Black Knight’s Mortgage Monitor Report for January, 2022 says that despite a more than 7x increase, January’s foreclosure starts remained more than 20% below pre-pandemic levels. In addition, foreclosure starts were almost evenly split between borrowers who were already delinquent prior to the pandemic and those who became past due more recently. “A backlog of post-forbearance loans in active loss mitigation – plus another 275K that have finished loss mitigation but remain past due – calls for a close watch on foreclosure metrics in coming months.” Click here to read the full report at Black Knight.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was 0.8% in February, 2022. In addition, the all items index was up 7.9% for the 12 months ending in February, continuing a 40-year high streak. Click here to read the full release at the Bureau of Labor Statistics.
Just a few years ago, America was a net exporter of oil and had achieved energy independence. However, times have changed and since 2020 the world has seen a steady climb in the price of a barrel of oil as America cut its production. Today’s infographic from Statista reminds us that world events (such as Russia’s recent invasion of Ukraine) can send prices surging. As always, stay safe and have a Happy Friday! Hat tip to Statista.
In early March, a federal judge blocked implementation of a new Oregon law that effectively banned personal letters (aka Love Letters) written by prospective homebuyers to sellers. According to the Washington Examiner, the law, which went into effect in early January, sought to stop sellers from making decisions based upon factors such as race, gender, or sexual orientation as a result of the influencing letters. The suit was brought by the Pacific Legal Foundation on behalf of a real estate firm arguing that the law violated the First Amendment. They said the ban violated the free speech of real estate…
Redfin says that after steadily rising for a decade, homeowner tenure flattened near its peak in 2021. They point out that in 2021, the typical American homeowner had spent around 13.2 years in their home. They attribute this slight decline to so many Americans moving during the pandemic, thanks to record-low mortgage rates and pandemic-fueled remote work – often to more affordable areas. Be sure to check out their entire list of U.S. metros. “Homeowner tenure may have already peaked, or the decline in 2021 could be a blip before it climbs back up…There are competing forces at work. Remote…
According to recent data from the Associated General Contractors of America, construction employment increased by 60k jobs between January and February, 2022, marking the steepest pace in nearly 40 years. AGC officials said the industry will need to hire hundreds of thousands of additional workers in each of the next several years to complete projects that will be funded by the recently enacted bipartisan Iifrastructure law, as well satisfying the continuing demand for homebuilding and private nonresidential structures. “All segments of construction added workers in February,” said Ken Simonson, the association’s chief economist. “However, filling positions remains a struggle, as…
According to the ATTOM Data’s Q1 2022 Vacant Property and Zombie Foreclosure Report, there were 1.4 million (1,354,579) residential properties in the United States sitting vacant, representing 1.4%, or one in 73 homes, across the nation. In addition, they report that there were 229,864 residential properties in the U.S. are in the process of foreclosure in Q1, up 3% from Q4, 2021 and up 31% from Q1, 2021. Zombie foreclosures represented a minuscule portion of the nation’s total stock of 98.8 million residential properties with just one of every 13,424 homes in Q1, 2022 being vacant and in foreclosure. “Even…
On a recent episode of Real Estate News for Investors, Kathy Fettke says rents are not just making a rebound after a dip during the pandemic, they’re blowing right past the monthly cost of buying a home in more than half of the largest housing markets. She points out that it’s now more affordable to buy a home in 26 American cities, than it is to rent. Click here to listen on Spotify.com.
The U.S. government is reporting that total construction spending in January, 2022 was at a seasonally adjusted annual rate of $1,677.2 billion, which is up 1.3% from December’s revised estimate. Residential construction came in at a seasonally adjusted annual rate of $829.4 billion in January, 1.3% above December’s revised estimate. Click here to read the full report at the U.S. Census Bureau.
This week’s infographic is really a no-brainier. It illustrates just a few of the awesome benefits of joining a real estate investors association, or REIA as they’re commonly known. You really do get “a bang for your buck” when you become a part of a local community of real estate investors. Click here to find a REIA near you! Happy Friday!!! Click here to find a REIA near you!
