Author: Brad Beckett

Smaller Rental Property Owners Are Suffering, Government Needs to Act! Many are Facing 20-30% Delinquency Rates (Crestview Hills, KY)  The National Real Estate Investors Association says individual property owners, most of whom own less than 50 rentals and live in close proximity to their properties, are bearing the brunt of eviction moratoria put in place by various government entities across the nation.  Over 30% of these small “mom & pop” owners (owners of duplex/fourplex and single-family homes) expect to be bankrupt in the next 6 months.  When you consider that individual rental property owners constitute over 40% of U.S. rental…

National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedroom units in November was $1,119 with two-bedroom units coming in at $1369. ABODO says if there is additional bad health or economic news rents could stagnant again.  Indeed… “We all have pandemic fatigue, and as we await better COVID-19 therapeutics and a series of vaccines, the economy continues to look forward. The stock market has reached new highs, the price of oil has stabilized, and the presidential election outcome seems to be clearer…” Click here to read the full report at ABODO.com.

It is that time of the year (and oh, what a year it has been) for all the prognostications about what’s going to happen in the new year of 2021.  Realtor.com says that anyone who said 2020 was “a year of surprises is an extreme understatement.”  And, to that end, they recently released their 2021 Housing Market Forecast in which they say they expect to see a strong spring and summer homebuying season.  Indeed…. “We expect housing’s winning streak to continue in 2021 as seasonal trends normalize and some of the frenzied momentum fades thanks to fresh affordability challenges. Below…

It’s the holiday season…and on that note, with Thanksgiving firmly behind us it’s time to think about Christmas!  This week’s infographic from the Home Depot asks us, “What’s your Christmas Tree personality?” – starting off with your favorite pizza, of course!  Stay safe and have a Happy Friday!!!! Hat tip to the Home Depot.

The Federal Housing Finance Agency (FHFA) announced they are extending their moratorium on foreclosures and evictions from single-family foreclosures and real estate owned (REO) through January 31, 2021.  The foreclosure moratorium applies to Enterprise-backed (Fannie Mae & Freddie mac), single-family mortgages only.  The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions.  The current moratorium was set to expire at the end of December. “Extending Fannie Mae and Freddie Mac’s foreclosure and eviction moratoriums through January 2021 keeps borrowers safe during the pandemic,” said Director Mark Calabria. “This extension…

The U.S. government is reporting that total construction spending in October was at a seasonally adjusted annual rate of $1,438.5 billion, which is 1.3% above than September’s revised estimate.  In addition, October’s figure was 3.7% higher than October, 2019.  Residential construction was at a seasonally adjusted annual rate of $637.1 billion in October, which is 2.9% higher than September’s revised estimate.Click here to read the full report at Census.gov.

Rental information site Zumper recently released their National Rent Report for December, 2020 showing that their median national rent for 1-bedroom apartment was $1,224 and the median two-bedroom rent was $1,487 (up 0.3%).   Year to date, rent for one-bedrooms were up 0.6 and two-bedroom rent was up 1.8%. Click here to read the full report at Zumper.com.

The National Association of Realtors is reporting that pending home sales declined 1.1% in October, 2020.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) fell slightly to 128.9 with only one major region experiencing an increase in month-over-month contract activity.  In addition, they reported that year-over-year contract signings were up 20.2%, year-over-year. “Pending home transactions saw a small drop off from the prior month but still easily outperformed last year’s numbers for October,” said Lawrence Yun, NAR’s chief economist. “The housing market is still hot, but we may be starting to see rising home prices…

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 1.7% in September, 3.1% in Q3 and up 7.8% from one year ago.  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,…

The U.S. Government is reporting that sales of new single-family houses in October, 2020 were at a seasonally adjusted annual rate of 999,000 which is 0.3% lower than September’s revised rate, and is 41.5% higher than one year ago.  The median sales price of new houses sold in October was $330,600 with an average sales price of $386,200.  There were an estimated 278k new houses for sale at the end of October representing a 3.3-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.