Author: Brad Beckett

As of March 16th, 2021, thirteen states have lifted almost all of their coronavirus restrictions. Today’s infographic from Statista says that in places like Texas, Florida, and Georgia there are no mask mandates, stay-at-home orders or interstate travel quarantines in place.  In case you were curious, California continues to have the most coronavirus restrictions.  Interestingly, Statista points out that “all opened-up states have Republican governors.”  Draw your own conclusions……   As always, stay safe and have a Happy Friday!!! “According to Johns Hopkins University, almost all of the opened-up states were experiencing fewer or stagnating new cases, with the exception of…

Back in January we posted about a New York City landlord who was himself facing eviction after some “deadbeat” tenants were refusing to pay rent.  Now,  according to the NY Post, another NYC landlord is unable to evict an alleged deadbeat tenant due to the state’s pandemic-inspired eviction moratorium and recently enacted housing regulations. The property owner says she’s been forced to sleep on the couches of friends & relatives whenever she can, and in her four-door Toyota when she can’t,  after fighting and failing for months to evict the tenant from the two-family property.  Interestingly, the Post points out…

Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. National Economic Outlook By Ingo Winzer March, 2021 Although the US economy does a little bit better every month, it’s still well below the pre-pandemic level. Most importantly, 10 million people who lost their job still haven’t found a new one. Despite the accelerating pace of vaccinations and the further opening of states to more economic activity, it’s doubtful that the economy will return to normal this year. Remember that three-quarters of…

There is a new report from Zillow’s economic research team that attempts to put some understanding into the pandemics effect on the housing market. The 32-page slideshow report, “Using Census and Zillow Data to Understand COVID-19’s Impact on the Housing Market” was part of a recent webinar and contains a trove of data spanning all areas of the residential market. Topics include: Urban/Suburban Housing during the Pandemic Commuting before the Pandemic Housing and Work after the Pandemic Where are we heading? Click here to read the full report at ZIllow.

The National Association of Realtors is reporting that existing home sales were down 6.6% in February to a seasonally-adjusted annual rate of 6.22 million (up 9.1% from one year ago). Total housing inventory at the end of February was 1.03 million units, down 29.5% from one year ago. Unsold inventory sits at a 2-month supply at the current sales pace with properties remaining on the market for around 20 days. The median existing-home price for all housing types was $313,000, up 15.8% from February, 2020. Once again, you can guess it, low inventory continues to be the culprit: “Despite the…

According to ATTOM Data’s latest U.S. Foreclosure Market Report, there were a total of 11,281 properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) across the nation.  This figure is up 16% from January but down 77% from one year ago. Key findings: One in every 12,182 housing units had a foreclosure filing in February. The Highest foreclosure rates were in Utah, Delaware, and Florida. Foreclosure starts increased monthly in 29 states. Foreclosure completion numbers increased 8% from January. “Extensions to the Federal Government’s foreclosure moratorium and CARES Act mortgage forbearance program continue to keep foreclosure activity historically…

(UPDATED) Just last month we saw a report about building materials surging 5.4% in 2020.  In fact, in September alone softwood lumber soared by a record 29%! Now comes a report on HousingWire that says increased costs for lumber and other building materials could add $24k to the price of a new home.  Citing data from the National Association of Home Builders (NAHB), they also point out that homebuilder confidence fell two points in March, despite sky-high buyer demand, rising home prices and climbing mortgage rates.  Indeed… “The elevated price of lumber is adding approximately $24,000 to the price of…

The U.S. government is reporting that privately‐owned housing starts in February were at a seasonally adjusted annual rate of 1,421,000, which is 10.3% below January’s revised number.  February’s rate for units in buildings with five units or more was 372k.  Privately‐owned housing units authorized by building permits in January were at a seasonally adjusted annual rate of 1,682,000, which was 10.8% higher than January’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 495k in January. Click here to read the full report at the U.S. Census Bureau.

Saturday, March 20th, is the first day of Spring!  That means now is a great time to start thinking about your property’s landscaping.  Whether it’s a rental property or that new flip, a good-looking lawn will certainly add value and improve your property’s curb appeal!  The folks over at The Home Depot put together this handy infographic with some Spring fertilization tips to help make your lawn look great…..Stay safe and Happy Friday!!! Did you know…. Members of National REIA receive a 2% biannual rebate, 20% off interior & exterior paints & primers, volume pricing, access to an exclusive appliance…

As a Saint Patrick’s Day libation, the IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.  The IRS said they will be providing formal guidance on the new date in the coming days.  In addition, according to their release, individual taxpayers can also postpone federal income tax payments for the 2020 tax year (formerly due on April 15th) to May 17, 2021, without penalties & interest. This postponement applies to individual taxpayers, including individuals who pay self-employment tax.  Be sure…