Author: Brad Beckett

We have had several posts over the past couple years about the growing demand for second homes.  However, a recent report from Redfin says demand those homes dropped 19.3% year over year in August, marking the third-straight month of declines.  However, they do predict that interest in vacation homes will likely remain above pre-pandemic levels for the foreseeable future due to the permanent shift to remote work for many Americans. “The pandemic isn’t over, but the desire to escape isn’t as intense as it was before. People are increasingly returning to life as normal, with kids going back to school…

According to Apartment List’s October National Rent Report, only a few cities still remain cheaper than what they were pre-pandemic – and they say those are unlikely to remain much longer. In addition, they report that since January the national median rent has increased by a staggering 16.4%. They put that into context by pointing out that rent growth from January to September (2017-2019) only averaged 3.4%. “With rents rising virtually everywhere, only a few cities still remain cheaper than they were pre-pandemic, and even these remaining discounts are unlikely to persist much longer. At the other end of the…

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 18% year-over-year in July.  CoreLogic predicts that home prices will increase on a month-over-month basis by 0.7% through August, 2022, and on a year-over-year basis by 2.7% through July, 2022. July’s annual home price growth was the most that we have ever seen in the 45-year history of the CoreLogic Home Price Index. This price gain has far exceeded income growth and eroded affordability. In the coming months this will temper demand and lead to a slowing in price growth.”  – Dr. Frank…

According to Black Knight’s “first look” report for August, 2021, The national delinquency rate on first lien mortgages fell to 4% in August, the lowest it’s been since pandemic-related impacts caused mortgage delinquencies to spike in early 2020.  However, Black Knight says August’s 7,100 foreclosure starts represented the largest such volume in eight months after foreclosure moratoria on federally backed loans were lifted at the end of July.  Indeed… Click here to read the full report at Black Knight.

According to ATTOM Data’s Q3, 2021 Vacant and Zombie Foreclosure Report, there are 1.3 million residential properties in the U.S. sitting vacant, representing 1.4% or one in 74 homes nationwide.  In addition, the report says that 215,495 properties are in the process of foreclosure in Q3 down 3.7% from the Q2, 2021 and down 0.2% from Q3,2020. Among those pre-foreclosure properties, 7,538 sit vacant in the Q3, 2021.  ATTOM says the Q3 zombie foreclosure numbers reflect one of many measures showing how strong the U.S. housing market remains, but also one likely to face a downturn to varying degrees across…

With Fall finally here and Halloween just around the corner, Terminix has released their list of the top 50 bed bug cities in America, for 2021.  They remind us that bed bugs spread easily by hitching rides on luggage, backpacks and clothing, and can even crawl through cracks in the walls.  To come up with their 50-city list, they looked at bed bug-specific service data from Terminix branches across the country from January through August, 2021.  Did you just feel an itch??? “The top five cities on this year’s most infested list include Los Angeles claiming the top spot, followed…

The U.S. Government is reporting that sales of new single-family houses in August, 2021 were at a seasonally adjusted annual rate of 740k, which is 1.5% higher than July’s revised rate and is 24.3% lower than one year ago.  The median sales price of new houses sold in August was $390,900 with an average sales price of $443,200.  There were an estimated 378k new houses for sale at the end of August representing a 6.1-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 down 2% in August to a seasonally-adjusted annual rate of 5.88 million (down 1.5% from one year ago).  Total housing inventory at the end of August was 1.29 million units, down 13.4% 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 $363,800, up 15.6% from August, 2020. Once again, the NAR’s says inventory (or lack thereof) is rearing its ugly head with…

According to data complied by Statista, a combination of historically low mortgage rates and soaring home prices led to a surge in mortgage refinances in the U.S.  In fact, the refinance boom became even more apparent in early ’21, as existing homeowners refinancing their debt accounted for a whopping 70% of $1.3 trillion in mortgage originations in Q1. One interesting aspect they point out for comparison; in 2003, only 30% of mortgage originations went to borrowers with excellent credit scores, while such super-prime borrowers accounted for more than 70% of origination volume over the past year, making the current boom…

The U.S. government is reporting that privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,615,000, which is 3.9% higher than July’s revised number.  In addition, this figure is 17.4% higher than one year ago.  August’s rate for units in buildings with five units or more was 530k.  Privately‐owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,728,000, which was 6% higher than July’’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 632k in August. Click here to read…