Author: Brad Beckett

According to CNBC’s Diana Olick, many developers are changing unused office space into high-demand apartment space at a record rate.  Some of the projects are in even places that current zoning wouldn’t allow – with Philadelphia and Washington, DC leading the market.  Indeed… Click here to watch the full report at CNBC.com.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 18.1% annual gain for November, 2021, which they say is a record high.  Their 10-City Composite annual increase came in at 16.8% and their 20-City Composite posted a 18.3% year-over-year gain. “We have previously suggested that the strength in the U.S. housing market is being driven in part by a change in locational preferences as households react to the COVID pandemic. More data will be required to understand whether this demand surge represents an acceleration of purchases that would have occurred over the next several years or reflects…

According to ATTOM Data’s Year-End 2021 U.S. Foreclosure Market Report, there were 151,153 foreclosure filings on U.S. properties in 2021, down 29% from 2020 and down 95% from a peak of nearly 2.9 million in 2010, to the lowest level since tracking began in 2005.  They say the 151k properties with foreclosure filings in 2021 represented 0.11% of all U.S. housing units, down from 0.16% in 2020 and down from a peak of 2.23 percent in 2010.  In addition, data for December 2021 shows there were 17,971 properties with foreclosure filings, down 8% from November but up 65% from a…

With low inventory across the board and home prices at all-time highs, Realtor.com recently posed the question; How much will December’s median home price of $375k get you across the USA?  In other words, how much square footage can you buy in, Youngstown, Ohio versus San Jose, California. “For the nationwide median list price, you can get a small condo in San Jose or a spacious home with four times the bedrooms and almost 10 times the square footage in places like Youngstown, OH,” says Realtor.com Chief Economist Danielle Hale. Click here to read the full story at Realtor.com.

A recent article in the Wall Street Journal (reposted on Realtor.com) discusses how the home building industry is struggling with global supply-chain woes, pandemic-related factory closures, transportation delays and port-capacity limits.  These issues have constricted the flow of many goods & materials critical for home building, including windows, garage doors, appliances and even paint.  They point out that delivery delays can actually cause a domino effect forcing the rescheduling of things like work crews, which was already feeling the effects of a shortage of skilled tradespeople.  Indeed… Many builders are selling houses later in the construction process, when they can…

On a recent episode of Real Estate News for Investors, Kathy Fettke says warnings about an “eviction tsunami” have yet to materialize. She says that while extended moratoriums & rental assistance programs have delayed evictions in some areas, some housing experts had predicted 40 million evictions last fall.  However, she points out that those experts are “still waiting.” Click here to listen on Spotify.com.

The National Association of Realtors is reporting that existing home sales were down 4.6% in December to a seasonally-adjusted annual rate of 6.18 million (down 2% from one year ago).  However, the NAR points out that In 2021 existing-home sales totaled around 6.12 million, which is an increase of 8.5% from 2020 and the highest annual level since 2006.  Total housing inventory at the end of December was 910k units, down 14.2% from one year ago.  Unsold inventory sits at a 1.8-month supply at the current sales pace with properties remaining on the market for around 19 days.  The median…

The U.S. government is reporting that privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,702,000, which is 1.4% higher than November’s revised number and 2.5% higher than one year ago.  December’s rate for units in buildings with five units or more was 524k.  Privately‐owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,873,000, which is 9.1% higher than November’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 675k in December. Click here to read the full report at…

The Visual Capitalist says just 4 countries (the US, China, Japan, and Germany) make up over half of the world’s economic output by gross domestic product (GDP) in nominal terms. Interestingly they point out that the GDP of the U.S. alone is greater than the combined GDP of 170 countries.  Recall from economics class that the gross domestic product serves as a useful barometer for a country’s economic health.  Indeed…..Today’s graphic takes a look at how the economies of the world compare by GDP….all $94 trillion worth of them.   Stay safe and have a Happy Friday!!! “Generally speaking, when GDP…

According to United Van Lines 45th Annual National Movers Study, Americans were on the move to lower-density areas and to be closer to their families throughout 2021.  Interestingly, they found that many Gen Xers are retiring (often at a younger age than previous generations), joining the Baby Boomer generation.  That certainly makes you think…. “This new data from United Van Lines is indicative of COVID-19’s impact on domestic migration patterns, with 2021 bringing an acceleration of moves to smaller, midsized towns and cities,” Michael A. Stoll, economist and professor in the Department of Public Policy at the University of California,…