CNBC’s Diana Olick says the housing market isn’t going to crash, but some sort of plateau is more likely. She discusses the state of the current housing Market slowdown on CNBC’s “The Exchange.” Click here to watch on CNBC.com.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to the latest The CoreLogic Loan Performance Insights Report the serious delinquency rate for February 2022 fell to 1.6%, down from 3.7% in February, 2021. In addition, in February 3.2% of all mortgages in the U.S. were in some stage of delinquency representing a 2.5 percentage-point decrease compared to February 2021, when it was 5.7%. The report also said that February’s Foreclosure Inventory rate was the lowest since January, 1999. Key findings: Early-Stage Delinquencies (30 to 59 days past due): 1.3%, down from 1.5% in February 2021. Adverse Delinquency (60 to 89 days past due): 0.3%, down from 0.5%…
According to a new report from Redfin, says the housing market is shifting toward homebuyers’ favor as more sellers came to the market during the four weeks ending May 15, 2022. They said new listings climbed nearly twice as fast as they did at this time last year and the share of listings with a price drop rose to its highest level in two and a half years. “Rising mortgage rates have caused the housing market to shift, and now home sellers are in a hurry to find a buyer before demand weakens further,” said Redfin Chief Economist Daryl Fairweather.…
The unofficial start of Summer (aka Memorial Day) is coming up fast and along with that reminder comes AAA’s annual travel forecast. This year, even with rising gas prices, the venerable AAA predicts that 39.2 million Americans will travel 50+ miles from home this Memorial Day weekend – an increase of 8.3% over 2021! “Memorial Day is always a good predictor of what’s to come for summer travel,” said Paula Twidale, senior vice president, AAA Travel. “Based on our projections, summer travel isn’t just heating up, it will be on fire. People are overdue for a vacation and they are…
RentCafe says millions of Americans have been working and living in the same place for more than two years, and, consequently, the need for privacy is higher than ever. With that in mind, they point out that over the last 10 years the amount of living space per renter has been decreasing along with a corresponding decrease in the size of apartment. Nationwide, the average apartment space per person is about 540 square feet, based on the ratio of the average apartment size to the average number of renters living in a household. Their recent report takes a look at…
The U.S. government is reporting that privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1,724,000, which is 0.2% lower than March’s revised number and 14.6% higher than one year ago. April’s rate for units in buildings with five units or more was 612k. Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,819,000, which is 3.2% lower than March’s revised number. Authorizations of units in buildings with five units or more were at a rate of 656k in April. Click here to read the full report at…
The NAHB’s Eye on Housing says the prices of goods used in residential construction (excluding energy) rose 0.5% in April, 2022, according to data from the Bureau of Labor Statistics. This increase comes on the heals of upwardly revised increases of 1.9% and 2.4% in March and February, respectively. These numbers represent a 4.9% increase in building materials prices since the start of 2022. However, year-over-year, building materials prices are up 19.2% and have risen 35.6% since the start of the pandemic. Click here to read the full report at the NAHB’s Eye on Housing.
The National Association of Realtors is reporting that existing home sales were down 2.4% in April to a seasonally-adjusted annual rate of 5.61 million (down 5.9% from one year ago). Total housing inventory at the end of April was 1,030,000 units, down 10.4% from one year ago. Unsold inventory sits at a 2.2-month supply at the current sales rate with properties remaining on the market for around 17 days. The median existing-home price for all housing types in April was $391k, which was up 14.8% from one year ago. The NAR says this marks 122 consecutive months of year-over-year increases,…
A recent chart from the Visual Capitalist illustrates how U.S. consumer debt is rapidly approaching a record-breaking $16 trillion. In addition, they point out that the rate of increase in consumer debt for Q4 2021 was also the highest seen since 2007. Stay safe and have a Happy Friday!!! “Economists believe that today’s housing debt isn’t a cause for concern. This is because the quality of borrowers is much stronger than it was between 2003 and 2007, in the years leading up to the financial crisis and subsequent housing crash.” Hat tip to the Visual Capitalist.
Recently we saw a report about where homebuyers want to live. Today, we’re looking at where renters are moving to & from. According to Apartment List’s latest Migration Report, migration of renters was impacted by one of the most significant societal shifts brought about by the COVID-19 pandemic – the widespread adoption of remote work that allowed some workers to pursue longer-distance moves. The report says that in Q1 2022, 40% of Apartment List users were searching to move to a new metro area and 27% were searching in a completely different state. Indeed… “As we emerge from the pandemic,…
