Author: Brad Beckett

The U.S. government is reporting that privately‐owned housing starts in July were at a seasonally adjusted annual rate of 1,446,000, which is 9.6% lower than June’s revised number and 8.1% lower than one year ago.  July’s rate for units in buildings with five units or more was 514k.  Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,674,000, which is 1.3% lower than June’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 693k in June. Click here to read the full report at…

The Daily Infographic reminds us that windows are one of the most important parts of a home and that’s why it is essential to choose the right ones for your house, flip or rehab project.  However there are many different types of windows and styles to choose from….who knew?  As always, stay safe and have a Happy Friday!!! Hat tip to the Daily Infographic.

The Mortgage Bankers Association is reporting that mortgage delinquency rates have dropped to their lowest level since 1979 (their survey’s inception).  Their data show that the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.64% of all loans outstanding at the end of Q2, 2022.  The data, from their National Delinquency Survey, says the delinquency rate was down 47 basis points from Q1, 2022 and down 183 basis points from one year ago. “Foreclosure inventory levels and foreclosure starts remain well below historical averages for the survey – a strong indication that…

The National Apartment Association recently shared their takeaways from the  White House summit on evictions, which took place last month.  The Biden Administration invited federal, state and local policymakers, as well as community advocates, to share feedback on strategies for limiting evictions in the U.S. rental housing market.  The NAA also said discussion formed around building consensus on how excess American Rescue Plan Act (ARPA) funds, including emergency rental assistance (ERA) dollars, can further efforts in eviction prevention. Notably missing from the summit’s panelists were representatives from the housing industry.  Indeed… “…It is critical to remember that housing providers, working…

CoreLogic says potential homebuyers are being discouraged by rapidly climbing and higher mortgage rates – which, in turn, means tumbling mortgage originations.  However, they point that adjustable-rate mortgages (ARMs) are up significantly amid rising interest rates and they say homebuyers & investors are flocking to ARMs for better affordability and yields. “The adjustable-rate mortgage is typically not most homebuyers’ go-to means for financing their homes due largely to uncertainty in future interest rates. ARM’s loan volume never exceeded 10% in the past 10 years, even as ARM products have become safe, sound and transparent in the post financial crisis era.”…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in July increased $10 to another all-time high of $1,717 (up 12.6% year-over-year).  However, while Yardi says performance remains strong, economic growth is slowing, and consumer confidence is waning.  Indeed… “The moderating rent growth may be a product of an inevitable return to the mean, coincidental to the suddenly slowing economy, or some combination of the two.” Click here to read the full report at Yardimatrix.com.

Bloomberg is reporting that the supply of new homes on the market has climbed to its highest level since 2010.  They point out that for years the housing market has been plagued by too little inventory, now builders are suddenly finding themselves with a glut of unsold homes. “Despite the fact that there aren’t enough housing units in the country, builders are not willing to take the gamble that’s required to build them,” said Jerry Howard, chief executive officer of the NAHB. “They’re afraid that, in a recessionary environment, they won’t be able to sell them.” “Builders are reluctant to…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 1.3% in July, 2022.  However, the all items index was up 8.5% for the 12 months ending in July.  Interestingly, the BLS says the gasoline index fell 7.7% in July and offset increases in the food and shelter indexes, which resulted in the all items index being unchanged from the previous month. Click here to read the full release at the Bureau of Labor Statistics.

We have had several posts covering the importance of manufactured housing over the past few years.  Along those lines, a recent infographic from the U.S. Census Bureau illustrates the prevalence of manufactured housing based on where they’re being shipped.  Stay safe and have a Happy Friday!!! Hat tip to the U.S. Census Bureau.

Today, August 11th is National Safe Digging Day.  It is a nationwide public awareness effort to “call before you dig” before starting a building or landscaping project.  The Common Ground Alliance says 811 is the national call-before-you-dig phone number.  They say anyone who plans to dig should call 811 or go to their state 811 center’s website before digging to request that the approximate location of buried utilities be marked with paint or flags so that you don’t unintentionally dig into an underground utility line.  Remember, calling 811 is a year-round punch-list item….not just for today. Click here for information…