Author: Brad Beckett

Director of Education & Outreach, National Real Estate Investors Association

According to Black Knight’s latest Mortgage First Look the national delinquency rate was 3.57% in December, up 19 bps from December.  In addition, they say that foreclosures are approaching two-year lows. Some key points: Serious delinquencies (90+ days past due) rose to 475K, but were 19% below December 2022. December’s 24K foreclosure starts marked an 18-month low in new activity. Foreclosure sales (completions) in December were down -17.2% from November and the fewest since February 2022 – shortly after the end of COVID-era moratoria. Click here to read the full report at Black Knight.

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The pest control & rodent removers over at Orkin recently released their annual Top Bed Bug Cities list.  Topping their list this (again) was Chicago – the 4th year in a row!  Their list is based on treatment data (residential & commercial) from metro areas where Orkin has performed the most bed bug treatments from December 1, 2022 through November 30, 2023. The ranking includes both residential and commercial treatments. “Bed bugs are extremely resilient, making them difficult to control. As travel plans ramp up, it’s important that Americans know how to protect themselves through pest identification and proper control…While…

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According to Apartment List’s National Rent Report for February 2024, national median rent fell 0.3% to $1,373 – marking the 6th straight month of negative rent growth.  They say recent declines are in line with typical seasonal patterns, as fewer renters are looking to move in the fall & winter.  However they add that this year’s dip has been sharper and more prolonged than in the past. “…apartments across the country are slightly cheaper today than they were one year ago. This stands in sharp contrast to the prevailing conditions of 2021 and 2022, when rent prices were surging and…

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This Sunday, February 11th, the super deluxe happy fun bowl (aka Super Bowl 58) will be played in Las Vegas, Nevada.  The Kansas City Chiefs and San Francisco 49ers will battle it out to claim the top NFL crown.  Today’s graphic from the U.S. Census Bureau asks if someone from your hometown is playing in the “big game?”  Be sure to click on the map to make it interactive…  Stay safe and have a Happy Friday!! Hat tip to the U.S. Census Bureau.

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According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 353, in January 2024, with the unemployment rate coming in at 3.7% (the same as December).  Interestingly, employment declined in the mining, quarrying, and oil & gas extraction industry but government employment continued its upward trajectory in January. Click here to read the full report at the Bureau of Labor Statistics.

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Rental information site Zumper recently released their latest monthly National Rent Report for January, 2024.  According to their data, median rent for 1-bedroom apartments was $1,496 and $1,847 for two-bedrooms. Be sure to check out their list of the top 100 metro areas. “We’re seeing supply and demand switch places in real time…Pandemic-fueled migrations have slowed just as new multifamily buildings are coming online in many markets.”  Said Zumper CEO Anthemos Georgiades. Click here to read the full report at Zumper.

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The U.S. government is reporting that total construction spending in December, 2023 was at a seasonally adjusted annual rate of $2,096 billion, which is 0.9% higher than November’s revised estimate and is 13.9% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $911.7 billion in December, which is 1.4% higher than November’s revised estimate.Click here to read the full report at the U.S. Census Bureau.

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According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices home prices rose 6.6%  between November 2022 and November of 2023.  In addition, FHFA’s seasonally adjusted monthly index for November was up 0.3% from October.  The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “U.S. house prices continued to appreciate in November, with year-over-year growth slightly above the historical average…All nine census divisions experienced…

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The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.1% annual change for November, 2023.  Their 10-City Composite increased 5.7% and their 20-City Composite increased 5.4%, year-over-year. “U.S. home prices edged downward from their all-time high in November…The streak of nine monthly gains ended in November, setting the index back to levels last seen over the summer months. Seattle and San Francisco reported the largest monthly declines, falling 1.4% and 1.3%, respectively.”  Said Brian D. Luke, Head of Commodities, Real & Digital assets at S&P DJI. Click here to read the full report at S&P Dow…

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The U.S. government is reporting that the national vacancy rates for Q4, 2023 were 6.6% for rental housing and 0.9% for homeowner housing.  The national homeownership rate for Q4 2023 was 65.7%.  In addition, approximately 89.9% of the housing units in the United States in Q4 were occupied and 10.1% were vacant. Owner-occupied housing units made up 59.1% of total housing units, while renter-occupied units made up 30.8% of the inventory.  Vacant year-round units comprised 7.7% of total housing units, while 2.5% were vacant for seasonal use. Click here to read the full release at the U.S. Census Bureau.

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