Author: Brad Beckett

You know it’s gotten bad when apartments in public housing are being let out as Airbnbs.  However, it might actually be more common than we realize.  According to New York City’s FOX5 TV, a woman from Boston thought she found a great deal on a place to stay in Manhattan until she realized it was an apartment in a New York City Housing Authority complex.  While the apartment reportedly received high ratings on Airbnb’s site (and in a good location), the short-term renter said it smelled like gas and that there was a roach trap next to the bed.   The…

The U.S. government is reporting that privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,314,000, which is 3.8% above September’s revised estimate and is 8.5% above October, 2018.  Single‐family housing starts in October were at a rate of 936k, which is 2% than September’s revised estimate.  October’s rate for units in buildings with five units or more was 362k.  Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,461,000, which is 5% higher than September’s revised rate and is 14.1% higher than October, 2018.  Single‐family authorizations in…

According to the latest U.S. Home Equity and Underwater Report from ATTOM Data, homeowners were found to be more likely equity rich than seriously underwater.  In other words, the combined estimated amount of loans secured by those properties was 50% or less of their estimated market value.  ATTOM says the number of equity rich properties in Q3, 2019 represented 26.7% of 54 million homes with mortgages.  But, their report does reveal the places with the highest number of properties that are seriously underwater.  Indeed… “There are notable equity gaps between regions and market segments. But as home values keep climbing,…

According to a recent report from Redfin, sales of luxury homes priced at $1.5 million+ increased 3.2% in Q3, 2019 which they say is a sign that the high-end market is moderating after recession fears affected it during the first two quarters.  However, the average sale price for these homes increased 0.3% year over year to $1.6 million during this period, marking the first time in three straight quarters that did not see a decline.  In addition, supply of homes priced at $1.5 million+ rose 9.3% year over year in Q3, marking the sixth consecutive quarter of growth. “The U.S.…

According to the NY Fed’s latest Report on Household Debt and Credit (illustrated by Statista), total household debt in the U.S. (which includes mortgages, auto loans, credit card and student debt) reached $13.95 trillion in Q3, 2019. “Standing at $9.44 trillion, mortgages still account for the lion’s share of the total debt balance, with student loans a distant second at $1.50 trillion…” Click here to read the full story at Statista.com. Click here to read the NY Fed’s Report on Household Debt and Credit.

According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI), U.S. house prices rose 0.2% in August but were up 4.6% year-over-year.  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.  FHFA 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 code, and census tract. Click…

According to the latest Yardi Matrix, U.S. multifamily rent growth inched upward in October, with the average rent coming in at $1,476, which they say is an all-time high.  In addition, they report year-over-year rent growth remained at 3.2%.  Yardi says that “although subject to some seasonality by metro, the multifamily market continues to consistently produce strong rent growth.” Click here to read the full report at YardiMatrix.com.

The National Association of Realtors say with rising housing costs showing no signs of a deceleration the percentage of first-time buyers remain at historic lows.  Today’s infographic takes a snapshot of today’s homebuyers using data from their recently released 2019 Profile of Home Buyers & Sellers.  Happy Friday!!! Hat tip to the National Association of Realtors.

For some of our loyal readers this recent article from Builder.com might be a walk down memory lane.  However, for most of us it is interesting throwback to a totally different and “groovy” era of the Midcentury Modern.  Many of these homes will seem very familiar once you take a closer look…Who knows, you might have even lived in one or flipped a few of them? Click here to read the full story on Builder.com.

At their recent national meeting in San Francisco, the National Board of Realtors passed a resolution that bans “pocket listings” for realtors participating in its Multiple Listing Service (MLS).  The NAR’s board of directors took the step in a resolution entitled MLS Statement 8.0 (also known as the Clear Cooperation policy) which requires listing brokers to submit their listing to the MLS within one business day of marketing the property to the public, effectively ending the practice of “pocket listings.”  Local MLSs will have until May 1, 2020 to implement this new policy. “Within one (1) business day of marketing…