The Visual Capitalist reminds us that the world has become increasingly more urbanized, especially in the United States – with over 80% of our population concentrated in key metro areas. So, which of these urban areas (those with 300k+ people) are growing the fastest? Take a look at the infographic below……and, as always, stay safe and have a Happy Friday! Hat tip to the Visual Capitalist.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
A recent report from Bloomberg is highlighting how rents across the nation are rising at record speeds. They point out that the number of occupied rental-apartment units rose by about 500k in Q2, the biggest annual increase in data going back to 1993 (according to data from RealPage) as well as occupancy hitting a new high of 96.9. “Any desirable rental is going within hours, just like the desirable sales,” said Shannon Dopkins, a Realtor in Tampa. “One woman passed on a place that was beat up with water damage. Somebody else decided to rent it.” Click here to read…
On a recent episode of Rent Perfect podcast David Pickron sits down with Arizona Attorney Mark Zinman to discuss the proper steps to take when a tenant has broken their lease agreement. Laws vary by state so be sure to do your due diligence and consult a local attorney if you’re in a similar situation. Rent Perfect is the solution rental property owners & managers have been crying out for! Their Online Lease Agreement allows you to send your tenant(s) a customized lease agreement, electronically & securely. They offer the most accurate & thorough credit & background screening available. Members…
The U.S. Government is reporting that sales of new single-family houses in July, 2021 were at a seasonally adjusted annual rate of 708k, which is 1% higher than June’s revised rate and is 27.2% lower than one year ago. The median sales price of new houses sold in July was $390,500 with an average sales price of $446k. There were an estimated 367k new houses for sale at the end of July representing a 6.2-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
The National Association of Realtors is reporting that existing home sales were up 2% in July to a seasonally-adjusted annual rate of 5.99 million (up 1.5% from one year ago). Total housing inventory at the end of July was 1.32 million units, up 7.3% from one year ago. Unsold inventory sits at a 2.6-month supply at the current sales pace with properties remaining on the market for around 17 days. The median existing-home price for all housing types was $359,900, up 17.8% from July, 2020. Click here to read the full release at the National Association of Realtors.
The Mortgage Bankers Association says the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.47% of all loans outstanding at the end of Q2 2021. In addition, their latest National Delinquency Survey says the delinquency rate was down 91 basis points from Q1 2021 and down 275 basis points from one year ago. “Mortgage delinquencies across all loan types – conventional, FHA, and VA – reached their lowest levels since the first quarter of 2020,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “The drop in the delinquency rate for…
CNBC is reporting that, starting October 1, FEMA will be factoring in the impact & risks of so-called climate change as part of a complete overhaul to make insurance pricing more accurately reflect each property’s unique flood risk. Citing data from a United Nations report, CNBC says hurricanes are becoming stronger, rainfall heavier and flood risk higher. “No question that this is the most substantive change to the program going back to 1968,” said David Maurstad, deputy associate administrator for federal insurance and mitigation and senior executive of the flood insurance program. “What we found out was that many folks…
The U.S. government is reporting that privately‐owned housing starts in July were at a seasonally adjusted annual rate of 1,534,000, which is 7% lower than June’s revised number. However, this figure is 2.5% higher than one year ago. July’s rate for units in buildings with five units or more was 412k. Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,635,000, which was 2.6% higher than June’s revised number. Authorizations of units in buildings with five units or more were at a rate of 532k in July. Click here to read the…
The U.S. Census Bureau says 2020’s census marked the 24th count of the U.S. population. Indeed….that data is now starting to trickle for all to analyze and today’s interactive infographic is a great place to start. Be sure to click on the graphic below in order to drill down into state & local data. Stay safe and have a Happy Friday!!! Hat tip to the U.S. Census Bureau.
According to the National Association of Realtors Metropolitan Median Area Prices and Affordability and Housing Affordability Index for Q2, 2021, the median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. The median sales price rose in 99% of measured metro areas in Q2 of 2021 compared to one year ago – with double-digit price gains in 94% of their markets. However, the NAR says these price gains won’t be repeated in 2022. “Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are…
