Author: Brad Beckett

The National Association of Realtors is reporting that pending home sales were up 8% in April, 2021 and up 13.1% from one year ago.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) was up 8% to 114.7.  In addition, they report that year-over-year contract signings were up 13.1%.  Indeed… “May’s strong increase in transactions – following April’s decline, as well as a sudden erosion in home affordability – was indeed a surprise,” said Lawrence Yun, NAR’s chief economist. “The housing market is attracting buyers due to the decline in mortgage rates, which fell below 3%,…

This Sunday, July 4th, marks 245 years of America’s independence!  Today’s infographic takes a look at the 4th of July “by the numbers” to provide some insight about this holiday we Americans hold dear.  Whatever you do to celebrate, do it safely and have fun…..and, as for today, Stay safe and have a Happy Friday!!! “On July 2nd, 1776, the Continental Congress voted in favor of independence, and two days later delegates from the 13 colonies adopted the Declaration of Independence, a historic document drafted by Thomas Jefferson. From 1776 to the present day, July 4th has been celebrated as…

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 1.8% in April and up 15.7% from April, 2020.  The FHFA produces the nation’s only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s.  The FHFA’s HPIs are built on tens of millions of home sales and offer insights about home price fluctuations at the levels of the nation, census division, state, metro area, county, ZIP code, and…

In a 5-4 ruling, the U.S. Supreme Court has refused to end the CDC’s nationwide moratorium on evictions.  Previously, U.S. District Court Judge Dabney Friedrich struck down the moratorium saying it exceeded CDC’s authority, however, she put her ruling on hold, pending appeal.   The AP is reporting that the court rejected that plea by landlords to end the CDC’s moratorium on evictions, that was previously rejected by the lower courts and had been appealed to the Supreme Court.  The Biden administration recently extended that moratorium through July. Chief Justice John Roberts, Justices Brett Kavanaugh, Elana Kagan, Stephen Breyer, and Sonia…

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 14.6% annual gain for April, 2021.  Their 10-City Composite annual increase came in at 14.4% and their 20-City Composite posted a 14.9% year-over-year gain.  April’s figure marked the highest annual rate of price growth since the 1987, the year the index began. “We have previously suggested that the strength in the U.S. housing market is being driven in part by reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes. April’s data continue to be consistent with this hypothesis. This demand surge may…

According to key trends from the 2021 Cost vs. Value Report, exterior improvement projects continued a multiyear trend of providing the greatest return on investment (ROI) for homeowners.  In fact, as Remodeling points out, 11 out of 12 projects with the highest ROI were exterior improvements. “At the top is the replacement garage door (No. 1), sidings (including manufactured stone veneer at No. 2), and windows. The indoor exception, sitting at No. 3, is the minor kitchen remodel – a modest face lift of kitchen surfaces that offers a relatively high return when done prior to the sale of a…

According to recent data from the Associated General Contractors of America, construction employment in May remained below April’s level in 40 states and the District of Columbia.  The AGC says skyrocketing material prices as well as excessive delays in receiving construction supplies were holding back the industry’s recovery.  The largest declines occurred in New York,  Illinois and Pennsylvania.  Indeed… “Today’s numbers show that impacts from the pandemic on demand for projects and on materials costs and the supply chain are weighing down construction in most parts of the country…In the few states where industry employment has topped the pre-pandemic levels…

Disparate impact is back, although it’s arguable whether it ever went away;  The U.S. Department of Housing and Urban Development announced in late June that it is proposing to recodify its previously promulgated rule titled, “Implementation of the Fair Housing Act’s Discriminatory Effects Standard” (“2013 Rule”).   HUD believes the 2013 Rule better states Fair Housing Act jurisprudence and is more consistent with the Fair Housing Act’s remedial purposes.  The due date for public comments on the rule is August 24, 2021.  HUD prefers comments be submitted electronically and can be done so by clicking here.  Stay tuned… HUD PROPOSES RESTORING…

CNBC’s Diana Olick says getting rental assistance to the estimated 6 million+ tenants behind on their rent has been incredibly difficult and landlords are being “left in the lurch.” Click here to watch on CNBC.com. Click here for rental assistance resources state by state.

The U.S. Government is reporting that sales of new single-family houses in May, 2021 were at a seasonally adjusted annual rate of 769k, which is 5.9% lower than April’s revised rate and is 9.2% higher than one year ago.  The median sales price of new houses sold in May was $374,400 with an average sales price of $430,600.  There were an estimated 330k new houses for sale at the end of May representing a 5.1-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.