Author: Brad Beckett

The U.S. government is reporting that total construction spending in July was at a seasonally adjusted annual rate of $1,364.6 billion, which is 0.1% above than June’s revised estimate.  However, July’s figure was 0.1% lower than July, 2019.  Residential construction was at a seasonally adjusted annual rate of $546.6 billion in July, which is 2.1% higher than June’s revised estimate. Click here to read the full report at Census.gov.

Rental information site Zumper recently released their National Rent Report for September, 2020 showing that their median national rent for 1-bedroom apartment was $1,233 (same as August) and the median two-bedroom rent was $1,490 (down 0.3%).   Year to date, both one- and two-bedroom rent were up 0.7%.  Interestingly, Zumper says 9 out of 10 of the most expensive cities accelerated their year-over-year declines – thanks to out-migration.  Indeed… “Despite significant price drops sustained thus far, the the nation’s most expensive rental markets do not appear to be slowing down in their decline as COVID-19 continues to keep Americans moving out…

The NAHB’s Eye on Housing recently took a look at multifamily construction data from the U.S. Census Bureau to reveal that market share of multifamily construction starts increased to 96% during Q2, 2020.  Breaking that down further, there were just 3k condo multifamily unit starts, however there were 76k rental apartment starts. In addition, they point out that condo construction has been weak since the end of the Great Recession. Click here to read the full report at the NAHB’s Eye on Housing.

The U.S. Government is reporting that sales of new single-family houses in July, 2020 were at a seasonally adjusted annual rate of 901k, which is 13.9% higher than June’s revised rate, and is 36.3% higher than one year ago.  The median sales price of new houses sold in July was $330,600 with an average sales price of $391,300.  There were an estimated 299k new houses for sale at the end of July representing a 4-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

The National Association of Realtors is reporting that pending home sales jumped 5.9% in July – marking three consecutive months of increases.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) rose to 122.1 with every major region experiencing an increase in month-over-month contract activity.  In addition, they reported that year-over-year contract signings were up 15.5%.  Indeed…. “We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market,” said Lawrence Yun, NAR’s chief economist. “Home sellers are seeing their homes go under contract in record time, with nine new…

The U.S. Department of Housing & Urban Development (HUD) announced in late August that they were extending their moratorium on foreclosures and evictions through December 31, 2020.  The foreclosure moratorium applies to homeowners with FHA-insured Single Family mortgages. “President Trump is taking unprecedented measures to ensure American homeowners have the resources and support they need to get back to financial stability during the economic recovery,” said HUD Secretary Ben Carson. “Because homeownership is the largest wealth builder for the majority of the nation’s families, providing relief from foreclosure and eviction to those who are in jeopardy of losing their hard-earned…

Have you ever been out looking for that next flip and had the “check engine” light come on in your car?  If you’re like most people, it can induce panic until you learn that it is connected to the emission control components and can be one of 100+ things including; loose gas cap, dirty catalytic converter, oxygen sensor, etc.  Not that it shouldn’t be taken seriously, but it might not be as bad as it seems.  Today’s infographic from the Infographic Journal shares the mystery of 52 of our car’s dashboard indicators.  Stay safe and have a Happy Friday!!! Hat…

On a recent episode of CNBC’s Power Lunch, real estate reporter Diana Olick discusses the increased demand for housing in the suburbs from what she calls “pandemic induced urban flight” and the impact it’s having on home prices across the nation.  Interestingly, she points out that in Denver, Colorado an influx of new buyers from across the country has pushed up new sales 80% year over year. Click here to watch on CNBC.com.

According to the latest S&P CoreLogic Case-Shiller Indices, covering all nine U.S. census divisions, the rate of home price increases reported a 4.3% annual gain in June.  Their 10-City Composite annual increase came in at 2.8% and the 20-City Composite posted a 3.5% year-over-year gain.  The S&P CoreLogic Case-Shiller Home Price Indices are one of the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions. “Housing prices were stable in June,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment…

According to the Mortgage Banker Association’s latest National Delinquency Survey, mortgage delinquencies spiked 386 basis points from Q1 to Q2, coming in at a seasonally adjusted rate of 8.22% – which they say is the highest overall delinquency rate in nine years. The MBA says that the pandemic’s effects on some homeowners’ ability to make mortgage payments could not be more apparent.  Indeed… Click here to read more at the Mortgage Bankers Association.