Author: Brad Beckett

The Wall Street Journal (reposted on Realtor.com) recently highlighted the plight of beach towns reopening for tourists in what they’re calling a “make or break” summer season.  In particular, they looked at areas along the east coast from Ocean City to Cape Cod.  Some owners beg the question of whether the crowds will return or even if their respective governments will let them reopen in a way that allows them to make a profit.  One owner stated it rather bluntly: “I have 110 days to make my money for 365.”  Indeed… “From Ocean City to the Jersey Shore to Cape…

Airbnb CEO Brian Chesky recently spoke with NBC’s Today Show about the future of travel and what steps Airbnb has been taking.  Chesky predicted that there will be big changes in the travel industry and that it will become more intimate and local in a post-pandemic world.  He also emphasized Airbnb’s recent efforts to ensure travelers that properties are safe through their new enhanced cleaning protocol for hosts. “cleanliness is our top priority…[we will be held] to a higher standard of quality…” Click here to watch the interview at NBC’s today.com.

According to Black Knight’s “first look” report for April, past-due mortgages increased by 1.6 Million, which was the largest single-month increase ever recorded.  There were 3.6 million homeowners past due on their mortgages as of the end of April, the largest number since January 2015.  In addition, they reported that both foreclosure starts and foreclosure sales hit record lows in April as moratoriums halted foreclosure activity across the country.  Interestingly, prepayment speeds jumped 23% and hit the highest monthly prepayment rate in 16 years. Click here to read the full report at Black Knight.

The National Association of Realtors is reporting that existing home sales were down 17.8% in April.  Total housing inventory at the end of April was 1.47 million units, down 1.3% from March and down 19.7% from one year ago. Total unsold inventory was at a 4.1-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 $286,800, up 7.4% from April, 2019. “The economic lockdowns – occurring from mid-March through April in most states – have temporarily disrupted home sales,” said Lawrence Yun, NAR’s chief…

Monday, May 25th is Memorial Day.  For most Americans, even during our current pandemic, the three-day weekend will mark the unofficial start of summer.  However, the solemn significance of the day is often forgotten.  It is actually a national day of remembrance for those men & women who, while wearing the uniform of this great country, paid the ultimate sacrifice defending freedom & liberty around the globe. Today’s infographic reminds us that Memorial Day is about more than just cookouts and 3-day weekends, it’s about a path paved by others to enjoy the freedoms we so often take for granted. …

For the past several years we’ve posted the annual AAA Memorial Day Travel forecast – the unofficial start of summer!  However, under the current circumstances, and for the first time in 20 years, AAA will not be issuing a travel forecast because they say the economic data used to create a forecast has been “undermined” by the Coronavirus pandemic.  They predict a record-low number will be traveling this weekend.  Indeed… “Last year, 43 million Americans traveled for Memorial Day Weekend – the second-highest travel volume on record since AAA began tracking holiday travel volumes in 2000,” said Paula Twidale, senior…

According to ATTOM Data, there were 4,148 U.S. properties with foreclosure filings in April, down 70% from March and down 75% from one year ago.  That equates to one in every 9,639 properties receiving a foreclosure filing during April.  ATTOM says this isn’t surprising since the federal government imposed a two-month foreclosure moratorium on lenders holding federally backed mortgages.  However, they do point out that this is the lowest number of foreclosure filings they’ve ever recorded nationwide since they began tracking data in April, 2005.  In addition, REOs numbered 2,641 in April, down 71% from the previous March and down…

The U.S. government is reporting that privately‐owned housing starts in April were at a seasonally adjusted annual rate of 891k, which is 30.2% below March’s revised number.  April’s rate for units in buildings with five units or more was 234k.  Privately‐owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,074,000, which was 20.8% below March’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 373k in April. “Due to recent events surrounding COVID‐19, many governments and businesses are operating on a limited capacity or…

With the Coronavirus pandemic forcing people to work from home (if they’re able) the number-crunchers over at the NAHB’s Eye on Housing reexamined some data. They took another look at the 2018 NAHB’s consumer preference study (the most recent available), What Home Buyers Really Want and discovered that 65% of home buyers wanted a home office.  Interestingly, that number has been in the 60% range since 2007.  Indeed… “With the major shift in where people spend their time, it is important to examine the data currently available on home buyers’ preferences for home offices and exercise rooms, as demand for…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) declined 0.8%  in April, which BLS says was the largest monthly decline since December, 2008. Interestingly, they do report that, overall, during the last 12 months, the all items index increased 0.3% before seasonal adjustment. Indeed… “A 20.6-percent decline in the gasoline index was the largest contributor to the monthly decrease in the seasonally adjusted all items index, but the indexes for apparel, motor vehicle insurance, airline fares, and lodging away from home all fell sharply as well. In contrast, food indexes…