Author: Brad Beckett

RENTcafé says while the market will likely be affected by the Coronavirus pandemic, the national average rent in February was 1,468, up 3.2% from one year ago.  The most expensive apartments were in Manhattan (NYC) at $4,208 per month, while the lowest rents were in Wichita, KS, coming in at $665 per month.  However the pandemic looms large: The economy still stands to benefit from ultraslow rates. Homeowners are refinancing while renters are seeing normalized rent growth which reduces their monthly payments and allows them to spend in other areas. We haven’t seen the impact of the COVID-19 pandemic in…

Foreclosure starts hit their lowest level on record in February, this according to Black Knight’s latest “first look” report.   Foreclosure starts fell 25% in January hitting their lowest level on record since Black Knight began reporting it in January 2000.  In addition, they report that the national foreclosure rate fell to 0.45% in February, the lowest level since 2005 (within one basis point of an all-time low). Click here to read the full report at Black Knight.

In her most recent weekly Real Estate News News Brief, Kathy Fettke reminds us that we’re in an “unprecedented situation right now” as the Coronavirus threatens the health & safety of everyone in the world.  In her news brief, she covers several topics including the coronavirus, a tax day reprieve, mortgage moratoriums and stay-at-home restrictions. “…It’s gotten to the point of statewide lockdowns in California and New York to help slow the spread of the virus. Other states are likely to follow. There are also bans on non-essential travel across the northern and southern borders, but President Trump says we’re…

The U.S. government is reporting that privately‐owned housing starts in February were at a seasonally adjusted annual rate of 1,464,000, which is 5.5% below January’s revised number.  However, it was 13.8% higher than one year ago.  February’s rate for units in buildings with five units or more was 508k.  Privately‐owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,464,000, which was 5.5% below January’s revised number.  However it was 13.8% higher than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 415,000 in…

The National Association of Realtors is reporting that existing home sales were up 6.5% in February which they say that while encouraging, it is not reflective of the current economic turmoil brought on by the Coronavirus.  Total housing inventory at the end of February was 1.47 million units, up 5% from January and down 9.8% from one year ago.  Total unsold inventory was at a 3.1-month supply (the lowest since 1999) at the current sales pace with properties remaining on the market for around 46 days. The median existing-home price for all housing types was $272,400, up 8.1% from February,…

Potholes are pretty much a fact of life across America – especially in our northern states where winter’s freeze/thaw cycle really plays havoc with the asphalt.  Today’s infographic from Tennessee’s Wright Construction breaks down what potholes are, how they’re formed and the damage they can cause to your vehicle.  Happy Friday!!!! Hat tip to DailyInfographic.com.

In response to the unprecedented crisis gripping the nation, President Trump announced this week that he has directed the Department of Housing and Urban Development (HUD) to effectively suspend (via moratorium) evictions & foreclosures for the next 60 days. The moratorium on mortgages only applies to those backed by the FHA. “The health and safety of the American people is of the utmost importance to the Department, and the halting of all foreclosure actions and evictions for the next 60 days will provide homeowners with some peace of mind during these trying times.”  HUD Secretary Dr. Ben Carson. The full…

U.S. Treasury Secretary Steve Mnuchin said that taxpayers will get a 90-day extension to pay any income taxes they owe for 2019.  As reported by CNBC, Mnuchin said that as part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed (up to $10 million for corporate filers).  He said the $1 million threshold would cover many pass-through entities and small businesses. In addition, during the 90-dayperiod taxpayers won’t be subject to interest & penalties.  The Treasury Department is also encouraging citizens to file as…

The Centers for Disease Control and Prevention (CDC) has put together a Coronavirus informational website for citizens to stay up to date and aware of the facts.  As they state, there is an ongoing investigation to determine more about this outbreak. This is a rapidly evolving situation and information will be updated as it becomes available. The information below was taken from a fact sheet available at their website. What is coronavirus disease 2019? Coronavirus disease 2019 (COVID-19) is a respiratory illness that can spread from person to person. The virus that causes COVID-19 is a novel coronavirus that was…

According to ATTOM Data’s most recent Foreclosure Market Trends Report, there were just over 60k properties with foreclosure filings across America in January.  This figure was 13% higher than December and 7% higher than one year ago.  Sizteen states posted year-over-year increases in foreclosure starts.  In addition, Attom says bank repossessions saw a nationwide uptick with lenders repossessing 20,759 properties in January, up 49% from December and up 70% from a year ago. “States with the worst foreclosure rates in January 2020 were New Jersey (one in every 1,046 housing units); Delaware (one in every 1,098 housing units); Illinois (one…