Author: Brad Beckett

A recent analysis from Zillow says as the share of buyers purchasing a home for the first time rebounds to pre-pandemic levels, Wichita, Kansas tops the list for for potential first-time home buyers.  In fact, six metros in the Midwest are on that list as well with  First-time buyers now represent 45% of all buyers nationwide. “Although housing affordability is extremely challenging these days, some markets will be more hospitable than others for first-time home buyers…These metros are potential hotbeds for those looking to buy their first home. Not only will shoppers find more affordable monthly mortgage costs…but rent also…

According to ATTOM Data’s latest U.S. Foreclosure Market Report, there were 30,677 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions).  This figure was up 57% from one year ago but down 5% from October.  In addition, they report that REOs represented 3,770 U.S. properties in November, 2022, down 9% from October but up 64% from on year ago.  States with the the most REOs in November included: Illinois (343), New York (313), Pennsylvania (220), Michigan (210), and Ohio (208). “We may be at or near a peak level of foreclosure activity for 2022…While foreclosure starts and…

According to Black Knight’s latest Mortgage Monitor, 8% of all homes purchased with a mortgage in 2022 are now at least marginally underwater and nearly 40% have less than 10% equity stakes in their home, a situation most concentrated among FHA/VA loans. Over 25% of those FHA/VA purchase mortgage holders have negative equity, with 80% having less than 10% equity.  In addition, Black Kinight said that while home prices continued to pull back in October, the month’s 0.43% decline (a seasonally adjusted 0.13% decrease) was the smallest seen since prices peaked in June. “Though the home price correction has slowed,…

Recently we posted about the record number of delistings.  Now, a recent report form Realtor.com says that in several U.S. metros, as many as half of the homes on the market have cut their listing prices.  Their data shows that sellers are slashing prices largely in the areas that had been hottest over the couple of years.  Indeed… “The unifying thread among these states,” says George Ratiu, senior economist and manager of economic research for Realtor.com, “is they have all seen a significant influx of buyers of the last 2.5 years.” Click here to read the full story at…

Last week we were talking lights…..Now let’s discuss trees.  Have you put yours up yet?  Well, this week’s infographic from the Home Depot asks;  “What’s your Christmas Tree personality?” – starting off by asking what’s your favorite pizza and going from there.  Okay……   Stay safe and have a Happy Friday!!!! Hat tip to the Home Depot.

Redfin says a record 2% of all U.S. homes for sale were delisted each week on average during the 12 weeks ending November 20, compared with 1.6% a year earlier.  Cities they identified as “pandemic boomtowns” such as Sacramento, Austin and Phoenix saw the biggest jump in delistings with prohibitively high housing costs dampening buyer demand.  Redfin defines a delisting as a listing that went from active to off market without being sold. To get their analysis they looked at 43 of the 50 most populous U.S. metro areas.  Indeed… Sellers are taking their homes off the market because they’re…

You never know what you’ll find in an old house that you’ve just purchased however a dead body in the basement usually isn’t on the list.  Recently, the buyer of a property at a Cuyahoga County (Cleveland, Ohio) Sheriff’s sale discovered the decomposing body of its former 71-year-old owner in the home’s basement.  According to FOX News, there were “no signs of trauma” on the body, but it is under investigation.  Interestingly, they pointed out that it wasn’t clear why no one discovered the body prior to purchase.  Indeed… “The person who found Ms. Fielden’s body told detectives that he…

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices rose 12.4% from Q3 of 2021 to the Q3 of 2022.  In addition, prices were up 0.1% compared to the second quarter of 2022.  FHFA’s seasonally adjusted monthly index for September was up 0.1% from August. “House prices were flat for the third quarter but continued to remain above levels from a year ago.  The rate of U.S. house price growth has substantially decelerated. This deceleration is widespread with about one-third of all states and metropolitan statistical areas registering annual growth below 10 percent.” …

On a recent episode of the Rental Property Owner & Real Estate Investor Podcast, Brian Hamrick talks with Clay Powell, who will soon be retiring from Michigan’s Rental Property Owners Association after nearly 25 years of service. Clay looks back on the challenges and triumphs he’s experienced throughout his career with the RPOA.  He also describes the importance of how local associations in help investors work through local regulations and politics, while educating members on all types of issues and strategies. “For almost 25 years, Clay Powell has provided a steady guiding hand as Director of the Rental Property Owners…

The U.S. government is reporting that total construction spending in October, 2022 was at a seasonally adjusted annual rate of $1,794.9 billion, which is 0.3% lower than September’s revised estimate but is 9.2% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $887.2 billion in October, which is 0.3% below September’s revised estimate. Click here to read the full report at the U.S. Census Bureau.