Author: Brad Beckett

According to recent analysis from the NAHB’s Survey of Construction, 63.2% of all new single-family homes started in 2019 were built on slab foundations, followed by 22.6% with a full/partial basement and 13.0% with a crawl space.  Interestingly, the NAHB says the gap between slab and full/partial basement foundation adoption rates seems to be growing.  Indeed… There are large regional differences in foundation types across the nation. Homes in colder areas, where building codes normally require foundations to be built below the frost line, are predominately constructed with full or partial basements. Click here to read the full report at…

Realtor.com says the pandemic has taken the shine out of big-city life with gathering places shuttered and little space to maintain physical distance from others.  They say this has caused many people to revise the perceived value of urban living and are now looking to the suburbs – where they might have room for a real home office and even a yard.  To that end, their number-crunchers took a look at which suburbs are seeing prices rise the most due to low inventory coupled with high demand.  Indeed… “If you look at the towns on this list, it highlights there…

On the heels of Congress passing a $900 billion COVID-relief package, the Federal Housing Administration announced that it was extending their eviction and foreclosure moratorium as well as their loan forbearance policies through February 28, 2021.  Listed below is the full text of their release: FHA EXTENDS OPTIONS FOR SINGLE FAMILY BORROWERS FINANCIALLY IMPACTED BY COVID-19 Extensions ensure borrowers can continue to seek assistance and avoid eviction and foreclosure while maintaining temporary policy flexibilities for lenders and servicers WASHINGTON – Today, the Federal Housing Administration (FHA) announced it is extending the foreclosure and eviction moratorium for single family FHA-insured mortgages…

As we close out the year, the prognostications for the coming year continue to be issued.  Wells Fargo recently released their 2021 Annual Economic Outlook, where they say 2020’s pandemic was equivalent to a magnitude 9 earthquake.  Indeed…. The longest U.S. economic expansion since the end of the Second World War came to an abrupt end earlier this year as the COVID pandemic essentially shut down the economy. Following an unprecedented plunge in Q2-2020—real GDP nosedived at an annualized rate of 31.4%—economic activity rebounded sharply in the third quarter…” “Few areas of the economy have felt the seismic effects of…

According to the latest home flipping report from ATTOM Data, gross returns for home flippers soared to their highest level in 20 years. The report said there were just over 57k single-family homes and condominiums flipped in Q3 2020.  As CNBC’s Diana Olick reports, ATTOM attributes the gains to the effects of the worldwide coronavirus pandemic.  She also points out that Investors have sold for at least double their purchase price in 14 U.S. markets.  Indeed… “This all happened in the context of the pandemic, which has created unusual circumstances for the housing market to thrive, and that has included…

The U.S. government is reporting that privately‐owned housing starts in November were at a seasonally adjusted annual rate of 1,547,000, which is 1.2% above October’s revised number.  November’s rate for units in buildings with five units or more was 352k.  Privately‐owned housing units authorized by building permits in November were at a seasonally adjusted annual rate of 1,639,000, which was 6.2% higher than October’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 441k in November. Click here to read the full report at the U.S. Census Bureau.

Now that the fireworks have finally settled down and whether you feel cheated or vindicated, one thing is clear;  the venerable Electoral College has met and voted to officially declare former Vice President Joe Biden the next President of the United States.  Next stop, January 20th. With that in mind, today’s infographic from Statista reminds us that Biden is set to become the oldest president in U.S. history.  Have a safe and Happy Friday!!! Hat tip to Statista.

There has been a lot of discussion about how Amazon pulled the plug on its 2nd HQ in New York City back in early 2109.  A recent article in the Washington Post takes a look at the areas around Arlington, VA where Amazon decided to place its 2nd HQ outside of Seattle.  The Post says that decision “set off a frenzy of real estate speculation”  and they report that while it remains heated, it’s not necessarily because of Amazon.  This past May, report say sales and prices not only jumped in the area surrounding the Amazon HQ but across the…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were down 0.5% year-over-year in November.  Interestingly, they point out that a “renter exodus” from gateway cities like New York, San Francisco, Washington D.C., Chicago, Boston and Los Angeles continues with these markets exhibiting larger declines in year-over-year rents.  Indeed… “The pandemic-induced rent declines in the gateway markets continued into November. With the decreases getting steeper as the months go on, many are wondering, “When will rents reach the bottom and start to bounce back?” The positive vaccine news bodes well for the gateway markets, but it…

Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. As for the 2021 housing market, Ingo Winzer says this: National Economic Outlook By Ingo Winzer December 14, 2020 Way back in April, when the coronavirus hit and many states shut down, the number of jobs in the economy dropped 13 percent – 20 million people. As the months went by that number reduced to 10 million but the pace of improvement got slower and slower until now, for November, there was…