Rental information site Zumper recently released their National Rent Report for July, 2020 showing that the median national rent for 1-bedroom apartment was $1,229 (up 1%) and the median two-bedroom rent was $1,485 (up 0.8%). Year to date, both one- and two-bedroom rents were up 0.4%. Interestingly, they point out that people are moving away from big expensive cities – a trend we have been seeing in from several sources: “…As the pandemic persists on, the demand for rentals has continued to shift away from these pricey areas and a significant amount of that demand seems to be moving toward…
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedroom units in July was $1,104 with two-bedroom units coming in at $1,346. They point out that their numbers are for national median rents, and that some specific locales may reflect greater upward or downward trends. Indeed… “For now, we continue to feel that while high-end rent locations may be negatively impacted, the rest of the market will continue to be sluggish at best.” ABODO uses over 1 million listings across the United States to calculate the median 1-bedroom rent price by city, state, and nation…
With all of us trying to stay focused on the positive, the folks over at Realtor.com crunched the numbers to came up with the top 10 affordable beach towns for retirement. They say that retirees are drawn to the the “active, beach lifestyle” and with a fixed-income there are a lot of beach towns that fit the bill. Indeed… “There are currently more than 74 million boomers—of which 10,000 per day are hitting age 65, according to the Pew Research Center. And as they shift into retirement mode, many are migrating toward the beach…” Click here to read the full…
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 4.7% annual gain in April. Their 10-City Composite annual increase came in at 3.4% and the 20-City Composite posted a 4.0% 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. “…April’s year-over-year gains were ahead of March’s, continuing a trend of gently accelerating home prices that began last…
The National Association of Realtors is reporting that pending home sales surged 44.3% in May – which they say is a spectacular recovery. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) rose to 99.6 with every major region experiencing the record-setting increase in month-over-month contract activity. In addition, they reported that year-over-year contract signings were only down 5.1%. Indeed…. “This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” said Lawrence Yun, NAR’s chief economist. “This bounce back also speaks to…
In late June, the U.S. Supreme Court, in a 5-4 ruling, said that Congress overstepped its bounds when it created a Consumer Financial Protection Bureau (CFPB) under the control of a single director who had no political accountability (i.e. political control by the President) and that it gave him/her too much power. As reported by the Wall Street Journal, “the decision on Monday caps a 10-year legal battle over the CFPB, which was designed to protect consumers from abusive financial-industry practices on products like mortgages, student loans and credit cards.” “Today’s Supreme Court decision finally brings certainty to the operations…
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 0.2% in April and were up 5.5% from one year ago. 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. The FHFA’s 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…
According to the ATTOM Data’s latest U.S. Home Affordability Report median home prices of single family homes and condos in Q2 are more affordable than historical averages in 49% of U.S. counties (with enough data to analyze), up 31% from one year ago. ATTOM says these gains have come as higher wages and cheaper mortgage costs have outweighed price increases. “The latest affordability numbers reveal a win-win situation for sellers as well as buyers. Prices are rising again around the country during the current home-buying season, despite worries that the economic impact of the Coronavirus pandemic would halt the nine-year…
With Summer finally upon us, now is a good time to get up to speed with those deadly freaks of nature that no one wants to see firsthand, tornadoes. Today’s infographic from Weather.gov tells us about the types of tornadoes and how to identify them. In addition, Home Depot recently put together a handy severe weather checklist to not only be prepared but keep track of what you have in inventory and supplies you might need. Remember, severe weather can strike at any time and with little to no warning. And, as always, stay safe and have a Happy Friday!!!…
Black Knight is reporting that the number of mortgages in active forbearance fell for the third week in a row in mid-June. According to data, the number of active forbearance plans was down 158k from the peak during the week of May 22. In addition, as of mid-June, there were, 4.6 million homeowners in forbearance plans, representing 8.7% of all active mortgages, accounting for just over $1 trillion in unpaid principal ($1,012 billion). Click here to read the full report at Black Knight.
