Author: Brad Beckett

A new report from Roofstock reveals the top 20 metros where job growth is outpacing the supply of new housing.  They say in a normal market, there’s typically a six-month supply of houses.  However there has been a “perfect storm of factor”s since 2020 (including record-low mortgage rates, more mobility for remote workers, etc.) that has caused widespread housing shortages from busy metropolitan areas like Los Angeles to small cities in the middle of Indiana or Michigan. To come up with their list, Roofstock looked at recent metro data from the U.S. Census Bureau’s Building Permits Survey and the Bureau…

It has been just over two years since the Coronavirus pandemic was officially declared. A recent report from Redfin takes a look at how drastically the housing market changed since that moment in time. They illustrate this with multiple data charts that include: Housing supply, home prices, sales over list price, days on the market, bidding wars, migration and mortgage rates. Key takeaways: House hunters have half as many homes to choose from after surging demand driven by remote work and low mortgage rates intensified a housing shortage. Homes are 34% more expensive, with the median sale price now at…

Rentcafe says Generation Z was only the generation to record an increase in renting activity in the past year, up by 21% and representing over a quarter of lease applications nationwide.  These so-called “Zoomers” are swarming large urban areas potentially bringing new life into places that were once considered doomed due to the pandemic.  Indeed… “Big cities are appealing for a host of reasons—big cities offer diverse job opportunities. Big cities offer many amenities that are not available in smaller cities or rural areas, from dining and entertainment options to public transit, to services like gyms and spas. And big…

How much income do you need to considered “rich” in the 50 biggest U.S. cities?   That’s the question the folks over at GOBankingRates put pen to paper to find out.  They analyzed data from the U.S. Census and American Community Survey to find which cities have the highest and lowest incomes.  In order to be considered as “rich” you your income needs to be in the top 20%. “The United States is a large and diverse country with big regional variances and even noticeable differences from one city to another. Everything from the food people eat to the way they…

Are we in a long-term housing shortage situation?  Realtor.com’s Chief Economist, Danielle Hale, thinks that’s the case as part of her recent interview on CNBC about what’s likely to happen in the housing & mortgage markets in 2022.  Click on the image below to watch: Click here to watch on CNBC.com.

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.

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…