Author: Brad Beckett

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.

The National Association of Realtors is reporting that existing home sales were down 9.7% in May to a seasonally-adjusted annual rate of 3.91 million (26.6% lower than one year ago).  Total housing inventory at the end of May was 1.55 million units, up 6.2% from April and down 18.8% from one year ago. Total unsold inventory was at a 4.8-month supply at the current sales pace with properties remaining on the market for around 27 days. The median existing-home price for all housing types was $284,600, up 2.3% from May, 2019.  However, the Realtors remain optimistic as the economy comes…

According to the latest Yardi Matrix Multifamily Report, the average U.S. rent in May was $1,460, down $5 from April.  In addition, they point out that rents increased 0.8% year-over-year but were down $5 from April and $13 from March.  Yardi says this rapid decline will likely continue through the summer.  Indeed… “…This rapid decline will likely continue through the summer as the nation continues to practice social distancing. As some unemployed slowly return to work in the coming months, the fall could become this year’s rental season.” Click here to read the full report at YardiMatrix.com.

According to a new report from Zillow, nearly 3 million adults have moved back home in the wake of the Coronavirus pandemic.  Zillow says there over 32 million adults living with a parent or grandparent in April, the highest number on record.  Not surprising, a large majority of those moving home were from Generation Z (ages 18 – 25), representing about 2.2 million individuals. “Roughly 2.7 million U.S. adults moved in with a parent or grandparent in March and April as the coronavirus pandemic spread, potentially costing landlords hundreds of millions of dollars in monthly rent payments and casting doubt…

With all of the craziness going on with the Coronavirus pandemic you’d be forgiven if you forgot that 2020 was a Census year….hopefully you and your family have answered it, but if not expect a visit in the near-future form a Census-taker. Today’s infographic from the National Association of Realtors reminds us about the importance of data collected by the Census and how it impacts housing policy and affordability.  Stay safe….and Happy Friday!!! Hat tip to the NAR.

The U.S. Department of Housing & Urban Development (HUD) announced in mid-June that they were extending their moratorium on foreclosures and evictions through August 31, 2020.  The foreclosure moratorium applies to homeowners with FHA-insured Single Family mortgages. “While the economic recovery is already underway, many American families still need more time and assistance to regain their financial footing,” said HUD Secretary Ben Carson. “Our foreclosure and eviction extension means that these families will not have to worry about losing their home as they work to recover from the financial impacts of COVID-19.” Click here to read the full release at…

The U.S. government is reporting that privately‐owned housing starts in May were at a seasonally adjusted annual rate of 974k, which is 4.3% higher than April’s revised number.  May’s rate for units in buildings with five units or more was 291k.  Privately‐owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,220,000, which was 14.4% higher than April’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 434k in May. Click here to read the full report at the U.S. Census Bureau.