Author: Brad Beckett

A new report from Redfin says a record number of homebuyers are relocating, many in search of affordability as prices and mortgage rates soar.  According to the data, migration was at an all-time high in April in May coming with 32.3% of Redfin users nationwide saying they were looking to move to a different metro area.  Interestingly, The Florida metros of Miami & Tampa topped the list of most popular destinations for homebuyers. “Miami has topped the list all year, and Tampa just surpassed Phoenix for the number-two spot….Tampa is becoming more popular with relocating homebuyers largely because it’s relatively…

The NAHB’s Eye on Housing says the prices of goods used in residential construction increased 19.4%, year-over-year.  Citing data from the Producer Price Index they point out that building materials (i.e., goods inputs to residential construction, less energy) prices have increased 5.4%, year-to-date, and are 36.3% higher than they were in May 2021. Click here to read the full report a the NAHB’s Eye on Housing.

A recent report from Breitbart says the average national price for manufactured homes rose nearly 50% over the course of the pandemic, from $82,900 to $123,200.  They say manufactured homes have long been a way for lower-income folks to become homeowners.  In fact, data show that 20 million Americans live in mobile homes nationwide, roughly 6% of all residences.  However, it has been reported that this demographic is also feeling the pressure of rising costs. “In interviews with a dozen mobile home residents around the country, all said their rents had risen this year. Most reported increases of 10 to…

This might seem like a broken record, but for the 9th year in a row, Gallup is reporting that more Americans prefer real estate over other long-term investment vehicles for growing wealth.  When broken down, the numbers show that 45% prefer real estate (up 4 points from 2021), 24% prefer the stock market, 15% prefer gold, 9% prefer CDs/bank accounts, and 4% prefer bonds.  The chart below from Keeping Current Matters illustrates the changes. “Real estate is thought to be the best long-term investment option among all major demographic groups, with the exception of lower-income Americans, who are divided about…

The U.S. government is reporting that privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,549,000, which is 14.4% lower than April’s revised number and 3.5% lower than one year ago.  May’s rate for units in buildings with five units or more was 469k.  Privately‐owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,695,000, which is 7% lower than April’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 592k in May. Click here to read the full report at…

This Sunday, June 19th, is Father’s Day.  And what better way to help Dad celebrate than a nice, juicy steak.  Today’s mouthwatering infographic illustrates for us the ultimate steak doneness guide.  And if you stop and close your eyes, you can almost smell the sizzle…  Stay safe and have a Happy Friday! “Cooking the perfect steak can be challenging to master. There are many factors that influence how a steak will cook, from the cut of beef to the temperature of the pan to the preferred level of doneness. This steak doneness chart from How Long To Cook can help…

Citing data from the American Community Survey, The NAHB’s Eye on Housing says the median age of owner-occupied homes in the U.S. is 39 years.  They say this aging housing stock is signaling a growing remodeling market, as older structures will need to add new amenities, and repair/replace older components.  They also point out that residential construction continues to fall behind in the number of new homes built.  Indeed… “New construction added nearly 5.4 million units to the national stock from 2010 to 2019, accounting for only 7% of owner-occupied housing stock in 2019. Owner-occupied homes constructed between 2000 and…

The Wall Street Journal is reporting (reposted on realtor.com) that mortgage applications fell to their lowest level in 22 years during the first week of June.  They say this is another sign that the U.S. housing market is “coming back to Earth” after a red-hot, two-year stretch. Citing data from the Mortgage Bankers Association, they say mortgage applications dropped 6.5% in the week ending June 3 (the 4th consecutive week of declines) along with refinance & purchase activity falling 6% and 7%, respectively.  In addition they report that the Federal Reserve Bank of Atlanta says a median American household needed…

According to the ATTOM Data’s Q2 2022 Vacant Property and Zombie Foreclosure Report, there were 1.3 million (1,304,007) residential properties in the United States sitting vacant, representing 1.3%, or one in 76 homes, across the nation. Taking a deep dive into that data reveals those zip codes with the highest zombie foreclosure rates among zips with at least 1k residential properties and 100 of them facing possible foreclosure. Interestingly, several zip codes are in Cleveland, Ohio. “The incidence of zombie-foreclosures tends to be higher in cases where the foreclosure process has dragged on for many months and sometimes even for…

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 20.9% year-over-year in April.  On a month-over-month basis, home prices increased by 2.6% in April compared with March.  CoreLogic’s  HPI Forecast predicts home prices will increase on a year-over-year basis by 5.6% from April 2022 to April 2023. “The record growth in home prices is a result of a scarcity of for-sale inventory coupled with eager buyers who want to purchase before mortgage rates go higher. Buyers who closed on their home in April had locked in their mortgage rate in February or…