Author: Brad Beckett

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…

We have had several posts about student debt and its potential impact on the housing market – especially for first-time buyers.  Recently, the State of Illinois established a new program that will pay up to $40k in student loan debt for first-time home buyers.  According to The Real Deal Chicago, The Illinois Housing Development Authority’s $25 million SmartBuy fund could help potential buyers secure a mortgage by lowering their debt-to-income ratios.  The program seeks to help about 500-1,000 people across Illinois buy homes, although if you do the straight math it’s closer to 625.  Indeed… “SmartBuy began in January, and…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents rents in February increased $3 to $1,399.  Yardi says this is the ninth consecutive month where overall rents have either increased or remained flat, pointing to signs of recovery.  However, on a year-over-year basis, rents rents declined by 0.1%. “Many markets experienced strong year-over-year rent growth in February, while others have begun to recover following rent declines in the summer and fall. However, urban cores continue to see rent declines. A major factor in their ability to bounce back is the percentage of the workforce that remains…

What are the 10 fastest-growing retirement towns in America?  That’s the question Realtor.com recently put pen to paper to find out.  Citing Census data that showed 313k+ people over 65 moved to a new state last year, they looked at metro areas where at least a quarter of the population was aged 60 and up.  Then they looked those with the largest increase in the number of new residents aged 55-plus moving in from 2014-19, as well as the biggest jump in seasonal and vacation homes over the same period.  Indeed… “Retirees might be able to cash out on pretty…

Do you love good housing data?  If so, you’re in for a treat.  The U.S. Census Bureau recently released their 2020 Housing Vacancy Survey which provides vacancy rates, homeownership rates and characteristics of units available for occupancy for the United States, regions, states and the 75 largest metropolitan statistical areas.  In addition, it contains estimates of the total housing inventory and percent distributions of vacant for-rent and vacant for-sale-only units are available for the United States and regions. Click here to read the full report at the U.S. Census Bureau.