Author: Brad Beckett

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.

A new report from Redfin shows that web searches for single-family homes has risen to its highest level in 4 years.  They suggest that the Coronavirus pandemic is driving buyers to seek out larger houses located farther away from dense urban areas – which we first posted about a couple months ago.  Indeed… “People who were previously willing to share space with strangers in exchange for a nice view and a quick commute now want their own yards and home offices. Flexible work-from-home policies have made this dream achievable for many house hunters.”  Said Redfin lead economist Taylor Marr. Click…

On a recent episode of Real Estate News for Investors, Kathy Fettke reminds listeners that the deadline to sign up for the Paycheck Protection Program is June 30th and that there are some important recent changes that benefit independent contractors and sole proprietors.  These changes include more lenient requirements for how you spend the money, an easier process for loan forgiveness, and a longer period of forbearance.  They were part of “The Paycheck Protection Flexibility Act of 2020,” which President Trump signed into law on June 5th. “…If you think you need financial help because of the pandemic and you…

The U.S. Government is reporting that sales of new single-family houses in April, 2020 were at a seasonally adjusted annual rate of 676k, which is 16.6% higher than  April’s revised rate, and is 12.7% higher than one year ago.  The median sales price of new houses sold in April was $317,900 with an average sales price of $368,800.  There were an estimated 318k new houses for sale at the end of May representing a 5.6month supply at the current sales rate. Click here to read the full release at the U.S. Census Bureau.

CNBC’s Diana Olick says buyers are rushing back into the housing market, enticed by record low mortgage rates and a pandemic-induced need to nest like never before.   Citing data from the Mortage Bankers Association she also reported that Mortgage applications rose 4% last week from the previous week and were a 21% higher than one year ago – the ninth consecutive week of gains and the highest volume in more than 11 years.  Indeed… Click here to read more at CNBC.com.