Author: Brad Beckett

What are the top metros in the country where apartments are being built?  According to RentCafé, the Dallas-Fort Worth metroplex is set to complete nearly 20k apartments by the end of the year – topping their chart for 3 years in a row.  While they report that overall apartment construction is down 12% from 2019, they point out that nearly 283k units will hit the market nationwide this year.  Indeed… “With the Covid-19 pandemic further complicating an already visible slowdown in apartment construction since its 2018 peak, new completions across the country are starting to mirror the downward trend following…

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 August 18, 2020 – As we get more actual data about the economy it’s possible to see where real estate markets may be headed. It now looks to me that we’re in a holding pattern that can easily persist for the next year. The main consequences of this pattern are that home prices will hold steady while demand for rentals increases. That’s a delicate balancing act…

The U.S. government is reporting that privately‐owned housing starts in July were at a seasonally adjusted annual rate of 1,496,000, which is 22.6% higher than June’s revised number.  July’s rate for units in buildings with five units or more was 547k.  Privately‐owned housing units authorized by building permits in July were at a seasonally adjusted annual rate of 1,495,000, which was 18.8% higher than June’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 467k in June. Click here to read the full report at the U.S. Census Bureau.

According to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), home builder confidence is at its highest level since 1998, coming in at 78 points in August.  The NAHB says it’s a sign that housing continues to lead the economy forward.  Indeed… “Housing has clearly been a bright spot during the pandemic and the sharp rebound in builder confidence over the summer has led NAHB to upgrade its forecast for single-family starts, which are now projected to show only a slight decline for 2020,” said NAHB Chief Economist Robert Dietz. Click here to read the full…

(Updated) We hate seeing these kind of stories but they serve a purpose in that the world is (and can be) a dangerous place.  It is a good reminder to always do your due diligence with screening potential tenants (both short and long-term) as well as being aware of the potential dangers of renting your property to strangers.  Recently in Cincinnati, Ohio an Airbnb property manager was beaten and shot by people at a party he was attempting to break up.  According to WLWT-TV, at least 10 people stayed behind and assaulted him, with one participant shooting the property manager…

According to ATTOM Data’s most recent U.S. Foreclosure Market Report, foreclosure filings in July were down 4% from June and 83% from one year ago.  As of July, there were 8,892 properties across the country with foreclosure filings (default notices, scheduled auctions or bank repossessions) – with 4,530 starting the foreclosure process in July.  In addition, they report that lenders foreclosed (REO) on 2,163 properties, down 14% from June and 80% from a year ago.  Attom says these REO numbers are the lowest since they began tracking them in 2005.  Indeed… “Even as mortgage delinquency rates climb, foreclosure activity continues…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in July (same as June). Interestingly, they report that once again the gasoline index rose in July (after June’s sharp increase) and accounted for about one quarter of the monthly increase in the seasonally adjusted all items index. “The index for all items less food and energy increased 0.6 percent in July after increasing 0.2 percent in June. The index for motor vehicle insurance rose sharply by 9.3 percent in July following a 5.1-percent increase in June. The shelter index…

The mortgage industry was recently thrown a curve when mortgage giants Fannie Mae and Freddie Mac announced they were adding a 0.5% fee on all refinancing loans.  According to CNBC’s Diana Olick, in a period of record-low interest rates, Fannie & Freddie say the fee is necessary to mitigate potential risk form the Coronavirus pandemic and will be made effective on loans starting September 1, 2020.  Understandably, the mortgage industry has strongly reacted as well as the Trump Administration, which said it too has serious concerns about the new fees.  CNBC says the move was seen as a “slap in…

If you’re a beer drinker, you’ve undoubtedly enjoyed the dramatic rise in craft breweries over the last 10 years (especially).  As today’s infographic from Statista points out, breweries have literally exploded since 1976 – going from 103 to 8,386 in 2019!  In addition, as for the pandemic’s affect on the nation’s craft beer supply, they say “reports of craft beer’s demise have been greatly exaggerated”  Indeed…. “While the Brewers Association’s midyear report does indeed shows that the U.S. beer scene is facing an unprecedented challenge, it certainly does not appear to be the doomsday scenario some were expecting a few…

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased 4.9% year-over-year in June. Once again, CoreLogic says strong demand, especially by younger home buyers, and low supply helped push home prices higher. “Home price appreciation continues at a solid pace reflecting fundamental strength in demand drivers and limited for-sale inventory…As we move forward, we expect these price increases to moderate over the next twelve months. Given the economic outlook, housing remains a bright spot for the foreseeable future.” Said Frank Martell, president and CEO of CoreLogic. Click here to read the full…