Author: Brad Beckett

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…

This could be the ultimate flip or maybe, the world’s biggest flop…..Either way, a half billion dollar ($500 million), 105k sq. ft. mega-mansion in Los Angeles recently went into receivership after the owner defaulted on more than $165 million in loans & debt.  CNBC is reporting that the house, also known as “The One,” was placed into receivership by the Los Angeles County Superior Court and is expected to be relisted at a lower price in the near future.  Interestingly, not only does the house have 4 infinity pools, but it also has a giant moat to keep out uninvited…

Realtor.com says people are people pondering parenthood have long felt like they’ve landed in a high-stakes Choose Your Own Adventure story.  Should they raise their family in a fun urban environment or opt for an area with lots of green space and good schools….which they say is “the real estate equivalent of eating your spinach.” So, Realtor.com set out to find the best suburbs outside the nation’s biggest cities that offer a rewarding lifestyle for parents as well as their kids.  To get their list they looked at the 11 largest cities in the nation and then their surrounding suburbs. …

A recent story in the Wall Street Journal (reposted on Realtor.com) says Wall Street has made a mountain of money available to house flippers, and selling move-in-ready rehabs has rarely been easier. They point out that the challenge is finding beat-up and out-of-date properties that can be renovated and resold for a profit.   The article discusses fix-n-flip loans from the lender and loan-buying perspective. “Investors like me, we’re like ants on a sugar hill all fighting for the same projects,” said Ed Stock, who started fixing and flipping houses on New York’s Long Island after the 2008 mortgage meltdown. “It’s…

A landlord in South Florida who owns multiple apartment complexes is requiring tenants to be vaccinate against COVID-19 or live someplace else, as reported by the South Florida Sun Sentinel.   The report also says that if you’re a current tenant, when it comes time to renew your lease, either get “the jab” or find another place to live. The new rental policy reportedly took effect in mid-August puts them on a collision course with Florida Gov. Ron DeSantis’ vaccine passport ban, which prohibits businesses from requiring that customers be vaccinated.  The landlord says 12 – 15 of his tenants…

On a recent episode of the Get Traction Podcast, Tom Zeeb spoke with Chief Operating Officer (COO) of the National Real Estate Investors Association, Charles Tassell about his experience as a commercial real estate investor and political lobbyist. He talks about with Tom about best practices & strategies for evaluating neighborhoods, the strategic advantage of buying during a down cycle and the importance of choosing the correct business partner. In addition, Charles discussed the impact that local government can have on real estate investing and the value of getting involved in your community at the local level to bring about…

According to their Q2 2021 U.S. Foreclosure Market Report, ATTOM Data says, foreclosure starts increased 27% from August with completed foreclosures increasing 22% from one year ago.  According to data, there were a total of 15,838 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions)  – which comes down to one in every 8,677 housing units having a foreclosure filing in August 2021.  These numbers reflect the first month since the government’s moratorium has lifted.  The states with the highest foreclosure rates were Illinois, Nevada, Delaware, and Ohio. “As expected, foreclosure activity increased as the government’s foreclosure…