on, even in a tough economy like today. Credit and background checks are an important aspect of tenant selection mainly because intuition can many times be off or even bias and that causes some important details to be overlooked. Just because someone is dressed nicely and well mannered does not mean they have great credit or were not previously involved in an eviction. Screening everyone that is a prospective tenant reduces this problem and the chance of fraud. Landscaping and maintenance are also important parts of managing property because the appearance of a property can be what initially sparks the tenant’s interest for vacancy information. Property managers should never show a property until both the outside and inside are ready. Making sure that large-item maintenance inside the apartments is also another important cost saving tip for any property manager. If there is a delay in maintenance, such as for a water heater, the cost to replace the water damaged carpet and o top of that the heater can be much more costly. Finally, the last thing managers should not cut back on is the safety of their property. Property managers need to make sure any and all safety issues are promptly taken care of such as exposed wires or rotting wood to prevent as accidents from happening with workers or with tenants.