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. National Economic Outlook By Ingo Winzer (September 10, 2020) New data from the second quarter of 2020 show that the average home price was up 4 percent in the past year, the lowest increase since 2013. Prices were already slowing before the pandemic, so this isn’t a surprise, but it’s now pretty sure that the slowing will continue for several years. The good news is that there probably won’t be a crash.…
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The National Multifamily Housing Council (NMHC) says that 76.4% of apartment households made a full or partial rent payment by September 6th, 2020. This figure represents a 4.8 percentage point decrease in the share who paid rent through September 6, 2019 and compares to 79.3% that paid by August 6th. The data comes from the NMHC’s Rent Payment Tracker which uses data from 11.4 million professionally managed apartment units across the country. Click here to read the full report at NMHC.com. Click here to view the NMHC’s Rent Payment Tracker.
Friday, September 11, 2020 marks the 19th anniversary of the Al Qaeda terrorist attacks on our great nation back in 2001. Today’s infographic from Maps of the World gives us a brief overview of that tragic day in an ongoing effort to never let the memories of those who died fade away nor the events of that day be forgotten. More information about that fateful day can be found at History.com. Stay safe and have a Happy Friday! “On September 11, 2001, 19 militants associated with the Islamic extremist group al Qaeda hijacked four airplanes and carried out suicide attacks…
The National Real Estate Investors Association recently held an online discussion to help make sense of the new federal eviction moratorium issued by the CDC in early September. National REIA hosted two prominent real estate attorneys (Jeffery S. Watson and Jeffery Greenberger) along with NREIA’s Charles Tassell where they came up with 7 important insights about these new rules. Trade publication Rental Housing Journal recently summarized the discussion as well as the important points to help landlords and property managers better understand how to best deal with this new federal eviction moratorium. “We have gone from unprecedented to crazy,” Watson…
We have seen a lot of stories over the past few years about migration from high-tax & high cost of living areas to ones that are lower on both accounts. One reliable metric has been the price of one-way U-Haul rentals. A recent report on FOX Business zeroed-in on this phenomenon by highlighting how people are in fact moving to areas with better “climates” with prices reflecting said demand. A spokesperson from U-Haul declined to comment on specific migration patterns, but did say prices often reflect ongoing trends. “When there is a substantial difference in pricing for the same one-way…
According to the latest Yardi Matrix Multifamily Report, the average U.S. rent in August was $1,463, up $1 from July with year-over-year rent growth remaining at -0.3% (same as July). However, they point our that larger markets are a drag on the rest: “On a year-over-year basis, national rents declined by 0.3%. But that is not to say that all markets are performing poorly. Out of our 132 Matrix markets, 108 performed better than the national average in August, leading to the conclusion that the larger markets, with significant rent declines, are pulling down the national average.” Click here to…
ATTOM data recently took a deep dive into their Q3 2020 Vacant Property and Zombie Foreclosure Report to come up with the top 10 “zombi‘fied’ zip codes” – places with the highest number zombie foreclosure rates. Interestingly, their report says that while the number of properties in the process of foreclosure (215,886) in Q3 2020 is down 16% from Q2 2020, the percentage of those properties that have been abandoned as zombie foreclosures is up from Q2 2020. In addition, the report notes that zombie foreclosures represent a very small portion (one in every 12,500 homes) of the nation’s 99.4…
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 0.9% in May and were up 5.4% 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, county, ZIP…
We love posting about that elusive cohort known as the millennial generation. A recent Wall Street Journal article (reposted on Realtor.com) suggests that millennials, who have been viewed as perennial renters, are now emerging as a “driving force” in the housing market’s recovery. Interestingly, they point out that, last year, millennials accounted for more than half of all new home loans and were consistently above that level in the first few months of 2020. Indeed… “Millennials, they’re roaring into homebuying age,” said Rick Arvielo, chief executive of mortgage lender New American Funding. “What the industry’s been talking about for a…
Realtor.com says Tarek El Moussa has come a long way since his much publicized divorce from Christina – in fact, they say he has reinvented his life. Well, ok then. So what are Tarek’s seven biggest flops from his “Flipping 101” TV show? As you can imagine, the list includes kitchens, bathrooms and bad wallpaper. Indeed… Click here to read the full story at Realtor.com.
