Halloween is upon us and most neighborhoods will soon see the inevitable flood of costumed trick-or-treaters! So, what’s the best candy to hand out? A recent survey by YouGov talked with kids ages 8-14 to find out what candies they preferred receiving on Halloween (of course, we all know beggars can’t be choosers). Stay safe and have a Happy Friday – and a spooky Halloween!!! Hat tip to YouGov.com.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to a recent report from DC’s WUSA9, a couple in Maryland had a contract with a bank to buy a vacant foreclosed home, however when they went to move in there was a rental truck in the driveway moving someone else in. When the new owners confronted the people moving in, the men showed them what they said was a lease for the property. As of this post, the people are still there and refusing to leave. Indeed… “We have an agreed sign ratified contract with the bank,” said King who showed WUSA9 the couple’s contract with U.S. Bank…
A recent report from Rentcafe says renting is at the highest level in half a century, with 43.7 million households currently living in rentals. In addition, the report says that over the past decade, over 100 zip codes have switched from homeowner to renter majority. In addition, the number of renters in 41% of zip codes in the 50 largest US cities now surpass those of homeowners. “The American dream of homeownership has been rehashed throughout the past decade, with more households renting than at any point in the last 55 years. Although renting was previously considered an alternative brought…
According to ATTOM Data’s Q3 2022 U.S. Home Sales Report, profit margins on U.S. median-priced single-family home and condo sales decreased 54.6% as prices declined for the first time in nearly three years. In addition, ATTOM says the drop-off in profit margins came as the median national home value dropped 3% quarterly, to roughly $340k. “Rapidly-rising mortgage rates have not only resulted in fewer home sales, but have begun to impact home prices as well…With rates the highest they’ve been in over 20 years, homebuyers face serious affordability challenges, with monthly payments in some markets up 50 percent year-over-year. It’s…
The Wall Street Journal is reporting that due to rising inflation the IRS has adjusted the Tax Brackets & Standard Deduction for tax year 2023. According to the WSJ, the 37% top marginal tax rate will apply to individual income above $578,125 and married couples’ income above $693,750 next year, as those thresholds go up 7% from 2022 under inflation adjustments. The standard deduction will climb to $27,700 for married couples and $13,850 for individuals, both also up about 7% from 2022. In addition, the maximum contribution to healthcare flexible spending accounts will climb to $3,050 from $2,850. The IRS…
Redfin says space in suburban homes was worth more than space in urban areas for the first time since they started tracking this data in 2018. According to their report, a typical home in suburban neighborhoods nationwide was worth $206 per square foot at the end of September versus $205 in urban neighborhoods. Basically, “As home prices fall fastest in cities and mortgage rates rise, the value of a square foot in the suburbs has caught up with that of urban centers” Click here to read the full report at Redfin.com.
The National Association of Realtors is reporting that existing home sales were down 1.5% in September to a seasonally-adjusted annual rate of 4.71 million (down 23.8% year over year). Total housing inventory at the end of September was 1,250,000 units, down 2.3% from August and down 0.8% from one year ago. Unsold inventory sits at a 3.2-month supply at the current sales rate with properties remaining on the market for around 19 days. The median existing-home price for all housing types in July was $384,800, up 8.4% from one year ago. “The housing sector continues to undergo an adjustment due…
The U.S. government is reporting that privately‐owned housing starts in September were at a seasonally adjusted annual rate of 1,439,000, which is 8.1% lower than August’s revised number and 7.7% lower than one year ago. September’s rate for units in buildings with five units or more was 530k. Privately‐owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,564,000, which is 1.4% higher than August’s revised number. Authorizations of units in buildings with five units or more were at a rate of 644 in September. Click here to read the full report at…
The prognosticators of weather say the U.S. will have a colder-than-average winter. Combine that with recent domestic energy policy changes that have contributed to higher energy prices (not to mention recent world events) and you have a recipe for higher heating costs this winter. Today’s chart from Statista illustrates the higher costs Americans may experience this Winter heating their homes. Stay safe and have a Happy Friday!!! Hat tip to Statista.
In Mid-October, the U.S. Department of Housing and Urban Development announced that the FHA is proposing a new rule to increase and index the loan limits for its Title I Manufactured Home Loan Program which insures loans used to finance manufactured homes titled as personal property. According to their release, loan limits for the program were last updated by the Housing and Economic Recovery Act of 2008. “Adjusting loan limits to current market conditions will make Title I a much more useful source of affordable loan financing for manufactured homes…This proposal is the next step in FHA’s ongoing work to…
