Author: Brad Beckett

According to ATTOM Data’s Q3, 2021 Vacant and Zombie Foreclosure Report, there are 1.3 million residential properties in the U.S. sitting vacant, representing 1.4% or one in 74 homes nationwide.  In addition, the report says that 215,495 properties are in the process of foreclosure in Q3 down 3.7% from the Q2, 2021 and down 0.2% from Q3,2020. Among those pre-foreclosure properties, 7,538 sit vacant in the Q3, 2021.  ATTOM says the Q3 zombie foreclosure numbers reflect one of many measures showing how strong the U.S. housing market remains, but also one likely to face a downturn to varying degrees across…

With Fall finally here and Halloween just around the corner, Terminix has released their list of the top 50 bed bug cities in America, for 2021.  They remind us that bed bugs spread easily by hitching rides on luggage, backpacks and clothing, and can even crawl through cracks in the walls.  To come up with their 50-city list, they looked at bed bug-specific service data from Terminix branches across the country from January through August, 2021.  Did you just feel an itch??? “The top five cities on this year’s most infested list include Los Angeles claiming the top spot, followed…

The U.S. Government is reporting that sales of new single-family houses in August, 2021 were at a seasonally adjusted annual rate of 740k, which is 1.5% higher than July’s revised rate and is 24.3% lower than one year ago.  The median sales price of new houses sold in August was $390,900 with an average sales price of $443,200.  There were an estimated 378k new houses for sale at the end of August representing a 6.1-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

The National Association of Realtors is reporting that existing home sales were down 2% in August to a seasonally-adjusted annual rate of 5.88 million (down 1.5% from one year ago).  Total housing inventory at the end of August was 1.29 million units, down 13.4% from one year ago.  Unsold inventory sits at a 2.6-month supply at the current sales pace with properties remaining on the market for around 17 days. The median existing-home price for all housing types was $363,800, up 15.6% from August, 2020. Once again, the NAR’s says inventory (or lack thereof) is rearing its ugly head with…

According to data complied by Statista, a combination of historically low mortgage rates and soaring home prices led to a surge in mortgage refinances in the U.S.  In fact, the refinance boom became even more apparent in early ’21, as existing homeowners refinancing their debt accounted for a whopping 70% of $1.3 trillion in mortgage originations in Q1. One interesting aspect they point out for comparison; in 2003, only 30% of mortgage originations went to borrowers with excellent credit scores, while such super-prime borrowers accounted for more than 70% of origination volume over the past year, making the current boom…

The U.S. government is reporting that privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,615,000, which is 3.9% higher than July’s revised number.  In addition, this figure is 17.4% higher than one year ago.  August’s rate for units in buildings with five units or more was 530k.  Privately‐owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,728,000, which was 6% higher than July’’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 632k in August. Click here to read…

This could be the ultimate flip or maybe, the world’s biggest flop…..Either way, a half billion dollar ($500 million), 105k sq. ft. mega-mansion in Los Angeles recently went into receivership after the owner defaulted on more than $165 million in loans & debt.  CNBC is reporting that the house, also known as “The One,” was placed into receivership by the Los Angeles County Superior Court and is expected to be relisted at a lower price in the near future.  Interestingly, not only does the house have 4 infinity pools, but it also has a giant moat to keep out uninvited…

Realtor.com says people are people pondering parenthood have long felt like they’ve landed in a high-stakes Choose Your Own Adventure story.  Should they raise their family in a fun urban environment or opt for an area with lots of green space and good schools….which they say is “the real estate equivalent of eating your spinach.” So, Realtor.com set out to find the best suburbs outside the nation’s biggest cities that offer a rewarding lifestyle for parents as well as their kids.  To get their list they looked at the 11 largest cities in the nation and then their surrounding suburbs. …

A recent story in the Wall Street Journal (reposted on Realtor.com) says Wall Street has made a mountain of money available to house flippers, and selling move-in-ready rehabs has rarely been easier. They point out that the challenge is finding beat-up and out-of-date properties that can be renovated and resold for a profit.   The article discusses fix-n-flip loans from the lender and loan-buying perspective. “Investors like me, we’re like ants on a sugar hill all fighting for the same projects,” said Ed Stock, who started fixing and flipping houses on New York’s Long Island after the 2008 mortgage meltdown. “It’s…

A landlord in South Florida who owns multiple apartment complexes is requiring tenants to be vaccinate against COVID-19 or live someplace else, as reported by the South Florida Sun Sentinel.   The report also says that if you’re a current tenant, when it comes time to renew your lease, either get “the jab” or find another place to live. The new rental policy reportedly took effect in mid-August puts them on a collision course with Florida Gov. Ron DeSantis’ vaccine passport ban, which prohibits businesses from requiring that customers be vaccinated.  The landlord says 12 – 15 of his tenants…