Author: Brad Beckett

The National Association of Realtors is reporting that existing home sales were up 6.5% in February which they say that while encouraging, it is not reflective of the current economic turmoil brought on by the Coronavirus.  Total housing inventory at the end of February was 1.47 million units, up 5% from January and down 9.8% from one year ago.  Total unsold inventory was at a 3.1-month supply (the lowest since 1999) at the current sales pace with properties remaining on the market for around 46 days. The median existing-home price for all housing types was $272,400, up 8.1% from February,…

Potholes are pretty much a fact of life across America – especially in our northern states where winter’s freeze/thaw cycle really plays havoc with the asphalt.  Today’s infographic from Tennessee’s Wright Construction breaks down what potholes are, how they’re formed and the damage they can cause to your vehicle.  Happy Friday!!!! Hat tip to DailyInfographic.com.

In response to the unprecedented crisis gripping the nation, President Trump announced this week that he has directed the Department of Housing and Urban Development (HUD) to effectively suspend (via moratorium) evictions & foreclosures for the next 60 days. The moratorium on mortgages only applies to those backed by the FHA. “The health and safety of the American people is of the utmost importance to the Department, and the halting of all foreclosure actions and evictions for the next 60 days will provide homeowners with some peace of mind during these trying times.”  HUD Secretary Dr. Ben Carson. The full…

U.S. Treasury Secretary Steve Mnuchin said that taxpayers will get a 90-day extension to pay any income taxes they owe for 2019.  As reported by CNBC, Mnuchin said that as part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed (up to $10 million for corporate filers).  He said the $1 million threshold would cover many pass-through entities and small businesses. In addition, during the 90-dayperiod taxpayers won’t be subject to interest & penalties.  The Treasury Department is also encouraging citizens to file as…

The Centers for Disease Control and Prevention (CDC) has put together a Coronavirus informational website for citizens to stay up to date and aware of the facts.  As they state, there is an ongoing investigation to determine more about this outbreak. This is a rapidly evolving situation and information will be updated as it becomes available. The information below was taken from a fact sheet available at their website. What is coronavirus disease 2019? Coronavirus disease 2019 (COVID-19) is a respiratory illness that can spread from person to person. The virus that causes COVID-19 is a novel coronavirus that was…

According to ATTOM Data’s most recent Foreclosure Market Trends Report, there were just over 60k properties with foreclosure filings across America in January.  This figure was 13% higher than December and 7% higher than one year ago.  Sizteen states posted year-over-year increases in foreclosure starts.  In addition, Attom says bank repossessions saw a nationwide uptick with lenders repossessing 20,759 properties in January, up 49% from December and up 70% from a year ago. “States with the worst foreclosure rates in January 2020 were New Jersey (one in every 1,046 housing units); Delaware (one in every 1,098 housing units); Illinois (one…

According to the latest Yardi Matrix, rents increased 3.2% in February on a year-over-year basis, matching January’s growth rate, as demand for multifamily has yet to feel any major impacts from the Coronavirus outbreak.  However, they caution that the Coronavirus is likely to cause a technical recession. Indeed… “…the majority of the industry remains well capitalized and strong enough to weather a modest slowdown…most real estate investors are poised to sustain their operations, and may see an investment opportunity as the market shocks continue.” “It seems inevitable that the U.S. economy will experience a technical recession. Business travel has all…

It is pretty apparent that the current situation our country is experiencing with the Coronavirus will affect the housing market.  A recent Wall Street Journal article (reposted on Realtor.com) said the lowest mortgage rates on record are colliding with the prospect of an economic downturn and will ultimately set the stage for an unpredictable housing market this spring. Indeed… “Early indications suggest that rock-bottom borrowing costs may not be enough to lure many home buyers amid the current uncertainty. Economists are tamping down earlier expectations that cheap rates and a strong job market would boost the housing market in 2020…

Notwithstanding the current Coronavirus situation,  the U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1%  in February, the same as January.  Breaking it down, the food index increased 0.4% over the month, the food at home index rose 0.5% (its largest monthly increase since May 2014) while the index for energy fell 2.0% in February.  The Consumer Price Index (CPI) measures the change in prices paid by consumers for goods and services. The CPI reflects spending patterns for each of two population groups: all urban consumers and urban wage earners…

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.  Notably, they predict that the population of renters will increase because fewer people will have the financial confidence to buy a home. National Economic Outlook – March 2020 By Ingo Winzer March 12, 2020 – Although I’ll quote the latest data on jobs (from February) events have already overtaken the statistics. The spread of the corona virus threatens to have a dramatic effect on the US economy. And not just in the…