Author: Brad Beckett

We’ve had several posts about “Tiny Houses” but this one pushes the concept over a bit over the edge.  Apparently, a condo owner in New York City turned his small apartment in to what the NY Post dubs a “mini-village” by converting it into an illegal duplex with 11 sub-units with ceilings as low as 4 and a half feet.  The landlord even put up protective bubble-wrap to keep residents from hitting their heads on the [now] low-hanging pipes (how nice).  According to the article, the unit was raided and shutdown by local authorities citing numerous code violations.  In addition,…

National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedroom units in September was $1062 with two-bedroom units coming in at $1342.  ABODO uses over 1 million listings across the United States to calculate the median 1-bedroom rent price by city, state, and nation and then track the month-over-month percentage change. To avoid small sample sizes, they restrict their analysis to cities meeting minimum population and property count thresholds. Be sure to check out their extensive city list. Click here to read the full report at Abodo.com.

The U.S. government is reporting that total construction spending in July was estimated at a seasonally adjusted annual rate of $1,288.8 billion, which was 0.1% above June’s revised rate.  Residential construction was at a seasonally adjusted annual rate of $506.7 billion in July, 0.6% than June’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

According to new report about Opportunity Zones from ATTOM Data Solutions, roughly 80 percent of the zones had median home prices in the Q2 2019 that were below the national figure of $266k and that half had median prices of less than $150k.  In addition, they compared Opportunity Zones to surrounding regions and found that median Q2 2019 prices in about one in four zones were less than 50% of the typical value in the Metropolitan Statistical Areas in which they exist.  Indeed… “Opportunity Zones are among the poorest areas of the country, with some of the lowest home prices.…

The National Association of Realtors is reporting that pending home sales decreased 2.5% in July, which the attribute to the lack of moderately-priced housing, among other variables.   The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) decreased to 105.6 in July, down 2.5% from June. In addition, they reported that year-over-year contract signings were down 0.3%. “Super-low mortgage rates have not yet consistently pulled buyers back into the market,” said Lawrence Yun, NAR chief economist. “Economic uncertainty is no doubt holding back some potential demand, but what is desperately needed is more supply of moderately priced…

Labor Day weekend marks the unofficial end of Summer so here’s a quick infographic with some interesting facts about the holiday, courtesy of WalletHub….Happy Friday…..and, of course, Have a Safe and Happy Labor Day Weekend!!! Hat tip to WalletHub

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 3.1% annual gain in June, down from 3.3% in May.  Their 10-City Composite annual increase came in at 1.8% and the 20-City Composite posted a 2.1% 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. Click here to read the full report at S&P Dow Jones Indices.

So where are people moving to, now?  We have had many posts about internal migration and the states that are gaining/losing population.  With that in mind, Realtor.com ran the numbers for their new Cross Market Demand Report which identifies the top markets for out of state home shoppers.  The report asks what are the so-called magnetic hot spots that people are most interested in and what’s driving them there?  Indeed… “With prices now having risen…affordability has become top of mind and is driving people not just in their local markets, but when they’re shopping to relocate…It’s not just the cheapest…

The venerable automobile travel organization AAA says that not only will Labor Day’s average cost of gasoline be about 30 cents cheaper than Memorial Day, it will also be the least expensive American’s have paid for a gallon of gas at this time in three years!  They estimate that Americans will pay an average of $2.59 per gallon as they fill up for what is one of the busiest travel holidays of the year.  So, where are we going??? “…gas prices this coming [Labor Day] weekend…are cheaper than this past Memorial Day and last year’s Labor Day holiday,” said Jeanette…

We recently posted about  record mortgage debt reaching levels not seen since 2008.  With that in mind, we’ve came across data from howmuch.net showing America’s credit card debt by state.   According to their research, total private and public debt hit an all-time high of over $70 trillion – which the say is being fueled by credit card debt.  But where is all this debt? “Despite overall low interest rates, credit card rates have hit a 25-year high, with average interest rates at 17%. At the same time, total consumer debt in the exceeded $4 trillion for the first time, a…